// v4/tool-data.jsx — single source of truth for all tools (index + detail pages). window.V4_TOOLS = [ { id: 'T-01', file: 'downloads/T-01_Quality_of_Earnings_Checklist.csv', n: '01', t: 'Quality of Earnings Checklist', tag: 'Start here', fmt: 'CSV · 4 KB', gated: false, v: 'v1.0', updated: 'Oct 2026', preview: 'checklist', d: '47-item normalisation framework — owner remuneration, family payroll, personal mix, related-party items, working capital, capex split, off-balance items. Worked examples on every line.', long: 'The working file for the earnings bridge on any SME valuation. Forty-seven items across five normalisation categories, each with a defensible / partially-defensible / indefensible classification column and a worked example. The output is the bridge from reported EBITDA to transferable EBITDA — the eighty-percent of valuation work that decides whether a deal closes.', contains: [ 'Owner remuneration — four-function decomposition', 'Family-on-payroll classification (3 buckets)', 'Personal mix — vehicle / travel / credit-card sampling', 'Related-party rent comparison with fit-out adjustment', 'One-off / non-recurring symmetry test', 'Comments column for line-by-line defence', ], chapter: ['Chapter III · Quality of Earnings', 'chapter.html'], previewRows: [ ['Owner remuneration adjustment', '−180,000', 'defensible'], ['Family members on payroll', '−220,000', 'partial'], ['Personal expenses through co.', '−95,000', 'defensible'], ['Below-market related-party rent', '−225,000', 'defensible'], ['Non-recurring legal settlement', '+40,000', 'partial'], ], }, { id: 'T-02', file: 'downloads/T-02_Multiples_Quality_Scorecard.csv', n: '02', t: 'Multiples Quality Scorecard', tag: '', fmt: 'CSV · 1 KB', gated: false, v: 'v1.0', updated: 'Oct 2026', preview: 'spreadsheet', d: '12-factor framework for moving an industry multiple up or down: size, key person, customer concentration, recurring revenue, supplier concentration, growth durability, margin defensibility, and five more. Auditable scoring column.', long: 'Twelve factors, each scored −2 to +2 against the comparable set, each mapped to a defensible multiple adjustment, summed within a ±50% sanity cap. The worked example walks a comparable-set median multiple to the multiple your specific business deserves — with a comments cell defending every score.', contains: [ 'Twelve quality factors, pre-weighted', 'Five-point scoring scale (−2 to +2)', 'Per-factor multiple-adjustment mapping', '±50% combined sanity cap', 'Worked example: 4.20× median to 3.50× concluded', 'Comments column for line-by-line defence', ], chapter: ['Chapter IV · The Art of Multiples', 'chapter-04.html'], previewRows: [ ['Size (revenue band)', '−1', '−0.30×'], ['Customer concentration', '−2', '−0.70×'], ['Key-person dependence', '−1', '−0.25×'], ['Recurring revenue mix', '+1', '+0.40×'], ['Margin defensibility', '+1', '+0.20×'], ], }, { id: 'T-03', file: 'downloads/T-03_Report_Review_Checklist.html', n: '03', t: 'Valuation Report Review Checklist', tag: '', fmt: 'HTML · 6 KB · print-ready', gated: false, v: 'v1.0', updated: 'Oct 2026', preview: 'pdf', d: '30-minute scan of any third-party report. RM-grade. Produces a one-page red-flag note covering assumption sheet, comparable set, WACC build, terminal value, scenario discipline, and disclaimer drift.', long: 'The five-pass scan as a print-ready page (print or save as PDF from your browser). Skim, table-of-contents pass, assumption-sheet deep read, comparable-set audit, conclusion check — each timed, each with the red flags to look for. The output is a one-page review a credit committee can act on without reading the underlying report.', contains: [ 'Five-pass scan sequence, timed', 'Six assumption-sheet red flags', 'Disclaimer-to-risk-register translator', 'Comparable-set six-test audit', 'WACC reconstruction quick-check', 'One-page review output template', ], chapter: ['Chapter VII · Reading a Report', 'chapter-07.html'], previewRows: [ ['Round-number discount rate?', 'flag'], ['Terminal growth > nominal GDP?', 'flag'], ['Asymmetric normalisation?', 'flag'], ['Comparable set disclosed?', 'check'], ['Sensitivity grid present?', 'check'], ], }, { id: 'T-04', file: 'downloads/T-04_SME_WACC_Buildup.csv', n: '04', t: 'SME WACC Build-up', tag: '', fmt: 'CSV · 1 KB', gated: false, v: 'v1.0', updated: 'Oct 2026', preview: 'spreadsheet', d: 'Risk-free + ERP + size premium + specific company risk. NZ-input defaults as at May 2026: 10y NZGB, ERP from Damodaran plus an NZ adjustment, size band from Duff & Phelps SME mapping. Check the dates before you rely on them.', long: 'A defended discount-rate build-up with NZ inputs as at May 2026. Four components, each sourced and dated, producing the awkward non-round number a real build-up produces. The audit trail — value, source, date for every component — is what survives a credit committee.', contains: [ 'Risk-free rate (RBNZ 10y benchmark, May 2026)', 'Equity risk premium (Damodaran + NZ adj.)', 'Size premium — three-band SME mapping', 'Specific company risk premium builder', 'After-tax