Investment-grade commercial due diligence for buyers of Australian and international businesses. One method, three depths, run from the market in. Evidence-graded, model-backed and independent.
Most diligence confirms the numbers in the memorandum and stops. A commercial read asks whether the business those numbers describe can keep earning them. A deal needs all three to hold.
Its real size, where it is growing and where it is not, the segments that carry the value, and whether demand is structural or a spike already fading.
Where the target sits against its rivals, what actually protects its margin, and how the five forces around it are moving. A good year is not a moat.
Whether the forecast is built from drivers the evidence supports, whether the unit economics work at the level claimed, and what the business is worth once they are tested.
The five Calls. Kill: reject outright. Walk: step away now, re-approachable. Park: revisit on an external event. Hold: proceed once the missing data arrives. Proceed: go.
The same method runs at every level. What changes is how far it goes, matched to where the decision sits. Start light on a long list, go deep on the one deal that reaches a binding commitment.
A fast go, park or pass on public information and a desktop read, before you spend time or money.
The analysis and the returns model behind an indicative, conditional letter of intent.
The full commercial read behind a binding decision: market, competition, customers and returns.
Every analysis a tier-one commercial read would run, to the depth the level warrants. Each material claim is graded, and nothing passes as fact without a primary source.
Each analysis carries its signature exhibit, so the pack reads answer-first. A sample of what the full Commercial Due Diligence delivers.
TAM to the realistically winnable slice, each step sourced.
Each force rated to a conclusion on sustainable margin.
Three valuation methods, the ask and entry price marked.
Every risk scored on impact and likelihood, mitigations traced.
The reading resolves to a single Call from five, with a stated confidence, not a menu of scenarios.
Every decision is tested against four questions: does it pay, does it build recognition, does it open future options, and can the organisation execute it.
The method commits to a twelve-month outcome audit. The register will be published as it is established.
Every material claim is graded fact, estimate, inference or hypothesis, so you can see what the recommendation rests on and where it is thin.
One pass before issue has a single job: to kill the recommendation. What survives it is what you read.
Live returns and unit-economics models, reconciled to the accounts, not static tables that cannot be stress-tested.
Robert Langtry, four decades of strategy and transactions. One accountable adviser, no third-party badge.
What this is not. Commercial Due Diligence is a commercial read. It does not provide legal or accounting sign-off. Where a transaction needs them, those are run alongside by the appropriate advisers and this work is built to sit beside them.
Commercial Due Diligence is delivered through Langtry Advisory, on a named target. Most engagements begin with an Initial Screening and step up only if the target earns it. Nothing is sold from this site.