Hey @redacted‌, We've done a number of QoEs on food & beverage deals, so we know this space well and are familiar with the nuances (retail POS cash sales vs. wholesale invoiced revenue and separate margin analysis by channel, completeness of cash sales through proof-of-cash and POS-to-bank reconciliation, cash-basis to accrual conversion and delivery cutoff testing on wholesale orders, gross-to-net analysis for distributor deductions, promotional allowances, slotting fees and stale/spoilage credits, customer concentration and pricing terms in the wholesale channel, ingredient commodity cost volatility and the timing of price increases in normalized gross margin, inventory valuation across raw ingredients, WIP and finished goods including shrink and waste reserves, payroll normalization for overtime, shift premiums, family payroll and unrecorded labor, EBITDA quality adjustments for owner add-backs and related-party rent at market, repairs and maintenance vs. capex classification and maintenance capex normalization, seasonality-adjusted net working capital peg construction with AR collectibility by wholesale customer, and contingent liability from sales tax exposure on taxable vs. exempt items, gift card and loyalty balances, and custom order customer deposits) that need to be analyzed deeper to truly understand how the business is performing. So if you want to connect and discuss your deal before the QoE, feel free to message me here or book a call on my calendar at: redacted

I know someone who's very successful in a bakery acquisition and has blitzscaled it beyond what I thought was imaginable. I'm happy to connect you with him and he could possibly give you some quality diligence on contract, but a) his time is pretty valuable and b) he's not a CPA or qualified business valuator, just a kick ass buyer/operator.