Starting point, in your words

• Tell me briefly how the portfolio company is performing against the acquisition EBITDA target right now
• By how many percentage points is trailing twelve month EBITDA below the original model, and over what period did the gap appear Options: 0-3 percentage points, 3-6 percentage points, 6-10 percentage points, More than 10 percentage points, Don't know / need to confirm
• Point to the revenue, cost, or working capital drivers that have deviated most from the deal case Options: Revenue shortfall by customer segment, Price erosion, Raw material cost inflation, Manufacturing yield or capacity losses, SG&A overspend, Working capital deterioration, Other
• When did you first notice the variance from plan, and what immediate corrective actions were attempted
• Who currently owns monthly performance reporting, and how timely are reconciled numbers available to the investment team Options: CFO / Finance, Business unit controller, Internal reporting team, External adviser, No single owner, Available within 7 days, Available within 14 days, Available monthly with delays

Where the shortfall actually shows up

• Suppose the company misses EBITDA again this quarter, which operational failure would you point to as the most likely root cause
• Identify the specific product lines or customer segments dragging margin most, and estimate the rough impact on consolidated margin Options: Top 1-2 products account for majority of gap, Top 3-5 products contribute materially, Spread across many low-margin SKUs, Key customer(s) with lost volume, Other
• How often in the last 12 months has pricing erosion been the primary driver versus cost inflation being primary Options: Mostly pricing erosion, Mostly cost inflation, Both equally, Not sure / varies by quarter
• Describe a recent operational change that improved margin, who led it, and how long the improvement was sustained
• Would you proceed with an initiative that required a capital outlay conflicting with current debt covenants, pause until refinancing, or decline the initiative Options: Proceed and seek covenant waiver, Pause until refinancing, Decline the initiative, Depends on payback period

Who must be persuaded to move forward

• Which executive or investor must be convinced before you can greenlight a diagnostic, and why
• List the decision makers who must sign off on implementation budgets, and indicate their typical response time Options: Investment committee (weeks), Operating partner (days), Board (weeks), CEO / management (days), Other
• Who on the management team will be the day to day counterpart during diagnostic workstreams Options: CEO, CFO, Head of Operations, Head of Commercial / Sales, VP Supply Chain, Other
• If a recommendation requires changes to compensation or incentives, what approval path is required and who usually blocks those changes
• Should your primary sponsor decline to fund an initial pilot, would that end the engagement or is an alternative funding route available Options: It ends the engagement, Alternative funding can be found quickly, We would narrow scope to internal budget, Unsure

Constraints that stop a diagnostic starting this month

• Identify the core systems, data sets, or approvals that would prevent a diagnostic from starting this month
• Are APIs or scheduled data extracts available for your ERP, CRM, order management, and procurement systems, and who controls access Options: All APIs/extracts available, internal team controls access, Partial extracts available, requires support, No APIs, manual exports only, Not sure
• Rate the current state of your historical financial and operational data for analysis, from consolidated and reconciled to fragmented and manual Options: Consolidated and reconciled, Mostly consolidated with gaps, Fragmented across systems, Manual spreadsheets only
• How many full time internal resources can you commit to the diagnostic and which functions will they represent Options: 0-1, 2-3, 4-6, More than 6
• Suppose historical data is insufficient to validate the deal model in 100 days, would you accept a longer diagnostic, a narrowed scope, or halt the project Options: Accept longer diagnostic, Narrow scope to highest certainty areas, Halt until data is remediated, Decide case-by-case

Risk, adoption, and management bandwidth

• Reflecting on past external teams, what was the main reason management ignored their recommendations Options: Recommendations not operationally credible, No clear owner for implementation, Insufficient measurement of impact, Cultural resistance, Other
• List the incentives, governance, or reporting changes that would materially increase the odds management adopts an initiative Options: Monthly performance gates tied to bonuses, Named owners with resourcing commitments, Board level review cadence, Dedicated project management office, Other
• Describe a time management resisted a change, what convinced them to accept it, and how long adoption took
• In what way does the investment committee evaluate partner led implementation risk versus internal execution risk
• Can the fund provide an interim operator if management will not allocate a full time owner, or would that stop the work Options: Fund can provide interim operator, Work stops without full time owner, We could run a limited pilot without full time owner, Unsure

