Capital Refinery
Walkthrough · Cedarbrook Foods Q1 2026

Run an IRA on a real deal. Watch the system work.

Six steps. Real platform output at every step. Cedarbrook is a sell-side food-distribution business with strong data infrastructure and unreconciled financial conflicts — exactly the kind of company preparing for sale where a consultant engagement should land. The page below shows the initial Not Ready verdict, why it gates, what's already strong, the surgical 6-step remediation, and the Re-IRA delta in outcome language. No score theater. No magical lifts. Every grade comes from the same engine that powers a live deal.

The artifact — Cedarbrook IRA assessment

This is the IRA assessment Cedarbrook would forward to a buyer, lender, or LP.

Inline preview below. The full assessment, executive report, IC memo, financial workbook, and KPI summary are downloadable beneath the viewer — each carries the same fingerprint and is independently verifiable.

Live artifact · public verification
Cedarbrook Foods — Institutional Readiness Assessment
Lane: Corp distribution · Sell-side rail · 10-axis grading
Fingerprint
7b13907d22afe
Embedded preview — the actual artifact your counterparty receives.
Verify this artifact ↗

This is the artifact a sell-side banker forwards to a buyer's IC. Same engine, same axes, same evidence standard the buy-side platform applies to their own portfolio. The portability is the product.

Capital Refinery operator UI showing the Cedarbrook deal home with the IRA action row
/readiness/cedarbrook-foods-q1-26 — the operator surface. Captured from the running platform on the persisted Cedarbrook snapshot. Composite verdict, axis grid, named blockers, and the action row (Recompute IRA · Get-Ready Checklist · Re-IRA delta · Export docx · Share link) all visible.

How to read this walkthrough

The page below shows real engine output, not a polished mockup. Six segments. Six things worth pausing on:

  • The verdict band. Not Ready / Developing / Near Ready / Institutional Ready — bands from a deterministic grader, not a vibe-based score.
  • The gating axes. Two of ten axes (data integrity, financial consistency) gate the verdict. If either is below institutional-ready, the composite cannot be promoted regardless of the other eight. That’s why a single unreconciled-conflicts axis can hold the whole verdict at Not Ready.
  • The blockers. Each one is a specific, named, evidence-linked remediation — not “improve documentation.” A consultant could quote from this list directly.
  • The Re-IRA delta language. Watch the wording. “7 blockers eliminated · diligence timeline compressed ~6–8 weeks · Lower-middle-market PE rollup acquirers and Senior bank financing for buyer now viable.” Never “score improved C+ to A-.”
  • The verification URL. Every snapshot has a public, tokenized verification page. The fingerprint on the artifact matches the fingerprint at the URL. That’s portable proof, not a PDF that lives in a partner’s inbox.
  • What’s marked not_observable. When evidence is thin, the engine refuses to grade and says so. Look for the marker. It’s the discipline that makes the rest of the artifact credible.

If something doesn’t match between the screenshots and the underlying engine output, file a bug.

What this walkthrough proves

Most readiness products show you a polished mockup. This one shows you a real grading run on a real deal. The Cedarbrook payload powering this page is the same fixture that backs our integration tests — 2.8MB of extracted KPIs, conflicts, provenance entries, and decision gates. Every band on this page came out of grade_all_axes(), every blocker came out of derive_named_blockers(), every delta came out of compute_ira_delta(), and every screenshot on this page came out of the live platform UI rendering those exact engine outputs. If you find a number that doesn't add up, file a bug.

