Fit Check — Revenue and scale (quick gate)

• What is your company's current trailing twelve-month (TTM) revenue? Options: Under $25,000,000 (below target range), $25,000,000–$49,999,999, $50,000,000–$99,999,999, $100,000,000–$300,000,000, Over $300,000,000 (above target range)

Control & governance preferences

• Which governance outcome would you prefer from a minority growth equity partner? Options: You retain board control and final decision authority, Shared board with a buyer-appointed observer or non-voting director, Investor-appointed board seat with equal votes, Investor majority board control (not acceptable), Open to discussion

Decision-makers and influencers

• Who will make or materially influence the decision to take minority growth capital? Options: Founder-CEO (sole decision-maker), Founder-CEO with trusted advisor or attorney, Existing board or board member, CFO/Finance leader, Other (please specify below)
• If you selected Other or want to name specific advisors/board members, who should we expect to involve?

Timing and diligence readiness

• What is your target timeline for completing a minority investment? Options: Immediately (30–60 days), Near term (3–6 months), Planning within 6–12 months, Exploratory / longer term (>12 months), Unsure
• Is your team prepared to support a 60-day diligence close (basic financials, cap table, key operating metrics, and primary contracts)? Options: Yes — mostly ready, Partially ready (some items need work), No — would need time to prepare, Prefer to discuss

A quick founder check-in

• Tell us briefly where your company sits today, including last 12-month revenue band and ownership structure. Options: $25M-$50M, founder majority, $50M-$100M, founder majority, $100M-$200M, founder majority, $200M-$300M, founder majority, Other
• Walk me through the last major strategic decision where you chose to retain control rather than trade governance for capital, and what happened next.
• Which stakeholders will need to sign off on a minority investment, and who typically speaks for the founder in those conversations? Options: Founder only, Founder plus trusted advisor, Founder plus legal counsel, Existing minority investors, Board member or chair, Other
• Who are the external advisors you use for capital decisions and which of them tends to move the timeline most? Options: Legal advisor, Financial advisor or banker, Independent board member, Accounting/transaction advisor, No external advisor
• When do you hope to have additional capital deployed if you decide to move forward? Options: Within 30 days, Within 60 days, Within 3 months, 3-6 months, Not sure yet

Where scaling actually needs support

• If revenue growth slows below plan next year, which single operational bottleneck would you point to as the cause? Options: Sales hiring and ramp, Pricing and packaging, Customer success and retention, Product velocity, Cash management, Other
• Would you say the biggest constraint on your next stage of growth is people, process, product, access to markets, or capital? Options: People, Process, Product, Access to markets, Capital
• Describe a recent quarter where you missed a growth target, what specifically failed, and what you tried to fix.
• In the last 12 months, how often did you miss hiring expectations for revenue-facing roles? Options: Never, Once, 2-3 times, More than 3 times
• Thinking about your next inflection point, which capabilities from an investor would move the needle most for you? Options: Go-to-market playbook and benchmarking, Executive recruiting support, Sourcing tuck-in acquisitions, Capital planning and modeling, Operational reporting and KPIs

Preserving control while unlocking resources

• On governance, which single concession would you refuse even if it unlocked extra capital? Options: Board majority seats, Right to remove CEO, Forced exit timeline, Veto over day-to-day hires, Control over strategic direction
• Where do you already draw firm lines on outside influence, for example approvals for M&A, hiring, or future dilution? Options: M&A approval, Senior hire approval, Dividend or cash policy, Future round dilution limits, No firm lines today
• Pick the top two governance protections that matter most to you from a minority partner. Options: Founder's board control, Supermajority for key actions, Limited reporting frequency, No management replacement clause, Clear hold period
• Rank these scenarios by how comfortable you would be with them: adding an independent board seat, giving observer rights, creating supermajority approval for exits, or introducing routine investor approvals. Options: Independent board seat, Observer rights, Supermajority for exits, Routine investor approvals
• Which single decision right, if transferred to an investor, would make you walk away from a deal? Options: Right to appoint CEO, Board chair appointment, Veto on budgets, Control over acquisitions, Right to force a sale

