{
  "meta": {
    "publication": "Acquidex Intelligence",
    "docId": "AQX-IR-PNT-2026Q2",
    "vertical": "Painting",
    "period": "Q2 2026",
    "sampleWindow": "Q2 2026 public market-rate sweep",
    "lastUpdatedISO": "2026-07-14",
    "sourceUrl": "https://acquidex.com/intel/painting/atlas/q2-2026/diligence",
    "methodology": "Acquidex v1.0",
    "itemCount": 4,
    "severityCounts": {
      "critical": 2,
      "high": 2,
      "medium": 0
    },
    "disclaimer": "Informational only. Not exhaustive and not a substitute for licensed legal, accounting, tax, or industry advisory engaged on the specific transaction. Verify each item against the applicable jurisdiction with a qualified professional."
  },
  "items": [
    {
      "index": 1,
      "severity": "critical",
      "pillar": "earnings-quality",
      "pillarLabel": "Earnings Quality",
      "category": "Job costing",
      "title": "Rebuild job-level gross margin",
      "whyItMatters": "Annual SDE can hide underpriced jobs and callback costs.",
      "whatToCheck": "Job cost reports · labor hours · materials · subs · callbacks · gross margin by job"
    },
    {
      "index": 2,
      "severity": "critical",
      "pillar": "earnings-quality",
      "pillarLabel": "Earnings Quality",
      "category": "Labor normalization",
      "title": "Normalize owner-estimator labor",
      "whyItMatters": "Seller estimating and sales work must be replaced.",
      "whatToCheck": "Estimate logs · close rate · owner schedule · project-management workload"
    },
    {
      "index": 3,
      "severity": "high",
      "pillar": "transferability",
      "pillarLabel": "Transferability",
      "category": "People",
      "title": "Verify crew and subcontractor continuity",
      "whyItMatters": "Production capacity can disappear after close.",
      "whatToCheck": "Crew roster · tenure · subcontractor agreements · insurance certificates · retention plan"
    },
    {
      "index": 4,
      "severity": "high",
      "pillar": "fundability",
      "pillarLabel": "Fundability",
      "category": "Cash flow",
      "title": "Stress-test seasonality and pipeline",
      "whyItMatters": "Painting cash flow can trough even when annual SDE looks fine.",
      "whatToCheck": "Booked pipeline · deposits · monthly P&L · payroll timing · working-capital needs"
    }
  ]
}