cost of debt + WACC blend', 'Source-and-date audit trail per component', ], chapter: ['Chapter V · DCF, Used Correctly', 'chapter-05.html'], previewRows: [ ['Risk-free (10y NZGB)', '4.30%'], ['Equity risk premium', '6.00%'], ['Size premium ($3–5M)', '5.00%'], ['Specific company risk', '2.40%'], ['Cost of equity', '17.70%'], ], }, { id: 'T-05', file: 'downloads/T-05_Sample_Chapter_QofE.html', n: '05', t: 'Sample Chapter — QofE Teardown', tag: 'Best intro', fmt: 'HTML · 11 KB · print-ready', gated: false, v: 'v1.0', updated: 'Oct 2026', preview: 'pdf', d: 'A free sample of Chapter III: lessons 3.01–3.06 in condensed form, plus the Auckland import-trading case (case №047) worked from reported to normalised. Print-ready, no DRM.', long: 'A condensed sample of Chapter III — the best single introduction to the method. The Auckland import-trading case (case №047) is worked from reported EBITDA of $1.2M to transferable EBITDA of $480k, every adjustment defended. If you read one thing before buying, read this.', contains: [ '3.01 · What "Quality of Earnings" actually means', '3.02 · The five categories of normalisation', '3.03 · Owner remuneration', '3.04–3.06 · Family, personal mix, related-party', 'Case №047 worked end-to-end', ], chapter: ['Chapter III · Quality of Earnings', 'chapter.html'], previewRows: [ ['Reported EBITDA', '$1,200,000'], ['Owner remuneration', '−180,000'], ['Family on payroll', '−220,000'], ['Personal mix', '−95,000'], ['Normalised EBITDA', '$480,000'], ], }, { id: 'T-06', file: 'downloads/T-06_Cross_Border_Adjustments_Memo.html', n: '06', t: 'Cross-Border Adjustments Memo', tag: '', fmt: 'HTML · 6 KB · print-ready', gated: false, v: 'v1.0', updated: 'Oct 2026', preview: 'pdf', d: 'Short memo on the most common CN ↔ NZ valuation adjustments: transfer pricing on holding-co flows, FX hedging assumptions, country-risk premium, and the WHT/imputation interaction.', long: 'A short memo on valuing an NZ business for a cross-border (typically Chinese) buyer. The five adjustments that pull the cross-border investment value away from the domestic FMV — and why the premium is buyer-specific, not a generic "foreign buyers pay more" rule.', contains: [ 'Transfer pricing on intercompany flows', 'Holdco structure & dividend leakage', 'FX exposure on the earnings stream', 'Country-risk premium (the NZ-favourable case)', 'WHT / imputation interaction under the DTA', ], chapter: ['Chapter VI · Valuation in Context', 'chapter-06.html'], previewRows: [ ['Domestic FMV base', '$2.0M'], ['Transfer-pricing synergy', '+'], ['FX exposure', '−'], ['Country-risk diversification', '+'], ['Cross-border investment value', '$2.4M'], ], }, { id: 'T-07', file: 'downloads/T-07_Earnout_Structuring_Template.csv', n: '07', t: 'Earn-out Structuring Template', tag: '', fmt: 'CSV · 1 KB', gated: false, v: 'v1.0', updated: 'Oct 2026', preview: 'spreadsheet', d: 'Standard earn-out spec sheet: trigger metric, measurement window, cap and collar, catch-up, PV of the contingent slice, dispute resolution. One worked $4.0M deal.', long: 'A bridge between the valuer and the deal lawyer. The earn-out spec sheet states the trigger metric, the measurement window, the cap and collar, and the dispute-resolution mechanics in plain English, on one worked $4.0M deal, so the lawyer drafting the SPA starts from agreed numbers.', contains: [ 'Trigger-metric definitions (revenue / EBITDA)', 'Measurement-window mechanics', 'Cap, collar, and catch-up provisions', 'Present-value discounting of the contingent slice', 'Dispute resolution and change-of-control terms', 'Worked example: $4.0M headline, 60 / 30 / 10 split', ], chapter: ['Chapter IV · Key-person discount', 'lesson-4-04.html'], previewRows: [ ['Close payment (60%)', '$2,400,000'], ['Earn-out, yr 1–2 (30%)', '$1,200,000'], ['Escrow holdback (10%)', '$400,000'], ['PV of contingent slice', '~$0.85M'], ['Headline deal value', '$4,000,000'], ], }, { id: 'T-08', file: 'downloads/T-08_Comparable_Set_Audit.html', n: '08', t: 'Comparable-Set Audit', tag: '', fmt: 'HTML · 5 KB · print-ready', gated: false, v: 'v1.0', updated: 'Oct 2026', preview: 'checklist', d: 'A method, not a spreadsheet. Six tests for whether a published comparable set is fit-for-purpose for your deal — and what to do when only two of the six are met.', long: 'Six tests for whether a comparable set actually supports the multiple drawn from it: industry relevance, size comparability, recency, transaction-type consistency, earnings-base consistency, and set size. Most third-party sets pass three or four. The memo covers the fix when only two are met.', contains: [ 'Test 1 — industry relevance', 'Test 2 — size comparability (within 1 order)', 'Test 3 — recency (under 3 years)', 'Test 4 — transaction-type consistency', 'Test 5 — earnings-base consistency', 'Test 6 — set size (4+ minimum)', ], chapter: ['Chapter VII · The comparable-set audit', 'lesson-7-04.html'], previewRows: [ ['Industry relevance', 'pass'], ['Size comparability', 'pass'], ['Recency < 3y', 'fail'], ['Transaction-type', 'pass'], ['Set size ≥ 4', 'fail'], ], }, ];