Quick orientation: where we begin together

• To begin, summarize the current ownership objectives for this portfolio company, including what success looks like to you this fund cycle
• Tell me about the exit outcomes that would satisfy your fund and your LPs
• How many years has your firm held this asset? Options: Less than 3 years, 3 to 6 years, 6 to 10 years, More than 10 years
• When was the last time you updated a target valuation or expected multiple for this asset Options: Within the last month, 1 to 3 months ago, 3 to 6 months ago, Longer than 6 months
• List the stakeholders inside your firm who must be kept informed on a weekly basis
• Is there an absolute no go condition that would make you stop the sale process today Options: Yes - material legal or compliance issue, Yes - valuation below a firm floor, Yes - timing contradicts LP constraints, No absolute no go yet

If you could take money off the table today, what would change

• If you had to accept a 10 percent lower multiple to shorten the timeline by six months, which would you choose and why
• Where does valuation sit compared with priorities like speed, certainty, and management continuity for this exit Options: Valuation is top priority, Speed is top priority, Certainty is top priority, Balanced across priorities
• Describe the financial metric that will determine whether this exit counts as a success for your LPs
• Which scenarios would force you to change course mid process, for example if bids never reach your anchor multiple
• Estimate the minimum net proceeds after fees and adjustments that would allow you to hit your fund return targets Options: Less than $50 million, $50 to $150 million, $150 to $500 million, More than $500 million, Prefer to state exact number

How you actually think about valuation

• What single valuation assumption do you think is most likely to be wrong by the time you run the process
• Walk me through the comps or recent deals you consider most relevant and why those comparators matter for this company
• Which revenue, margin, or growth levers would buyers in your sector be most willing to pay up for Options: Recurring revenue conversion, Higher gross margin, Cross sell potential, Lower customer concentration, Faster growth trajectory, Other
• Do you currently have a target multiple range for different buyer types, and if so which range applies to strategics versus financial buyers Options: Yes, public comps based ranges, Yes, transaction comps based ranges, No formal target range, Range set by LP guidance
• If your primary valuation driver fails to materialize in the next quarter, what fallback would you accept

Timing, windows, and the clock on decisions

• If market sentiment turns negative in 90 days, how would that change your preferred exit path
• Point to the company milestones or reporting dates that are nonnegotiable before launching outreach
• How soon can management be available for buyer meetings and diligence, measured in business days Options: Less than 7 days, 7 to 14 days, 15 to 30 days, Longer than 30 days
• What sequence of timing outcomes would accelerate your decision to sign an engagement letter this quarter
• Is there an LP reporting deadline or fund window that would force you to close by a hard date Options: Yes - fixed close date, Yes - quarter end reporting, No fixed deadline, Unsure

Who holds the keys: decision makers and influencers

• Who inside and outside your firm can veto a sale, and what matters most to that person
• List the three stakeholders whose buy in will determine whether the process proceeds, and name the top concern for each
• Describe the portfolio company CEO's view on sale timing compared with a recapitalization or IPO
• Describe the governance steps you expect before the board or LP advisory committee signs off
• If a key stakeholder objects, what single concession would make them change their mind

Paths on the table and realistic tradeoffs

• Name the exit path you are quietly hoping for that would be the hardest to execute
• Select the paths you are actively considering Options: Strategic sale, Secondary buyout, Initial public offering, Dividend recapitalization, Partial sale with recap, Dual track IPO and private sale
• For each path you picked, indicate the single biggest execution risk we should plan to mitigate
• Rank the paths by relative likelihood of closing within 12 months and explain the top reason for your first choice
• What would make you abandon the dual track approach midstream

Where deals break: execution risks and deal blockers

• Identify the single diligence or legal issue that would cause you to stop the process immediately
• Describe known legacy items that could complicate a sale, for example customer transfer restrictions, earnout structures, or tax exposures
• Who on your team owns remediation of those items and how many dedicated weekly hours can they allocate
• How many months of audited financials and adjusted management accounts can you produce on demand Options: 3 months, 6 months, 12 months, 24+ months, None
• If a buyer requests a six week accelerated diligence window, what parts of your operations would be most at risk

