The findings spoke
for themselves.

Situation

A private investor held a minority stake in a Dutch specialty retail company with an international supply chain. The investor was not receiving expected returns. The managing director provided verbal reassurances, no structured financial reporting was in place. The investor needed an independent assessment of what was actually happening.

Documents reviewed

• - Management accounts (3 years)
• - Statutory accounts and tax filings
• - Bank statements and cash flow records
• - Debt schedule across all creditors
• - IP registration and shareholder documents
• - Tax correspondence

Key findings

• - Actual annual losses confirmed — management accounts excluded COGS
• - €880K of debt exposure across 8 creditors verified
• - Tax liabilities of €100–120K identified and undisclosed
• - All IP registered to the founder personally, not to the legal entity
• - 50/50 shareholder deadlock preventing all strategic decisions

Decision supported

The review allowed the investor to make an informed decision on next steps — specifically, whether to exit, pursue debt recovery or restructure the position. The findings formed the basis for a subsequent restructuring engagement.

Situation

Following the investor due diligence in Case 01, the investor faced a binary choice: pursue debt recovery in a bankruptcy scenario with limited recovery prospects, or find a structural solution that converted the creditor position into equity in a viable new entity.

Documents reviewed

• - €1.34M restructuring deal architecture
• - Debt-to-equity conversion for €840K of verified claims
• - New European entity structure (NL and Estonia)
• - 60–65% controlling stake for the investor in NewCo
• - Founder vesting, IP escrow and SHA recommendations
• - DCF valuation of €5.7M for the new entity (base case, 2031)

Key findings

• - Equity value of existing entity approximately zero
• - Substantial value locked in IP, content platform and supply chain
• - Inaction scenario: likely bankruptcy by late 2026
• - Restructured entity viable with projected revenue €2.7M by 2031

Situation

A new European entity required a comprehensive financial model and defensible valuation to support investor decision-making and operational planning for expansion across DTC e-commerce, B2B wholesale and a franchise network.

Documents reviewed

• - 5-year integrated P&L across three revenue channels
• - DCF valuation (FCFE methodology), WACC 17.1%
• - Franchise unit economics model (Full Shop format)
• - Scenario analysis: pessimistic, base and optimistic
• - Competitive benchmarking against two European franchise operators

Key findings

• - DCF equity value €5.7M (base case, 2031)
• - Investor IRR ~37% on new capital entry (€500K)
• - 94% of equity value in terminal value — sensitivity clearly documented
• - Franchise economics superior to both benchmarked competitors
• - Break-even ~2.5 years vs. ~3 years for closest competitor

Limitations noted

The valuation is highly sensitive to WACC and terminal growth rate assumptions. A 2pp increase in WACC reduces equity value by approximately 25%. All scenarios and sensitivities were documented in the model. The model reflects projections, not audited results.