Numbers that will change how we work together

• What single operating metric, if it fell by 20%, would cause you to pause new investment conversations? Options: Gross margin, Net revenue retention, ARR or revenue, EBITDA, Customer acquisition cost
• If we proved the value of our operating support on a short pilot, what would be the fastest path for you to move to a term sheet and close? Options: Immediate term sheet then close, Pilot to full investment within 60 days, Board vote then close, Require full diligence before term sheet, Not sure
• Are your financials audited or prepared to a level that would support a 60-day close? Options: Audited financials, Reviewed but not audited, Management-prepared with notes, Not prepared for diligence yet
• Do you maintain a CRM and rolling revenue forecast that could be shared under NDA for diligence? Options: Yes, fully up-to-date, Partially up-to-date, No, not ready
• How many months of runway does the business have at current burn, excluding any prospective new capital? Options: More than 18 months, 12-18 months, 6-12 months, Under 6 months

Other options on your table

• Tell us which alternative capital path you expect is most likely to keep you from partnering with an investor, and why. Options: Bank debt, Revenue-based financing, Majority sale, Internal cash flow only, Angel or seed investors, Other
• Walk me through any conversations you have had with other investors, what terms drew you in, and what ultimately pushed you away.
• Which current option on the table would require the least change to your governance or reporting? Options: Bank debt, Revenue-based financing, Minority partner with protections, Majority sale, Internal funding
• Who internally is advocating to keep the current approach rather than take outside capital? Options: Founder, CFO, Board member, CEO/President, Head of Operations, No internal advocate
• When would your current plan become untenable and force you to pursue outside capital? Options: If growth drops 10%, If cash runway under 12 months, If churn increases 5 points, If a major customer is lost, Unsure

The decision path and timeline

• If the investment required a single week of founder time for diligence, would that be feasible without disrupting operations? Options: Yes, easily, Yes with planning, No, not feasible in next 30 days, Only with temporary cover
• Would you be willing to grant an investor observer board status during the investment term, with agreed limits? Options: Yes, Maybe with written limits, No
• Describe the internal approval process from term sheet to signed agreement, including typical timings and common blockers.
• In the last two years, how often have you adjusted your planned capital timeline because of internal delays? Options: Never, Once, 2-3 times, More than 3 times
• Thinking about timing, which external event would most accelerate your decision to accept minority capital? Options: Customer commitments requiring capital, Imminent competitive threat, Key recruiting window, A clear acquisition opportunity, Other

Can your operations support a minority investor?

• On operational readiness, which system integrations are required for an investor to receive regular reporting within 60 days? Options: ERP or accounting system, CRM, Payroll and HRIS, Sales and GTM dashboards, None of the above
• Where does ownership of your core financial and customer data live, and who would be the contact to extract it for diligence? Options: Finance owns it, Operations owns it, IT owns it, No single owner
• Pick the internal resource who could run point on investor onboarding and integrations. Options: VP Finance, Head of Operations, CTO/Head of IT, External consultant or interim finance leader
• Rank the following readiness gaps by how likely they are to block a 60-day close: audited financials, CRM hygiene, org chart clarity, customer contracts organized. Options: Audited financials, CRM hygiene, Org chart clarity, Customer contracts organized
• Which single implementation constraint would make a 60-day close impossible? Options: No access to financial systems, Legal restrictions on data sharing, Key stakeholders unavailable, Major accounting restatement

