QoE Providers for ETA Buyers: CPA Firm vs Shepi
Most ETA buyers don't have to pick one. The realistic answer is: screen with Shepi at $2,000, escalate to a CPA firm only when the deal advances and the lender or equity requires formal attestation.
$25K–$75K
CPA QoE for ETA deals
$2,000
Shepi per project
4–8 wks → 24–48 hrs
Timeline compression
The Choice
For an ETA or self-funded search acquisition in the $1M–$10M EBITDA band, the QoE decision used to be binary: pay a CPA firm $25,000–$75,000 and wait 4–8 weeks, or skip a real QoE entirely and underwrite on the seller's numbers.
That's no longer the choice. Shepi runs the same analytical workload — EBITDA adjustments, GL anomaly review, working-capital, revenue quality, cash proof — in hours instead of weeks, at roughly 10% of CPA-firm pricing. CPA firms still own formal attestation work; Shepi owns everything else.
Side-by-Side
| Dimension | CPA Firm QoE | Shepi |
|---|---|---|
| Per-project cost | $25,000–$75,000 | $2,000 DIY · $5,000 DFY |
| Timeline | 4–8 weeks | 24–48 hours |
| GL coverage | Sample-based (10–20%) | 100% of transactions |
| Re-runs after data corrections | Re-bill | Included |
| Pre-LOI screening | Cost-prohibitive | Routine |
| Lender-ready PDF + Excel | Yes | Yes — Excel ties to GL |
| CPA-led review of adjustments | Yes | Yes (DFY tier — review, not attestation) |
| Formal CPA attestation opinion | Yes | No — analysis only |
When to Pick a CPA Firm
Lender or equity requires attestation
Larger SBA loans, non-SBA acquisition debt, or institutional equity sometimes require a formal CPA-attested QoE. Shepi doesn't issue attestation opinions.
Public-company target or carve-out
Complex carve-out accounting, segment financials, or SEC-relevant work needs a firm.
Tax structuring opinions tied to the QoE
338(h)(10), F-reorg analysis, NOL preservation — these need a tax advisor on the engagement.
When to Pick Shepi
Pre-LOI deal screening
Validate seller-reported EBITDA before committing to an LOI. Pay per look, not per engagement.
Lower-middle-market ETA deals
$1M–$10M EBITDA targets where CPA-firm fees are disproportionate to deal size.
SBA-financed acquisitions
Most SBA lenders are comfortable underwriting on Shepi output. See our SBA loan QoE page for detail.
Sell-side prep
Brokers and sellers preparing for market use Shepi to identify and document add-backs proactively.
IC memo / investor decks
Internal use to support investment decisions — no third-party attestation required.
The Hybrid Path (Most Common)
Most active searchers use Shepi for screening and pre-LOI work, then bring in a CPA firm during exclusivity if (and only if) the lender or equity requires formal attestation. Because Shepi's workbook ties back to the GL with full traceability, a CPA firm engaged later can review the adjustments rather than rebuild them from scratch — often reducing the CPA's bill materially.