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The Ledger
Walt Brennan has run his HVAC business for 31 years. When the competitor he grew up with decides to sell, Walt wants to buy, and hand the combined business to his daughter, Nora. She has to run the deal herself, and prove to her father that she can.
On the other side of the table, Axiom Deal Partners advises the seller, from exit readiness and quality of earnings to closing. Eight episodes, under a minute and a half each, posted in order.
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Episode 1 · November 1, 2026
The Call
A competitor calls. He wants to sell. Walt wants to buy it, and his daughter Nora will have to run it.
Ray Keller is ready to retire. Before he calls a single buyer, his accountant sends him to Axiom Deal Partners for an exit-readiness assessment, a review of the whole business, not just the books. Then he calls the man he grew up with.
The diligence behind it · Exit readiness
An exit-readiness assessment finds what a buyer will question (the books, the people, the systems) while the owner still has time to fix it.
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Episode 2 · November 6, 2026
The Target
41 tabs, and every line could be checked. Nora reviews the package Ray Keller prepared before he went to market, and finds the one customer the deal depends on.
Lauren, a fictional quality of earnings lead, walks Nora through revenue, renewals, and Harbor Property Group: 19% of revenue, with its maintenance agreement expiring in eight months. Then Walt asks who put it all together.
The diligence behind it · Sell-side quality of earnings
A sell-side QoE puts revenue, renewals and customer concentration in front of the buyer before they find it themselves, so the seller frames the risk instead of defending it.
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Episode 3 · November 11, 2026
The Add-Backs
$200K in owner add-backs, and every one has support. Not all of it holds.
Lauren takes Nora through Ray Keller's adjustments, tab by tab. The personal vehicle holds. The family payroll is replaced at market cost, not deleted, because a buyer still needs someone at the dispatch desk. The hometown sponsorships were customer marketing, so they stay in the business.
The diligence behind it · Testing add-backs
A sell-side quality of earnings tests every adjustment before a buyer does, so the adjusted number holds up when it matters.
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Selling a business?
Start where Ray did.
An exit-readiness assessment and a sell-side QoE before you talk to a buyer, so the questions in diligence are ones you’ve already answered.
Start a conversationThe Ledger is fiction. All characters, companies, and figures are composite, and the people on screen are AI-generated. Nothing in this series is legal, tax, or accounting advice.