Step 1 · Initial IRA verdict
Composite · Not Ready
Real platform render of the Cedarbrook IRA composite, axis grid, blockers, and partner brief
Captured from /readiness/cedarbrook-foods-q1-26 on the running platform — composite, axis grid, blockers, partner brief, action row.
Composite verdict
Not Ready
Driven by Financial Consistency. Both gating axes — Financial Consistency and Data Integrity — must clear Near Ready or better for the composite to advance.
Named blockers · 7
  • Gate
    Provenance coverage at 89.7%Data integrity
  • Gate
    5 unreconciled critical-KPI conflict(s)Financial consistency
  • Blk
    Missing required categories: corp_collateralKPI completeness
  • Blk
    Income Quality signal: BLOCKEROperational risk
  • Blk
    Leverage Risk signal: WARNOperational risk
  • Blk
    Reporting cadence / period coverage limitedReporting maturity
  • Blk
    Stress tolerance: thin cushion (provisional)Stress tolerance
10-axis grid
  • Financial consistencyGate
    Not Ready
    6 unreconciled conflicts (5 critical: dscr, fccr, revenue, ebitda, totaldebt)
  • Data integrityGate
    Developing
    Provenance coverage 89.7% across 58 promoted KPIs
  • Reporting maturity
    Developing
    Sufficiency status: thin (75/100)
  • KPI completeness
    Not Ready
    Coverage 65/100, missing: corp_collateral
  • Operational risk
    Not Ready
    1 blocker · 1 warn · 0 advisory
  • Stress tolerance
    Developing
    Leverage signal HIGH · provisional
  • GovernanceAdvisory
    Near Ready
    Advisory placeholder — graded once observation period or signal-collection layer lands
  • Management responsivenessAdvisory
    Near Ready
    Advisory placeholder — graded once observation period or signal-collection layer lands
  • Key-person dependencyAdvisory
    Near Ready
    Advisory placeholder — graded once observation period or signal-collection layer lands
  • Customer concentrationAdvisory
    Near Ready
    Advisory placeholder — graded once observation period or signal-collection layer lands
Cedarbrook's first IRA renders Not Ready. The Financial Consistency gate fires because the engine cannot reconcile five critical KPIs across the document set. The remaining axes don't matter yet — a gate fails the composite regardless.
REAL PLATFORM OUTPUT · grade_all_axes() + compose_ira()
Step 2 · Why the gate fires
6 unreconciled KPI conflicts
KPIWinnerWinner methodContestedAlt method
FCCR1.30xderived1.38xdeterministic
Revenue$147.2Mderived$26.2Mdeterministic
EBITDA$46.5Mderived$1.8Mdeterministic
Total Debt$158.2Mderived$164.8Mdeterministic
Net Income$16.8Mderived$1.7Mdeterministic
What the buyer would see
A QoE provider asked to validate “EBITDA $46.5M” would discover the alternative extraction at $1.8M and stop work. The diligence cycle extends 3-4 weeks while everyone waits for the operator to reconcile.
What the system refuses
The IRA refuses to pretend the conflicts are resolved. It could pick a winner silently and produce a clean grade — instead, it surfaces them as named blockers and gates the composite. Honesty is the moat.
The Financial Truth Engine extracted multiple values for each critical KPI from different documents and methods. Until those conflicts are reconciled, an institutional reviewer cannot tell which number is true. The IRA refuses to grade past the conflict.
EVIDENCE · kpi_conflicts[]
Step 3 · What's still strong
Provenance is not the problem
Promoted KPIs
58
Every promoted KPI has a candidate_id and source_ref the engine can resolve back to a primary document.
Provenance coverage
89.7%
Above the 80% Developing floor; below the 95% Near Ready threshold. Six entries to backfill, not a structural rebuild.
Field completeness
100%