Other routes you are weighing

• Before we proceed, who are you most likely to pick instead of hiring outside advisors, and why might that feel like the lower risk option
• Name the incumbent advisor or bank you worked with most recently for exits
• Are you actively evaluating an internal sale process run by your capital markets or legal team Options: Yes, No, Considering
• What would have to be true about your current approach for you to keep it rather than change to an external advisor
• Which competing advisory firms are you speaking with and which differences in fee or timeline would matter most

Practical readiness that actually gates launch

• If you had to start buyer outreach next week, which three items are not ready and would block a launch
• Which data room platform category will you use and who will own permissions and access Options: Secure virtual data room provider, Internal shared drive with controls, Hybrid setup, Undecided
• Are the core financials audited, reviewed, or unaudited Options: Audited, Reviewed, Unaudited
• Name the person who will be the point of contact for diligence requests and confirm whether they have authority to commit information
• List regulatory or approval gates we should plan into the timeline such as foreign investment approval or material contract consents
• Estimate the percentage of diligence requests you could clear within a four week buyer diligence period Options: > 80%, 60 to 80%, 40 to 60%, < 40%, Unsure

How we will know we won, the measurable finish line

• If the sale does not hit your anchor multiple but exceeds your certainty threshold, would you still proceed and why
• Provide three measurable success criteria we should track during the process, for example net proceeds, closing date, and buyer quality
• List post close items that must be included in the purchase agreement or transition plan for you to consider the deal successful
• Identify who will sign final acceptance and which internal report will close the loop with LPs
• If we deliver a firm bid within your target window, what internal step would allow you to sign the engagement that week

Agreeing the first practical steps

• What single internal commitment will determine whether you can move from discussion to engagement in 14 days
• List the documents or approvals you will need to finalize before signing an engagement letter
• How would you like us to present a proposed process timetable and fee structure, and who should receive it Options: Email summary to partner group, Presentation to investment committee, Draft engagement letter and timeline, Other
• Do you want a preliminary buyer list and outreach script before the engagement decision Options: Yes, Maybe, No
• When would you be available for a 30 minute alignment call to review the proposed plan Options: Within 3 business days, Within 1 week, Within 2 weeks, Later than 2 weeks

• Preparation Kickoff and Scope Confirmation
• Equity Story Workshop
• Financial Model and Materials Working Session
• Execution Risk Identification and Mitigation Workshop
• Management Presentation Rehearsal and Q&A Playbook

• Publish the prioritized risk register with mitigation plans and role-level owner assignments.
• A prioritized data and access checklist for immediate collection is agreed.
• Confirm exit objectives and success metrics
• Produce an updated financial model reflecting the agreed normalization and forecast scenarios.
• Create the CIM financial appendix in the agreed format with all exhibits.
• Generate valuation tables and sensitivity charts for inclusion in the management presentation.
• Map the seller-led execution timeline and key handoffs
• A prioritized risk register with mitigation actions and role-level owners is produced.
• Clear escalation rules and decision gates for material risks are defined.
• A short list of highest priority readiness gaps that must be closed before outreach is agreed.
• Role-level governance cadence and communication protocol are ratified.
• Create an open-issues log for the top readiness gaps and schedule follow-up remediation actions.
• Update the CIM risk and mitigation section to reflect the agreed register.
• A rehearsal schedule and pre-marketing readiness checklist are agreed.
• Full run-through of the management presentation
• Management presentation is finalized and ready for buyer meetings.
• A Q&A playbook with anticipated questions, model answers, and evidence links is completed.
• Finalize and lock the management presentation deck in the agreed slide order and format.
• Produce the Q&A playbook listing anticipated questions, scripted answers, and supporting document references.
• Publish the rehearsal schedule and the pre-marketing readiness checklist with completion targets.
• A single written preparation plan with timeline and decision gates is agreed and ready for distribution.
• Publish the agreed preparation plan with timeline, decision gates, and governance cadence.
• Deliver the initial data room checklist listing required documents and access levels.
• Produce the deliverables schedule for the preparation phase with milestone dates.
• Review the business model and market position
• A two-page equity story draft with headline and supporting bullets is agreed for production.
• Top value drivers validated and linked to specific evidence items to be assembled.
• Buyer-specific message variants for the primary buyer categories are documented.
• Draft the two-page equity story document in the agreed format.
• Assemble the evidence pack mapping each value driver to supporting documents and metrics.
• Produce buyer-tailored messaging variants for the identified buyer categories.
• Confirm historical financial normalization items
• Model baseline and scenario assumptions are agreed and documented for the updating of the financial model.
• A list of required financial exhibits and the template format for the CIM appendix is confirmed.
• Valuation ranges and sensitivity analyses to be presented in marketing materials are defined.
• Agree timeline and decision gates
• Identify and validate top value drivers with evidence
• Agree forecast assumptions and scenarios
• Identify and catalog execution risks
• Simulated buyer Q&A and pressure testing
• Prioritize risks and define mitigations
• Define roles, governance cadence, and communication protocol
• Finalize slide edits and handoffs
• Define valuation inputs and sensitivity tables
• Draft the headline equity story and supporting bullets
• Confirm formats and outputs for CIM and management slides
• Tailor messages to buyer categories
• Set escalation criteria and gating decisions
• Confirm rehearsal schedule and pre-marketing checklist
• Confirm data room and access needs
• Confirm evidence pack and next steps for finalization
• Finalize deliverables and immediate next steps

