# B.L. Sheets & Co.

> B.L. Sheets & Co. LLC delivers Revenue Intelligence & Decision Architecture (RIDA), its proprietary economic operating system, which governs how a firm prices, allocates capital, and designs incentives under uncertainty. RIDA runs in five sequential stages, each with explicit completion criteria, and is delivered as diagnostics, architecture installation, and ongoing governance. The same discipline runs the pre-deal economic read on both sides of a transaction. It is economic operating infrastructure, not a strategy framework, a forecasting tool, or a consulting deliverable.

B.L. Sheets & Co. LLC is a wholly owned subsidiary of GrowthProCMO LLC, based in Hudsonville, Michigan. Its primary focus is founder-led professional-services firms, such as law, accounting, and advisory practices, and healthcare groups in dental, veterinary, optometry, and ophthalmology. It works with owners preparing for a sale, a capital raise, or a platform offer, and with the platforms, consolidators, and private-equity buyers across the table.

## Markets and sides
RIDA is organized by problem class, not by industry. The work applies wherever revenue and capital decisions are too consequential to leave to instinct.
- Professional services: law, accounting, advisory, and consulting firms.
- Healthcare: dental, veterinary, optometry, and ophthalmology practices, and the platforms (DSOs, MSOs, and PE-backed consolidators) acquiring them.
- Both sides of a transaction: sell-side transaction readiness for owners, buy-side diligence for acquirers, and capital-raise readiness for founders.

## Core pages
- [Home](https://blsheets.co/): What RIDA is, the five stages, the three engagement formats, and the boundary between economic governance and operational management.
- [Case Studies](https://blsheets.co/case-studies): 29 anonymized RIDA case studies across 9 problem classes, spanning Pricing and Discounting, Structural Truth Before Analysis, Acquisition and Retention Structure, Capital Raise Readiness, Revenue Concentration and Shape, and Capital Allocation.
- [M&A & Capital](https://blsheets.co/transactions): The pre-deal economic read for owners and advisors. Sell-side transaction readiness, buy-side diligence, and capital-raise readiness, built before a sale, a raise, or a platform offer.
- [Readiness Read](https://blsheets.co/readiness): A short interactive diagnostic for owners preparing for a sale or a capital raise. It interviews the operator, identifies the one binding RIDA problem class, most often Capital Raise Readiness or Structural Truth Before Analysis, and returns a structural read before any number is on the table.
- [The Decision Layer](https://blsheets.co/decision-layer): Essays on the revenue, capital, and incentive decisions that hold under constraint. Each piece takes a number operators trust and shows what it was actually measuring.
- [About](https://blsheets.co/about): B.L. Sheets, founder. Why RIDA was built, how it came out of the businesses he has built and the firms he has worked with, and who it is for.

## The Decision Layer (writing)
- [The Firm Made a Loan It Never Priced](https://blsheets.co/decision-layer/the-firm-made-a-loan-it-never-priced): A firm carrying 95 days of lockup is in the lending business. Every engagement letter extends unsecured credit at 0% as a default term, and at $2.6M of collections the standing balance is $676,685, costing roughly $45K a year in line-of-credit interest to carry. The record year and the February cash squeeze are the same fact. Why to compute lockup days, the loan balance, and the annual carry from the practice management system before the bank prices the gap again.
- [Same Collections, Different Practice](https://blsheets.co/decision-layer/same-collections-different-practice): Two practices collect the same $3.0M and grow at the same rate, and a buyer prices them apart, because the code file sorts revenue by a property the P&L never records: whether a dollar renews itself next year or must be sold again from zero. A hygiene dollar books its own replacement in the operatory; a completed implant dollar must be re-originated from new demand. Why to compute the re-sold share, the fraction of collections that must be created again next year, from the production-by-code report before the buyer's QoE team computes it in the first week of diligence.
- [The Practice Looked Profitable Until We Normalized the Owner](https://blsheets.co/decision-layer/practice-looked-profitable-until-we-normalized-the-owner): Two practices show the same $650,000 EBITDA and draw the same $3.9 million bid. Presented EBITDA prices every input at market except the owner's own clinical labor, so the margin partly reflects the seller's tax plan. Normalized at the owner's replacement cost, one file is a fair add-on at 5.6x and the other overpays by $1.8 million. Why to compute EBITDA at replacement cost from the payroll register and the production report before the indication, not after the LOI anchors the price.
- [Owner Dependency Is the Discount](https://blsheets.co/decision-layer/owner-dependency-is-the-discount): Two practices with identical EBITDA can trade $1.3 million apart, because a buyer prices only the earnings that survive the owner's exit. The share of production attached to the owner personally is the discount, and no practice report ever states it. Why to compute transferable EBITDA, owner production replaced at market cost and personal goodwill haircut for attrition, years before a buyer runs the same math.
- [The DSO Offer That Looks Bigger Than It Is](https://blsheets.co/decision-layer/dso-offer-looks-bigger): A DSO letter of intent prices the practice on page one; pages two through twelve describe how much of that number reaches the owner. Normalized owner compensation, rollover equity, earn-outs priced at expected value, and working capital true-ups routinely move headline to proceeds by 30 to 50 percent. Why to compute net realized proceeds before exclusivity, while there is still more than one buyer in the room.
- [Discounting Works. That Is the Problem.](https://blsheets.co/decision-layer/discounting-works): Discounting improves close rates. The data is clear. But the blended win rate measures two populations with opposite economics: clients who would have paid full price (margin surrendered) and clients who closed only because of the discount (selected for price sensitivity). Computing the net contribution of the discount requires separating them. For most firms, the incremental volume costs more than it contributes. Why to measure the marginal contribution of discount-dependent wins, net of the margin destroyed on work the firm was going to win regardless.
- [The Matter Type That Looks Profitable and Isn't](https://blsheets.co/decision-layer/matter-type-that-looks-profitable): A firm's reporting sums cost before it splits revenue, so the P&L cannot say which matter type pays for itself and which is carried. Allocate the cost to serve by matter type and the highest-billing line is often the most expensive way to stay busy. Why to steer by contribution shape across matter types, not the blended total.
- [Write-Downs Are a Pricing Decision You Are Making by Accident](https://blsheets.co/decision-layer/write-downs-are-a-pricing-decision): A write-down is a price cut granted after the work is done, usually by a manager clearing WIP rather than a partner setting policy. Added up across the year it is the largest pricing decision the firm made, and nobody decided to make it. Why to assemble write-downs into one effective discount rate and decide it on purpose.
- [The Busiest Month You Had All Year May Have Lost You Money](https://blsheets.co/decision-layer/busiest-month-lost-you-money): A full calendar measures how completely capacity was consumed, not what was left after the cost of consuming it. The busiest month is often the least profitable. Why to read months by contribution after cost to serve, not by how full they were.
- [Your Biggest Client Is Probably Your Worst](https://blsheets.co/decision-layer/your-biggest-client-is-probably-your-worst): Revenue ranks your clients by size. Contribution after cost to serve ranks them by who actually pays, and the largest account is often the worst one. Why to rank accounts by what they net, not what they gross.
- [There Is No Such Thing as a Clean Company](https://blsheets.co/decision-layer/there-is-no-such-thing-as-a-clean-company): Clean is not a state a growing company is ever in. Diligence measures whether you found what was there before the buyer did, and the order things surface in is most of the score. Why to run the diligence on yourself first, while there is still time to act.
- [You Can Grow the Membership and Shrink the Business at the Same Time](https://blsheets.co/decision-layer/grow-the-membership-and-shrink-the-business): Member count measures size, not value. A membership can grow in count while shrinking in economic value for years. Why to set acquisition cost against retained value, account by account.
- [Your Comp Plan Is Quietly Setting Your Prices](https://blsheets.co/decision-layer/your-comp-plan-is-quietly-setting-your-prices): The comp plan governs the people who do the charging, which makes it the real pricing policy. When it disagrees with the pricing document, it wins. Why to design the two as one system.
- [What Kills a Raise Is Almost Never the Number](https://blsheets.co/decision-layer/what-kills-a-raise-is-almost-never-the-number): A raise rarely dies on the valuation. It dies in diligence, on a structural fact the founder never measured. Why to run the diligence on yourself first, while there is still time to act.
- [Raising Your Rates Won't Fix a Margin Problem](https://blsheets.co/decision-layer/raising-your-rates-wont-fix-a-margin-problem): A margin problem is usually a contribution problem in disguise. Why the rate card is the first lever a firm reaches for and the last one that helps.

