Stage 1 · Weeks 1–3
Thesis & target map
Market sizing, white space and a ranked target universe, built before the first outreach call.
- TAM and white-space model
- Ranked target list
- Outreach plan
LockstepLeadsYour teamSupports
Process
How an engagement runs, stage by stage.
Choose how you would work with Lockstep, then scroll. Each stage of the deal builds on screen as the clock moves from first call to close.
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Week 1
Stage 2 · Weeks 3–12
Sourcing & outreach
Owner outreach, CRM discipline and relationship-building. Most lower-middle-market practices are not for sale until someone asks the right way.
- Outreach cadence
- CRM pipeline
- NDAs and data requests
LockstepLeadsYour teamSupports
Stage 3 · Weeks 10–14
Valuation & LOI
Normalized EBITDA, a pre-LOI model and the structure: cash, rollover equity, earn-outs and provider compensation designed to keep sellers aligned after close.
- Pre-LOI model
- Investment committee memo
- Signed LOI
LockstepLeadsYour teamSupports
Stage 4 · Weeks 14–25
Diligence
Quality of earnings, legal, payer and compliance diligence run to a timeline, with findings priced into the purchase agreement. Plan on at least 90 days from signed LOI to close, subject to change based on the process.
- QoE coordination
- Diligence tracker
- Issues list and price adjustments
LockstepLeadsYour teamSupports
Stage 5 · Weeks 25–27
Closing & funds flow
Purchase agreement support, sources and uses, holdbacks and escrow, the closing statement and wire detail.
- Sources and uses
- Funds flow and wire detail
- Closing statement
LockstepLeadsYour teamSupports
Stage 6 · Day 1–100 post-close
Integration
Day-1 readiness, compensation alignment, systems and KPI tracking, so the next add-on starts from a working base.
- Day-1 checklist
- 100-day plan
- KPI dashboard
LockstepSupportsYour teamLeads
Stage 1 · Weeks 1–2
Mandate & scoping
You own the client, the engagement letter and the mandate. Lockstep scopes the work and names the deal team.
- Workstream scope
- Staffing plan
- Co-advisory letter
LockstepSupportsYour bankLeads
Stage 2 · Weeks 2–6
Preparation
The model, the CIM and the buyer or target lists, built by people who have sat on the buy side of these deals.
- Financial model
- CIM draft
- Buyer and target lists
LockstepLeadsYour bankSupports
Stage 3 · Weeks 6–12
Marketing
You run outreach and the process. Lockstep tracks buyers, manages NDAs and handles first-round Q&A.
- Buyer tracker
- NDA management
- Q&A log
LockstepSupportsYour bankLeads
Stage 4 · Weeks 12–16
IOIs, LOIs & structure
You lead negotiation. Lockstep builds the bid comparisons and models the structures on the table.
- Bid comparison
- Structure analysis
- LOI markup support
LockstepSupportsYour bankLeads
Stage 5 · Weeks 16–26
Diligence
Lockstep runs the data room, coordinates quality of earnings and legal workstreams, and keeps the issues list moving. Plan on at least 90 days from signed LOI to close, subject to change based on the process.
- Data room management
- QoE coordination
- Issues list
LockstepLeadsYour bankSupports
Stage 6 · Weeks 26–30
Closing
Purchase agreement support, funds flow and the closing statement, so your team can stay on the client.
- Purchase agreement support
- Funds flow
- Closing statement
LockstepLeadsYour bankSupports
Scroll to advance time · drag to look around
Summary
Who does what, and when.
Timing is typical for a lower-middle-market transaction: plan on at least 90 days from signed LOI to close. All timing is subject to change based on the process, the target, the lender and any regulatory review. Final allocation is set per engagement.
| Stage | Typical timing | Lockstep | Your team | What happens |
|---|---|---|---|---|
| 1. Thesis & target map | Weeks 1–3 | Leads | Supports | Market sizing, white space and a ranked target universe, built before the first outreach call. |
| 2. Sourcing & outreach | Weeks 3–12 | Leads | Supports | Owner outreach, CRM discipline and relationship-building. Most lower-middle-market practices are not for sale until someone asks the right way. |
| 3. Valuation & LOI | Weeks 10–14 | Leads | Supports | Normalized EBITDA, a pre-LOI model and the structure: cash, rollover equity, earn-outs and provider compensation designed to keep sellers aligned after close. |
| 4. Diligence | Weeks 14–25 | Leads | Supports | Quality of earnings, legal, payer and compliance diligence run to a timeline, with findings priced into the purchase agreement. Plan on at least 90 days from signed LOI to close, subject to change based on the process. |
| 5. Closing & funds flow | Weeks 25–27 | Leads | Supports | Purchase agreement support, sources and uses, holdbacks and escrow, the closing statement and wire detail. |
| 6. Integration | Day 1–100 post-close | Supports | Leads | Day-1 readiness, compensation alignment, systems and KPI tracking, so the next add-on starts from a working base. |
| Stage | Typical timing | Lockstep | Your bank | What happens |
|---|---|---|---|---|
| 1. Mandate & scoping | Weeks 1–2 | Supports | Leads | You own the client, the engagement letter and the mandate. Lockstep scopes the work and names the deal team. |
| 2. Preparation | Weeks 2–6 | Leads | Supports | The model, the CIM and the buyer or target lists, built by people who have sat on the buy side of these deals. |
| 3. Marketing | Weeks 6–12 | Supports | Leads | You run outreach and the process. Lockstep tracks buyers, manages NDAs and handles first-round Q&A. |
| 4. IOIs, LOIs & structure | Weeks 12–16 | Supports | Leads | You lead negotiation. Lockstep builds the bid comparisons and models the structures on the table. |
| 5. Diligence | Weeks 16–26 | Leads | Supports | Lockstep runs the data room, coordinates quality of earnings and legal workstreams, and keeps the issues list moving. Plan on at least 90 days from signed LOI to close, subject to change based on the process. |
| 6. Closing | Weeks 26–30 | Leads | Supports | Purchase agreement support, funds flow and the closing statement, so your team can stay on the client. |