Other paths you are weighing

• Name the other external firms, internal teams, or incumbents you are actively considering to close the EBITDA gap
• For each alternative, what outcome or proof point would make you stick with it instead of changing Options: Equivalent margin improvement with lower cost, Faster time to value, Better industry operating expertise, Stronger governance and guarantees, No compelling alternative
• Has anyone proposed solving this internally without an external partner, and if so what resources and timeline did they propose Options: Yes, internal team with 3-6 month timeline, Yes, internal team longer than 6 months, No internal proposal, Unsure
• Under what conditions would you continue with the current approach rather than change vendors Options: Current approach meets timeline, Current approach delivers required margin, Cost of change is too high, No one available to run transition, Other
• Given an incumbent offers similar margin improvement but with slower implementation, would you prioritize speed or lower cost Options: Prioritize speed, Prioritize lower cost, Balance both equally, Depends on exit timing

Define success now, for the committee and for the CEO

• Imagine you report progress to the investment committee next quarter, which measurable improvement would make them declare the engagement a success
• State the minimum sustained EBITDA margin improvement, in percentage points, that would trigger your fund to approve implementation Options: 1-2 percentage points, 2-3 percentage points, 3-5 percentage points, More than 5 percentage points, Not yet decided
• Which KPIs should we track monthly to show we are on the path to the target, and which of those are currently measured reliably Options: EBITDA margin, Gross margin by product, Price realization, On-time delivery, Inventory days, SG&A run rate
• Name the roles that must sign the delivery completion gate to release implementation funding Options: Investment committee representative, CEO, CFO, Operating partner, Board member
• Given a 3 percentage point improvement demonstrated in 100 days, would you commit to begin phased implementation within 30 days Options: Yes, commit to phased implementation, Need additional approvals, No, need more evidence, Unsure

Practical next steps and immediate blockers

• If the diagnostic does not start in the next quarter, what cost or exit timing risks are you willing to accept
• Provide your preferred target date to start a diagnostic, and note any calendar constraints we should avoid
• Point to the business unit or site that would give the fastest decisioning proof point for a 100 day diagnostic pilot Options: Largest margin swing site, Most stable site with best data, Commercial pilot by key customer segment, Other
• Confirm which data extracts and reports you can provide within the first 14 days Options: Full GL and subledger, Order to cash detail, Purchase to pay detail, Production and scrap reports, Customer pricing and contracts, Combination of the above, None available within 14 days
• Are there regulatory reviews, board approvals, or lender consents that must happen before implementation can begin Options: Board approval required, Lender consent required, Regulatory filings required, No additional approvals, Unsure
• Assuming the pilot proves the projected savings, what internal step would unblock a fast signature and who would be responsible for enacting it

• Non-Disclosure Agreement (NDA)
• Master Services Agreement (MSA)
• Statement of Work (SOW) — Diagnostic
• Engagement Authorization & Purchase Order
• Fee & Incentive Schedule
• Data Processing Agreement (DPA) — conditional
• Data Access & Governance Agreement
• Change Order Agreement

• Diagnostic Kickoff and Hypothesis Alignment
• Finance and KPI Data Review
• Commercial and Revenue Diagnostic Working Session
• Operations and Cost-to-Serve Diagnostic
• Opportunity Prioritization and Decision Workshop