## The five stages
- Stage 1, Structural Economic Truth: revenue decomposition, contribution mapping, cost classification, capital stack, and binding constraint identification.
- Stage 2, Behavioral & Elasticity Mapping: how price, volume, mix, and capital respond to change.
- Stage 3, Risk & Distribution Modeling: probability-bounded sensitivity, breakpoints, volatility corridors, and tail risk. The transaction read depends on Stage 3.
- Stage 4, Decision Architecture: governed rules for pricing, capital allocation, leverage, and incentives.
- Stage 5, Transitional Stability: sequencing change to protect margin, liquidity, and incentive alignment.
- No stage may be skipped. No capital decisions occur before Stage 3 is complete.

## Problem classes
RIDA diagnoses by problem class, not by industry. Each essay and engagement sits in exactly one. Nine carry documented case studies, 29 in total; Incentive Design is the tenth, in the taxonomy without a published case yet.
- Capital Raise Readiness: a diligence team finds what the founder has not. Run in the right order, the firm finds it first.
- Pricing and Discounting: run discounting as a growth lever and the revenue report and the margin report tell different stories.
- Structural Truth Before Analysis: what looks like an analysis problem is usually an unbuilt foundation. The data has to agree on who the customer is and what each field records.
- Acquisition and Retention Structure: acquisition and retention are one system. The channel an account enters through tends to decide what it does for years.
- Revenue Concentration and Shape: revenue size is a lagging indicator. The shape of revenue, how it distributes across clients and channels, leads.
- Capacity and Business Development: the binding constraint on growth is rarely the one being managed.
- Capital Allocation: capital allocated lever by lever optimizes each in isolation and can degrade the whole. The levers interact.
- Competitive Positioning: before competing harder where everyone is concentrated, measure the market one step over.
- Engagement Design: the objective is economic fluency, not dependency.
- Incentive Design: compensation and incentives set prices and allocation by other means. When the comp plan and the price list disagree, the comp plan wins.

## Engagement formats
- Structural Diagnostic (Stages 1 to 3): $2,000 to $35,000. This is also the sell-side, buy-side, and capital-raise transaction read.
- Architecture Project (Stage 4): $45,000 to $200,000.
- Governance Retainer (Stage 5 and ongoing): $5,000 to $30,000 per month.

## Booking
- General fit call: https://calendly.com/blsheets-blsheets/30min
- Focused revenue, for pricing, retention, and incentive decisions: https://calendly.com/blsheets-blsheets/focused-revenue-fit-call
- Sell-side transaction readiness: https://calendly.com/blsheets-blsheets/transaction-readiness-fit-call
- Buy-side diligence: https://calendly.com/blsheets-blsheets/buy-side-diligence-fit-call
- Capital-raise readiness: https://calendly.com/blsheets-blsheets/capital-raise-readiness-fit-call-1

## Contact
- Email: info@blsheets.co
- Phone: (616) 219-0129
- Location: Hudsonville, Michigan, United States