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Our clients make better risk-adjusted decisions, with greater transparency and higher confidence, by Connecting Stories to Statistics in collaboration with the BPN team.

BPN Engagement Process

  • Initial Underwriting

  • Final Underwriting

  • Reunderwriting

Initial Underwriting within 5 Business Days

  • Client provides BPN team with business plan or investment thesis, plus supporting research

  • BPN team identifies templates in our Platform that suit the plan or thesis

  • BPN team attaches research to templates and extends them to draft Initial Underwriting

  • Client reviews it in Interactive Slides of Scenarios and suggests improvements

  • Client & BPN teams plan work to iterate together to Final Underwriting

  • Client tracks work on key issues on his privately-permissioned Community Feed

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Final Underwriting

  • Client & BPN teams build confidence for a final decision by iterating through 3 steps, Connecting Stories to Statistics for …

  • Interactive Slides of Scenarios support final decision

    • Upside / downside skew to enterprise value and net cash at various horizons

    • Upside / downside to different deal structures based on that enterprise value

    • Measure importance of Issue that are key to those upsides and downsides

    • Highlight research supporting judgments on those key Issues

    • Highlight relationships between those key Issues and those key to other investments

If you are reading on a smartphone, flip to landscape to view the interactive chart below, and click the case with the lowest cash in 2023 to see that it also has a high valuation, making it easy to fund. This kind of inverse correlation is very desirable in a cash-burning growth investment.

Reunderwriting

  • Weekly

    • Client gets email updates to research added to the Final Underwriting, linked to The Community Feed.

    • Client can add research herself or email to BPN team to add

  • Quarterly

    • Client produces or receives quarterly board package or earnings report

    • Client can track not only “beat” or “miss” but also percentile vs. Final Underwriting

    • Client and/or BPN update judgments in the Final Underwriting

    • BPN delivers update to Interactive Slides of Scenarios

    • Client team can use in board meeting or investor meeting

  • On Request:  Major changes to structure of the Final Underwriting