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Scope of the Field

What Corporate Finance Consulting Delivers — and What It Does Not

Figures for a financing case being recalculated with a calculator and supporting documents

Corporate finance — also called corporate finance advisory, and transaction advisory where a deal is involved — deals with the capital side of a company: where funds come from, what they cost, what commitments they create and what a business or a shareholding is worth. It differs from controlling not in the underlying figures but in the audience. Here banks, investors, buyers and sellers are reading along, and they read with a date in the diary.

It works against deadlines other people set. A loan maturity, a bid deadline, a closing date, a shareholders’ meeting: the date is fixed before the documents are finished. That changes the order of the work. Whatever has to be evidenced by the cut-off date comes before whatever would be technically more elegant — and whatever cannot be evidenced by then belongs in the open, named as such, rather than estimated.

It makes numbers auditable, not merely plausible. A plan that convinces internally falls over in an outside review the moment the derivation is missing. On the capital side the result of a calculation counts for less than its traceability: where each assumption comes from, and what happens if it does not hold.

It works in scenarios rather than target figures. Anyone who models a financing only for the expected path finds out where the agreement tears only when it matters. A capital structure becomes robust when the worse case has also been calculated, documented and described in its consequences for interest cover, repayment and the covenants that were agreed.

What it does not do. It does not decide whether to sell, buy or invest — that stays with management and the shareholders. It replaces neither a statutory audit nor tax or legal advice, and no decision by a provider of capital; every financing, valuation and transaction turns on the individual case and needs review by the bodies responsible for it. And it promises no price: what a company achieves in the market is decided by the field of buyers.

Decision Points

When Outside Support on Corporate Finance Questions Is Worth the Effort

Not every capital question needs help from outside. Where the finance team is well practised, the case has come up in-house before and the timetable is generous, involving external people mainly creates coordination work. It is different where the routine for this particular kind of occasion is missing. A refinancing comes round every few years in one company — on the other side of the table sit teams who handle one every week. In the situations below, the balance usually tips towards corporate finance consulting from outside.

A Financing Facility Is Maturing

  • Credit lines or loans are ending, and the follow-on financing has to stand up under new market conditions.
  • The date is fixed — and the documents lenders expect today go deeper than in the last round.

A Stake or the Whole Company Is to Be Sold

  • Succession, a change of shareholder or a carve-out — and nobody in the company has run such a process before.
  • Gaps in the preparation show up later in the purchase price or in the warranties.

An Acquisition Is Under Review

  • A target has been identified, valuation and risks are open, and the seller sets the timetable.
  • Anyone running the day-to-day business alongside it rarely has the capacity for a review that holds.

Liquidity Is Getting Tight

  • Payment terms, inventory or a drop in orders tie up more cash than planned.
  • A forecast that holds on a weekly basis is a different thing from an annual plan.

Lenders and Investors Are Asking for More Than Before

  • Banks, investors or shareholders want plans, scenarios and evidence at a new level of depth.
  • Reports that are good enough internally often cannot be derived for an outside reader.

The Finance Team Has Reached Its Limit

  • A key position is vacant, and year-end close and project land in the same weeks.
  • Extra capacity with transaction or banking experience relieves exactly the places where it jams.

Is there a date in your diary for which the figures are not yet in place? Twenty minutes are enough for a first reading: what has to be evidenced by then, which document comes first — and whether support from outside is needed for it at all.

Areas of Work

The Areas of Work in Corporate Finance Consulting

One area is staffed on its own, or several together, depending on which occasion sets the pace. The areas interlock: a valuation needs a plan that holds, a financing needs a valuation, and both need a liquidity forecast that really covers the period under review.

Financing and Capital Structure

How much debt and equity a project carries, which instruments come into question and what commitments they create: interest periods, repayment profile, collateral, agreed covenants. This includes preparing the documents that lenders want to see, and a reading of which structure is realistically within reach in the situation at hand. A financing commitment is not part of it — that decision stays with the provider of capital.

Company Valuation and Business Case

Valuation here means: disclose the assumptions, justify the method, show the range. The standard approaches — multiples, discounted cash flow, income- and asset-based methods — arrive at different results, and those differences are the actual information. A business case follows the same logic: a derivation anyone can follow instead of a target figure.

Company Sale, Succession and M&A Advisory

Preparing the figures, cutting the process to size, approaching and selecting counterparties, preparing the negotiation, seeing it through to signing. The larger part of M&A advisory happens before the first meeting: documents, data room and the answers to the questions that are certain to come. In succession cases one more question arrives — how much of the result carries without the current owner. That question also moves the price.

