Quality of Earnings · Transaction Advisory · Accounting & Tax
Due diligence, accounting & tax for the lower middle market
Midwest CPA is a licensed CPA firm for every stage of a deal: Quality of Earnings so buyers, sponsors and lenders close with confidence, and monthly accounting, payroll and tax for owner-operated and post-acquisition companies.
- 350+Quality of Earnings reviews completed
- $1B+in combined transaction value
- Nationwide
What you get
Clarity before you sign. Confidence after you close.
- Before you sign
Know what you’re really buying
Earnings, working capital and revenue tested against the books by CPAs, so the price reflects the business you are actually getting.
Quality of Earnings - At the closing table
No surprises at closing
Findings arrive in a clear written report and a review call with you, your investors or your lender, while there is still time to act on them.
Financial due diligence - After the close
A team that already knows your numbers
Monthly accounting, payroll and tax from a team that can carry the diligence work forward, so nothing gets lost in the handoff.
Accounting, payroll and tax
Who we serve
Clear numbers for every side of the deal, and every year after
- 01Independent sponsors and private equity
Underwrite on earnings that hold up
Quality of Earnings and financial due diligence that give you and your capital partners a well-supported view of adjusted EBITDA and net working capital.
Quality of Earnings - 02Lenders and SBA lenders
Numbers your credit committee can trust
Lender-ready QoE reports for acquisition financing, including SBA 7(a) deals with a purchase price of $3 million or more (QoE required for loans numbered on or after October 1, 2026).
QoE for lenders - 03Business buyers and searchers
Know the earnings are real before you sign
Independent diligence for self-funded and traditional searchers, so you can borrow and close with confidence.
For searchers - 04Sellers and their advisors
Protect your price and reduce retrades
Sell-side Quality of Earnings that helps owners, brokers and bankers support the company’s earnings before buyer and lender diligence begins.
Transaction advisory - 05Owner-operated and post-acquisition companies
Books you can run the business on
Monthly accounting, payroll, tax and fractional CFO support: timely financials, payroll that runs on schedule, and tax that’s handled.
Accounting and tax
Services
Diligence you can close on. Accounting you can run on.
Transaction advisory
Close on numbers that have been tested.
Accounting and tax
Books, payroll and tax, handled monthly.
Quality of Earnings
Walk into closing knowing the numbers
Earnings you can price on
Adjusted EBITDA, tested by CPAs against the books.
A working capital target you can defend
Working capital trends behind the purchase agreement.
Revenue you can rely on
Revenue recognition, one of our most common findings.
Findings everyone can act on
Written findings and a review call with your lender.
- 1Kickoff
- 2Analysis
- 3Seller interviews
- 4Report & review call
Most take 2–4 weeks
Industries
Experience across the industries you buy and run
Our clients run and acquire businesses across a broad range of industries, on transactions with values up to $50 million.
- HVAC
- Plumbing
- Electrical contracting
- Landscaping
- Manufacturing
- Trucking, logistics and transportation
- Real estate and construction
- Government contracting
- Professional services
- Marketing agencies
- Healthcare
- E-commerce
- Retail
- Hospitality and restaurants
Leadership
One CPA-led team, from diligence through ownership
Founded by Chris Barrett, CPA, Midwest CPA serves the people who buy, sell and run privately held companies. CPAs lead every engagement, and the team behind your diligence can support the business after it closes.
Chris writes and speaks regularly on entrepreneurship through acquisition and small-business M&A.
Chris Barrett, CPAFounder and Managing Director
Alyssa Harp, CPA, MBATransaction Advisory Manager
Hayley Berthiaume, CPATax Manager
Alison Brennan, CPAAccounting Manager
Client perspectives
Thorough work, straight answers, deals that close
“The final call to go over the report included some of our investors and have been through this process many times before. Everyone was very impressed with the details and in depth analysis done on the reporting and the information provided by Chris and his team.”
“Chris is the real deal. He is efficient, thoughtful, and great to work with. He helped me with financial diligence, including q of e, for a manufacturing business.”
“Chris is very knowledgeable, responsive and easy to talk to. His firm added a lot of value during the due diligence period and helped in closing the transaction successfully.”
Insights
Insights to help you buy well and run better
View all insights
FAQ
Frequently asked questions
What does Midwest CPA do?
Midwest CPA is a licensed CPA firm providing Quality of Earnings (QoE) and due diligence for acquisitions, plus monthly accounting, tax, payroll and fractional CFO services. Based in Janesville, Wisconsin, we work remotely nationwide.
Who does Midwest CPA work with?
Independent sponsors, private equity groups, family offices, lenders, searchers, strategic acquirers and owners preparing to sell, on transactions up to $50 million. We provide monthly accounting, payroll and tax for owner-operated businesses and portfolio companies.
What is a Quality of Earnings (QoE) report?
A QoE is an independent analysis of a business’s historical earnings. It tests the seller’s numbers, shows sustainable earnings (adjusted EBITDA) and analyzes net working capital, so buyers, lenders and investors decide on tested numbers.
Does the SBA require a Quality of Earnings report?
For SBA 7(a) acquisition loans with a business purchase price of $3 million or more, a QoE is required for loans numbered on or after October 1, 2026. Your lender will confirm what your deal needs.
Do you perform sell-side Quality of Earnings?
Yes. A sell-side QoE helps owners and their advisors understand and support the company’s earnings before going to market, so buyer and lender diligence goes more smoothly.
How long does a QoE take?
We recommend budgeting about four weeks. Many projects are completed in two to four weeks when the seller provides data and answers questions promptly.
How are engagements priced?
Fees depend on the size and complexity of the business and the scope of work. We publish our pricing so you can review it before you call. See our pricing page.
Close with confidence. Run on numbers you trust.
Whether you are evaluating an acquisition, financing one, preparing to sell, or looking for a monthly accounting and tax partner, one conversation with our team will help you scope the right engagement.