You have acquired a business with real commercial potential. This diagnostic helps you see clearly where you stand today, what the most important priorities are and what to do first.
IESE research on high-performing search fund companies found that of the 31x return on invested capital created, 18.1x came from revenue growth. The commercial engine is where the value is.
Assess five commercial areas honestly. Get a personalised dashboard and specific recommended actions. It takes approximately 15 minutes. The more honest you are, the more useful the output will be.
No financial data or sensitive information is asked
Getting started0%
How long have you been CEO of this business?
Less than 3 months
3 to 6 months
6 to 12 months
More than 12 months
Which sector best describes the business?
B2B services
Industrial or manufacturing
Healthcare or life sciences
Technology or software
Education
Other
Area 1 of 5
Sales team, process and pipeline
In most acquired SMEs, commercial activity runs on the personal relationships and instincts of a founder and a small number of experienced salespeople. This has worked well. As the new CEO, your job is to progressively build around those individuals so the business's commercial capability belongs to the business, not just to the people.
Q1. Does the business have a dedicated sales team or person responsible for new business development?
Yes, a dedicated sales team with clear commercial responsibilities
One person with a commercial focus alongside other responsibilities
Commercial responsibility currently sits with the new CEO
Q2. Does the business have a CRM or equivalent system in active use by the sales team?
Yes, the sales team uses it consistently
Yes, it exists but adoption is very inconsistent across the team
No, pipeline and relationships are tracked in spreadsheets, email or people's heads
Q3. Which of the following does the sales team currently have available?
Tick all that apply. If none apply, leave empty.
A documented sales process from first contact to signed contract
A pitch deck or sales presentation that reflects the current business accurately
Brochures, leaflets or one-pagers for the main products or services
A clear description of who the ideal customers are and what differentiates the business
A list of common objections and how to handle them
Case studies or customer references they can use in a sales conversation
A pricing guide or proposal template
Q4. Where does new business currently come from?
Tick all that apply. If none apply, leave empty.
Salespeople's personal networks and existing relationships
Referrals from existing customers
Word of mouth and reputation
Trade fairs or sector events
Inbound from the website or online presence
Outbound prospecting by the sales team
Upselling to existing customers
Other
Q5. How does the sales team currently report on commercial activity?
Weekly structured meeting with pipeline review and clear metrics
Regular informal updates
Ad hoc, only when something closes or a problem arises
No formal reporting
Q6. When the business loses a prospect or a deal, is there a process for understanding why?
Yes, losses are reviewed systematically and the learning is shared with the team
There is a general sense of why deals are lost but no structured process
Some losses are discussed but many go unnoticed or unexplained
No, lost deals are not tracked or reviewed
Optional
Is there anything specific about how commercial activity works in this business that you think is unusual for your sector, or that the questions above did not capture?
Area 2 of 5
Value proposition and positioning
Knowing what the business does and why customers choose it is the foundation of every commercial and marketing decision. The clearer and more consistent this is across the team, the stronger every sales conversation, every piece of marketing and every new hire will be.
Q1. Does the business have a clear value proposition: a statement of what it does, who it serves and why customers choose it over alternatives?
Yes, written, shared with the team and actively used
Something exists but it is informal, outdated or not shared consistently
No, it exists in people's heads but has never been written down
Q2. When a prospect asks the team "why should we choose you over your main competitor", what happens?
There is a clear consistent answer the whole team gives confidently
Each person has their own version, some stronger than others
There is no strong answer to this question yet
Q3. Does the business have an explicitly defined positioning: where it competes, which customers it prioritises and what makes it genuinely different from alternatives?
Yes, defined, documented and actively used to guide commercial decisions
Partially, there is a working sense of it but it has never been formalised
No, the business competes on relationships and reputation rather than a defined position
Midpoint reflection
Is there anything about the commercial reality of this business that surprised you since you took over?
Area 3 of 5
Customer knowledge and satisfaction
Understanding customers goes beyond knowing who pays the invoices. Knowing why they stay, what they value most and whether they are satisfied is the foundation of every commercial and growth decision.
