What we provide

One platform for preparing and running a sale. teasr AI drafts two of its four documents, and a person signs them off.

areas of the business, each given a status

For the owner, first.

Three of its pages

Quellbrook Haulage Ltd doesn’t exist and its figures are invented. The checks run on them are the real ones.

Exit Readiness Report · Quellbrook Haulage LtdConfidential

05From reported to adjusted profit

Your reported profit, each add-back you claim, and the adjusted profit a buyer is likely to accept on the evidence you have today.

FY25

From reported to adjusted profit, FY25
EBITDA, as your documents report it	£450,000^S8
Add back: Exceptional consultancy feesLikely to be challenged	£50,000^S11
Add back: Owner salary above market rateNeeds evidence	£120,000^S19
Add back: Marketing campaign for the new depotLikely to be challenged	£60,000^S20
Add back: Owner personal car costsNeeds evidence	£20,000^S21
Adjusted profit, as you claim it	£700,000^S23
Adjusted profit, on today’s evidence	£450,000^S24
Difference a buyer is likely to question	£250,000^S25

teasr · Not a valuation or an audit

Your profit as you see it, and as a buyer is likely to see it today.Example page — fictional business

Exit Readiness Report · Quellbrook Haulage LtdConfidential

Exit Readiness Report

Quellbrook Haulage Ltd

How a buyer will read your business, and what to do first

Prepared for: The directors of Quellbrook Haulage Ltd
Figures checked on: 5 October 2026
Reviewed by: Sam Inskip, teasr, 7 October 2026

01At a glance

Each area of the business has a status: Ready, Needs work, or A buyer will push back. There is no overall score.

Your figuresA buyer will push back
Some of your documents give different figures for the same thing. A buyer won’t trust either one until you explain the difference.
Add-backsA buyer will push back
At least one cost you’ve added back is the kind buyers usually refuse, or it comes back every year even though you call it a one-off.
CustomersA buyer will push back
One customer, or a few, bring in so much of your income that a buyer will worry about losing them.
Dependence on youA buyer will push back
The business hasn’t yet run without you. A buyer will want to know it can before they commit.
Cash and working capitalNeeds work
There are questions to get ready for about your cash, or about the money tied up in day-to-day running (what customers owe you, your stock, and what you owe suppliers). Or we don’t have enough figures to check.
DocumentsNeeds work
Your accounts are here, but some papers a buyer asks for early are missing or out of date.

teasr · Not a valuation or an audit

The opening page: who it’s for, who signed it off, and every area of the business.Example page — fictional business

Exit Readiness Report · Quellbrook Haulage LtdConfidential

03Your 90-day plan

Where to start

Start now by asking your accountant to find out why your figures disagree and to go through your added-back costs with you. While they work on that, you can begin stepping away so the business runs without you, and get written contracts in place with your biggest customers. Begin the time away early, because it takes longest to show.

Start now: weeks 1 and 2

Your 90-day plan: Start now: weeks 1 and 2
Step	What to do	Who
1	Explain why your documents give different figures	Your accountant
2	Explain how your figures differ from what you filed at Companies House	Your accountant
3	Drop the added-back costs a buyer is likely to refuse, or prove them	Your accountant
4	Go through your added-back costs one by one with your accountant	Your accountant
5	Show the business can run without you	You

teasr · Not a valuation or an audit

Your 90-day plan: where to start, and who does what.Example page — fictional business

What’s in it

Your 90-day plan
Every step to fix what the report found, when to do it, who does it, and where to start.
Figures checked against each other
Each figure checked wherever it appears in your documents.
From reported to adjusted profit
Your profit as you see it, and as a buyer is likely to see it.
Your add-backs, as a buyer will read them
Each cost you’ve added back, read the way a buyer’s accountant will.

