Are the earnings real?
Quality of earnings: what the business genuinely earns once one-off items, owner costs, related-party charges and accounting timing are stripped out.
Strategix / Financial services
Financial due diligence & advisory
Know the numbers before the money moves.
Independent buy-side financial due diligence, investment appraisal and transaction support for private investors, funds and family offices. One senior expert, from the first call to the final report.
Every engagement led byTsvetomir TodorovPartner, Financial Services · 12 years in international group financetsvetomir@strategix.one
- NDA before any data
- Fixed fee agreed upfront
- No commission, no stake in the deal
12 yrsgroup finance
€170mfundraise
1–3 weeksto the answer
12years in international group finance
€170mfundraise – FP&A workstream and investor model
€1bn+group turnover planned across 5 countries
20+EMEA markets in planning and reporting
Finance experience fromRohlik GroupOrganonJohnson & JohnsonDXC TechnologyAPS Holding
Financial due diligence
Six questions, answered with evidence.
A pitch deck tells a story. The ledgers, the bank statements and the supplier invoices tell you whether it is true.
Most investors already sense what worries them. Our job is to turn that instinct into a number you can act on – or to rule it out with confidence.
Is the margin what they say it is?
Gross margin rebuilt from landed cost – inbound freight, the discounts customers actually receive, and returns. Not from list prices.
What is really on the balance sheet?
Inventory and its age, receivables and their collectability, debt and guarantees – and whether equity is still positive once everything is recognised.
Who sits on the other side of the transactions?
Related parties, ownership look-through and intercompany pricing: how much of the supply chain and customer base sits inside the family.
How long does the cash last?
Monthly runway at the current burn, the working capital the plan will absorb, and what has to be true for the business to fund itself.
Does the plan hold up?
The three-to-five-year case rebuilt as a driver-based model. The two or three assumptions that decide the outcome are isolated and stress-tested.
1–3 weeksfrom complete data to final report
Page onethe answer first, then the evidence
Fixed feein writing, before anything starts
How evidence is handled
Every finding carries its source
Findings are tagged by where they came from, and a tag is never upgraded without new evidence. It sounds pedantic – until the moment you are negotiating and someone asks how you know.
Documented
In a statement, ledger, register entry, contract or bank line. You can put it in front of the other side.
Stated
Management said it. Useful, not yet proof – and flagged wherever it drives a number.
Inferred
Reconstructed from the data because direct evidence was not provided. The method sits right beside the conclusion.
Open
Requested, not received. Listed at the front of the memo – an unanswered question is often the cheapest information in the report.
What you get
The answer is on page one
Every engagement ends with three documents. The recommendation comes first – on a single page you can hand to whoever decides. Everything behind it is there the moment anyone wants to check a figure.
01
Decision memo
One page with every answer: the recommendation, the five figures it rests on, the conditions worth negotiating and what would change the conclusion. Written for the person who signs.
02
Workbook
The mechanics and the proof. Source data exactly as received, every output a live formula, and a checks tab that must reconcile to zero. Any figure traces back to the file it came from.
03
Presentation and final report
The full story for your partners, board or lender – every figure drawn from the workbook – and a walkthrough call where you can challenge any of it.
Decision memo · illustrativeProceed – but in tranches, and only against conditions.
Growth is real. The margin is not what was presented, and working capital absorbs the cash the business does earn.
| EUR thousand | Claimed | Verified | |
|---|---|---|---|
| Revenue, last 12 months | 12,000 | 9,600 | D |
| Gross margin | 28.0% | 17.5% | I |
| EBITDA | 1,400 | 380 | D |
| Free cash flow | 600 | (520) | D |
- Reprice the core range before the second tranche
- Working capital facility signed, not promised
- Monthly reporting to the investor from day one
How it works
Four steps. No surprises.
You know the scope, the fee and the deadline before any work begins – and where the analysis stands at every point after that.
- 01
Introductory call
On the decision in front of you. We establish what the work actually is – and whether it is work we should take on.
- 02
Scope, fee and NDA
A short proposal: the questions, the document request list, the timeline and a fixed fee. The NDA is signed before the first file is opened.
- 03
Analysis
Every figure traced to its source, every finding tagged by the strength of its evidence. You know where the work stands at every point.
- 04
The answer
The one-page memo, the workbook and a call on what the numbers mean and what to do about them.
Fee agreed upfront
A fixed fee or day rate in writing after the first call. Extra days only with your written approval.
NDA before any data
Signed before a single file is opened. Client names are never published.
No commission, no stake
Nothing is earned from the deal going ahead. The answer is the product, not the transaction.
Reply within one working day
In English or Czech. Within one working day you know whether we can help.
Track record
Selected experience
From finance leadership roles in international groups and from independent engagements. Independent client work is confidential and described without identifying details.
Fundraising · Rohlik GroupCorporate role
€170mGrowth fundraise
Ran the FP&A workstream: built the investor financial model, delivered data and insight directly to investors, coordinated due diligence across legal, commercial and finance with the external advisers, and prepared the CFO's investor presentations.
Restructuring · Listed energy groupCorporate role
8 countriesBond restructuring and crisis cash
Built the financial model behind a group bond restructuring and defended it with external stakeholders. Led the crisis cash plan and the group cash-flow forecast behind a bank facility application.
Due diligence · Consumer goodsIndependent
Buy-sideMulti-million euro funding decision
Financial diligence on a cross-border consumer goods group: margin quality, related-party supply and credit risk, cash runway and the three-to-five-year plan behind the investor's decision.
Investor model · HospitalityIndependent
€30mInvestors back at the table
Built the investor financial model for a hospitality group that brought international investors back to the negotiating table.
