Transaction Advisory in Denver, CO
Northlight gives buyers and sellers deal confidence — quality of earnings, buy-side due diligence, and sell-side preparation that surface the real story behind the numbers before you sign.
The Numbers Behind the Deal — Verified
Northlight Transaction CPAs was founded in 2013 by dealmakers who'd sat on both sides of the table. We do one thing: help buyers and sellers understand what they're really transacting before they sign.
A quality of earnings analysis is not an audit — it's a forensic look at whether a company's reported profit is real, sustainable, and worth what's being paid. We normalize earnings, test working capital, surface hidden liabilities, and translate it all into a clear report your investment committee, lender, or board can act on. In thirteen years we've advised on more than $1.2 billion in deal value across 200+ engagements — and our clients close with confidence and no surprises after the wire.
- ✓CPA · CM&AA certified deal advisors
- ✓Buy-side and sell-side engagements
- ✓Quality of earnings, not just an audit
- ✓$1.2B+ advised · 200+ engagements
Diligence for Both Sides of the Table
Whether you're buying, selling, or raising, we give you the financial clarity to move with confidence.
Quality of Earnings
A forensic look at whether reported EBITDA is real and sustainable — the single most important number in any deal.
Buy-Side Due Diligence
We stress-test the target's financials, flag the real risks, and give your committee the confidence to sign — or walk.
Sell-Side Preparation
Get your numbers deal-ready before you go to market, so diligence is painless and buyers can't re-trade you.
Working Capital Analysis
A defensible working-capital target and net-debt schedule that both sides' advisors will accept without a fight.
Transaction Structuring
Deal, tax, and entity structuring that protects your economics and minimizes the tax bite of the transaction.
Post-Close Integration
Accounting integration, opening balance sheet, and reporting setup so day one after close runs cleanly.
Where We Add Deal Confidence
🤝 Buy-Side & Sell-Side ✓ CPA · CM&AA 📊 $1.2B+ Advised
Why Dealmakers Bring Us In Early
Because the cost of a bad deal dwarfs the cost of good diligence.
We've Sat on Both Sides
Our advisors have bought, sold, and financed companies — so we know where the bodies are buried and what actually matters.
EBITDA, Verified
We don't take reported earnings at face value. We normalize, test, and pressure-check the number your whole deal is priced on.
A Report People Act On
Clear, defensible findings your investment committee, lender, or board can rely on — not a 200-page box-check.
We Move at Deal Speed
Deals have momentum. We staff tightly, communicate constantly, and deliver on the timeline the transaction demands.
Trusted on the Deals That Matter
Northlight's quality of earnings report caught a working-capital issue that saved us six figures at close. Their diligence gave our investment committee the confidence to sign.
We were selling the company I'd built for 22 years. Northlight's sell-side prep cleaned up our numbers and made diligence painless — we closed at full value with no re-trade.
As a first-time acquirer I had no idea what I didn't know. Northlight walked me through diligence, flagged the real risks, and structured the deal so I slept at night.
Their working-capital analysis and net-debt schedule were airtight. Both sides' lawyers accepted them without argument, which kept the deal moving to close on time.
The Report That Prices the Deal
Almost every deal is priced on a multiple of EBITDA — which makes EBITDA the most important, and most manipulated, number in the transaction. Our quality of earnings analysis strips out one-time items, owner add-backs that won't survive, and accounting choices that flatter the picture, then rebuilds a normalized, sustainable earnings number you can actually pay for. It's the difference between buying a business and buying a surprise.
- ✓Normalized, sustainable EBITDA
- ✓Add-backs tested and defended
- ✓Hidden liabilities surfaced early
How an Engagement Runs
From first call to signed deal, on the timeline your transaction needs.
Scope the Deal
We learn the transaction, the timeline, and what's keeping you up at night, then scope the engagement and fee.
Dig In
We analyze the financials, normalize earnings, test working capital, and surface the risks that matter.
Deliver Clarity
You get a clear, defensible report and a call to walk through every finding before you sign.
Close With Confidence
We support negotiation and close, then help you integrate cleanly on the other side of the wire.
Frequently Asked Questions
What exactly is a Quality of Earnings analysis?
A QoE is a deep, forensic assessment of whether a company's reported earnings are real, sustainable, and representative of ongoing performance. Unlike an audit, which opines on whether financials are presented fairly, a QoE normalizes EBITDA, tests add-backs, and surfaces risks specifically for a transaction. It's the analysis buyers, sellers, and lenders rely on to price and de-risk a deal.
Do you work for buyers, sellers, or both?
Both — on separate deals. Buy-side, we protect acquirers with rigorous diligence. Sell-side, we prepare owners' numbers before going to market so diligence is smooth and buyers can't re-trade. We're never on both sides of the same transaction.
How is this different from an audit?
An audit looks backward and opines on fair presentation under GAAP. Transaction advisory looks at a deal: is the EBITDA you're paying a multiple of actually sustainable, what's the right working-capital target, and what risks should change the price or the structure? Different question, different work product.
How fast can you turn around a QoE?
Deals move fast and so do we. A typical quality of earnings engagement runs a few weeks depending on the target's size and data quality. We scope the timeline up front and staff to hit it.
We're a first-time acquirer. Can you guide us?
Absolutely — many of our clients are independent sponsors and first-time buyers. We not only do the diligence, we explain what the findings mean and how they should affect your price, structure, and decision to proceed.
What does an engagement cost?
We quote a flat fee based on the deal size and scope, agreed before we start. Given what a single missed risk can cost at close, good diligence is among the highest-return dollars in any transaction.
Have a Deal on the Table?
Let's talk through your transaction and how quality of earnings and diligence can de-risk it.
Discuss Your Deal
Tell us about the transaction. Everything you share is kept in strict confidence.