Everything in the report

At a glance
The profit a buyer is likely to question, and each area of the business with one of three statuses.
Summary
What matters most, written in plain English for your business.
Questions a buyer will ask
The questions a buyer will ask, so your answers are ready before they do.
Documents a buyer will ask for
What a buyer will ask to see that isn’t there yet.
What this report is built on
The documents read, and the ones still missing.
Method, limits and sources
Every figure traced to its page or cell. Not a valuation, not an audit.

A named member of the teasr team reviews every report and signs it off before you receive it.

£495(no VAT)

One-off, per business, with a re-run within 6 months included.

Buy the report, £495

New to teasr? Create your free account first, or log in.

See the full sample report How we check

A4 pages, exactly as the file prints them

The teasr. Anonymous, before the NDA.

Drafted by teasr AI from the seller’s figures, then reviewed by a person at teasr before it goes anywhere.

Illustrative example — not a live opportunity

teasr · page 1 · 1 of 2

Read the teasr as text

PROJECT GREENSHANK

STRICTLY PRIVATE & CONFIDENTIAL

MARCHMONT CORPORATE FINANCE

Northern England precision engineering business serving industrial and energy OEMs, with 62% recurring revenue and management staying

Precision-machined components and sub-assemblies for industrial and energy OEMs: £14.0m revenue, 15.0% Adjusted EBITDA margin, 62% recurring

Adviser to the seller on the proposed sale of 100% of the Company.

£14.0m+5.0% CAGRFY22–25
REVENUE FY25: £2.1m+9.0% CAGRFY22–25
ADJUSTED EBITDA FY25: 32.0%+400bpssince FY22
GROSS MARGIN FY25: 62%of revenue
RECURRING FY25: £9.1mc.8 months of revenue
ORDER BOOK FY26

The Company is a Northern England-based contract manufacturer of precision-machined components and sub-assemblies for tier-1 industrial OEMs, their sub-assembly partners and energy equipment manufacturers. Established for over 30 years, it employs c.90 staff. The Company wins work by qualifying components into customer programmes, then manufactures them to customer drawings on scheduled call-off under multi-year supply agreements. Material costs, 41% of revenue, are subject to a quarterly material-surcharge process.

SECTOR: Precision engineering and sub-assembly manufacturer serving industrial and energy OEMs
LOCATION: Northern England
REGION: Northern England
ESTABLISHED: Over 30 years
EMPLOYEES: c.90 staff, c.70 in direct production roles
SITES: Two, both freehold and in the sale
REVENUE BY GEOGRAPHY: 85% United Kingdom; 15% Export (Europe)
FINANCIAL YEARS: years to 31 March

Revenue quality

Share of FY25 revenue

End-market

Industrial OEMs: 54%
Energy equipment makers: 31%
Other: 15%

Revenue type

Scheduled call-off: 62%
Repeat orders: 26%
One-off and prototypes: 12%

Customers

Top customer: 24%
Customers 2–5: 37%
Customers 6–10: 17%
Customers 11+: 22%

Top five 61% · top ten 78%

Investment highlights

Volume committed in advance
Recurring revenue is earned on scheduled call-off against annual volume commitments in multi-year agreements.
65%FY26 budget revenue contracted
Costly to replace
Components qualified over 18–24 months on customer-owned tooling held on site.
Over 15 yearsLongest customer relationship
Customers rarely leave
c.95% of opening customers retained in FY23 and FY25; c.85% in FY24, including planned exits.
c.95%Opening FY25 customers retained
A team that stays
All four senior managers remain; on-time-in-full raised across both sites under the Operations Director.
96.7%On-time-in-full, up from 93.8%
Profit converts to cash
Total capex 3.1–3.8% of revenue across FY22–FY25.
86–92%Annual cash conversion, FY22–FY25

