The core problem

Your profits are real.
How they’re produced is what buyers discount.

The problem isn’t your product; it’s how the work gets done. Years of custom builds sit inside the core, so every release risks breaking a client’s setup, and the services line hides revenue that should be subscription.

A financial cleanup only sees the custom work you billed. Diligence finds what you absorbed into R&D, and discounts for it.

Here is how we fix it:

Install accountable ownership.

Every function gets an owner, and the managers who run each process design it.

Rebuild the core to scale.

Custom work moves to a defined outer layer. A team on your payroll builds the new core while the business keeps shipping.

Fix the revenue shape.

Support revenue converts to subscriptions at renewal. Professional services are held to a strict target margin.

The target metrics

Where the numbers should end up.

Professional services ~25% of revenue Under 15%
Gross margin ~70% Above 80%
Net revenue retention Under 105% Above 110%
ARR per head Under €160k Above €200k
Rule of 40 Missed Met
The arithmetic of pure-play software · modelled

A company at €25M revenue, with services at 25% and a 70% gross margin, is priced like a services business: around 1–2.6x revenue.
The same revenue, reshaped to the targets above, is priced like software: around 3–3.8x revenue.

The targets above are the top band’s; lower in the range, the result lands slightly lower.

Revenue multiples, private M&A, medians 2024–Q1 2026 (Aventis); the gap is driven by gross margin and customer retention. Ranges, not results. Your specific brackets and thresholds are set during the audit.

EstimatorCheck your company against these targets. Run the estimator 

The 24-month roadmap

What happens, month by month.

Weeks 1–2
The Two-Week Read. Calls with your executive team: is there a number here, before you spend anything.
Days 1–90
The Executive Audit. Strategy, people, finances, product and technology. Day 30: an initial baseline and the option to stop. Day 90: an independently signed baseline, two costed plans and a target valuation for your board.
Months 1–3
The Install. Owners named; your managers design and run the new processes.
Months 4–6
The Dashboard. Your operating numbers, defined once, on one page.
Months 7–12
Automation Gates. Each automated step must beat the manual one before it replaces it.
Months 12–18
Repricing. At renewal, once customers have seen and scored the new product.
Months 18–24
Handover. Customers migrated, the old platform retired, your leaders running the cadence.

How the work is done →

The commercial model

Paid from spend you already have.

You already spendDelivery spend the company already carries
RedirectedOne fixed fee, from that spend
Only if it movesA share of the increase, paid once
The fee

A share of what you already spend.

A fixed share of your monthly engineering, services and support spend. Nothing else is billed.

The performance fee

A share of one year’s increase.

One year’s EBITDA increase above an agreed threshold, independently certified. Paid once, at your transaction.

The people

The same named partners.

From the first read to the final handover.

The five guarantees

The Two-Week Read.

No fee. If the upside isn’t there, we say so.

The 30-Day Stop.

Stop after the audit’s first month and pay only for that month.

Paid on the Increase.

No certified improvement, no performance fee.

The Twelve-Month Replacement Guarantee.

Hires who leave within a year are replaced at our cost.

The Technical Diligence Guarantee.

If the new core fails technical diligence by a firm you choose, we fix it at our cost.

Not for

Who this is not for.

Not for companies controlled by a private equity sponsor. Not for VC-backed companies buying growth at any margin. Not for anyone who wants extra capacity rather than hard decisions, or whose transaction is either under two years away or nowhere in sight.

If a sponsor controls the company, see Portfolio OS →
Below €9M revenue or 80 people? Founder OS is built for your stage →

Not sure which engagement fits? Locate your tier →

Start with the Two-Week Read.

Two weeks, no fee. A straight answer on whether there’s a number worth going after — and if there isn’t, we say so.