A mid-teens cash yield, with a gated option on more.
The Core plan is founder-funded: about $309k at peak, zero W-2s, and a projected 14.5% IRR with no marks. Outside capital is an option, exercised only if real statements prove the uplift. There are no LPs, lenders, customers or IOIs today.
Peak founder cash, month 14 (Core). $289k if catalog #3 is deferred to month 24.
ProjectionFounder IRR / MOIC, Core base, valued at month 84, opco at zero, 7% exit costs.
ProjectionEBITDA break-even including founder-catalog royalties. The audit business alone breaks even in Year 2.
ProjectionFounder plus contractors. Founder time about 20-25 hours a week in Year 1, 10-12 after.
PlanPick a world.
Annual projection Projection
All scenarios from model.json (model_build.py v2). Founder IRR counts founder cash out (engine, catalogs, operating losses, GP commit) and cash in (opco free cash, catalog royalties, carry and the terminal value of catalogs at month 84). Opco valued at zero in every case.
Where the first $309k goes.
Founder commitment through month 14 (Core). The engine budget is spent only after the Day-90 gate passes.
The full range, side by side.
A small fund raised from many angels is founder-dilutive: at $6M it returns 0.6% IRR to the founder in the base case, so the plan won't do it.
Money is released on cash, not signings.
Median eligible leak ≥8% across 20 hand audits; ≥3 paid valuation reports; administrator term sheet signed; ≥1 bid won with confirmed eligible uplift.
If missed: don't build the engine. Stop with ~$15k spent, or buy catalogs only.
≥$25k of cash actually received by Fix clients across sources; ≥15 paid Fix clients.
If missed: reprice or drop Fix; keep reports and sourcing.
≥1 founder catalog showing measured uplift on a real statement.
If missed: pause catalog #3.
≥20% realized uplift with fitted decay ≤5%; written IOIs from 2-3 bundle buyers at ≥7.5x net; an anchor committing ~$15M+; counsel's view on adviser status.
If missed: stay Core and recycle cash into one deal a year.
What we would want from a partner
- One anchor (family office or royalty lender), not dozens of angels
- A pooled vehicle: one administrator, one waterfall, one set of K-1s
- Indicative terms: 1.5% management fee on invested equity, no acquisition fee, 20% carry over an 8% pref, 2% GP commit (negotiable for an anchor)
- Only after the month-24 gate
Risks we'd put first
- Uplift doesn't materialize; we buy as-is at 6.0x so the downside is a yield asset
- Duetti and others moving down-market into the same sellers
- Title defects and termination rights; attorney review capped at 5% of price
- Decay faster than 5%; 8% decay drops Core to 8.7% IRR
Talk to us.
For catalog introductions, anchor conversations or the model file. We will send the full plan and model_build.py on request. Nothing here is an offer to sell securities.