Financial summary

£ in millions

£m	FY22 (Audited)	FY23 (Audited)	FY24 (Audited)	FY25 (Unaudited)	FY26 (Budget)	FY27 (Forecast)
Revenue	12.1	13.4	12.3	14.0	14.0	15.1
Revenue growth	—	10.7%	(8.2%)	13.8%	0.0%	7.9%
Gross profit	3.4	3.9	3.8	4.5	4.6	5.1
Gross margin	28.0%	29.0%	31.0%	32.0%	33.0%	33.5%
Adjusted EBITDA	1.6	1.9	1.8	2.1	2.2	2.5
Adjusted EBITDA margin	13.4%	13.9%	14.6%	15.0%	15.5%	16.6%
Reported EBITDA	1.4	1.6	1.6	1.9	—	—
Capex	0.4	0.5	0.4	0.5	0.4	0.9
Cash conversion	88%	86%	92%	89%	99%	92%

£m; £ sterling unless otherwise stated.

FY25 refers to the year ended 31 March 2025; all years end 31 March.

The aggregate adjustment for each year is given in the footnotes.

Aggregate adjustments by year: FY22 £210k, FY23 £230k, FY24 £240k, FY25 £250k.

Each is the difference between the adjusted and reported figures in the table.

FY25 comprises shareholder remuneration above a market rate for a non-executive role, £185k (a market-rate Managing Director cost is retained), and rent above an independent market rent, £65k.

A full adjustment schedule is available under NDA.

Growth rates and margins are computed from unrounded figures.

Commentary

FLAT FY26 BUDGET: The FY26 budget includes none of the three initiatives' revenue; the FY27 forecast includes it. FY26 does carry £150k growth capex for the aftermarket cell fit-out.
FY27 CAPEX STEP-UP: £0.6m of FY27 capex is growth capex, buying the first additional 5-axis machining centre; non-growth capex is £294k in FY26 and £317k in FY27.
CASH CONVERSION BASIS: Cash conversion is (Adjusted EBITDA + working capital movement) / Adjusted EBITDA, before capex: 99% in the FY26 budget and 92% in the FY27 forecast.

FY26 budget cover

£14.0m, flat on FY25

Contracted order book: £9.1m · 65%
Pipeline: £3.6m · 26%
Not yet identified: £1.3m · 9%

Growth

Initiative	Revenue at maturity	Investment	Timing	In plan	In FY26 budget
Aftermarket spares programmeSpares supply to existing OEM customers; two have requested it in writing. Revenue not in FY26 budget.	£1.2m	£150k	18 months	Yes	No
Second shift at Site 2Adds a second shift at the site running at 61% utilisation; recruitment and training only, no capex.	£1.5m	£60k	12 months	Yes	No
Two additional 5-axis machining centres at Site 2Quoted machines adding capacity once 22% group headroom is absorbed; first one carried in FY27 forecast capex.	£1.2m	£980k	24 months	Yes	No
Total	£3.9m	£1.2m

None of the three is in the FY26 budget; all three are in management's plan beyond it.

UPSIDE OUTSIDE THE PLAN
Management believes aftermarket spares can extend beyond the two OEM customers that have requested them, and European exports, £2.1m of FY25 revenue, can grow.

Sector metrics

Capacity utilisation: 78% overall, 22% headroom; Site 2 at 61%.
Capex split: FY25 total capex 3.3% of revenue; FY26 budget £294k non-growth (2.1% of revenue) and £150k growth.
Active customers: c.40.

Key considerations

Customer concentration
The top customer represents 24% of FY25 revenue and the top ten 78%, supplied under multi-year agreements on customer-owned tooling held on site.
Change-of-control clauses
Contracts carrying a change-of-control clause cover 37% of revenue; a customer moving that work would face 18–24 months of requalification and a physical transfer of tooling.
FY24 revenue decline
FY24 revenue fell 8.2% as £1.9m of customer revenue was lost, £1.6m through planned account exits; gross margin rose from 29% in FY23 to 31% in FY24, and revenue grew 13.8% in FY25.
Skilled machinist recruitment
Recruiting machinists for c.70 direct production roles is constrained regionally, and the second-shift initiative adds to that need; it carries £60k for recruitment and training.

