The data room presents the seller's account. Independent sources test it.

Scope

• Market position: category size, growth, and competitor activity, compared with the market share and growth claimed in the CIM
• Customers: reviews, complaint volumes, and ratings over time
• Traffic and demand: web and app traffic trends compared with the growth story in the CIM
• Headcount: hiring and departures on professional profiles and job boards, compared with the payroll in the room
• Key people: background checks on owners and senior management
• Litigation and disputes: court records involving the company, its owners, and its management
• Liens and security interests: UCC filings, tax liens, and judgments
• Regulatory history: enforcement actions, warning letters, recalls, licensing issues, and sanctions lists, depending on the sector

Many private targets have little public record: no filings and no prior institutional rounds. For them, the comparison relies on market and third-party data, and court, lien, and regulatory searches serve as a check. We confirm what can be checked during the scoping call.

Indicators

We look for contradictions: a clean litigation schedule against a pending lawsuit in a state court, a growth story against flat traffic and a hiring freeze, or a product the CIM calls a market leader against a steady decline in review ratings.