Lensential

WHO WE SERVE · TURNAROUND

A company you backed is off plan.

For venture funds, private equity and angel networks with a portfolio company that is short of cash or not selling, and for its board. Our analysts establish where the company stands from records it does not control, find why it stalls, price the paths still open, and give the board a plan it can decide on. A principal reads and signs every paper.

Book a call See what the board receives

WHAT YOU CAN ASK US

Where does the company really stand today?Answered by: Situation assessment in Lensential Consult, with the registry and traction checks in Lensential Venture Why is it not selling, or not selling at a profit?Answered by: Competitive position and the white-space map in Lensential Venture What is it worth today, whole or in parts, and who could buy it?Answered by: Valuation comps and the buyer universe in Lensential PE Who receives what at each price?Answered by: Cap table verification and the exit model in Lensential Venture Should we wind down, sell, or pivot and raise again, and who gains from each?Answered by: Strategic options in Lensential Consult What does the board decide, by when, and how will it know the plan is working?Answered by: The decision memo, the roadmap and the board scorecard in Lensential Consult

WHAT THE BOARD RECEIVES

One study, a board pack and a committee edition.

Decision memo

Two pages, the cover of the pack: the paths still open, ranked, and the decision the board has to make.

PDFWORD

Board deck

A full deck and a five-minute version, with charts drawn from the evidence.

POWERPOINT

Six appendices

Problem framing, situation assessment, strategic options, initiative prioritization, transformation roadmap and the board scorecard.

PDFEXCEL

Company profile and competitive position

Where the company stands in its market, with every competitor graded on the same evidence standard.

PDFEXCEL

For your committee only

What comparable deals say the company is worth, what each share class receives at each price, and who could buy it.

PDFEXCEL

Founder questions

The questions the study could not answer from the record, with a document request and a date.

WORD

AGENTS WE DRAW ON

Registry chronologyCap table verificationTraction verificationCompetitive positionCompany profileFounder questionsValuation compsExit modelBuyer universeProblem framingSituation assessmentStrategic optionsInitiative prioritizationTransformation roadmapKPI architectureNarrative builderDecision memo

For each study, our analysts choose the agents it needs from three systems; a principal reads and signs the study.

The first page of the board deck.

TURNAROUND STUDY · BRINDLECOTE SYSTEMS · THE EVIDENCE BASESPECIMEN

What the outside view rests on

  • 61public filings read, 2019 to 2026Appendix B, situation assessment
  • 24competitors graded, on 9 spaces in the marketCompany profile and competitive position
  • 5paths compared, each with its cost, its time and who gainsAppendix C, strategic options
  • 22initiatives scored; 11 fit the team the company hasAppendix D, initiative prioritization
  • 9board measures, each with an owner and a monthly targetAppendix F, board scorecard

Specimen. Brindlecote Systems is a fictional company.

From the filed accounts.

SITUATION ASSESSMENT · BRINDLECOTE SYSTEMSSPECIMEN

Cash fell in both years since the last share issue

Cash at the year end

VERIFIEDFiled accounts, balance sheet

Loss for the year

ESTIMATEDerived: the filed accounts carry no profit and loss account, so the loss is the shares issued less the change in net assets
Last share issueMarch 2023, Series A, €4.0M. No allotment since.
Since thenA €0.6M loan from existing holders in the year to March 2025. The accounts to March 2026 are not yet filed.
Staff in the filed accounts9, 21, 19 and 15, FY2022 to FY2025.

At the FY2025 loss rate, the cash at the year end covered about four months.

Specimen. Brindlecote Systems is a fictional company.

In the committee edition only.

FOR YOUR COMMITTEE ONLY · BRINDLECOTE SYSTEMSSPECIMEN

Below €5.8M, the ordinary shares receive nothing

ESTIMATERevenue of about €1.9M, estimated from staff, named customers and the price page; the company's own figure replaces it in the second pass

WHO RECEIVES WHAT

Sale valueLoanSeries ASeedOrdinary
€3.0M€0.6M€2.4M€0€0
€5.0M€0.6M€4.0M€0.4M€0
€7.0M€0.6M€4.0M€1.2M€1.2M

The €0.6M loan from holders is repaid first. Preferences of 1x, not participating, Series A ahead of the seed shares, from the filed constitution. Specimen. Brindlecote Systems is a fictional company.

HOW IT WORKS WITH YOU

Start from the public record.

A fresh look from outside.

The board knows the company from the inside and is rarely a turnaround specialist. Diligence asks whether a company is worth investing in. We ask which ways forward are left, and what each one costs. Sometimes the best way forward is an orderly wind-down, with parts sold to buyers the founders had not considered.

First, the outside view.

We start from records the company does not control: every registry filing, the filed accounts, share allotments and articles of association where they are public, the live product, and every competitor we can grade. It needs no data room and nothing from the company. Without public accounts, this first view is shorter, and more of the study rests on the data room. Delivered within ten business days.

Then, with the company.

A company looking for a way forward opens its data room, as it would for a raise. With the management accounts and the data room, we run the same study again on real numbers. Customer interviews and a price test show whether the best path has buyers. Delivered within ten business days of data-room access.

Two editions from one study.

The board edition can go to the founder and the other holders. Your committee edition adds what your stake is worth at each price and who could buy the company.

A plan the board can run.

The study ends with a two-page decision memo, the initiatives that fit the team's capacity, a dated roadmap and a monthly scorecard with an owner for each measure.

We can stay for the plan.

If you want, we read the monthly scorecard and prepare each board review of the plan.

What we do not do.

We do not take a board seat, run the company or raise the money, and we give no legal or tax advice. The board decides. The decision memo ranks the paths and states our confidence in the ranking.

Fees are agreed before any work begins. Compare them with what your investment could lose if nothing changes.

THE SYSTEMS BEHIND IT

Lensential Venture Lensential PE Lensential Consult

Name the company that keeps you up at night.

We read its public record and tell you what it establishes, before anyone asks the founder for a document.

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