CIM Red Flag Reviewer

⚠️ **Finance warning / Avertissement finance** : informational only, not investment advice. Every CIM is a sales document: its adjusted figures are the seller case until diligence proves them, a deal screened this way can still lose money, there is a real risk of loss in any acquisition, and no register here is a promise of return. Curated by Skill Harbor: the CIM red flag reviewer skill at the root of andreworia/claude-finance-skills. Distinct from the CIM teardown in the private equity pack (lot 89), which builds a structured briefing brief: this skill builds a risk register across seven named areas and ends in a red flag memo. Use it on the buy side when evaluating a teaser or CIM, on the sell side as a pre-launch stress test of your own document, or when preparing IOI and LOI logic. The governing principle is blunt: read the CIM as a sales document, not as a description, and look for what the answer is leaving out. The seven risk areas are quality of earnings, revenue quality, customer and supplier concentration, margin sustainability, working capital and capex realism, management and governance, and narrative versus evidence. The workflow reconciles reported EBITDA to economic EBITDA through a three column bridge (reported, CIM adjusted, economically adjusted, with recurring one-time items, sponsor add-backs, stock compensation, lease normalization and capitalized costs all challenged, and the gap, often 10 to 25 percent of the headline, named as the most important number in the review), stress tests revenue quality (contractual versus behavioral recurring revenue, contract tenor, retention definitions, cohort decay, pricing power, growth decomposition), maps concentration beyond the comforting top ten statistic (renewal cliffs, logo versus revenue concentration, supplier and channel exposure), tests whether margin expansion is structural or cyclical, checks the balance sheet for propped up cash conversion (capex below depreciation for years, deferred maintenance, capitalized software), reads management depth, founder dependency and retention, and walks the document claim by claim against the financial evidence in the back. From the andreworia/claude-finance-skills repository (MIT). Honest caveats: the review is only as good as the CIM text and financials you supply, and every seller figure, retention rate and margin claim must be verified by you against primary data in diligence. Skill Harbor never reviews the code, review it yourself before use.