Due Diligence and Data Room

Reviewing the commercial and financial basis of a transaction, from the buy side or the sell side, and preparing the data room that makes such a review possible in the first place. Whatever surfaces here is later negotiated through the purchase price, the warranties or a walk-away right — no longer on the merits. The profiles for the individual workstreams sit under M&A & Due Diligence.

Liquidity, Working Capital and Treasury

Short-term solvency is a different quantity from earnings. This is where the weekly liquidity forecast belongs, along with inventory, payment terms and receivables run-off, interest and currency risk, and the relationship with the house banks. The lever often sits less in the result than in the capital tied up: cash inside working capital is not available for investment.

Reporting for Banks and Investors

Providers of capital read differently from an internal recipient: they check the derivation, the comparability across years and how the figures react to a shock. That means planning calculations, scenarios, the metrics that hang off existing loan agreements, and a reporting rhythm that can also be kept while the business runs.

Which of these areas comes first for you depends on the date and on the starting position. Describe both — what you get back is an assessment, not a pitch deck.

Engagement Formats

Four Formats in Which Corporate Finance Experience Gets Involved

The outcome is often decided less by technical depth than by the form of the engagement: with what mandate, towards which audience, with what authority to decide. Our network covers four formats, and moving between them during a project is normal. The same holds for all four: a named internal owner, objectives written down before the start, and clarity about who speaks for the company towards banks, investors and shareholders.

Single Technical Question
Second Opinion on the Numbers

An experienced person reviews one bounded piece of work: a valuation, a financing model, a planning calculation, an offer on the table. Useful where the work is being done in-house and the only thing missing is the practised eye that knows the places a review starts from.

Project Capacity
Reinforcement for the Finance Team

Additional specialists work inside the team under internal leadership: preparation, model building, data room, answering the questions that come out of the review. The common format in refinancings and sale processes.

Responsibility for a Set Period
Finance Leadership on Mandate

An external person takes on a leadership role in finance with authority to decide — where a position is vacant, in special situations, or where an instance outside the internal interests is needed. Facing the banks is part of the role.

Steering
Steering a Transaction Process

A small unit holds a process with many parties together: timetable, data room, question logs, coordination with legal and tax advisers, reporting to the shareholders. It does not negotiate in place of the owners; it makes sure decisions are taken in time.

Sector Context

Corporate Finance by Sector: What Sets the Terms on the Capital Side

The instruments are the same across sectors; their weighting is not. What a company can finance depends on what its balance sheet offers as collateral, how stable and how predictable its cash flows are, and how a field of buyers reads its future. A plant engineering firm with long project cycles and advance payments argues its plan differently from a software company with recurring revenue, and a hospital group with regulated income differently from a retailer with seasonal inventory.

Which profile we suggest for a sector question therefore follows sector experience, not availability: what is needed are people who know the valuation benchmarks of their sector, the metrics an investor looks at first, and the points where comparable processes have stalled before. Each tile sets out what drives the capital side in that sector and what a review looks at first.

Automated production line in machinery and plant engineering

Machinery and Plant Engineering

Retail inventory as a factor that ties up capital

Retail & Consumer Goods

Key figures of a software business with recurring revenue

Software & Technology

Regulated revenue and investment in the healthcare sector

Healthcare & Pharma

Generation assets and price development in the energy sector

Energy & Utilities

Office towers as an example of asset-based financing

Real Estate & Construction

Automated production line in machinery and plant engineering

Machinery and Plant Engineering

Retail inventory as a factor that ties up capital

Retail & Consumer Goods

Key figures of a software business with recurring revenue

Software & Technology

Regulated revenue and investment in the healthcare sector

Healthcare & Pharma

Generation assets and price development in the energy sector

Energy & Utilities

Office towers as an example of asset-based financing

Real Estate & Construction

Use Cases

Projects That Call for Corporate Finance Experience — and the Measure They Hang On

The occasions for which corporate finance experience gets bought in repeat themselves. Each brings its own date, a starting position that is recognisable, and a measure that shows at the end whether the preparation carried.

Refinancing and the Bank Meeting

Starting position: credit lines or loans are maturing, and the follow-on financing stands under different market conditions from the last one. What gets prepared is the planning calculation, the scenarios and the documents lenders review; open points are named rather than dissolved into assumptions. The result reads off the terms and side conditions of the new agreement — and off whether the covenants can be kept in day-to-day operations.

Company Sale and Succession

Starting position: a succession, a change of shareholder or the sale of a division; a field of buyers is approached as soon as the figures stand. Preparation, data room and valuation logic are built before the approach, because corrections later cost negotiating position. The result reads off more than the price — off warranties, holdbacks and the conditions that stay in the contract.

