The first call for customer diligence.
Customers ultimately decide whether a business succeeds. We find out where they stand before you commit.
What we uncover
Risks
- Concentration and retentionKey accounts planning to cut volume or leave
- Competitive threatsRivals, private labels and new entrants
- Channel riskPartners shifting loyalty or going it alone
- Relationship dependenceLoyalty to one person, not the company
- Quality and service gapsProblems customers tolerate, for now
- Pricing pressureCustomers benchmarking the alternatives
Opportunities
- Pricing headroomMore value delivered than charged
- Unmet needsRequests that point to growth
- Cross-sell and share of walletSpend ready to move your way
- Underserved segmentsDemand the company isn’t capturing
- Switching costsRevenue stickier than the numbers show
- Day-100 quick winsFixes that deepen key relationships
What our studies are built to surface, in the words of the customers who know.
Who uses us
Trusted by 40+ sponsors and lenders.
Private equity firms
Deal teams who need to know the risks and opportunities before deploying capital.
Family offices & independent sponsors
Direct investors who want institutional-grade diligence without building a deal team to do it.
Corporations
Corporate development teams testing a target’s customer base before they acquire it.
Lenders
Credit teams who want independent evidence of customer durability behind the numbers they’re underwriting.
Operating partners & portfolio companies
Teams turning diligence findings into the 100-day plan, and portfolio leaders who want a fresh customer read on retention, pricing or growth, whether ahead of an add-on, a new strategy or an exit.
Why an outside team?
Any deal team can make a few customer calls. Firms bring us in for evidence that is independent, thorough and ready for IC.
Independence
Customers speak candidly to a neutral party, not to their supplier’s next owner. And your IC reads our findings as evidence, not advocacy.
Capacity
LOI is your busiest stretch. We source, schedule and run every conversation while your team stays on the model, lenders and management.
Depth
Customer diligence is all we do. We chose to master one craft rather than dabble in many.
“I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.”
How it works
- Day 0–2
Scoping call
We agree on the critical questions, who to interview, the timing and a fixed fee.
- Weeks 1–3
Interviews
Customers, partners and suppliers. Reports and briefings arrive as each one is done.
- Before IC
Executive summary
Written for your IC and lenders, plus a closing briefing with your team.
- Day 100
Value creation
Findings carried into retention, pricing and growth priorities after close.
An experienced team with one focus.
Our analysts bring private equity, lending and Fortune 500 experience to every conversation. Together, they’ve taken part in more than 1,600 transactions.
Every study, and its fee, is tailored to your deal.
Your critical insights and scope are unique, so we build every study around them. We agree a fixed fee before work begins, and if your deal doesn’t need this depth, we’ll tell you.
Let’s talk about your deal.
We usually reply the same business day. What you share stays confidential, whether or not we work together.
Request sent.
Our team will reply personally, usually the same business day. If you don’t hear back, email alexf@greyboxintel.com.