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Sloane Pierce
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// underwriting // March 4, 2025

The mid-market underwriting checklist nobody publishes

Practice notes

BY Sloane Pierce

The mid-market underwriting checklist nobody publishes

Most published mid-market underwriting templates are theatrical. They show you what to model; they do not show you what to refuse to model.

Here is the seventeen-line check we actually run before we agree to list a sub-$25M asset. It is short on purpose — anything that needs more than seventeen lines of pre-listing analysis is not yet a listing.

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