Every provenance entry carries source_group, source_ref, and extraction_method. Discipline is in place.
Why this matters for the consultant brief
The IRA's partner-handoff brief explicitly tells the consultant where not to focus. A modernization engagement that touches Cedarbrook's data infrastructure would be wasted scope — the work needed is reconciliation and reporting, not data foundations.
An honest IRA tells you what's working as well as what isn't. Cedarbrook's data infrastructure is institutional-adjacent: 58 promoted KPIs, 89.7% provenance coverage, full field completeness. The deal isn't fundamentally broken — five reconciliations and a collateral package would unlock most of the path.
STRENGTH · data_integrity evidence
Step 4 · What a consultant would actually do
6 surgical remediations
  1. 01
    Reconcile the 5 critical KPI conflicts
    Pull the source documents behind each disputed extraction; identify why two methods diverged; either retire the alt-method extraction (stale label, header row mistaken for value) or document the discrepancy so the engine can promote the correct figure deterministically.
    Targets:Financial consistency
    Expected band shift: NOT_READY → INSTITUTIONAL_READY
  2. 02
    Document the corp_collateral package
    The KPI-Completeness axis flags missing collateral coverage. Supply the collateral schedule, lien filings, and (where applicable) appraisal evidence. Coverage rises from 65 → 96, sufficiency_status flips from thin → robust.
    Targets:KPI completenessReporting maturity
    Expected band shift: DEVELOPING → INSTITUTIONAL_READY (kpi); DEVELOPING → NEAR_READY (reporting)
  3. 03
    Cross-validate NOI against an independent income statement
    Operational Risk fires income_quality at BLOCKER because NOI is single-sourced. A second-source attestation (independent income statement, ledger export, or accountant-confirmed schedule) closes the cross-validation gap and clears the blocker.
    Targets:Operational risk
    Expected band shift: NOT_READY → NEAR_READY
  4. 04
    Backfill the 6 missing provenance entries
    Six promoted KPIs lack matching kpi_provenance entries. The engineering work is small (the source documents already exist) but the institutional payoff is real: provenance coverage rises from 89.7% → above 95%, lifting Data Integrity out of Developing.
    Targets:Data integrity
    Expected band shift: DEVELOPING → NEAR_READY
  5. 05
    Strengthen the equity cushion
    Stress Tolerance grades the leverage_risk signal as HIGH (93.3% leverage). An equity injection, debt paydown, or refinance that drops leverage into the 70-80% band shifts the signal to MEDIUM and the axis to Near Ready.
    Targets:Stress tolerance
    Expected band shift: DEVELOPING → NEAR_READY
  6. 06
    Institutionalize the close cadence
    Reporting Maturity grades on cadence + period coverage. Establishing a monthly close discipline with 12+ trailing months of consistent statements — and supplying that evidence to the platform — lifts the sufficiency status to robust.
    Targets:Reporting maturity
    Expected band shift: DEVELOPING → NEAR_READY (paired with collateral package)
Real platform render of the customer-concentration drill-in for Cedarbrook
Customer-concentration drill-in · /readiness/[id]/customer-concentration
Real platform render of the management-responsiveness drill-in for Cedarbrook
Management-responsiveness drill-in · /readiness/[id]/management-responsiveness
The IRA's partner-handoff brief becomes the engagement scope. Each remediation is structural, observable, and tied to specific axes — not a generic modernization deck. A consultant can quote, sequence, and price this work because it's already named.