Acquisition and Integration

Starting position: a target has been identified, valuation and risks are open, the seller sets the timetable. What gets reviewed is earnings quality, capital tied up and the assumptions behind the target’s plan; in parallel it is settled what has to be brought together after the acquisition. The result reads off whether the effects assumed in the purchase model can be found again in next year’s reporting.

Safeguarding Liquidity Under Pressure

Starting position: payment terms, inventory or a drop in orders tie up more cash than planned, and lenders expect a forecast that holds, at short notice. What gets built is a weekly plan with an owner for every line, plus a ranking of measures by effect. The result reads off the gap between the forecast balance and the actual one.

Profiles

From Finance Leadership to Transaction Advisory: The Profiles Asked for Most

Which profile an occasion needs depends on who reads the figures: a round of bank meetings asks for something other than a sale process, a tight liquidity position for something other than a group close. The selection below is deliberately an excerpt; the full lists sit on the two category pages. Tasks, typical assignments and the daily rate range are on each role page.

Working Back From the Deadline: How a Corporate Finance Mandate Runs

The cut-off date is usually fixed at the beginning, not at the end. The order of work follows from it: first settle what has to be evidenced by that date, then build the basis for it, then go outside. The scope and duration of the steps depend on size, structure and occasion.

Step 1: the deadline and the audience of a corporate finance task are settled

1. Deadline, Audience and Question

Who reads the figures, by when, and which decision is meant to follow — bank, investor, buyer or shareholder group.
The audience determines which documents have to be produced, and in what depth.
The output is a list of what has to be evidenced at the cut-off date — and what stays open.
Step 2: historical figures, plan and contracts are brought together

2. Taking Stock of the Numbers

Historical figures, plan, liquidity, contracts and existing financings are brought together and checked for traceability.
What stands out is usually not the result but the place where the derivation breaks off.
Whatever cannot be evidenced is marked as such — the robustness of the whole calculation hangs on it.
Step 3: planning calculation and scenarios are built

3. Planning and Scenarios

A planning calculation with assumptions on the table, plus at least one worse path and its consequences.
Interest cover, repayment capacity and the metrics that agreements hang off are calculated.
The aim is not the most flattering presentation but one that still stands after the follow-up questions.
Step 4: valuation with a range, or a proposal for the capital structure

4. Valuation or Financing Structure

Depending on the occasion, what emerges is a valuation with a stated range or a proposal for the capital structure with alternatives.
Methods, benchmarks and the differences between approaches are explained, not smoothed away.
What is achievable in the market stays an assessment; the decision sits with the owners.
Step 5: documents and data room are prepared for the review

5. Documents and Data Room

Preparation of the documents an outside review needs — complete, versioned and free of contradictions between them.
The questions that are certain to come are answered in advance; that shortens the query rounds considerably.
Legal and tax advisers work in parallel; that coordination belongs in the timetable.
Step 6: meetings with providers of capital and handover into routine operation

6. Meetings and Handover

Support in the meetings with banks, investors or counterparties, with roles clearly assigned around the table.
After the decision, new covenants and metrics move into ongoing reporting.
At the close, the finance team takes these reporting duties into routine operation.
Budget

What Corporate Finance Consulting Costs

Corporate finance support through our network is billed by daily rate, not by transaction volume. The rate hangs on three things: the responsibility carried by the role, the scarcity of the experience, and who the figures are addressed to. Someone who faces banks or investors and carries decisions there sits well above a role that calculates and prepares in the background. Where transaction experience and sector knowledge meet in one profile, the field of candidates narrows further — and that shows up in the rate.

The ranges below are the daily rates published on our own English role pages under Finance & Controlling and M&A & Due Diligence, as of August 2026. Planning and steering profiles — business controlling, FP&A, forecasting, cash flow management — sit at €700 – €1,150 per day. Group and treasury roles carrying close or banking responsibility sit at €800 – €1,300. Transaction-related profiles — M&A advisory, financial and commercial due diligence — sit at €900 – €1,600. For leadership and programme responsibility, meaning interim CFO, post-merger integration and restructuring-related mandates, the published figures run from €1,200 to €2,500. These are orientation values, not fixed prices; the rate for a specific assignment follows from profile, scope, duration and location and is agreed beforehand.

For budgeting, the number of days on site says more than the rate. A bounded second opinion on a valuation or a financing model sits in the low double-digit range of days. Preparing a sale or a refinancing binds a share of capacity over months, usually part time; a mandate in finance leadership runs full time. Deciding early which documents are produced internally and which externally moves the larger part of the budget to where experience is actually missing.

