Use cases / Commercial due diligence

Commercial due diligence

Deliver a diligence like the best firms do, from market sizing to the final deck. Every number with its receipts.

Defensible: Any figure walks back to its document.
Fast: A working model on day one.
Consistent: The same frameworks, every time.
Reusable: The next deal starts where the last one ended.

01workstream

Research and data room

Public data, analyst figures, filings and expert calls land as tables that cite their documents. The data room stops being a folder and becomes a source you can query.

Every table cites the report or the call it came from
Columns explained, so the whole team reads them the same way
Reused across the workstreams, and the next deal

Data · with its sources

Firms and employment by size band

	Size band	Firms	Employed
Germany	10–49	415,261	8,130,428
Germany	50–249	65,181	6,354,318
Germany	250+	14,862	17,482,691
France	10–49	166,848	3,124,398

Cited¹Units and definitions on every column

1Eurostat, enterprise statistics by size class, 2021–2024. Official statistics.

02workstream

Market sizing

TAM, SAM and SOM built bottom-up from cited drivers, in a model you can open in Excel and defend in the room. Scenarios show what moves the market; a bridge shows what moved it.

Drivers at their native grain, adapted with the method stated
One expression per segment where the economics differ
A check that the total holds at the finest grain

Exhibit · market sizing

A $7.5B market, built bottom-up

Firms of 10–49 people buy a flat plan, so their branch is Customers × Plan price. Every leaf is a dataset with its source.

1Eurostat enterprise statistics, Germany, 2024.
2Eurostat ICT survey, average of 2023 and 2025. A proxy: read the split, not the level.
3Vendr purchase benchmark for 500+ employees, adjusted to Germany's price level.

03workstream

Competitive landscape

Every player on one grid, scored on the criteria that matter, every cell with its source. Shares are held against the sizing, so two numbers that disagree get loud early.

The same criteria for every player
A source behind every cell
Cross-checked against the market model

Competitive landscape

Every player on one grid

Player	Archetype	Pricing	Published price
Personio	HR suite	Per seat	Not published
HiBob	HR suite	Per seat	$6–15 a seat²
Factorial	SMB core	Per seat	From €8 a user¹
Workday	Enterprise	Contract	Median $51K a year²

A source behind every cellHeld against the market sizing

1Vendor pricing pages, September 2026.
2Vendr purchase benchmarks; the vendor publishes no price.

04workstream

Business plan analysis

The target's P&L from drivers to EBITDA, history from the filings, the management plan as one scenario among others. Held against the market's growth, the plan shows where it outruns it.

Revenue as volume × price × mix, at the grain the business is run
Scenarios as named assumptions, not forked files
A bridge between two years: volume, price, mix, costs

Business plan analysis

EBITDA, 2024 to 2027

The plan assumes 14% a year. The market grows 5.7%: the plan outruns it.

1Illustrative target. Base case against the management plan.

Every assumption, audited

Where did that number come from?

Every assumption in a model has an origin: the table it was derived from, the method that derived it, the document the table cites. All of it is on the record, so the question in the room has an answer, and so does the same question a year later.

The method that derived a figure is stored with the figure
A confidence on every input, stated where it is a proxy or an estimate
Change a source and see everything it touches before you do

Every assumption · audited

What $1.67B rests on

Assumption	Value	How it was derived	Source
Adoption	89.1%	Average of the 2023 and 2025 surveys	Eurostat
Price per seat	$107	Vendor band price × price level	Vendr, Eurostat
Employed	17.5M	As published	Eurostat

Three of three traced to a documentConfidence stated where it is a proxy

The deliverable

Hand over the workspace, not a file.

The deck and the report still come out, in your house style. But the client can also join the workspace as a guest: read the pages, open the models, see every source, and ask the next question through their own assistant, with the data and the reasoning already there. Out as files, too: the report and the IC deck.

Guests read the pages, the models and the sources
Their assistant answers the next question from the same data
The deck and the report link back to the workspace

Shared with the client deal team

How big is the market, and where is it?

$7.5B¹: HR-software market, 2024
55%²: in firms of 250+ people
+5.7%³: a year since 2021

By region, 2024 · USD billions

DACH2.9

Western2.1

Southern1.8

CEE0.4

Nordics0.3

1Eurostat business statistics and ICT survey; vendor list prices and purchase benchmarks.
2Bottom-up by size band. Adoption is a proxy: read the split, not the level.
3Prices held at today's list, so growth is all volume.

MRClient · Partner

What does that look like for mid-sized firms in Spain?

$0.24B in 2024: 23,000 firms of 50–249 people, 1.8 million seats at $134 a seat.

From the same model · Eurostat · Vendr

Where the work lives

A chat forgets. A workbook is alone. A workspace compounds.

	A chat	A spreadsheet agent	aqmen
The data	Pasted in, gone after	In the workbook, from wherever	Tables with their sources, versioned
An assumption's origin	In the transcript	In a cell comment	Method, table and document, on the record
When a number changes	Ask again	Fix the workbook	Everything downstream is flagged
Who works on it	One person	One person, one file	The team, and the client as a guest
The deliverable	A message	A workbook and a deck	A workspace to ask questions of, plus the deck
Next quarter	From zero	From the last file	From everything already there

Built on

MCP first

Any assistant that speaks MCP works here. Bring the one you already pay for; we do not sell you an agent.

Open skills

The step-by-step practice is an open repository you can read, fork and improve.

Your tools, not our cage

Excel-compatible models, decks in your style, SQL if you want it. The right tool for each job.

Confidential

Private to your organization, never used to train models.

Run it in the app, or hand it to your assistant with the aqmen skills: one for every step, scope to delivery.

The aqmen skills →

Also

Financial due diligence →Valuations and modelling →Mergers and acquisitions →Private equity →

Book a demo

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