Check the seller's numbers before you buy the business.
Upload the seller's package. BearCase finds the claims the documents contradict and hands you the questions to ask, each with its source.
Fictional deal, no account needed. Or try the messy one.
- Seller says 18% growth
- The statements show 11.6%
- Open the evidence
Step 1 of 3: Seller says 18% growth. The memo claims 18% annual growth. BearCase quotes the claim and links it to the page it came from.
Every claim gets a source.
Every claim links to the page, row, or cell it came from. Then the primary source is checked.
From the sales memo (CIM), page 3
“Revenue has grown at approximately 18% annually since FY2022.”
From the financial statements, Income Statement cells B4 to D4
| FY2022 | FY2023 | FY2024 |
|---|---|---|
| $10.40M | $11.60M | $12.95M |
Recomputed growth 11.6% a year, against the claimed 18%.
What you actually receive.
Two files: questions for the seller, each tied to the document that raised it, and a report whose every figure names its source. Three of the 19 questions from the Northstar demo, as exported:
The paid pilot
One real deal, checked end to end.
You upload one deal. BearCase runs the checks, a person reads every contradiction and add-back decision, and you get the questions and the report within five business days.
No customer results yet. The first pilots will be reported here, including what the checks missed.
- 1.
criticalIn our downside scenario the cash flow does not cover the loan payments the lender requires. What signed renewals, backlog, or cost commitments for next year can you share?
Source: the downside scenario in the acquisition model
- 2.
highThe CIM says revenue has grown at approximately 18% annually since FY2022, but the financial statements show a revenue CAGR of 11.6%. Which figure should we rely on, and what explains the difference?
Sources: northstar-cim.pdf, northstar-financial-statements.xlsx
- 3.
highThe CIM says no single customer represents more than 10% of revenue, but the customer revenue file shows the largest customer at 22.0%. Please confirm the concentration and the term of that contract.
Sources: northstar-cim.pdf, northstar-customer-revenue.csv
Open the demo to read all 19 and download the file.
Northstar is a tidy package. Try the messy one, where the years are reversed, the revenue is split across rows, and promised documents never arrived.
The model reads. The code counts. You decide.
- The model reads
- It quotes claims and drafts questions. It never produces a financial number.
- The code counts
- Every figure is computed from the statements with its cell recorded.
- You decide
- Every status is provisional until a person records a decision, and the original is never edited.
See what the checks find.
In the fictional Northstar deal, four of seven headline claims are contradicted by the seller's own documents, the seller's $2.10M becomes $1.81M once the add-backs are tested, and two of three scenarios fall below the lender's minimum.
Try a fictional deal. No account or API key needed. How we handle your documents.
Northstar HVAC is fictional. BearCase is a first-pass check, not a substitute for professional diligence, and does not provide financial, legal, tax, or investment advice.