Independent diligence on search and AI exposure
Most of an online business is invisible. That is the part I work on.
Before capital goes in, I show how much of the revenue depends on channels the company doesn't control, and what that means for value.
Building a product? For operators
My work
1M → 80M
Yearly organic visits
Keystone Education Group
1 → 1K
Websites
Theories Group
0 → 100
Workflows
Theories Group
100 → 8K
Leads a day
Keystone Education Group
5 → 70
Languages
Theories Group
1–50M Euro
Advised on deals
Investment diligence
2007
Search Patent
WO2007073262A2
These figures come from different companies and periods. They are not one project, and they are not a claim about a current result.
Owned vs. rented demand
Every online business has two kinds of demand. Owned demand comes from its brand, its direct traffic, and its own customer list. Rented demand comes through platforms that can change the terms overnight.
I measure the split, then model what happens to the rented share when those platforms move.
What I review
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Organic search.
Query concentration, indexing health, algorithmic exposure, and whether the traffic is real.
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AI discovery.
Whether AI answer engines cite the business, recommend it, or replace it.
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Paid search.
Dependence on auction prices, and whether paid spend is propping up organic numbers.
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Affiliates and aggregators.
Revenue that flows through intermediaries who control rankings and terms.
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Email.
List health and deliverability, which inbox providers control.
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Domains and digital assets.
Ownership, redirect history, and whether they transfer cleanly to a new owner.
Engagements
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Red-flag memo — 72 hours.
The few findings that should change the price, the terms, or the decision.
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Distribution risk review — 2–3 weeks.
All six channels, the owned-to-rented ratio, and downside scenarios for the rented share.
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100-day plan — post-close.
Where organic growth can be unlocked, in what order, and what it is worth.
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First-look retainer — for funds.
Every relevant deal triaged before you commit a diligence budget.
Building a product or preparing a raise? The same review, from the operator's side.
For operatorsWhat you get
A written report built for an investment memo: findings ranked by impact on value, each with the evidence behind it and the scenario it implies.
Have a deal in front of you?
I take a limited number of mandates each quarter.