Signals that speed a decision

• What single internal signal would make you ready to proceed to a term sheet within a week? Options: Board approval, Founder verbal agreement, Clean 12 months of financials, Key executive hire committed, Customer LOI
• If we proved measurable uplift from our operating support on a short pilot, which contract structure would you prefer to start with? Options: Straight minority equity, Equity with performance tranche, Convertible instrument, Debt with equity kicker, Unsure
• Are there any non-negotiable terms you expect from a minority partner beyond governance protections? Select all that apply. Options: Cap on dilution, Limited reporting cadence, No management replacement clause, No board observer, No non-negotiables
• Do you have an ideal hold period in mind for a minority partner, and if so, which is it? Options: 3-5 years, 5-7 years, 7-10 years, No fixed period
• How many reference conversations with founder peers would you want before feeling comfortable to sign? Options: 0-1, 2-3, 4-6, More than 6

• Investment Experience Session

• Process orientation
• You confirm that the governance structures demonstrated preserve your decision-making control under the modeled scenarios.
• Provide current cap table, ownership percentages, and any existing governance agreements to be used in the sample cap table model.
• You confirm the operational support plan produces measurable acceleration on your hiring, GTM, or M&A priorities and that the modeled benefit justifies the proposed capital terms.
• Confirm the current state and its cost to your team
• Provide the top 3 hiring priorities and any active M&A or tuck-in targets to model operational impact.
• You agree on the exact evidence required before a decision and a timeline for receiving the tailored term sheet, governance overlay, and modeled pro forma.
• Deliver a tailored sample term sheet, governance overlay, and a modeled 3-year pro forma showing the impact of the proposed capital and services.
• Governance trade-offs walkthrough with a sample cap table
• You accept the recommended reporting cadence as light-touch and operationally feasible, or you specify required changes.
• Operational support proof, run on your priorities
• Run the sample operating plan against the provided priorities and deliver the modeled metric improvements before the follow-up committee review.
• Confirm the internal decision-makers who will review the tailored materials and schedule the follow-up committee meeting.
• Reporting cadence and burden example
• Forced validation
• Agree on remaining evidence and next steps

• Investment Experience Session
• Investment Experience Deck
• Investment Experience Brief

• meeting
• slides
• document

• Provide Minority Growth Capital Commitment
• Structure Founder-Preserving Governance Terms
• Manage 60-Day Transaction Execution and Close
• Implement Monthly Financial Reporting Package
• Establish Board Materials and Meeting Cadence
• Deploy Go-to-Market Efficiency Playbook
• Run Pricing Optimization Program
• Execute Executive Recruiting Searches
• Source and Present Tuck-in Acquisition Targets
• Onboard to Portfolio GTM Benchmarking Dashboard
• Deliver Capital Efficiency Financial Model
• Mobilize Operating Partner Network Support

Provide Minority Growth Capital Commitment

• How much capital (USD) are you seeking in this minority round and do you prefer a single tranche or staged tranches tied to milestones? Options: Single tranche, Staged tranches tied to milestones, Flexible, discuss options
• Do you have a target pre-money valuation or implied check size range that should guide negotiations? Options: Yes, specific range, No, open to market terms, Prefer to discuss with model
• Which existing shareholder classes or preference shares must be preserved in the cap table entry for a new minority investor? Options: Common only, Existing preferred preserved, Cap table requires reclassification, Unsure — need cap table review
• When do you need funds wired to support the next hiring or GTM milestone (provide target month/quarter)?
• Who on your team will approve final use-of-proceeds allocations (e.g., CEO, CFO, board chair)? Options: CEO, CFO, Board chair, Founder + CFO, Other (specify)
• Provide the primary systems where your finance and revenue records live (for example QuickBooks, NetSuite, your subscription billing platform) so we can scope diligence. Options: QuickBooks, NetSuite, ERP export, Spreadsheet exports, Other