HANDOFF · partner_brief.focus_priorities
Step 5 · Re-IRA at T+90
Not Ready → Near Ready
Real platform render of the Re-IRA delta page for Cedarbrook
Captured from /readiness/cedarbrook-foods-q1-26/delta — initial vs remediated, side-by-side.
Outcome headline
7 blockers resolved; Lower-middle-market PE rollup acquirers and Senior bank financing for buyer now viable; diligence timeline compressed ~6-8 weeks.
Blockers eliminated
7
Gates remaining
0
Counterparty classes unlocked
3
Timeline compression
~6–8 weeks
Blockers eliminated · 7
  • Resolved
    Provenance coverage at 89.7%
    Data integrity
  • Resolved
    5 unreconciled critical-KPI conflict(s)
    Financial consistency
  • Resolved
    Missing required categories: corp_collateral
    KPI completeness
  • Resolved
    Income Quality signal: BLOCKER
    Operational risk
  • Resolved
    Leverage Risk signal: WARN
    Operational risk
  • Resolved
    Reporting cadence / period coverage limited
    Reporting maturity
  • Resolved
    Stress tolerance: thin cushion (provisional)
    Stress tolerance
Counterparty classes now viable · 3
  • Lower-middle-market PE rollup acquirers
    Meets institutional rollup floor; fits standard add-on diligence pattern
  • Senior bank financing for buyer
    Reporting + provenance threshold supports senior debt underwriting
  • Family-office buyers with operator backgrounds
    Foundation issues resolved; broader family-office pool becomes engageable
Diligence friction removed · 6
  • · QoE scope contained pre-LOI; EBITDA reconciliation no longer extends close cycle
  • · Trailing-period reporting evidence sufficient for diligence team review
  • · Required KPI back-fill no longer needed during diligence
  • · Risk Signals scoreboard does not auto-flag in committee review
  • · Lender stress-test pricing adjustment minimized
  • · Provenance trail complete for institutional reviewer tie-out
The Re-IRA delta refuses score-language framing. It does not say 'composite improved.' It says which blockers were eliminated, which gates cleared, what diligence friction disappeared, and which counterparty classes are now viable. Every line is real platform output.
REAL DELTA · compute_ira_delta()
Step 6 · Verification
Fingerprint · Public URL · No login
Real platform render of the public IRA verification page for Cedarbrook
Captured from /p/ira/<token> on the running platform. The snapshot above is the actual remediated Cedarbrook IRA (fingerprint 7b13907d…22afe), rendered through the real verification UI.
Re-IRA fingerprint (canonicalized axis grades + algorithm version + intake hash)
sha256: 7b13907d0d4bfda50b96b6617bc22afe · algo v1.0.0 · computed 2026-05-08
Public verification URL (printed on the docx footer)
capitalrefinery.com/p/ira/<share-token>
Recipient opens the link and sees the same composite, axes, blockers, and partner-handoff brief that the operator issued. Read-only, audience-scoped, fingerprint-anchored. No login. No SaaS dependency.
What the buyer confirms
Open the URL · the composite, axis grid, blockers, and evidence summaries match the docx. The fingerprint on the docx footer matches the fingerprint on the verification page. The artifact is real engine output.
What the seller cannot do
Edit the docx and reissue the URL. The fingerprint won't match. Audience-scope tampering invalidates the link cryptographically. Honesty is structural, not policy.
Every IRA snapshot carries a deterministic fingerprint computed over the canonicalized axis grades. The exported docx footer carries the fingerprint plus a public verification URL. A buyer or lender confirms independently that the artifact matches the engine state at issuance.
ARTIFACT · ira_assessments.fingerprint

