Buying or selling a business is rarely just a financial event. It is a defining moment, one that carries opportunity, risk, and significant financial consequences.
The financial statements may show growth. EBITDA may appear strong. But when valuation, negotiations, and capital are on the line, surface-level numbers are not enough.
You need clarity. You need confidence. You need to know the earnings will hold up.
At Harding, Shymanski & Company (HSC), our Quality of Earnings (QoE) services are designed to provide that clarity so you can make critical decisions from a position of strength rather than uncertainty.
What Does a Quality of Earnings Report Really Deliver?
A Quality of Earnings report goes beyond reported results to evaluate the sustainability and reliability of earnings. It identifies what a business truly earns on an ongoing basis — and where potential risks may be hidden.
At HSC, our analyses focus on:
- Determining whether revenue is recurring and sustainable
- Evaluating and normalizing EBITDA
- Assessing working capital requirements
- Identifying risks such as non-GAAP practices, labor force stability, IT and infrastructure risks, regulatory compliance, etc.
- Reviewing balance sheet exposures and debt structure
- Addressing tax considerations when relevant
The objective is not simply to confirm numbers. It is to provide a clear, defensible understanding of earnings power so you can move forward without second-guessing your decisions.

For Buyers: Protecting Your Investment
When acquiring a business, confidence in the numbers protects more than just price; it protects your capital, your strategy, and your credibility.
Our team evaluates the financial story behind the business to ensure reported performance reflects sustainable operations. We validate EBITDA, assess add-backs, analyze margin trends, and evaluate working capital needs with a transaction-focused lens.
This helps you:
- Enter negotiations grounded in accurate valuation
- Identify financial or operational risks before closing
- Avoid overpaying based on temporary performance
- Minimize surprises after the deal is complete
We understand how diligence findings affect negotiations and deal structure. Our role is to provide clear, objective insight so you can make informed decisions with confidence.
For Sellers: Protecting the Value You’ve Built
If you are preparing to sell, diligence will test both your numbers and your narrative.
A sell-side Quality of Earnings engagement with HSC allows you to prepare proactively. By identifying adjustments, normalizing earnings, and addressing potential concerns before buyers begin their review, you reduce uncertainty and strengthen credibility.
This preparation helps you:
- Defend valuation with confidence
- Reduce the risk of price reductions late in the process
- Respond to diligence questions without scrambling
- Maintain momentum and control during negotiations
Preparation reduces stress. It creates stability during a process that can otherwise feel unpredictable. Most importantly, it helps protect the value you’ve worked years to build.
What Sets HSC Apart
Transactions require more than technical accounting expertise. They require steady guidance, thoughtful communication, and a practical understanding of how financial findings impact real-world decisions.
At HSC, we combine:
- Deep technical knowledge
- Real transaction experience across industries
- A business-minded perspective
- Clear, direct communication throughout the process
We work closely with business owners, private equity groups, investment bankers, lenders, and legal counsel. Our team understands the pressure that accompanies a transaction, and we approach every engagement with professionalism, responsiveness, and discretion.
You will not receive a report in isolation. You will have a team that stays engaged, communicates early, and provides perspective as findings develop.
Our Structured Approach to Quality of Earnings
We follow a disciplined process designed to create clarity without unnecessary disruption:
- Define scope and objectives aligned with your transaction goals
- Gather and analyze detailed financial information
- Identify adjustments, trends, and potential risks
- Deliver a clear, well-supported report with actionable insight
Preliminary findings are communicated as they are identified, allowing you to address issues in real time. Most engagements move from initial data request to preliminary results within three to four weeks, depending on complexity.
Our focus is efficiency, transparency, and meaningful insight.
A Trusted Advisor in Critical Moments
A transaction represents a pivotal point in the life of a business. Decisions made during this period can have lasting financial impact.
At HSC, our Quality of Earnings services provide more than analysis. We provide clarity, credibility, and steady guidance when it matters most.
Whether you are evaluating an acquisition, preparing to sell, or bringing in outside investors, we help you move forward with confidence, knowing the numbers are understood, the risks are evaluated, and the path ahead is clear.
If you’re preparing for a transaction or evaluating your options, our team is here to help you understand the numbers and move forward with confidence. Schedule a confidential discussion with our transaction advisory team.
Harding, Shymanski & Company, P.S.C. is an accounting and advisory firm serving companies, nonprofits, and healthcare organizations from offices in Evansville, Indiana, and Louisville, Kentucky. For more than 50 years, we have helped clients across the United States navigate complex tax, accounting, and transaction decisions. Our Transaction Advisory Services team works with buyers and sellers throughout the deal process to identify risks, evaluate earnings quality, and support confident decisions.
