Ops/turnaround diagnostic → paid or credit consulting wedge → ownership only as later optionality. We sell truth and lift (CM2, repeat, promo independence) — never lead with capital. COLD while Vantage warms Carlton.
Honest status: Paper pack only. No Carlton heat. No outreach, LOI, or spend. Explicitly COLD.
“Truth and lift before any LOI.”
COLD · Consulting-first · Partner Carlton (later) · Vantage fence
Buy-first fails on vanity top-line, founder-as-process, and promo-addicted hero SKUs. Desk-score first.
CM2 · channel concentration · repeat · discount dependence · founder dependence.
No Carlton dual-heat while Vantage (#6) is warming. No acquisition-first talk.
Signed diagnostic with one lift metric — not an LOI.
Facts from the venture pack — not marketing fluff.
Paper pack ready. No heat this week.
Scorecard / kill list / done-when filed. Desk only — do not outreach to validate.