• Provide production logs, OEE calculations, downtime reason codes, and quality records for the review period.
• Provide historical price lists, discount approvals, and promotional schedules linked to transactions.
• Produce customer-level sales and margin detail for the agreed sample accounts and time periods.
• Map the current operational workflow
• A documented current-state operational map with the top root causes for throughput and cost issues identified.
• A ranked list of operational improvement opportunities split by quick wins and capital-requiring initiatives.
• A list of additional operational data sets required to quantify opportunities and implementation impact.
• Confirm scope and success criteria
• Deliver process flow diagrams, labor rosters, and shift schedules for the audited sites.
• Supply maintenance records and recent capital expenditure documentation related to capacity constraints.
• Recap validated findings and evidence
• A prioritized initiative register with estimated EBITDA impact ranges, required investments, and sequencing for the 100-day diagnostic.
• A decision to proceed or defer each initiative into the 100-day diagnostic with named owners and start dates.
• A list of readiness tasks and data pulls required to start the 100-day diagnostic on schedule.
• Publish the prioritized initiative register with impact ranges, required investment estimates, and proposed sequencing.
• Confirm and publish owner assignments and start dates for the initiatives included in the 100-day diagnostic.
• Deliver the readiness task list and remaining data items required to begin the 100-day diagnostic.
• A finalized hypothesis list with impact and uncertainty ratings that will drive the working sessions.
• A signed data access and delivery plan with formats and deadlines for the next 10 business days.
• A confirmed interview and site schedule with session owners and durations.
• List and deliver the required data extracts, schemas, and access credentials as agreed in the data plan.
• Provide the finalized interview participant list and availability windows for each session.
• Publish the hypothesis register with initial impact and uncertainty ratings for shared review.
• A documented list of data gaps, reconciliations, and timing required to close open financial questions.
• Confirm financial scope and baseline periods
• A validated set of financial drivers explaining the primary EBITDA variance and the evidence supporting each driver.
• Agreement on the baseline periods and accounting rules to use for the remainder of the diagnostic.
• Deliver reconciled P&L exports by month with supporting subledger or transaction-level samples for each material variance line.
• Provide working capital detail by line item and the supporting aging and transaction data.
• Produce allocation rules and calculation spreadsheets for shared service and overhead allocations.
• Review sales funnel and booking performance
• A validated list of the top commercial drivers of revenue variance with quantified impact ranges where possible.
• A prioritized short list of commercial experiments or initiatives to test during the 100-day diagnostic.
• A clear data list and sample account selections for deeper customer and pricing analysis.
• Deliver pipeline and CRM exports with stage, product, customer, and win/loss indicators for the review period.
• Review initial hypotheses and evidence
• Review production performance and quality metrics
• Present initiative impact and feasibility ranges
• Analyze pricing, discounting, and promotions
• Present EBITDA bridge and variance drivers
• Prioritization and sequencing exercise
• Validate cost categorization and allocations
• Assess customer and product profitability
• Data access and governance plan
• Identify bottlenecks and root causes
• Interview and site cadence
• Confirm sample accounts and data for deeper analysis
• Capture quick wins and capital needs
• Decision and immediate next steps
• Identify data gaps and required reconciliations
• Risk and constraint check

• success_criteria
• gaps
• stakeholders
• current_state
• decision_readiness
• desired_state
• decision_readiness
• gaps
• desired_state
• current_state
• stakeholders
• success_criteria
• stakeholders
• current_state
• desired_state
• success_criteria
• gaps
• decision_readiness
• success_criteria
• decision_readiness
• gaps
• desired_state
• current_state
• decision_readiness
• decision_readiness
• decision_readiness

• Implement Pricing Optimization and Pack Rollout
• Execute Sales Force Effectiveness Program
• Implement Sales Incentive and Compensation Realignment
• Execute Procurement Category Sourcing and Rebids
• Execute Supplier Contract Renegotiations
• Implement Lean Manufacturing and OEE Improvements
• Run Inventory Reduction and SKU Rationalization
• Implement SG&A Cost Reduction and FTE Realignment
• Implement Working Capital Controls for O2C and Payables
• Embed Interim Operating Leadership in Function
• Deliver Capital Expenditure Financing and Incentive Structuring
• Execute Commercial Contract Cleanup and Margin Recapture

Implement Pricing Optimization and Pack Rollout

• How many distinct customer-facing price lists do you maintain in your current price master? Options: 1, 2-5, 6-20, More than 20
• Which customer segments (by account tier, vertical, or contract type) should be targeted for an initial pack or price rollout? Options: Top 10 accounts by revenue, Mid-market accounts, Channel / distributor accounts, New customers only
• Provide the file format and location of your SKU-level price list or pricebook used by quoting systems (for example a CSV export from your current ERP or pricing spreadsheet).
• Identify the top 20 SKUs by volume or margin that you expect to include in a pack-rollout pilot and attach whether each SKU has a Bill of Materials (BOM) or pack template. Options: Attach list, We need help identifying
• Specify the approval workflow that governs price changes today (roles, approval thresholds, and the document used for approvals such as a pricing change memo).
• Indicate any contractual price protections or customer indexation clauses in your standard customer contracts that constrain list price changes. Options: None, Fixed-term price protection, Index-linked pricing, Custom negotiated clauses
• Confirm the measurable acceptance criteria for pricing and pack rollout pilots (for example: SKU-level gross margin uplift of X percentage points and order conversion impact no worse than Y percent).

