Quality of Earnings · Lower Middle Market
Quality of Earnings reports for the lower middle market.
Bedrock provides CPA-led financial due diligence for acquisitions between $1M and $30M. Institutional-quality analysis, flat-fee pricing, and 2–3 week turnaround.
Our team's background includes
The Gap
Lower middle market buyers deserve real diligence.
In the upper middle market, Quality of Earnings reports are standard practice. Every serious acquisition includes one. But below $30M, most buyers don't have access to the same caliber of financial diligence.
The large national firms typically have minimum engagement sizes that exceed the transaction value of these deals. Local CPAs rarely have QoE experience. And broker-prepared financials are designed to sell, not to inform.
Bedrock was built to bring institutional-quality QoE analysis to acquisitions between $1M and $30M — the deal sizes where buyers often have the most personal capital at risk.
What a QoE report answers:
EBITDA normalization
What does this business actually earn after owner add-backs, one-time items, and discretionary expenses?
Revenue quality
Is revenue recurring, concentrated, or dependent on a handful of customers?
Working capital
How much cash does the business need on day one to operate normally?
Bank-to-book reconciliation
Do the bank statements match the accounting system? Where are the gaps?
Why Bedrock
Institutional-grade experience.
Our CEO, Will McCurdy, is a CPA with experience at PricewaterhouseCoopers and RSM US LLP, where he led hundreds of QoE engagements across industries. We apply the same methodology and rigor to every engagement at Bedrock.
Built for efficiency.
We combine Will's institutional experience with a streamlined delivery model that eliminates the overhead and bottlenecks of a large firm. Flat-fee pricing, scoped upfront. No hourly billing, no surprises.
Our names are on the door.
Bedrock is backed by Michael Girdley and Mitchell Baldridge — experienced operators who stake their professional reputations on the quality of our work. You always know who stands behind the report.
How It Works
Initial consultation.
A brief call with Will McCurdy to understand the target business, deal structure, and your timeline. We provide a scope of work and flat-fee proposal within 24 hours.
Analysis and fieldwork.
Will leads the engagement personally, working through historical financials, bank statements, customer data, and key contracts. Most engagements are completed in two to three weeks.
Report delivery.
You receive a written Quality of Earnings report, a structured data book, and lender-ready documentation with clear findings and actionable conclusions.
The Team
Will McCurdy, CPA
CEO
CPA. PwC and RSM Transaction Advisory. Leads every Bedrock engagement.
Michael Girdley
Co-Founder
CEO of Girdley Enterprises. Operator and investor across 12+ businesses.
Mitchell Baldridge, CPA, CFP®
Co-Founder
CPA and CFP®. Founder of Baldridge Financial. Operator and advisor.
Robyn Smith
Chief of Staff
Chief of Staff at Girdley Enterprises. Manages operations and delivery at Bedrock.
What the Report Covers
Normalized EBITDA
Adjustment of reported earnings for owner add-backs, one-time items, and discretionary expenses to identify sustainable, repeatable cash flow.
Revenue quality
Analysis of revenue by customer, by period, and by type — including recurring vs. one-time mix and customer concentration risk.
Working capital
Assessment of operating cash required on day one, including trends in accounts receivable, accounts payable, and inventory.
Bank-to-book reconciliation
Verification of bank statements against the accounting system to identify discrepancies, unrecorded transactions, and potential irregularities.
A thorough QoE is the most cost-effective risk mitigation in any acquisition.
Questions We Get
Ready to discuss your deal?
Schedule a consultation with Will McCurdy to discuss the scope of your engagement and receive a flat-fee proposal.