Build these deliverables before committing irrevocably:
| Deliverable | Minimum useful contents | What it prevents |
|---|---|---|
| Investment mandate | Equity ceiling, return definitions, hold period, operating involvement, unacceptable risks | Moving the goalposts to justify a favorite property |
| Evidence register | Every important assumption, source, observation period, verification status and responsible reviewer | Unsupported assumptions becoming accepted facts |
| Reconciled historical accounts | Monthly operating results, account mapping, revenue reconciliation and adjustment bridge | Capitalizing earnings that will not survive ownership change |
| Market and competitive-set file | Relevant competitors, demand generators, supply pipeline and achieved-performance evidence where licensed | Treating attractive advertised rates as achievable ADR |
| Monthly underwriting workbook | Operating forecast, fees, capital, debt, working capital, downside cases and exit | Annual averages hiding cash deficits |
| Technical and legal issue register | Finding, cost range, deadline, specialist conclusion and closing treatment | Receiving reports without resolving their consequences |
| Operator and affiliation comparison | Common-case fees, separate supplier forecasts, capital obligations and contract rights | Choosing the most optimistic proposal |
| Investment decision and transition pack | Bid ceiling, unresolved conditions, funding commitments and operating handover | Closing before the business is ready to transfer |