Strategic Alternatives Review

What This Engagement Answers

• What is the company worth today? A defensible view of standalone value and key drivers.
• Which option maximizes risk-adjusted value? A comparison of outcomes across scenarios.
• What are the gating issues? Timing, readiness, stakeholder alignment, and feasibility.
• How do terms and structure change economics? Earnouts, leverage, minority investments, and governance rights.

Options Commonly Evaluated

• Sale: strategic vs. financial buyer landscape, valuation range, and process considerations.
• Recapitalization: leverage capacity, sponsor options, and proceeds scenarios.
• Minority investment / partnership: growth capital tradeoffs, control considerations, and alignment.
• Spin-off / carve-out: separation readiness, dis-synergies, and value unlock thesis.
• Standalone value creation: operating plan initiatives, pricing, mix, and margin expansion.

Analyses We Typically Perform

• Value baseline: DCF and market benchmarks with clear sensitivities.
• Scenario matrix: value ranges under base/downside/upside and alternative strategies.
• Synergy framing: where relevant, sizing and attribution of synergies to support buyer outcomes.
• Capital structure analysis: leverage, liquidity, covenant headroom, and refinancing scenarios.
• Qualitative risk assessment: execution and timing risks mapped to value impacts.

Deliverables

• Board-ready deck that compares options with consistent assumptions
• Decision framework with recommended path and rationale
• Model outputs and sensitivity tables aligned to key questions
• Action plan for the selected path (timeline, workstreams, readiness items)

Information We Typically Request

• Historical financials and management reporting (monthly/quarterly)
• Forecast model and assumptions (including initiatives and cost structure detail)
• Customer/product segmentation and retention data (as applicable)
• Capital structure, debt documents, and key contractual terms
• Strategic priorities, constraints, and stakeholder objectives

What “Good” Looks Like

The best strategic alternatives reviews are consistent across options, explicit about assumptions, and clear about execution tradeoffs. We focus on making the decision easier—not just producing a model.