Arsen — call kit (business-credit / receivables underwrite)

2026-07-01 UPDATE (Sam, direct): the deal RESHAPED — Arsen is BUYING A FIRM. Two jobs:
(1) confirm the firm's profitability is REAL — he knows what he's buying (quality-of-earnings-style
read); (2) the firm has existing PARTNERS — structure the buyout (full purchase vs partner buyout,
seller note vs lending, who stays). "A double thing." The 5 questions below adapt: firm + real
revenue/profit? · ownership today (how many partners, who sells, who stays)? · proposed structure +
how funded? · what he needs (go/no-go, price sanity, structure options)? · timeline? Reflect-back:
"confirm the profitability is real, the price makes sense, and lay out how the partner buyout gets
structured — so you're not overpaying or inheriting a mess." Materials add: the partnership/operating
agreement + the proposed deal terms. Pricing ladder unchanged ($5K anchor; multi-partner messy books
justify the $6.5–8.5K band). Final re-open text sent to Sam's phone Jul 1 night.

Warm lead via Chanie. ORIGINAL frame (context): underwrite a business + its receivables to structure "a business
loan as buying receivables" (factoring-style). Same skill as Sam's RE underwriting, new vertical.

Reply (Sam sends — he can talk now)

"Yeah, that's right in my wheelhouse, BH. Two parts — read the business's real profitability
(clean up the books so you see what's actually there), and underwrite the receivables themselves
(quality, customer concentration, how collectible) so you know what you're buying and how hard you
can go. I charge a flat fee for the underwrite, scoped to the depth — not a cut of the deal. I'm
around now if you want to jump on for a few minutes — call whenever."

On the call (5–10 min)

1. Open: "Good to connect — Chanie mentioned you. What's the deal?" → then LISTEN.
2. The 5 questions (only the ones he hasn't answered):
   - Business: what does it do, rough annual revenue?
   - Receivables: total $, how many customers, concentrated in 1–2?, terms (net 30/60/90), slow-pay/defaults?
   - Deal: how much advancing, at what discount/fee, recourse or non-recourse?
   - What he needs: go/no-go, or "how hard can I go" (advance rate + pricing)?
   - One-off or first of a few?
3. Reflect the value back: "So you need me to confirm the business is genuinely profitable, confirm
   the receivables are real + collectible, and tell you how hard you can go and at what discount —
   so you don't advance against air."
4. Price = STRUCTURE + RANGE, never a cold spot quote (see below).
5. Close = GET THE MATERIALS: "Send me the financials + receivables aging and I'll send a one-pager
   with the firm number + turnaround." (Materials = the win, not the number.)

Pricing (price the WORK + JUDGMENT, never % of deal)

• Quick go/no-go gut-check: ~$1.5K
• FULL underwrite (profitability + receivables + structure rec): ~$5K floor; $6–8.5K if books are
  messy / multiple entities / many receivables.
• Recurring ("a few deals") → RETAINER $3–6K/mo (~1–2 underwrites/mo + on-call). STEER HERE if he
  has flow — "become the guy," kills feast/famine.
• If pushed for a number: "A full underwrite like this runs around $5K depending on how messy the
  books are. If it's a few deals a month, a monthly retainer is cleaner and cheaper per deal. Let me
  see the materials and I'll give you a firm number."
• Value frame (say to yourself): $5K to de-risk a six-figure receivables purchase is cheap insurance
  against advancing on bad paper.
• Scope guard: one engagement = one defined underwrite, one deliverable (one-pager + model), clear
  end. No open-ended "advisor" creep (the Passover lesson).
• Boundary: Sam underwrites the BUSINESS's numbers + risk. The legal structure of the funding
  (loan-as-receivables-purchase has usury gray area) is Arsen's + his attorney's call, not Sam's.

Intake checklist (what to request)

□ P&L — last 2 years + YTD
□ Bank statements — last 3–6 months
□ Tax returns — last 1–2 years
□ Receivables aging report (current / 30 / 60 / 90+)
□ Customer list (to gauge concentration) + their payment history
□ The deal terms Arsen is proposing (advance %, discount/fee, recourse?)
□ Any existing liens / UCC filings on the receivables