Transaction

REASON FOR SALE: Shareholder retiring after over 30 years; no family succession.
STRUCTURE: 100% share sale, cash-free, debt-free, normalised working capital.
MANAGEMENT: Senior team, including MD, remains; shareholder is non-executive.
HANDOVER: 12-month handover.
PROPERTY: Both sites are freehold and both are in the sale; one may instead be leased back at independent market rent, which Adjusted EBITDA bears.
CONSIDERATION: Open to an element of deferred consideration.
BUYERS INVITED: Trade buyers and financial sponsors (private equity, family offices); UK and overseas
WITH AN OFFER: Evidence of funds; how the purchase is funded, set out with any offer
WHY NOW: The shareholder is retiring after more than 30 years with no family succession; the management team is in place and the contracted order book covers most of the budget year.

Bilateral, no fixed timetable; IM follows NDA. Interested parties are invited to contact the adviser to execute a non-disclosure agreement, following which a detailed Information Memorandum will be released. Contact: Marchmont Corporate Finance, Corporate Finance team, example@marchmontcf.example

Download the PDF — no email required.

What the buyer holds

Name: Project Greenshank
Numbers: 4 years, headline only
Where: Northern England — Two, both freehold and in the sale
Customers: c.95%

No company name, no website, no person named.

pages, exactly as the file prints them

The information memorandum. Named, branded, after the NDA.

Drafted by teasr AI from one reconciled record, and reviewed by a person at teasr before it goes anywhere. Every figure comes off that record, so the appendices agree.

What the full document covers

8 parts · 19 sections

The parts are always these; what sits inside them changes with the business.

I
The Opportunity
What is being sold, what it earns, and why the figures are what they are.
2 sections
II
The Business
What the business does, how it does it, where, and who runs it.
6 sections
III
The Market
The market served, the position held in it, and the customers who prove it.
3 sections
IV
Financial Performance
Three years of trading, reconciled, with every adjustment itemised.
1 section
V
The Plan
What management will do next, what it costs, and what it delivers in cash.
3 sections
VI
Risks and Governance
What could go wrong, what has been done about it, and what exposure remains.
2 sections
VII
The Transaction
What is offered, the structure, and the process from here.
1 section
VIII
Appendices
Supporting detail, referenced from the sections above.
1 section

6 of its 65 pages

Each title states its finding. The figures carry their basis. The look is the business’s own.

Illustrative example — not a live opportunity. The photographs are stock, standing in for the ones a seller adds.

(opens the page full size)
The coverpage 1The business’s own logo, colours and photograph.
(opens the page full size)
The executive summarypage 5The title is the finding. The key figures, then the chart that bears it out.
(opens the page full size)
A part openspage 29A photograph, the part’s title and the sections inside it.
(opens the page full size)
Summary profit and losspage 38History and forecast split, and every figure marked unaudited, management or estimate.
(opens the page full size)
How the business workspage 14Step by step, each with its evidence, and the seller’s photographs of the work beneath. Stock stands in here, marked Illustrative.
(opens the page full size)
Its customerspage 34The chart, and beside it what a buyer should take from it.

The whole document, on request

Firms can see all 65 pages of this sample. Ask and we will send it.

Request the full sample memorandum

Project Greenshank and Calder Precision Engineering are the same fictional business, shown before and after an NDA. Neither exists, Marchmont Corporate Finance does not exist, and every figure is invented. Real listings are visible only to approved buyers, and only after the seller has released them.

Made yours, not made from a template.

Three things make one memorandum unlike the next.

The brand
The business’s logo, colours and type pairing set every page. Your firm’s logo sits at the foot of its pages.
Primary #1C3438Accent #B08D57Type Source Serif 4
The photographs
The seller’s own, of the site and the work, each placed where it belongs. In a live memorandum, stock only ever opens the cover and the parts: credited, marked Illustrative, approved by a person, and never of people.
The design brief
A few lines beside the photographs on how it should read: its tone, and what it leads with. teasr AI drafts to it, and a person at teasr signs the memorandum off.

