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Step 04 · Audience · Optional

Who are you convincing? The right proof depends on who’s in the room.

The data doesn’t change — but the framing of the diagnostic shifts toward what your specific audience will scrutinize. An LP and a bank lender are looking at the same numbers through different lenses.

What shifts

The emphasis, not the evidence.

For an LP, we lead with the moat and the exit. For a bank, we lead with the ADR coverage and the occupancy floor. For a design partner, the whitespace story. Same facts — calibrated for the room.

01

Who's in the room?

Sets the framing voice for the diagnostic — risk tolerance, time horizon, and what they'll push back on hardest.

Equity partnerLP / fundFamily officeBank / construction lenderDesign or development partnerInternal board or stakeholder groupJust myself — stress-testing the plan
02

What's their most likely objection?

We'll weight the diagnostic to address it head-on — so the answer is in the brief before they ask.

Market too small / too nicheConcept unproven in this regionCapital too thin for the scopeOperational complexity underestimatedExit / liquidity unclearLocation / access riskConvergence — too many similar operators
03

What have they already seen from you?

Helps us calibrate depth — a first-touch pitch deck and a final diligence request are very different documents.

Nothing yet — cold pitchTeaser or exec summaryFull deck — first passFull deck — multiple roundsIn diligence — answering specific questions