M&A lane · operating framework

Mergers

The standing M&A pipeline the holdco runs targets through — sourcing to integration — with the diligence gates and value-creation playbook pre-loaded. This is the framework, ready for deals to enter; there are no live merger deals yet, so the tracker below shows the structure with clearly-labelled sample rows.

0 active deals7-stage pipelineFramework ready

Deal pipeline

sourcing → integration
1 · Sourcing
0
origination, theses
2 · Screen
0
fit, quick math
3 · LOI
0
terms, exclusivity
4 · Diligence
0
financial/legal/ops
5 · Financing
0
SBA / debt / equity
6 · Close
0
SPA, escrow
7 · Integrate
0
100-day plan

Pipeline funnel

Sample shape

Illustrative conversion shape for an SMB roll-up funnel — replaced with live counts once deals enter sourcing.

Deal tracker Sample rows

TargetStageThesisOwner
[ sample ] Target A — service SMBScreenbolt-on to acquisitions lane—
[ sample ] Target B — local franchiseSourcinggeographic roll-up—
No live merger deals — add a target to begin tracking

Diligence gate checklist

  • Verified legal entity + good standing (Secretary of State) & clean cap table
  • 3 years tax returns reconciled to bank deposits (esp. cash businesses)
  • Quality-of-earnings: normalize SDE/EBITDA, strip add-backs
  • Lease + landlord assignment / estoppel; real-property & lien (UCC) search
  • Customer/vendor concentration, contracts, change-of-control clauses
  • Environmental (Phase I where applicable), licenses/permits, COAM/lottery
  • Financing fit: SBA 7(a)/504 DSCR ≥ 1.25×, down payment, collateral

Value-creation / 100-day plan

  • Retain seller through transition; document tribal knowledge
  • Install the VERNA engine: lead-gen, CRM, automated follow-up (AutoVox stack)
  • Pricing & revenue-mix optimization; add ancillary streams
  • Cost base: renegotiate utilities/supply; instrument unit economics
  • Reporting cadence + KPI dashboard (this command center)
  • Integration synergies with existing portfolio & cross-sell
Where the live activity is. VERNA's near-term buy-side work runs through the Acquisitions lane (the laundromat SBA deal). This Mergers framework activates the moment a target enters sourcing — give Claude a company + thesis and it will screen it through these gates and populate the tracker.