Execute Sales Force Effectiveness Program

• How many quota-carrying sellers and field managers appear in your current CRM headcount export? Options: 1-10, 11-25, 26-50, 51+
• Which sales motions do you operate (for example direct new business, account expansion, channel-managed), as recorded in your opportunity stage definitions in the source CRM? Options: New business, Account expansion, Renewals, Channel / distributor
• Provide the recent three-month pipeline conversion rates by sales stage from your current CRM or forecast workbook.
• Identify the top three CRM fields or reports sellers lack that impede forecasting (for example missing win reason, competitor field, or product margin at opportunity line item).
• Specify which enablement artifacts you can provide for a pilot (for example current playbooks, call scripts, product sell sheets, and one-page pricing cheat sheets). Options: Playbooks, Call scripts, Product sell sheets, None available
• Describe the KPI cadence you use for seller performance (for example monthly quota attainment, average deal size, and sales cycle length tracked in the monthly sales pack).

Implement Sales Incentive and Compensation Realignment

• How many compensation plans exist across your sales organization and which document stores the plan rules (spreadsheets, HR system, or compensation policy PDF)? Options: 1, 2-3, 4-6, 7+
• Which performance measures currently drive commissions (for example gross margin at opportunity line, recurring revenue ARR, new logo bookings)? Options: Gross margin, ARR / recurring, Bookings, Customer retention
• Provide the current threshold, target, and stretch quota definitions for a representative seller role from your compensation plan document.
• Identify any legal or payroll constraints that affect incentive changes (for example union rules, country payroll tax withholding limits, or deferred bonus schedules).
• Specify the timeline for plan year changes and whether you require retroactive pay adjustments documented in a payroll change request form. Options: Immediate change at next pay period, Next quarter, Next fiscal year, Need phased approach
• Describe the acceptance conditions for a compensation realignment (for example seller retention under new plan observed for 90 days and HR sign-off on payroll readiness).

Execute Procurement Category Sourcing and Rebids

• Which procurement categories do you expect to target first (for example direct raw materials, indirect MRO, logistics, or IT services) according to your P&L mapping? Options: Direct materials, Indirect MRO, Logistics / freight, IT / software
• How many active suppliers exist in the target category according to your supplier master file or procurement register? Options: 1-5, 6-20, 21-100, 100+
• Provide your most recent spend ledger or AP purchase order report for the category showing annualized spend by supplier.
• Identify existing sourcing events and their cadence (for example annual rebid, rolling RFQ, or single-source contracts in procurement workflow). Options: Annual rebid, Rolling RFQ, Single-source contracts, Ad hoc
• Specify any local content, quality certification, or single-site constraints that limit supplier consolidation (for example local country sourcing rules or ISO/TS certification requirements).
• Indicate the contract notice periods and renewal windows documented in your supplier contracts that will affect timing of rebids. Options: <30 days, 30-90 days, 90-180 days, >180 days

Execute Supplier Contract Renegotiations

• How many supplier contracts in the target category are expiring or have renewal windows within the next 12 months according to your contract register? Options: None, 1-5, 6-20, 21+
• Which contractual levers are most relevant for renegotiation in your contracts (for example price per unit, minimum volume commitments, lead time, or payment terms)? Options: Unit price, Minimum volume, Lead time, Payment terms
• Provide examples of penalty, rebate, or pass-through clauses from three representative supplier contracts that tend to drive margin leakage.
• Identify the legal or procurement approver required to sign renegotiated terms and the approver threshold from your delegated authority matrix.
• Specify whether your ERP or contract repository supports tracked contract changes and versioning for audit evidence. Options: Yes, versioned repository, Partial versioning, No repository
• Indicate any supplier dependency ratios (percent of category spend concentrated in top 3 suppliers) from your spend analysis that will affect negotiation leverage. Options: Top 3 <25%, 25-50%, 50-75%, >75%