• Exit Path Scenarios Workshop

• Confirm the current state and its cost
• You confirm quantified valuation ranges, timelines, and the key execution risks for each scenario.
• Provide modeled valuation ranges, timelines, and key risk assumptions for the sale, dual-track IPO, and recap scenarios for committee review.
• Scenario walkthrough — Sale
• You identify the top one or two prioritized exit paths to move forward for committee review.
• Share baseline financials and the three-year forecast to support scenario modeling.
• Scenario walkthrough — Dual-track IPO
• Confirm decision-makers, timing constraints, and the committee review window for the prioritized path.
• You agree on the remaining evidence and next deliverables required to reach a go/no-go decision on the preferred path.
• Authorize outreach to prioritized buyer categories or public-market preparations for the selected path, subject to committee sign-off.
• Scenario walkthrough — Recapitalization
• Compare scenarios side-by-side
• Validate preferred path and remaining evidence

• Exit Path Scenarios Workshop
• Exit Path Scenarios Deck
• Exit Path Scenarios Brief

• meeting
• slides
• document

• Prepare Confidential Information Memorandum
• Produce One-Page Investor Teaser
• Build Financial Model and Valuation Scenarios
• Deliver Buyer and Market Intelligence Dossier
• Conduct Targeted Buyer Outreach Campaign
• Set Up and Manage Virtual Data Room
• Coordinate Buyer Q&A and Diligence Requests
• Organize Management Presentations and Roadshows
• Manage Auction Process and Bid Management
• Negotiate LOIs and Definitive Agreement Terms
• Execute Dual-Track IPO and Sale Process
• Structure and Execute Dividend Recapitalization

Prepare Confidential Information Memorandum

• Do you have audited financial statements for the last three years to include as exhibits in the confidential information memorandum (CIM)? Options: Yes, No, Partial: audited for some years
• Which operational exhibits should be included in the CIM (for example: customer concentration schedule, top 10 customers, product P&L by SKU)? Options: Customer concentration schedule, Top customers with revenue %, Product or SKU P&L, Supplier contracts summary, Other
• How many pages of executive summary and financial appendix do you prefer in the CIM (target length to balance depth and confidentiality)? Options: 10-15 pages, 16-25 pages, 26-40 pages, No preference
• Who on your management team will provide input and review cycles for the CIM (name or role and typical response SLA)?
• By when do you need a first draft of the CIM to start buyer outreach? Options: Within 1 week, 1-2 weeks, 2-4 weeks, Flexible
• What acceptance criteria will confirm the CIM is ready for distribution (for example: 3rd party audit attached, management signoff on financial footnotes)? Options: Management signoff obtained, Audited financials attached, Legal review complete, All required exhibits included

Produce One-Page Investor Teaser

• Specify the primary message the one-page teaser must convey (for example: growth story, margin expansion, strategic synergies). Options: Growth story, Margin expansion, Strategic synergies, Market consolidation play, Other
• Which buyer segments should the teaser be tailored to (select all that apply)? Options: Strategic acquirers, Financial sponsors (PE firms), Corporate venture / corporate development, Family offices, Secondary sponsors
• How many teaser variants do you want prepared for different buyer categories (e.g., strat vs sponsor)? Options: Single universal teaser, 2 variants (strat vs sponsor), 3+ customized variants
• Describe the top three metrics to highlight on the teaser (for example: LTM revenue, adjusted EBITDA margin, organic growth rate).
• Which distribution method do you prefer for the teaser (for example: blind teaser by email, targeted distribution with NDA request)? Options: Blind teaser (no company name), Identified teaser with NDA, Selective targeted email only
• Indicate any legal or confidentiality constraints on the teaser content (for example: embargoed customers, regulated product language). Options: No constraints, Embargo certain customers, Regulatory disclosure restrictions, Other