Design brief

Quiet and exact, like the work. Lead with the order book and the two freehold sites.
Put the long-standing customers before the growth plan. No “world-class”.

An illustration: the brief a firm might write for Calder Precision Engineering, the fictional business in the sample.

Everything in the platform

In the order a sale uses it.

Prepare

Readiness check: Nine answers from memory, and the questions a buyer will ask of them. Free, with no sign-up.
Exit Readiness Report: The figures checked against each other, the profit you can evidence today, and a 90-day plan. £495 once (no VAT).

Present

teasr: Anonymous, for buyers before an NDA. Drafted by teasr AI from the seller’s figures and signed off by a person at teasr.
Information memorandum: Named and in your brand, after the NDA. Drafted by teasr AI from one reconciled record and signed off by a person at teasr.
Photographs: The seller’s own, of the site and the work, placed in the memorandum.
Design brief: Tell us how the memorandum should read: its tone and what it leads with. teasr AI drafts to that brief, and a person at teasr signs it off.

Release

Your buyer list: Your firm’s own buyers and what they look for. No other firm and no buyer ever sees it.
Staged release: Named invitations, your list, or verified buyers whose criteria fit. You choose the stage; teasr never picks a buyer.
NDA negotiation: Buyer and seller agree the wording clause by clause. Once both sign, the memorandum is released.

Diligence

Data room: Comes first. One year of accounts unlocks the readiness report and the teasr; three years and monthly management accounts unlock the memorandum. Then released item by item, watermarked, with every open logged.
For buyers: Search inside every document they can open, download them as a zip named by index number, and hear when something new is released. The original spreadsheet only where you allow it.
What each bidder opened: A sentence a week per bidder: what they opened, how often, and what they have never opened. Counts and dates, never a score.
Questions, routed: Each buyer question goes to a named person with a due date, and they are reminded once it is overdue.
Figures checked from the room: Figures read from the accounts in the room, each kept with where it came from, and checked by teasr against the memorandum.
Suggested answers: teasr AI drafts a reply to a buyer’s question, quoting documents they can open. A person checks, edits and sends it.
Figures to their sourceIn build: Click a figure in the memorandum and the document it came from opens at the page or cell.

Stay informed

Market briefing: Built, not yet switched on: UK lower mid-market deal news, ranked to your sectors, regions and deal size. On the Boutique plan and above.

Three ways to use it

Adviser firms
For firms running their clients’ sales. Every plan runs unlimited deals.Adviser plans
From £1,950 a year
Owner-led sale
Owners selling their own business with their accountant or a non-executive.An adviser is often worth it: buyers negotiate for a living, and many owners end up better off with someone doing the same on their side. If you’d rather have one, teasr is built for advisers too.teasr does not act for you, find or introduce buyers, or advise on price, structure or terms. You are the seller.Owner-led sale: price and what it means
£195 a month
Exit Readiness Report
For an owner getting ready on their own, before an adviser is involved.What the report covers
£495 once

teasr is not registered for VAT, so no VAT is charged.

Issue these under your own name.

Set your firm up Talk to us

What we provide

The four documents

Three of its pages

What’s in it

Revenue quality

End-market

Revenue type

Customers

Investment highlights

Volume committed in advance

Costly to replace

Customers rarely leave

A team that stays

Profit converts to cash

Financial summary

Commentary

FY26 budget cover

Growth

Sector metrics

Key considerations

Customer concentration

Change-of-control clauses

FY24 revenue decline

Skilled machinist recruitment

Transaction

What the buyer holds

What the full document covers

6 of its 65 pages

The whole document, on request

Your room

This week

What the bidder sees

Made yours, not made from a template.

The brand

The photographs

The design brief

Everything in the platform

Prepare

Present

Release

Diligence

Stay informed

Three ways to use it

Adviser firms

Owner-led sale

Exit Readiness Report

Issue these under your own name.