The difference from mandating a bank, an M&A boutique or an audit firm lies less in the level than in the structure. There, the fee is often tied to a closing or to a transaction volume and topped up with retainers or commitment fees; here you pay for working time, whether or not a transaction happens. We do not offer success-based components through this page. Nor do we offer audit and assurance services reserved for licensed professionals — those still require mandating the bodies responsible.

Which profiles an occasion needs depends on who the figures are addressed to. The full lists sit under Finance & Controlling — among them interim CFOs, treasury managers and cash flow managers — and under M&A & Due Diligence with M&A consultants and financial due diligence specialists. For reviewing an acquisition and the time after closing, commercial due diligence specialists and post-merger integration consultants round out the transaction advisory side. For restructuring-related situations, Restructuring & Operational Efficiency adds the missing profiles.

Market Context

Capital Questions Are Arriving in Waves Over the Next Few Years

545,000

mid-sized companies in Germany are planning a succession by the end of 2029. Every one of those handovers is a valuation and a financing question.
KfW Succession Monitoring, German Mittelstand 2025

39%

of German mid-sized companies invested at all in 2024 — a figure close to the all-time low. Deferred investment arrives later in a bundle, and it has to be financed.
KfW SME Panel 2025

€499,000

is the average price expectation in successions planned at short notice. Whether it holds is decided by the derivation, not by the expectation.
KfW Succession Monitoring, German Mittelstand 2025
Questions and Answers

Frequently Asked Questions About Corporate Finance Consulting

Corporate finance describes the capital side of a company: financing and capital structure, investment decisions, shareholdings, company valuation, acquisitions and divestments, and the management of liquidity and financial risk. Unlike accounting, which records what has happened, and controlling, which steers internally, corporate finance is addressed to readers outside the company: banks, investors, buyers, sellers and shareholders. What counts here is therefore less the figure itself than the way it was derived.
Corporate finance consulting prepares decisions on the capital side so that they survive an outside review. That includes planning and scenario models, company valuations with the assumptions on the table, proposals for the financing structure, the preparation of transactions including the data room, and support in the meetings with providers of capital. The decision itself stays with management and the shareholders.
A bank provides capital and decides on its own participation in it. An auditor issues opinions reserved for the profession. An M&A boutique runs transaction processes, usually on a fee that depends on the closing. Corporate finance advisory through our network provides working time and experience — by daily rate, with no product interest and no success fee. It does not include audit opinions or a commitment of capital.
Billing is by daily rate, not by transaction volume. The daily rates published on our English role pages under Finance & Controlling and M&A & Due Diligence run between roughly €700 and €2,500 as of August 2026: planning and steering profiles at €700 – €1,150, transaction advisory profiles at €900 – €1,600, and leadership and programme responsibility at €1,200 – €2,500. For a budget, the number of days matters more than the rate: a second opinion is usually a low double-digit number of days, while preparing a sale or a refinancing binds a share of capacity over months.
For finance leadership on mandate, our Interim CFO role page states €1,300 – €2,500 per day; restructuring-related mandates sit at €1,300 – €2,200 and post-merger integration at €1,200 – €2,000. Specialist profiles without a leadership mandate sit below that: treasury at €800 – €1,300, financial due diligence at €1,000 – €1,600, FP&A and cash flow management at €750 – €1,150. Inside each range, sector experience, language requirements and the share of on-site work are what move the figure.
It tests the earnings, financial and asset position of a target for robustness. Typical elements are the analysis of earnings quality, meaning the separation of recurring from one-off effects, a review of net debt and capital tied up, a plausibility check of the plan, and the search for risks that have to be reflected in the purchase price or in the warranties. The profiles for the individual workstreams sit under M&A & Due Diligence.
In practice several methods are calculated in parallel: income-based approaches such as discounted cash flow, market-based multiples on comparable companies or transactions and, depending on the case, asset-based approaches. The results regularly differ from one another; that difference is part of the result and not a blur to be calculated away. Multiples from sector overviews are orientation figures, not inputs to be used as given. A valuation that holds always needs a look at the individual case, and it produces a range rather than a single figure.
It is worth it where a date is set from outside and the routine for exactly this occasion is missing in-house: a refinancing under new conditions, a company sale or a succession, the review of an acquisition, a tight liquidity position, or higher expectations from providers of capital. It is not worth it where the finance team is well practised and the case has already come up once. A good test is whether the documents for the cut-off date can be produced in-house without pulling capacity away from somewhere else.
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