Investment appraisal · HealthcareIndependent
36 monthsMinority stake decision
Monthly model, valuation and payback analysis for a private investor offered equity in a new Prague practice – including the rent and fit-out it can afford.
Finance transformation · SMEsIndependent
Driver-basedControlling without the Excel grind
Redesigned controlling, reporting and cash-collection processes for SMEs, replacing manual Excel with driver-based management reporting.
“The job is to give you the answer – not the one you hoped for.”Tsvetomir Todorov
Who does the work
Tsvetomir Todorov
Partner, Financial Services · Strategix
Twelve years in finance across international, multi-entity groups – from group controlling and FP&A to capital raising, restructuring and crisis cash management. At Strategix he leads financial due diligence and advisory, and personally delivers every engagement.
His work starts where investors need certainty: turning ledgers, bank statements and management cases into a clear answer – and standing behind every figure in it.
Career
- Listed renewable energy groupFinance & Business Performance Manager
- Rohlik GroupSenior Group FP&A
- OrganonFP&A Specialist, 20+ EMEA markets
- Johnson & JohnsonTaxation & Accounting Specialist
- DXC TechnologySenior Finance Business Partner
- APS HoldingGroup Financial Controller
Expertise
- Investor-grade financial modelling
- Buy-side financial due diligence
- IFRS and US GAAP reporting
- External audits (PwC) directed in-house
Tools
- Formula-driven Excel models
- Power BI, DataRails
- SAP, NetSuite
- Czech registers: ARES, insolvency, VAT reliability
Languages
- English – bilingual
- Bulgarian – native
- Czech – working proficiency
- German – basic
Direct: tsvetomir@strategix.one · +420 797 972 000
Services
One adviser across the whole deal
Due diligence is often where the work starts, not where it ends. The same person can take you through valuation, investor readiness and the finance function after you invest.
01
Financial due diligence
See the business behind the pitch.
What it covers
Quality of earnings, real margins, balance sheet and debt, related parties, cash runway
You get
One-page answer, formula-driven workbook, presentation
Typical timeline1–3 weeksafter complete data
02
Investment appraisal
What your stake is really worth.
What it covers
Valuation, returns and payback, scenarios, deal structure and protections
You get
Decision memo, investment model, term recommendations
Typical timeline1–2 weeks
03
Fundraising support
Ready before the first investor meeting.
What it covers
Investor model, 5-year plan, equity story, data room, diligence Q&A
You get
Investor-grade model and presentation, organised data room
Typical timeline4–12 weeksdepending on the round
04
Finance transformation
Reporting that runs the business.
What it covers
Driver-based forecasting, board reporting, 13-week cash flow, cash collection
You get
Working models, reporting pack, documented process
Typical timeline4–8 weeks
05
Fractional finance lead
Senior finance without the full-time hire.
What it covers
Investor and lender reporting, cash governance, budgeting, finance set-up
You get
A senior finance partner for a set number of days per month
Typical timelineOngoingreviewed quarterly
FAQ
What investors usually ask
Not seeing your question? Write or call – you will have an answer within one working day, in English or Czech.
How much does a financial due diligence cost?
A fixed fee or a day rate, agreed in writing after the introductory call and before any work starts. Phase one is normally a block of days paid in advance – unused days are refunded, and extra days are added only with your written approval. You will never see an invoice you did not agree to first.
How long does it take?
One to three weeks from the point the data is complete. The pace is almost never set by the analysis – it is set by how quickly the target produces its accounts, ledgers and bank statements. That is why the document request list goes out with the proposal, not after it.
What do you need from me to start?
The decision you are facing, the deadline and whatever documents you already have. A specific document request list follows with the proposal.
What if the company will not provide the data?
That is a finding in itself, and a common one. The work then shifts to what can be verified independently: public filings, register and insolvency checks, VAT reliability, counterparty confirmations and the internal consistency of what has been provided. You get a clear statement of what could not be tested and what that leaves open.
Is this an audit?
No. An audit gives a regulated opinion on whether historical statements are fairly presented. Due diligence asks a commercial question: does this business earn what it says it earns, and will it still be solvent after you invest? Neither replaces the other.
Do you value the business as well?
Yes. Valuation, returns, payback and deal structure sit under investment appraisal, and the two usually run together: diligence establishes what the numbers really are, appraisal turns them into what your stake is worth and which protections the terms need.
Who sees the report?
You, and anyone you name. Even if the target company pays the fee, the report belongs to you – and that is written into the engagement terms before work begins.
How is this different from a Big Four firm?
One senior expert does the work from the first call to the final report – at a fraction of the cost, and without a team of juniors learning on your data. Where a transaction needs a signed regulated opinion, or the scope is genuinely large, a bigger firm is the right answer – and we will tell you so.
Will you tell me not to invest?
If that is what the numbers say, yes. There is no commission and no stake in your decision. The job is to give you the answer – not the one you hoped for.
Which languages and countries do you cover?
English, Czech or Bulgarian. Recent work has involved counterparties across Europe, Asia and the Gulf.
Is this regulated investment advice?
No. This is financial analysis and advisory for business decisions – not regulated investment advice on securities, and not tax or legal advice. The analysis supports your decision. The decision stays yours.
Tell us what you are deciding
A 30-minute introductory call comes first. We agree what the work is before any fee is discussed – and if it is not something we should take on, you will hear that within one working day.
Tsvetomir Todorov · tsvetomir@strategix.one · +420 797 972 000
Strategix financial services are financial analysis and advisory for business decisions. They are not regulated investment, tax or legal advice, and nothing on this site is a recommendation to buy or sell any security.