Structure Founder-Preserving Governance Terms

• Confirm the board composition you currently have documented in your shareholder agreement or charter (number of seats and any founder control clauses). Options: Founder-majority board, Equal representation, Investor-nominated observer only, No formal board yet
• Estimate the investor governance rights you would accept in a minority deal (veto list items such as dilution protections, sale approvals, hiring of CEO). Options: Limited vetoes (financial only), Vetoes on major M&A and debt, Board observer + information rights only, Open to structured protections
• Which specific articles in your existing shareholder agreement (for example drag-along, tag-along, anti-dilution clauses) must remain unchanged for founders to accept investment?
• Describe the governance thresholds you require for major corporate acts (for example: sale >X% of revenue, incurrence of debt >$Y, change of CEO).
• Identify any existing investor consent rights or legacy investor board seats that will affect a new shareholder agreement amendment. Options: Yes — legacy investor consent required, No legacy constraints, Unsure — need cap table/agreements review
• List the reporting cadence and packet contents you expect for shareholder updates (for example monthly P&L, quarterly rolling forecast, monthly churn cohort table). Options: Monthly P&L + cash forecast, Monthly P&L + churn cohorts, Quarterly only, Other (specify)

Manage 60-Day Transaction Execution and Close

• What acceptance criteria will confirm the transaction is ready to close (for example signed subscription agreement, audited financials to a defined date, no material adverse findings)?
• Which diligence artifacts can you deliver within 7 days to support a 60-day close (for example three years of statutory financials, cap table extract, customer contracts >$100k)? Options: Three years statutory financials, Cap table export, Top 10 customer contracts, Legal entity structure, Other
• When was your most recent external audit or accountant-reviewed financial statement produced and which accounting standard was used (for example GAAP, IFRS)? Options: Within 12 months — GAAP, Within 12 months — IFRS, More than 12 months, No external audit
• Who on your legal or finance team will be the primary liaison for definitive documentation, escrow instructions, and wire coordination? Options: CFO, General counsel, External counsel, Founder
• Provide the list of third-party approvals required for close (for example landlord consent for lease assignment, customer change-of-control consents for top 5 contracts).
• Identify any IP, regulatory, or material customer dependencies that could extend the 60-day timeline (for example pending FDA clearance, sole-source supplier, material customer re-negotiation). Options: Regulatory dependency, Material customer consent, IP assignment required, None known

Implement Monthly Financial Reporting Package

• What acceptance criteria will validate the monthly reporting package (for example automated P&L with reconciled bank balance, AR aging, and a three-month cash forecast delivered by day 7)?
• Which accounting system contains your general ledger and should be the source of truth for the monthly P&L (for example NetSuite, QuickBooks, ERP export)? Options: NetSuite, QuickBooks, ERP export, Spreadsheet GL
• How many revenue streams need separate recognition rules in the monthly pack (for example subscription ARR, professional services, transaction fees)? Options: 1, 2-3, 4+
• Specify the KPIs you require in every month-end packet (for example ARR, gross margin %, LTV:CAC, top 20 customer concentration). Options: ARR, Gross margin %, LTV:CAC, Customer concentration, Custom metrics
• Indicate the preferred delivery format for the monthly package (for example PDF board packet, live spreadsheet, BI dashboard snapshot) and distribution list. Options: PDF packet, Live spreadsheet, BI dashboard snapshot
• Are there accounting policies we must follow when building the monthly pack (for example capitalization policy for R&D, revenue recognition method)? Options: Yes — provide policy, No standard policies, Will provide during setup

Establish Board Materials and Meeting Cadence

• Confirm your desired board meeting cadence and format documented in your board charter (for example quarterly in-person, monthly virtual operational reviews). Options: Quarterly in-person, Monthly virtual ops, Quarterly virtual + monthly memos, Other
• Which documents must be included in every board packet (for example monthly P&L, KPI dashboard, customer NPS report, quarterly OKR progress)? Options: Monthly P&L, KPI dashboard, Customer NPS, OKR progress, Other
• How many board seats will founders retain versus investor-nominated seats as currently documented in your governing documents? Options: Founder-majority, Equal split, Investor minority seats only, Undetermined
• Describe the escalation path for urgent governance matters that require ad-hoc board action (for example >$X one-off spend, emergency CEO replacement).
• Identify the stakeholders who should receive board materials (for example external auditor, strategic advisor, lead independent director).
• List any regulatory or compliance reports that must be appended to board materials (for example SOC 2 status, HIPAA compliance report, material contract redactions). Options: SOC 2 status, HIPAA compliance, Material contract redactions, None