Q1. Does the business have a clear and validated understanding of why its best customers choose it and keep buying from it?
Yes, customers have been asked directly and the answers are clear and consistent
There is a strong instinct but it has never been validated directly with customers
There is no clear view of why customers stay beyond the fact that they do
Q2. Does the business have a systematic way of collecting customer feedback on its products or services?
Yes, a regular process is in place and there is baseline data
Informally, the sales team has a sense but nothing structured exists
No, the business relies on the absence of complaints as a sign of satisfaction
Area 4 of 5
Portfolio and pricing
IESE research on high-performing search fund companies found that pricing improvement was a significant contributor to value creation, yet most acquired SMEs have not reviewed their pricing in years. Similarly, most portfolios have grown organically without ever being assessed commercially. These two areas consistently represent the highest untapped opportunity in an acquired business.
Q1. How would you describe the current product or service portfolio?
Focused and coherent, each offering serves a clear commercial purpose
Mostly coherent but with some legacy offerings that complicate the picture
Complex and broad, grown organically without a clear commercial logic
Q2. How is pricing currently determined?
Based on a clear methodology the team applies consistently
Based on an existing price list that has not been recently reviewed
Case by case, based on judgment or what competitors charge
Q3. Does current pricing reflect the value the business delivers to its customers?
Yes, pricing is well calibrated to the value delivered
Possibly not, there is likely room to adjust but it has not been assessed formally
Unlikely, pricing was inherited and has not been questioned since acquisition
Area 5 of 5
Marketing and visibility
Marketing is almost universally the weakest commercial function in an acquired SME. Most businesses have grown through relationships and reputation without ever needing a structured marketing approach. As the market evolves and the business needs to grow beyond its existing network, visibility and a coherent external presence become critical commercial assets.
Q1. What is the current state of the business's online presence?
Tick all that apply. If none apply, leave empty.
Website up to date and accurately reflecting the business
Google Business profile complete and up to date
LinkedIn company page active and up to date
Present and visible in relevant sector directories or platforms
Q2. Are there any elements of the current external presence that could actively damage the brand or mislead a potential new customer?
Q3. How would you describe the current brand identity: logo, visual identity, tone of voice and overall presentation?
Coherent, professional and consistent across all touchpoints
Functional but outdated, does not fully reflect what the business is today
Inconsistent, different materials and channels present the business differently
Q4. Which of the following apply to the business today?
Tick all that apply. If none apply, leave empty.
We know our top five direct competitors
We know our indirect competitors: businesses solving the same customer problem in a different way
We actively monitor what competitors are doing: pricing, positioning, new offerings, marketing
We are aware of new entrants or emerging competitors in our market
We follow industry trends and sector developments regularly
We have tested or experienced a competitor's product or service firsthand
Final question
What is the one thing, commercial or marketing, that you most want to change or build in the next twelve months?
Almost there
Your results are ready
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Analysing your answers across five commercial areas...
About this diagnostic
Built on research and practitioner experience
This diagnostic is grounded in the post-acquisition commercial framework developed by Keana Marketing and Search Fund Growth, drawing on IESE Business School research, Stanford Graduate School of Business search fund studies and direct experience working with search fund CEOs across Europe.
The framework defines four stages of commercial development from acquisition to growth. Your answers are being assessed against what the framework identifies as the right commercial foundations at each stage. The output is a personalised gap analysis with specific recommended actions grounded in the sequence the framework defines.
Use the results to prioritise your commercial work for the next three to six months. The three priorities are sequenced deliberately: address them in order.
Your commercial health dashboard
Commercial health by area
Stage 1 in progress
Stage 2 needed
Stage 2 complete
Stage 3 ready
What the stages mean
Stage 1 in progress: The commercial foundations in this area are still being established. The priority is to put the basics in place.
Stage 2 needed: Basic awareness exists but structure and processes need to be formalised before the business can grow from this area.
Stage 2 complete: A solid commercial foundation exists here. Strategic and growth-oriented work can begin.
Stage 3 ready: This area is well developed. The focus is on optimising and scaling what is already working.