In Q3 of 2025, CFOx worked with a private investment group that specializes in investing in founder-owned industrial and services businesses. The group was acquiring a port-a-john business based in California and engaged CFOx to perform Buy-Side Financial Due Diligence on the target company.

The Transaction Services team evaluated the target company’s operations, accounting systems, and accounting policies, identified and quantified adjustments to EBITDA, and advised on normalized Net Working Capital and Net Debt items. CFOx also provided other ad-hoc analyses including Proof of Cash Analysis, Payroll and Tax Reconciliations, and Customer and Vendor Concentration Analyses.

The final Quality of Earnings analysis provided the client with the insight and confidence needed to move forward with the acquisition. Our client closed the transaction in early September.

If you would like to learn more about our Transaction Services, please reach out via email (info@cfoxadvisory.com) or schedule a call directly on our Contact Us page.

TS Services Provided

• Quality of Earnings (QoE) Analysis
• NWC and Net Debt Analyses
• Proof of Cash Analysis
• Payroll and Tax Reconciliations
• Customer & Vendor Concentration Analysis