Deploy Go-to-Market Efficiency Playbook

• Which GTM channels and CRM workflow artifacts should the playbook reference (for example outbound SDR sequence, channel partner referral terms, sitemap of self-serve funnel)?
• How many sales motions do you run that require playbook templates (for example enterprise direct, mid-market inside sales, channel/reseller)? Options: 1, 2-3, 4+
• Specify the conversion funnel stages and baseline metrics we should target in the playbook (for example demo-to-purchase 10%, SQL-to-ACV $X).
• Indicate the CRM and marketing automation platforms where playbook sequences must be implemented (for example your source CRM and email automation system). Options: Source CRM, Marketing automation, Both platforms, Manual templates only
• Identify any current GTM experiments or A/B tests whose results should be preserved when operationalizing the playbook (for example pricing A/B, trial length tests).
• Describe the success metrics for the GTM playbook after 90 days (for example increase in SQL velocity, reduction in CAC by X%).

Run Pricing Optimization Program

• Which pricing artifacts will you provide for analysis (for example current price list, discount matrix, customer-level ARPU by cohort)?
• How many customer cohorts do you segment for pricing analysis (for example enterprise, mid-market, SMB, by vertical)? Options: 1-2, 3-4, 5+
• Specify the billing models in use that affect pricing recommendations (for example subscription monthly, usage-based metering, one-time professional services). Options: Subscription monthly, Usage-based metering, One-time services, Hybrid
• Indicate the acceptable implementation paths for pricing changes (for example grandfather existing customers, immediate rollout, phased by cohort). Options: Grandfather existing customers, Immediate rollout, Phased by cohort
• Identify top 3 pricing-related objectives for the program (for example increase ARR per customer, improve gross margin %, reduce discounting).
• State any contractual constraints on price changes (for example locked pricing in top 10 customer agreements, renewal notice periods). Options: Locked in top contracts, Standard renewals allow change, No constraints known

Execute Executive Recruiting Searches

• Which executive roles are highest priority for searches (for example Head of Sales, VP of Engineering, CFO)?
• How many months of candidate sourcing should be budgeted per role given your urgency (for example 1-2 months expedited, 3-4 months standard)? Options: 1-2 months expedited, 3-4 months standard, 4+ months
• Describe the compensation bands and equity philosophy that should be used for candidate offers (for example stock options vesting schedule, target cash + bonus).
• Identify the interview panel composition and final decision-maker for each role (for example CEO final sign-off, founder + board member).
• Indicate any non-negotiable candidate requirements (for example specific industry experience, relocation, security clearance).
• Provide the baseline recruiting collateral we should use (for example job spec, organizational chart, target team size), or indicate if we should draft them. Options: You provide collateral, We should draft collateral, Hybrid

Source and Present Tuck-in Acquisition Targets

• Which strategic objectives should tuck-in targets serve (for example expand product modules, accelerate ARR, acquire talent/engineering)? Options: Product expansion, ARR acceleration, Talent acquisition, Customer expansion
• How many target profiles should we source initially and what revenue/EBITDA bands define a viable tuck-in (for example revenue <$5m, $5-20m)? Options: < $5M, $5M - $20M, $20M - $50M
• Specify any geography, regulatory, or customer-segment restrictions for targets (for example US-only, HIPAA-regulated customers, enterprise-only).
• Indicate your preferred deal structure for tuck-ins (for example asset purchase, equity purchase, earnout-linked consideration). Options: Asset purchase, Equity purchase, Earnout/contingent
• Identify the minimum integration support you expect post-close (for example 30-day engineering handover, customer contract novation, billing migration). Options: 30-day engineering handover, Contract novation, Billing migration, None
• List the target-level diligence artifacts required before a bolt-on recommendation (for example signed customer contracts, SaaS metrics, churn by cohort).

