How it works
From signed LOI to first report in three business days.
The process is designed around your exclusivity window. The deal team commits to a 30-minute scoping call and a one-hour walkthrough of the first report. FirstSounding conducts the review in between.
FirstSounding report
Business day 3
LOI signedDay 15Day 30Day 45Day 60
Signing
Step 1
Scoping call (day 0)
A 30-minute call with the deal lead. We cover the thesis, the assumptions in the LOI, known areas of concern, and the sector. We run conflict checks on the target before we start. You receive a fixed-fee engagement letter the same day.
Step 2
Data room access (day 0 to 1)
You request a named advisor seat for us with download rights. We provide the wording for the request to the seller. If the seller restricts the seat, we work from documents your team exports to us.
Step 3
Analysis and review (business days 1 to 3)
Our fine-tuned models read every document in the room, on our own infrastructure, and run reconciliation, forensic, outside-in, and sector checks, along with the growth and exit analysis. Our reviewer works through each finding as it comes up, rejects what does not hold, and ties out what does.
Step 4
Report and walkthrough (business day 3)
You receive the red-flag report, the price-impact ranges, the follow-up list, the LOI assumption table, the growth-potential analysis, and the exit analysis. A one-hour walkthrough covers every finding and any open questions.
Step 5
Updates until closing
As the seller adds or replaces documents, we update the report and tell you what changed. Late changes to important documents are flagged.
Step 6
Deletion
When the deal closes or ends, the deal workspace and all copies of data room documents are deleted, and we confirm the deletion in writing. We keep the final report and its review record (reviewer sign-offs and engagement correspondence) for the period set in the engagement letter, so that reliance letters and insurer questions can be answered.
Information required
- The LOI or term sheet, or a summary of its main terms
- The investment thesis or model, where available; it materially sharpens the LOI assumption review
- A named data room seat with download rights
- Optionally, the names of your QoE provider and counsel, so our output can go straight to them
Value to the deal team
The first three days of exclusivity typically go to orientation in the data room. With the report available, that time goes to the questions that affect price.
Discuss a transaction under LOI.
Share the sector, the deal size, and the end of exclusivity. We respond within one business day with an assessment of fit and the proposed scope of the report.