Implement Lean Manufacturing and OEE Improvements

• How many production lines or work centers do you plan to include in the initial OEE (overall equipment effectiveness) improvement pilot as listed on your shop floor routing sheets? Options: 1 line, 2-3 lines, 4-10 lines, All lines
• Which OEE sub-metric is currently lowest on your operations dashboard (availability, performance, or quality) for the candidate line? Options: Availability, Performance, Quality
• Provide the format and location of work order logs or downtime logs you use to record lost time and rework.
• Identify any constrained craft or maintenance skills listed in your HR skill matrix that limit throughput improvements on the line.
• Specify the typical changeover time and the existence of a standard changeover checklist for the SKUs on the pilot line. Options: Changeover <15 min, 15-60 min, 60-240 min, >240 min
• Confirm the acceptance measures for OEE improvements (for example baseline OEE and target absolute OEE uplift in percentage points and maximum allowable rework rate).

Run Inventory Reduction and SKU Rationalization

• How many active SKUs exist in the SKU master and which file contains the master (ERP export, spreadsheet, or PLM)? Options: <500, 500-2,000, 2,001-10,000, 10,000+
• Which inventory reports will you provide for analysis (inventory aging, days of supply by SKU, slow-moving SKU list)? Options: Aging report, Days of supply, Slow-moving list, Cycle count results
• Provide the target DSO (days sales outstanding) and days inventory outstanding reduction goals that tie to the working capital objective.
• Identify customers or product lines that require special inventory buffers due to service-level SLAs or forecast variability documented in customer contracts.
• Specify any manufacturing or shelf-life constraints (for example perishable shelf-life days or minimum order quantities) that limit SKU reduction options.
• List the explicit out-of-scope actions for SKU rationalization under a fixed-fee engagement (for example capital replacement of tooling, full ERP master-data cleanup beyond a pilot, or mandated supplier change).

Implement SG&A Cost Reduction and FTE Realignment

• How many full-time equivalent (FTE) positions are included in the target SG&A departments according to your latest org chart or payroll export? Options: <20, 20-100, 101-250, 250+
• Which SG&A cost buckets drive the majority of spend on the P&L (for example sales, marketing, finance, general admin) based on your monthly close pack? Options: Sales, Marketing, Finance, General and administrative
• Provide the most recent monthly run rate for headcount-related spend and indicate whether severance or redeployment costs are budgeted in the cost reduction plan. Options: Severance budgeted, No severance budgeted, Redeployment planned
• Identify any regulatory or customer-facing roles that are exempt from headcount change due to compliance or SLA obligations.
• Specify the documentation you will provide for role descriptions and current FTE responsibilities (for example job descriptions, RACI matrices, or time allocation surveys).
• Describe the measurable acceptance criteria for SG&A realignment (for example run-rate FTE reduction of X FTEs and monthly Opex savings of $Y validated in payroll ledger).

Implement Working Capital Controls for O2C and Payables

• Which order-to-cash (O2C) artifacts will you share for baseline measurement (AR aging, credit policy, returns policy, and order entry exception log)? Options: AR aging, Credit policy, Returns policy, Order exception log
• How many days is your current average DSO by customer segment according to your AR ledger? Options: <30, 30-60, 61-90, >90
• Provide the current payables terms distribution from your AP aging report (percent of suppliers at net 30, net 60, early-pay discounts).
• Identify the current dispute volume and typical dispute resolution time recorded in your credit notes register or CRM case system. Options: Low (<1% invoices), Medium (1-5%), High (>5%)
• Specify whether your ERP supports automated cash application and which bank file format you use for lockbox reconciliation. Options: Automated cash application, Partial automation, Manual cash application
• Indicate which controls are considered out of scope for a fixed-fee engagement (for example replacement of the ERP receivables module or vendor portal deployment).