Build Financial Model and Valuation Scenarios

• Which forecast horizon should the financial model cover for valuation work (select the planning period to be modeled)? Options: 3 years, 5 years, 7+ years, Custom
• How many valuation scenarios do you want prepared (for example: base, upside, downside including an accelerated sale timeline)? Options: 1 (single case), 2 (base and upside), 3 (base, upside, downside), 4+
• What level of granularity do you require in the model (for example: revenue by product/SKU, customer cohort churn, cost of goods sold by plant)? Options: High: product/customer level, Medium: product family and major customers, Low: consolidated
• Which valuation approaches should be included (for example: precedent transactions, public comp multiples, DCF with a specified WACC)? Options: Precedent transactions, Public comparable multiples, Discounted cash flow (DCF), Sum-of-the-parts
• To support valuation sensitivity, which operating levers should be modeled (for example: pricing, mix shift, working capital days)? Options: Pricing scenarios, Mix shift by product, Working capital days, Capex schedule, Other
• Estimate the primary data source you will provide for model build (for example: management pack, ERP exports, monthly close listings). Options: Full management pack, ERP / general ledger extracts, Monthly close financials, Partial data; require assistance

Deliver Buyer and Market Intelligence Dossier

• Which buyer intelligence items are highest priority (for example: recent M&A activity by target strategics, sponsor portfolio overlap, typical deal multiples)? Options: Recent M&A activity by strategics, Sponsor portfolio overlap, Typical deal multiples and comps, Buyer financing capacity
• How many target buyer profiles do you want profiled in the dossier (including rationale and likely valuation drivers)? Options: 10 or fewer, 11-25, 26-50, 50+
• Which commercial diligence artifacts should we include to support buyer outreach (for example: TAM analysis, competitor positioning map, customer reference list)? Options: Total addressable market (TAM) analysis, Competitor positioning map, Customer reference and case studies, Regulatory and licensing landscape
• Who on your team should be the approver for intelligence conclusions (role and expected turnaround for factual corrections)?
• Provide any known constraints on outreach tied to buyer intelligence (for example: do not contact named strategic due to active OEM talks?). Options: No constraints, Do not contact named strategic(s), Do not contact in specific geographies, Other
• Which market data sources should be weighted most heavily in the dossier (for example: industry sell-side reports, regulator filings, proprietary call notes)? Options: Industry sell-side reports, Regulator filings and public disclosures, Proprietary call notes and seller intel, Other

Conduct Targeted Buyer Outreach Campaign

• Which buyer categories should be prioritized for first outreach (for example: strategics in North America, US-based PE sponsors with sector experience)? Options: Strategic acquirers, Financial sponsors (PE), Family offices, International strategics
• How many buyers should be in the initial outreach pool? Options: Less than 10, 10-25, 26-50, 50+
• Which outreach cadence do you prefer for initial teaser to first management meeting (for example: 1-week follow-up, 2-week window for indication)? Options: 1-week follow-up, 2-week window, Rolling follow-up as responses arrive
• Identify any jurisdictions or buyer types that are off-limits for outreach due to regulatory, contractual, or conflict reasons. Options: No restrictions, Specific jurisdictions, Specific buyer types, Named companies — will provide list
• Which NDA model do you prefer for outreach (for example: standard bilateral NDA, standstill language included, data-room gate before name disclosure)? Options: Standard bilateral NDA, NDA with standstill, Blind outreach; name disclosed after NDA
• Describe the approval workflow for advancing interested buyers to management meetings (for example: internal investment committee review, deal partner signoff).

