Origination reference

Sector origination playbooks

Start with a precise capability test. Each playbook turns a sector label into screening questions, evidence requirements and reasons to stop researching a target.

24 playbooks · 2022 U.S. NAICS starting points

These are research templates for private equity deal teams. They help define a target universe and decide which questions deserve an answer before contact. They do not rank sectors or recommend acquisitions. Adjust each template to your mandate, operating capabilities and evidence standard.

Begin with the service or product a company must actually deliver. Choose geographic and ownership boundaries, then separate disqualifiers from preferences. Use the suggested NAICS codes to find candidates, not to establish fit. The guides to screening criteria and market mapping explain how to turn that definition into a repeatable search.

A research template, not investment advice. Figures are not stated where the public record does not support them.

Four questions every playbook asks

These are listed once here and not repeated on each playbook. Each playbook adds its own sector-specific questions, stop conditions and evidence.

Question	Answer type	Options	Why it matters
Which ownership category is explicitly supported?	one of	Independent / Subsidiary / Sponsor-backed / Franchise	Keeps subsidiaries and franchise systems separate from independent acquisition candidates. Unsupported ownership stays unanswered.
Which operating locations and service territories are explicitly identified?	list	Source-supported entries	Distinguishes offices from marketing coverage. Record the location, source date and legal entity before judging geographic fit.
Is there evidence of a current sale process or a recent ownership change?	yes/no	Source-supported entries	Prevents conflicting approaches and stale independent-company labels. Silence is unknown, never evidence that no transaction occurred.
Which activities conflict with the mandate's written exclusions?	list	Source-supported entries	Triage checks disqualifying activities before detailed research. Include the source excerpt; a broad industry label alone cannot exclude a company.

Building and facility services

Research template

HVAC services

Separate maintenance-led HVAC operators from installation-heavy contractors before testing service territory, technician depth and agreement quality.

Research template

Plumbing services

Map service plumbing, drain work and construction exposure separately, then test dispatch coverage and licence continuity.

Research template

Electrical contracting

Distinguish service electrical work from construction, low-voltage integration and specialized projects before evaluating continuity.

Research template

Fire and life safety

Separate suppression, alarm monitoring, inspection and installation so a compliance thesis rests on the correct service scope.

Research template

Pest control

Test treatment scope, route coverage and customer agreements while keeping wildlife work and pesticide authorization distinct.

Research template

Commercial landscaping

Distinguish contracted grounds maintenance from landscape construction, then test seasonality, crew coverage and site density.

Research template

Roofing

Separate commercial maintenance and reroofing from new construction and storm-led residential work before approaching operators.

Research template

Commercial cleaning

Screen contract cleaning by facility type, labor model and site coverage rather than treating every recurring visit as durable revenue.

Research template

Security and alarm monitoring

Resolve who owns the subscriber relationship, performs monitoring and carries service obligations before assessing an alarm business.

Technology services

Research template

Managed IT services

Separate managed service contracts from resale and projects, then test customer scope, delivery depth and vendor dependence.

Research template

Cybersecurity services

Define managed security, assessment and incident-response capabilities separately before testing delivery quality and retained customer work.

Research template

Vertical software

Identify a repeatable sector-specific product, then separate subscriptions, implementation and bespoke development before testing retention.

Distribution and logistics

Research template

Specialty distribution

Define the product family and distributor's actual role before testing technical value, supplier access and working-capital exposure.

Research template

Industrial MRO distribution

Map maintenance, repair and operations supply by product family, stocking model and plant service obligations, with separate rules for adjacent lines.

Research template

Third-party logistics

Separate brokerage, warehousing and fulfillment before comparing customer contracts, operating assets and execution risk.

Industrial

Research template

Precision machining

Screen machining capability by process, material and customer qualification before interpreting equipment lists or backlog.

Research template

Testing, inspection and certification

Define testing and inspection scope precisely, then verify authorizations, technical independence and the actual customer obligation.

Research template

Environmental services

Separate consulting, field remediation and waste handling before testing permits, liability boundaries and customer obligations.

Professional services

Research template

Engineering consulting

Screen engineering practices by discipline, project responsibility and licence coverage before testing backlog or succession.

Research template

Accounting and tax practices

Separate attest, tax, bookkeeping and advisory work before testing partner dependence, client continuity and permissible ownership structure.

Research template

Insurance brokerage

Resolve agency ownership, product lines and carrier relationships before treating renewal commissions as transferable business value.

Healthcare services

Research template

Veterinary practices

Screen veterinary practices by clinical model, species and staffing continuity while treating ownership and clinical requirements as diligence gates.

Research template

Dental practices

Distinguish general and specialist dental practices, then test clinical continuity, payer exposure and ownership structure through qualified diligence.

Research template

Physical therapy

Identify physical-therapy delivery scope within a broader classification, then test clinician capacity, payer arrangements and referral dependence.

Bring your target list or ask Docket to build one. Your criteria become the agents' questions, with Triage checking identity and disqualifiers before detailed research. Run a playbook on your list, or see a sample docket.

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A target list and your acquisition criteria are enough. You get back company records with scores, the evidence behind every field, and the questions the public record could not answer.

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