Different from a consulting deck

A McKinsey, BCG, or boutique readiness deck and an IRA artifact look superficially similar — both bound, both have charts, both name remediations. The differences are the parts you usually can’t see:

  • Causality. A consulting deck claims the consultant caused the improvement. The IRA refuses that claim. It measures what changed between two evidence-backed snapshots; causality belongs to whoever did the work.
  • Reproducibility. A consulting deck is regenerated by writing it again. The IRA is regenerated by re-running compose_ira() on the new evidence. Same engine, same axes, same thresholds — only the inputs changed.
  • Missing data. A consulting deck imputes when data is thin and reads confidently regardless. The IRA marks the sub-axis not_observable and refuses to grade. Worse-looking, harder to fake, more credible to a sophisticated reviewer.
  • Refused inputs. A consulting deck reads management presentation polish, narrative coherence, and tone as evidence. The IRA refuses sentiment, polish, and narrative as graded inputs — only documents and elapsed-time signals count.
  • Verification. A consulting deck is a document. The IRA artifact is a document plus a public verification URL plus a deterministic fingerprint. A buyer can confirm independently that the snapshot wasn’t edited.

What is intentionally not claimed

The credibility comes from what the engine refuses to do. The refusals are not editorial — they’re structural, enforced by the grading code, and they hold for every assessment, not just Cedarbrook.

  • No AI maturity score. We do not score “AI readiness” or “digital transformation maturity.” Those are vibes wearing a number.
  • No causality claim. We do not claim a consultant or operator caused the improvement. Causality belongs to the people who did the work.
  • No imputation. A missing input means not_observable, not a default zero. Imputing to make a band look better is the failure mode the discipline is designed to prevent.
  • No narrative grading. We do not grade management communication style, presentation polish, or narrative coherence. LLM-derived sentiment scores on human prose are opinion in numeric clothing.
  • No outcome guarantee. The Lift Ledger reads in observation language, not promise language. “EBITDA moved from $8.0M to $12.5M” is provable. “Our work caused 18% growth” is not.
  • No customer claim. Cedarbrook is not a customer. It’s a realistic middle-market fixture used to validate the methodology end- to-end on real-shaped data — exactly what an early-stage product should disclose. Most early-stage products would dress this up as a “client engagement.” The artifact loses institutional weight the moment it does.

That last bullet is the one most early-stage products refuse to write. We’re writing it on purpose.

What you just read

A buyer or lender reviewing this page sees the system from the seller's side. They see a deterministic verdict that would survive their own institutional review. They see the remediations a consultant could quote, sequence, and prove. They see a delta artifact written in the language of institutional outcomes — eliminated blockers, cleared gates, unlocked counterparty classes — never “score improved.” And they see a verification URL that turns the artifact into something portable, not something marketing-shaped.

That is the difference between a readiness product and an institutional measurement layer.

Where this fits

Cedarbrook is the proof case. The same engine drives three paid surfaces:

  • Readiness Gap Review. $4,500. Five business days. Top-five blockers a sophisticated buyer or lender would surface first. Credit toward a full IRA within 60 days. For owners and advisors preparing for sale or financing.
  • Modernization Impact Review. $3,500 baseline + $2,500 Re-IRA delta. Independent measurement layer attached to AI / automation / fractional-CFO engagements. Partner-as-agent legal frame.
  • Full Institutional Readiness Assessment. Transaction-priced. The complete 10-axis grade with public verification token, partner brief, and the Lift Ledger you see on this page.

The methodology is the same in all three. The packaging differs by audience — operators, partners, transaction prep.

The buy-side counterpart

Cedarbrook is the sell-side proof case — an operating company graded for institutional readiness ahead of sale or financing. The same engine runs the buy-side: an acquirer’s IC underwriting a deal, a lender’s credit committee testing a borrower, an LP reviewing fund governance. Falcon Services Q1 2026 is the buy-side walkthrough — the IC dossier, the per-cell provenance, the stress lab, the covenant forecast, the decision lifecycle — all rendered by the same engine that graded Cedarbrook.

Same engine. Same 10 axes. Same fingerprint discipline. Different lens.

See your own deal under the same engine.

The composite verdict, the named blockers, the partner-handoff brief, and the verification artifact — all on a real deal you bring to us.

Duaine McDonald — founder of Capital Refinery
Founder-led access
Duaine McDonald

Built by Duaine McDonald, an AI strategist and fractional Chief AI Officer with 20+ years across enterprise automation, transformation, governance, and AI strategy. The consulting practice runs separately as Enterprise Refinery; Capital Refinery is the software layer that came out of those conversations — the institutional measurement artifact operating companies, advisors, and investment teams kept asking for and could not find anywhere else. Early engagements are reviewed directly by the founder.

Proof without customer theater

Capital Refinery is early. We do not show customer logos we have not earned.

Instead, we show the methodology, two fixture-based proof cases (one per audience), the verification flow, and the live artifacts a buyer, lender, board reviewer, or advisor would inspect. Most early-stage products would invent a logo wall. We refuse on purpose — the same discipline that makes the artifact credible.