Set Up and Manage Virtual Data Room

• Which data-room folder taxonomy do you prefer (for example: financials, commercial, legal, HR, IP and contracts)? Options: Standard M&A taxonomy, Custom taxonomy (will provide structure), Minimal folders to start then expand
• How many users and what permission levels should be provisioned at launch (for example: view-only for initial buyers, download disabled for sensitive docs)? Options: Up to 25 users, 26-100 users, 100+ users
• Which document formats will you upload to the VDR and require OCR/search indexing (for example: scanned PDFs of historical contracts, native Excel financial models)? Options: Scanned PDFs (need OCR), Native Office files (Word/Excel/PowerPoint), Combination
• Which vendor due diligence bundles should be preloaded (for example: IP assignments, employee stock plans, material contracts with change-of-control clauses)? Options: IP assignments and filings, Employee equity and stock plans, Material contracts and change-of-control clauses, Regulatory filings
• What acceptance criteria will confirm the VDR is ready for buyer access (for example: all Q1-Q4 financials uploaded, legal exhibits uploaded, index complete)? Options: All historical financials uploaded, Key contracts uploaded and indexed, Search indexing complete, Initial user permissions tested
• Who on your team will be the primary VDR administrator and what is their expected response SLA for document uploads or permissions requests?

Coordinate Buyer Q&A and Diligence Requests

• Which Q&A workflow do you prefer (for example: centralized Q&A tracker with anonymized buyer IDs, or direct buyer questions routed to management)? Options: Centralized Q&A tracker, anonymized, Direct questions to management, Hybrid
• How quickly should you aim to respond to buyer diligence questions during the main diligence window (target SLA)? Options: 24 hours, 48 hours, 72 hours, Variable by question type
• Which categories of diligence requests require pre-approval before response (for example: vendor references, customer contract redactions, sensitive employee data)? Options: Vendor references, Customer contract redactions, Employee personal data, None
• How should you prioritize incoming diligence requests (for example: legal first, top 10 buyer requests, management availability constraints)? Options: Legal and material contracts first, Top 10 buyer requests, Management availability-driven
• Which format should standard diligence responses take (for example: standardized template memos, annotated documents, spreadsheets)? Options: Template memos, Annotated documents, Spreadsheets and schedules
• List any compliance or regulator-led diligence items that require special handling (for example: export controls, foreign investment review).

Organize Management Presentations and Roadshows

• Which management attendees are required at buyer presentations (for example: CEO, CFO, head of commercial, head of operations)? Options: CEO, CFO, Head of Commercial/Sales, Head of Operations, Other
• How long should the standard presentation for a buyer meeting be (excluding Q&A)? Options: 20 minutes, 30 minutes, 45 minutes, Custom
• Which supporting exhibits should be prepared for roadshow packs (for example: product demos, top customer case studies, 12-month rolling forecast)? Options: Product/demo materials, Customer case studies, 12-month rolling forecast, Org charts and management bios
• When do you want rehearsal sessions scheduled with management before the first buyer meeting? Options: Within 48 hours of final deck, 1 week before first meeting, Two rehearsals across two weeks
• Which travel or virtual format do you prefer for roadshows (for example: in-person city visits, regional virtual sessions, hybrid)? Options: In-person city visits, Regional virtual sessions, Hybrid
• Describe any sensitive topics to avoid or scripts to use for high-risk Q&A (for example: pending litigation, critical supplier concentration).

Manage Auction Process and Bid Management

• Which auction format do you prefer for compressing competitive tension (for example: staged bidding rounds, rolling bid windows, sealed indicative offers)? Options: Staged bidding rounds, Rolling bid windows, Sealed indicative offers
• How many bidding rounds do you anticipate running before shortlist selection? Options: 1 final round, 2 rounds (initial and final), 3 rounds or more
• What minimum documentation should bidders submit at each round (for example: indicative valuation range, financing proof, binding timeline)? Options: Indicative valuation range, Financing proof / source of funds, High-level transaction timeline, Other
• Which criteria will you weight most when ranking bids (for example: price, financing certainty, regulatory risk, post-close integration)? Options: Price, Financing certainty, Regulatory risk, Post-close integration plans, Employee retention proposals
• How should confidentiality be managed during bid rounds (for example: anonymized bid reports, selective disclosure to key stakeholders)? Options: Anonymized bid reports, Full disclosure to committee only, Selective stakeholder disclosure
• Estimate the expected timeline between final bid submission and signing for the preferred buyer under the proposed auction structure. Options: 2-4 weeks, 4-8 weeks, 8+ weeks

