A dossier is an analyst-verified report on one business listed in the Loupe feed. It starts where the listing stops. The listing tells you what the seller wants you to see; the dossier sets that beside what public records, the figures themselves and careful desk research show, so you can decide whether to go further before you sign an NDA or pay an adviser.
The sample dossier shows a complete dossier on a fictional business in the real layout. This page explains what you will find in it.
How a dossier is put together
An analyst builds each dossier from the listing data, public records, desk research, any documents you are allowed to share and the questions agreed with you when the request was scoped. A dossier does not depend on the seller taking part.
Every finding carries three things, shown in a note beside the paragraph it supports: the source, the date it was checked and a confidence label. Analysts may use AI tools to help prepare a first draft, but an analyst reviews and approves every dossier before it is released, and previous versions are kept.
The ten sections
A Full dossier has ten sections, always in the same order, so dossiers on different businesses can be read and compared in the same way.
Summary
What the business is, the numbers that matter, its main strengths and risks, and an overall view. If you read only one section, read this one.
Business
What the business sells and to whom, its business model, its history and its team. This section also looks at how much the business depends on its owner and whether it can be run remotely, two things that shape both the price and the work a new owner takes on.
Financials
The figures as listed come first. They are then normalised: trailing twelve-month revenue, gross margin, SDE or EBITDA, the trend, and the add-backs that need testing, with the reasons. The implied multiple is compared against similar listings in the Loupe database. Those comparisons use asking prices, not sale prices, and the section says so.
Valuation and structure
The starting point is the indicative range from Loupe's valuation engine, which uses the same method as the free valuation tool and is explained on the methodology page. The analyst then gives their own value range and explains where and why it differs. The section closes with structures worth exploring, such as an earn-out or seller finance, and points that may affect whether lenders would finance the purchase. It is for information only and is not a formal valuation.
Verification
This is the record of what was checked, where and what was found. Depending on the business and the country, it covers:
- the company registry, and the directors and owners it records
- the history of the business's domain registration
- web traffic and search visibility trends, where data is available
- reviews and reputation
- social media and app store presence
- trademarks
- litigation and insolvency notices
- sanctions screening of the named principals against official lists
Public records differ by country. Where a registry can be searched directly, the result is recorded with its source. Where a check has to be made by hand, the dossier records where it was made and what it showed. Where a record does not exist or could not be checked, the dossier says that too.
Market and competition
The market the business operates in, the competitors a customer would compare it with and how the business appears to be positioned against them.
Risks and red flags
Each risk found is rated low, medium or high, with the evidence behind the rating. Where a risk matches a page in the red flag library, the dossier links to it, so you can read why it matters, what to ask and which documents to request.
Fit against your criteria
How the business matches the acquisition criteria in your account, such as region, sector, business model, deal size, remote operation and recurring revenue, and where it falls short.
Questions for the seller and next steps
A list of questions to put to the seller, drawn from the gaps and risks found, and a checklist for the next stage of diligence. This is where the dossier hands over to your own process.
Sources and method
Every source used, with the date it was accessed, and a note on the method, so you can see how each conclusion was reached and check it yourself.
What the confidence labels mean
Every finding in a dossier carries one of three labels.
Verified. The finding has been confirmed against an independent source, such as a company registry, an official notice or a record that can be checked. The note names the source and the date it was checked.
As listed. The finding comes from the listing or the seller's own materials and has not been independently confirmed. It may well be accurate. It has not been tested, and you should treat it as the seller's claim until it is.
Estimated. The finding is the analyst's own calculation or judgement, such as normalised earnings, a value range or a traffic trend drawn from third-party data. The note explains how the estimate was made.
Reading the labels together tells you where the evidence is strong and where your own diligence needs to start. A business whose key figures are all As listed is not necessarily a problem, but it is a business you still need to test.
Scopes
You choose a scope when you request a dossier.
- Snapshot: desk research on the listing and public records, with the main risks and questions for the seller. It suits early screening.
- Full dossier: every section described on this page. It suits a business you are seriously considering.
- Custom: your own questions added to a Snapshot or a Full dossier, agreed with you before quoting.
The scope summary on your quote confirms exactly what your dossier will cover. Every dossier is priced on request, and the pricing page explains what drives the price.
How a dossier is delivered
When your dossier is released, you receive an email and it appears in your account in two forms:
- a web version, laid out as a document with the source notes beside each finding
- a PDF you can download
Every page of the PDF carries a watermark with your name, your email address and the time it was downloaded. Each view and download is logged. Dossiers are for your own use and may not be redistributed, published or resold. If an investor, a lender or an adviser will need to see yours, ask in the request thread, ideally before you accept the quote. The terms of service set out who may use a dossier.
What a dossier is not
A dossier is general information to help you decide where to focus. It is not an audit, a quality of earnings report or a formal valuation, and it is not investment, legal, tax or financial advice. It does not replace your own due diligence, which will need documents only the seller can provide, and it does not replace advice from qualified professionals such as an accountant and a lawyer.
What it does give you is an early, evidenced view of what the listing leaves out, so the time and fees you spend next go on the businesses that deserve them.