Embed Interim Operating Leadership in Function

• Which functional leadership roles do you want us to embed on an interim basis (for example interim head of operations, interim procurement director, or interim plant manager)? Options: Interim head of operations, Interim procurement director, Interim plant manager, Interim sales leader
• How long do you anticipate needing interim coverage and which document defines the term (statement of work or secondment agreement)? Options: <3 months, 3-6 months, 6-12 months, >12 months
• Provide the list of decision rights and authorities you will grant the interim leader documented in your delegated authority matrix.
• Identify mandatory onboarding items we will need to complete before embedding (site access, safety training, system logins, and key vendor introductions). Options: Site access, Safety training, System logins, Vendor introductions
• Specify any HR or indemnity constraints that limit daily on-site presence such as site badging rules or contractor insurance requirements.

• Go-live Health Check
• First Measurement Review
• Monthly Operational Check-in
• Quarterly Outcome Review
• Annual Exit Readiness and Sustainability Review

• Produce a reconciled savings schedule linking operational savings to reported EBITDA and working capital lines.
• Produce a one-page dashboard update showing initiative completion rate and monthly run-rate savings for distribution.
• Document any measurement discrepancies and assign remediation steps with deadlines.
• Present quarter outcomes versus 100-Day Diagnostic targets
• Validate quarter outcomes for EBITDA and working capital against the targets recorded in 100-Day Diagnostic, with finance reconciliation.
• Confirm documentation required for any incentive payouts and agree evidence submission dates.
• Agree concrete adjustments and timelines to address any quarter shortfalls before the next review.
• Re-confirm success criteria and owners
• Assemble the evidence pack required for incentive validation and record submission deadlines.
• Document and schedule remediation tasks for any shortfalls with target completion dates.
• Review 12-month trend for EBITDA and initiative completion
• Confirm sustained EBITDA improvement and initiative implementation rate meet expectations recorded in 100-Day Diagnostic or have agreed mitigations.
• Ensure the enhancement backlog and open blockers are resolved or have documented mitigation plans suitable for exit review.
• Assemble a complete exit evidence package that reconciles operational metrics to financial results for stakeholders.
• Compile the exit readiness evidence binder, including reconciled metric schedules and governance sign-offs.
• Close or document mitigation plans for remaining open blockers with target completion dates.
• Agree and document the post-exit monitoring cadence and handover steps for the buyer's ongoing team.
• Confirm owners for measurement, reporting, and ongoing governance are assigned and acknowledged.
• Validate that measurement baselines and data feeds are operational and producing expected extracts.
• Capture and prioritize critical blockers requiring remediation before the first outcome measurement.
• Publish the go-live issues register with owners and target resolution dates.
• Confirm and document baseline data sources and access instructions for measurement owners.
• Schedule a follow-up checkpoint for unresolved critical blockers within two weeks.
• Present first measurements versus 100-Day Diagnostic targets
• Determine whether realized EBITDA margin improvement and monthly run-rate savings are on track versus targets recorded in 100-Day Diagnostic.
• Identify the root causes of any variances and agree a time-bound remediation plan.
• Confirm data reconciliation approach so future measurements are auditable and consistent.
• Document the variance analysis and publish a remediation plan with milestones and target dates.
• Update the initiative tracker to reflect revised timelines and expected savings impacts.
• Reconcile measurement sources and publish a one-page measurement methodology for finance review.
• Review prior month's metric trends
• Ensure initiative completion rate and run-rate savings trajectory show month-over-month improvement or have clear remediation plans.
• Keep the joint issues and enhancement register current, with resolution dates for high-priority items.
• Shorten the list of critical blockers with agreed next actions for the coming month.
• Refresh the enhancement register with priorities and target resolution dates.
• Deployment and data feed validation
• Reconcile savings and working capital impacts to finance
• Enhancement backlog and blocker closure audit
• Joint issues and enhancement register review
• Variance analysis by prioritized initiative
• Root-cause diagnosis for gaps
• Confirm recently closed items and measurement accuracy
• Compile exit readiness evidence and documentation
• Early adoption signals and usage patterns
• Review incentive triggers and required evidence
• Open issues and blocker triage
• Agree adjustments and milestones for the next quarter
• Agree final actions and ongoing monitoring handover
• Agree corrective actions and timeline to next review
• Set priorities and focus for the next month
• Agree immediate remediation actions