Negotiate LOIs and Definitive Agreement Terms

• Which LOI terms are non-negotiable for you at the LOI stage (for example: price collar, exclusivity duration, break fees)? Options: Price or valuation floor, Exclusivity period limit, No break fee, Other
• Who on your side will be authorized to sign and negotiate LOIs and what escalation path should be used for contentious terms?
• Which commercial warranties and indemnities do you expect to negotiate as part of the definitive agreement (for example: survival period, cap and basket levels)? Options: Survival period limits, Cap and basket levels, Specific reps & warranties carve-outs, Escrow or holdback terms
• Which financing or solvency conditions should be required in any buyer binding offer (for example: financing commitment letter, debt underwrite evidence)? Options: Financing commitment letter, Evidence of committed equity, No financing condition preferred
• What defines done for negotiation of definitive agreements (for example: signed share purchase agreement and executed ancillary documents)? Options: Signed share purchase agreement, Executed ancillary agreements (escrow, transition services), Regulatory approvals achieved
• Identify any regulatory approvals or antitrust clearances that will be required post-signing and any timing constraints associated with them.

• Engagement Letter
• Statement of Work (SOW)
• Master Services / Advisory Agreement (MSA)
• Mutual Non-Disclosure Agreement (NDA)
• Data Access & Virtual Data Room (VDR) Terms
• Fee Schedule & Expense Authorization
• Governance & Meeting Cadence Charter
• KYC / Client Onboarding & Compliance Addendum

• Close Completeness Check (Day 1-30 post-close)
• First Outcomes Review (Weeks 4-10)
• 90-Day Acceptance Gate and Final Outcomes Decision
• Quarterly Post-Close Realization Review

• Document any items requiring governance escalation and prepare an escalation brief for the next governance meeting.
• Produce a variance analysis linking realized exit multiple to the target in Executive Outcome Discovery.
• Publish a reconciled proceeds distribution schedule showing amounts distributed, withheld, and pending with expected resolution dates.
• List and prioritize working capital or escrow disputes and capture required evidence for resolution.
• Restate acceptance criteria and numeric targets
• Produce a formal acceptance record showing pass/fail status for each acceptance criterion defined in Executive Outcome Discovery.
• Obtain the named signatory confirmation for the acceptance decision or document the conditional acceptance steps.
• Agree a remediation plan with clear tasks and deadlines for any criteria that did not pass.
• Prepare and circulate the formal acceptance record including evidence and the named signatory confirmation.
• Document remediation tasks for failed or conditional criteria with resolution dates and status reporting cadence.
• Schedule the first follow-up monitoring checkpoint for open remediation items within 30 days.
• Quarterly metric dashboard
• Confirm whether post-close revenue retention and proceeds reconciliation are tracking within acceptable tolerances relative to targets in Executive Outcome Discovery.
• Reduce the count of open transition issues and document the plan to close remaining items within the next quarter.
• Ensure upcoming LP and tax reporting obligations are scheduled and resourced to meet deadlines.
• Produce the quarterly LP realization pack including reconciled proceeds, revenue run-rate comparisons, and open issue status.
• Close or re-prioritize the top open transition issues and update the tracker with new target dates.
• Re-confirm close deliverables and owners
• Confirm the legal and financial close checklist is materially complete and document remaining close items.
• Verify initial proceeds movements and note any discrepancies requiring follow-up.
• Produce an updated transition tracker with owners and target dates for all open items.
• Produce and circulate a reconciled proceeds summary and list of any withheld or escrowed amounts.
• Update the transition tracker with owners, due dates, and status comments for each open item.
• Distribute the LP reporting pack and capture any stakeholder follow-up items for resolution.
• Present first outcome metrics
• Determine whether exit multiple realized and percent of proceeds distributed are progressing toward the targets recorded in Executive Outcome Discovery.
• Identify the top 3 root causes for any metric gaps and agree corrective actions with deadlines.
• Confirm timeline and required deliverables for the acceptance gate meeting around day 90.
• Present outcome data versus each criterion
• Open transition issues burn-down
• Proceeds receipt and initial reconciliation
• Review working capital and post-close adjustments
• Document pass or fail per criterion
• Stakeholder reporting distribution
• Management continuity and incentive/escrow status
• Assess management and revenue retention signals
• Formal acceptance decision and signatory confirmation
• Management availability and early retention signals
• Diagnose root causes for any gaps
• Stakeholder and LP reporting status
• Agree actions and timeline to acceptance gate
• Agree quarter actions and escalation items
• Open transition and close-out issues
• Agree remediation plan and monitoring cadence for any unmet criteria
• Agree immediate remediation actions