Onboard to Portfolio GTM Benchmarking Dashboard

• Which GTM benchmarks from peers are most valuable to you (for example CAC payback months, sales ramp to quota, win-rate by vertical)? Options: CAC payback, Sales ramp, Win-rate by vertical, LTV:CAC
• How will we access source data for benchmarking (for example direct CSV exports from CRM, BI connector to your reporting warehouse, manual upload)? Options: CSV export, BI connector, Manual upload
• Provide the list of CRM and billing artifacts that must map into the dashboard (for example closed-won export, subscription billing ledger, customer start date).
• Indicate the update cadence you want for benchmarks (for example weekly pipeline sync, monthly cohort refresh, quarterly peer snapshot). Options: Weekly, Monthly, Quarterly
• Identify any anonymization or data governance requirements before your operational data can be compared against the portfolio (for example remove PII, hash customer names). Options: PII removal required, Aggregate only, No special requirements
• Specify the dashboard views required for different audiences (for example executive summary for board, detailed funnel for CRO). Options: Executive summary, Detailed funnel, Cohort analytics, Custom views

• Technical Health Check (first 30 days)
• Commercial Metrics Review (day 60 to 90)
• Bilateral Obligations Audit (around day 90)
• Roadmap Alignment Review (quarterly ongoing)

• Confirm notification and access settings on the shared communication channel and document any changes.
• Publish the metric packet showing revenue growth and management report delivery history for the last two quarters.
• Document root-cause analysis for any metric underperformance and assign corrective owners with resolution dates.
• Prepare evidence items required for the bilateral obligations audit, including delivery receipts and meeting minutes.
• Restate each party's documented obligations
• Each contractual obligation is marked as met, conditional, or unmet with evidence documented.
• A remediation plan exists for each conditional or unmet obligation, with target dates and owners.
• Produce the obligations audit report showing commitment fulfillment rate and documented evidence for each item.
• Publish remediation task list for any conditional or unmet obligations with deadlines.
• Schedule a follow-up checkpoint to validate remediation completion before the next quarterly review.
• Review top-line metrics and initiative progress
• Alignment on the prioritized list of initiatives for the coming quarter and the resources committed to each.
• All open issues have an owner, a resolution date, and an agreed escalation path if not resolved on time.
• Publish the quarter plan listing prioritized initiatives, expected outcomes, and resource commitments.
• Update the shared issue tracker with owners and resolution dates for all open items.
• Confirm integration go-live and connectivity
• All required integrations for reporting and governance are confirmed live or have a documented remediation plan with dates.
• User access is provisioned for your governance roles and investor reviewers, with early adoption signals captured.
• Publish the integration status report with error logs and remediation owners.
• Provision board/reporting access to the named governance roles and confirm logins.
• Enable monitoring alerts for key data feeds and document escalation contacts.
• Present measurement of revenue growth and reporting timeliness
• A shared understanding of current revenue growth rate and reporting delivery rate, with gaps clearly diagnosed.
• A prioritized list of corrective actions with owners and target dates to address shortfalls in named metrics.
• Verify user access and adoption signals
• Assess governance cadence and meeting effectiveness
• Present evidence of fulfillment or gap per obligation
• Assess operating playbook initiative progress
• Diagnose root causes for any metric gaps
• Prioritize next-quarter support and resource commitments
• Formal acknowledgment and pass or conditional outcomes
• Review initial monitoring and alerts
• Surface and resolve persistent issues
• Triage open technical blockers
• Agree remediation plans for unmet obligations
• Agree corrective actions and shortterm milestones
• Agree immediate remediation actions and next check
• Confirm shared communication and issue channel health
• Confirm readiness for the bilateral obligations audit