Ce que recherchent les investisseurs du marché intermédiaire en Afrique de l'Ouest : une liste de contrôle pratique

For owners preparing a transaction, clarity saves time. At Icône Capital, we partner with profitable, scalable companies across West Africa—typically with $3–15M in recurring revenue—whose leaders are ready for the next stage. This practical checklist summarizes what investors like us evaluate before, during, and after a deal.

1) Revenue Quality & Profitability

Investors look beyond topline growth. We assess the engine that produces cash and how resilient it is when conditions change.

• Recurring revenue mix: Share of subscription, repeat orders, framework agreements, and multi-year contracts.
• Customer concentration: Exposure to top 5 clients, churn history, and mitigation plans.
• Margin durability: Cost-plus mechanisms, pricing discipline, and ability to pass through input inflation.
• Cash conversion: DSO/DPO/DIH, inventory turns, and working-capital governance.
• Audit trail: Clean monthly closes, budget vs. actuals, and variance explanations.

Quick win: Introduce tiered pricing and minimum order values for low-margin SKUs; tighten credit terms where collections slip.

2) Leadership & Succession

Mid-market value is created by people. We prioritize teams that combine operational depth with clear decision rights.

• Owner transition plan: Defined post-deal role (e.g., chair/advisor), knowledge transfer, and handover milestones.
• Bench strength: Identified COO/CFO with KPIs, meeting cadence, and accountability for day-to-day.
• Leviers de rétention : Incentives linked to EBITDA, cash, and strategic milestones—not just tenure.

What we like: Founders who remain strategic while empowering operators to run the weekly engine.

3) Governance & Reporting

Good governance reduces execution risk and unlocks better capital. We focus on discipline, not bureaucracy.

• Cadence du conseil : Quarterly strategy, monthly performance, structured agenda, and decision logs.
• Financial pack: P&L, cash flow, balance sheet, and a one-page dashboard delivered on time.
• Controls: Delegation of authority, dual approvals, procurement thresholds, and vendor onboarding.
• KPIs that matter: 8–12 leading indicators (pipeline, win rate, churn, capacity, yields, unit economics).

Toolkit: A concise monthly pack beats a perfect but late report. Timeliness is a competitive advantage.

4) Market Position & Scalability

We examine whether growth can be repeated without breaking the core business.

• Defensible niche: Where the company wins consistently and why (quality, service, cost, brand, channel).
• Growth pathways: New cities/countries in ECOWAS/UEMOA, adjacent SKUs, B2B2C channels, or strategic partnerships.
• Capacity to scale: Supply constraints, leadership bandwidth, and systems readiness (ERP/CRM/data).
• Unit economics at scale: Contribution margins and cash profile remain attractive as volume grows.

Signal of readiness: A tested playbook to open country #2 with clear milestones, budget, and risks.

5) ESG Readiness That Creates Value

ESG should be pragmatic and tied to value creation—lower costs, better talent, and improved resilience.

• Governance first: Documented decision rights; conflict-of-interest and related-party policies.
• Personnes: Safety, fair pay practices, targeted upskilling, and first-line leadership development.
• Environment: Energy audits with <24-month payback, yield improvements, and waste reduction.
• Supply chain: Vendor code, basic compliance checks, and sensible local sourcing when quality/price allow.

Why it matters: Investors trust companies that can measure and manage the operational levers behind ESG.

6) Data Room Essentials

Preparation speeds up diligence and reduces disruption to the business.

• Financials: 3 years + YTD; monthly closes; budget vs. actuals; key accounting policies.
• Commercial: Top customers/suppliers, contracts, pricing history, pipeline, churn, and cohorts.
• Legal & tax: Corporate documents, licenses, litigation, IP, loan agreements, and tax filings.
• Personnes: Org chart, headcount by function, key contracts, pay bands, and open roles.
• Operations: Capacity, yields, scrap/rework, maintenance logs, service SLAs.
• ESG: Safety metrics, energy usage, training records, vendor policy, and any audits.

How Icône Capital Partners With Owners

• Liquidity & transition: Structured paths for founders and fund sellers; smooth handovers to protect value.
• Hands-on value creation: Focused plan across pricing, sales ops, cash discipline, and operating efficiency.
• Governance that scales: Clear roles, cadence, and a monthly pack that drives decisions—not paperwork.
• Regional growth: Sensible expansion within West Africa when the playbook and leadership are ready.

Our typical target: Profitable businesses with recurring revenues of $3–15M, strong teams, and a clear path to scale.

Owner’s FAQ

How far in advance should we prepare?

Ideally 6–12 months. Start with a gap assessment on governance, data quality, and working capital. Early fixes increase certainty and valuation.

Do we need a full ERP before a deal?

No. Start with reliable monthly closes and a simple KPI dashboard. Invest in systems after the data discipline is in place.

Will founders need to stay?

Often, yes—at least for a structured transition. Options range from advisor/chair roles to defined executive responsibilities with incentive alignment.

Next steps

Want a confidential benchmark against this checklist?

• Contactez Icône Capital
• Découvrez notre approche d'investissement
• Offre aux propriétaires d'entreprise