Will the revenue hold after close? TradeSworn pressure-tests customer transferability, PMA durability, service mix, technician capacity, local density, pricing power, and the assumptions behind the forecast.
Principal-led commercial analysis for buyers evaluating service-heavy commercial HVACR, refrigeration, and mechanical-services targets.
No FDD, QoE, technical ODD, or valuation opinions. See an illustrative finding ↓
QoE helps assess whether historical earnings are supportable. TradeSworn pressure-tests whether the customer, labor, and market assumptions behind those earnings can hold after close.
TradeSworn is a fit for service-heavy commercial HVACR, refrigeration, or mechanical-services targets, typically $3M to $30M in revenue, with usable customer, job-level, or FSM data, on a deal where QoE is necessary but doesn't answer the commercial thesis.
| Workstream | Risk | Confidence | |
| A | Customer transferability Whether key relationships transfer with the business or sit with the seller | High | High |
| B | Technician capacity vs. forecast Billable utilization and hiring plan relative to management's growth case | High | Med-high |
| C | PMA durability Renewal behavior, price escalators, and assignability of maintenance agreements | Medium | Medium |
| D | Revenue mix and durability Split of contracted, repeat, emergency, project, and one-time work | Medium | Med-high |
| E | Local market density Route density and demand support within the target's core territory | Medium | Medium |
| F | Growth-case credibility Whether the forecast traces to historical mix, capacity, and market reality | High | Medium |
Illustrative only. Risk and confidence are shown separately: weak evidence lowers confidence, not risk. In live engagements each material finding is tied to the evidence reviewed, its limitations, and a confidence level. Not an audit, certification, technical conclusion, or valuation opinion.
The 3-business-day desk-based screen includes a preliminary data-readiness view. A formal data-quality gate is completed at the start of a target-data engagement. Where available evidence cannot support a defensible conclusion, TradeSworn narrows the scope, states the limitation, or declines the unsupported workstream.
Timelines are measured in business days from receipt of the agreed inputs and access. The 3-business-day screen is desk-based and delivered within three business days of complete source materials. Management availability, primary-research recruitment, multi-geography scope, material data gaps, and client response times may extend delivery on Products 2–5. Professional fees exclude respondent incentives, paid databases, expert-network fees, travel, and other third-party costs unless expressly included in the SOW. Fixed professional fee; no success fee.
| Offer | Target data | Management interviews | Independent primary research | Market sizing |
|---|---|---|---|---|
| Deal Screen | Limited | No | No | No |
| Pre-LOI Memo | Limited | Normally no | Optional experts | Directional |
| Revenue Durability Memo | Yes | Yes | Optional and limited | Directional/local |
| Full CDD | Yes | Yes | Yes | Yes |
| Add-On Landscape | Platform inputs | Kickoff | Optional | Market mapping |
Detailed respondent counts and interview allocations are set out in the engagement SOW.
Analyze and pressure-test management-provided commercial data, authorized management interviews, independently sourced primary research where included in scope, and cited external sources. Workstreams may include revenue durability, PMA quality, customer transferability, market density, technician capacity, pricing, backlog, competitive position, and growth-case credibility.
Financial due diligence or quality of earnings, accounting or audit work, tax or legal review, insurance or environmental review, code- or refrigerant-compliance certification, engineering or equipment-condition inspection, or valuation opinions.
Findings may identify questions for the buyer's financial, legal, tax, insurance, environmental, or technical advisers. Those workstreams remain separately engaged and independently performed. TradeSworn coordinates relevant handoff items with the buyer's advisers when authorized.
TradeSworn declines any engagement where it holds material nonpublic or otherwise confidential information concerning the target that could create an actual or perceived conflict. Confidential information from one engagement is never reused in another.
TradeSworn does not contact customers, vendors, employees, technicians, or other stakeholders without prior written authorization from the client and, where appropriate, the target company. The approved respondent groups and no-contact restrictions are documented in the SOW.
Every engagement is led and executed directly by Tim and Kai. They remain directly responsible for scoping, analysis, synthesis, and the buyer readout. Screens and focused memos can run in parallel; concurrent full-platform diligence is intentionally limited so the principals stay directly involved.
[Accurate HVACR / operator / sector experience.] His commentary on commercial HVAC has appeared in ACHR News.
[Accurate, supportable PE, transaction, commercial-diligence, research, or underwriting experience.]
We clarify the target, deal stage, timeline, available data, and the commercial questions your IC needs answered.
We confirm whether the appropriate scope is a desk-based screen, pre-LOI market memo, Revenue Durability & Commercial Risk Memo, Full Commercial Due Diligence, or Add-On Acquisition Landscape.
We analyze the agreed target data and external evidence, conduct authorized management or primary research where included, and make risk, confidence, limitations, and model implications explicit.
You receive a decision-oriented output with risk and confidence findings, evidence limitations, buyer actions, adviser handoffs, and implications for the acquisition thesis.
We make good HVAC businesses legible. That is true for the owners building them, and for the buyers deciding whether to acquire one.
Twenty minutes on the target, the timeline, and the two or three commercial questions your IC needs answered.
Commercial analysis only. Other diligence workstreams remain separately engaged by the buyer.
