GRAVITON ADVISORS
Federal Growth Mini-Strategy
Prepared for Summit Healthcare, Inc.
What is a Federal Growth Mini-Strategy
8(a) Graduation: The Critical Inflection Point
What's in your Mini Strategy?
Our complimentary Mini Strategy is a precision diagnostic built to give leadership decisive clarity.
We:
  • Map your current federal footprint with precision.
  • Surface the structural risks that cap growth and compress valuation.
  • Pinpoint the most lucrative opportunities beyond 8(a).
The outcome: a blueprint for durable success that endures long after set-asides expire.
The Challenge: Navigating the Post-Graduation Landscape
For firms nearing 8(a) graduation, a critical question looms: Will our revenue base endure? Will prime contractors still seek us out?
The transition from 8(a) status can be fraught with uncertainty, as many firms struggle to maintain momentum without set-aside contracts. Consider these sobering realities:
The Post-8(a) Revenue Cliff
Graduation: The Critical Risk Window
73%
Revenue Decline
73% of 8(a) firms experience revenue decline within 18 months of graduation.
1/4
Successful Transition
Only ¼ of companies successfully transition to unrestricted markets.
70%
Contract Award Drop
Average 70% drop in contract awards post-graduation.
Typical 8(a) Firm Revenue: Before vs After Graduation
This chart vividly illustrates the significant challenge many 8(a) firms face post-graduation. While revenue typically shows strong growth during participation in the 8(a) program (2020-2025), a dramatic 70% revenue decline often occurs immediately after graduation (2026-2027) as firms lose access to set-aside contracts. This stark 'revenue cliff' underscores the critical need for a proactive and strategic transition plan to sustain growth in the unrestricted market.

Did you know?
Firms with strategic transition plans are 4x more likely to maintain revenue growth post-graduation.
The Solution: The Federal Growth Mini Strategy
Our Mini Strategy is purpose-built to provide these answers with undeniable clarity. In a focused, complimentary session, we meticulously map your current federal footprint, expose critical risks, and illuminate your most lucrative post-graduation opportunities.
It’s a strategic blueprint that instills confidence, proving you possess a defined federal strategy—not merely a collection of past contracts.
Your Mini-Strategy Will Include:
Targeted Agency Expansion
Identify the 5–7 key government buyers crucial for sustained growth beyond 8(a).
Strategic Vehicle Positioning
Access contract vehicles that generate 3x more task orders.
Actionable Transition Roadmap
A proven methodology with an 85% client success rate.
Theodore Stearns — Senior Strategic Advisor
Theodore Stearns brings a vantage point rare in federal growth: Founder, CEO, Investor, and Advisor. He evaluates companies through every lens that drives enterprise value — enabling him to see not just short-term growth, but the structural levers that make scale durable and transferrable.
Track Record
  • Builder — Founded and scaled four SaaS companies in insurtech, backed by leading venture funds including NuFund, Keiretsu Forum, Band of Angels, and BaseCamp.
  • Operator — Executed multiple exits, including the sale of Insight to Insurance Company of the West, with additional exits to AIG and Mutual of Omaha.
  • Investor — Early capital partner to growth companies such as Sonatafy and CoverGo, combining investment with strategic guidance.
  • Advisor — Served on boards and advisory councils for InsurTech New York, Global Insurance Accelerator, and Plug and Play, applying accelerator discipline to compress time-to-scale.
This combination defines his approach: applying private-equity rigor to help contractors evolve from tactical vendors into federal growth platforms — the kind of companies investors pay a premium for.
Mini-Strategy Example
Current Federal Position - Snapshot
This snapshot benchmarks your current federal posture — certifications, vehicles, obligations, and buyer mix. It highlights both your anchors and your exposures, setting the stage for the transition plan beyond 8(a).

Certifications
Snapshot of the company’s current federal certifications:
  • SBA 8(a) Business Development (Active)
  • Small Disadvantaged Business (SDB)
  • Woman-Owned Small Business (WOSB)
  • Minority-Owned Business
  • No evidence of SDVOSB or HUBZone certification
8(a) Expiration Date
Critical timeline marker:
This date marks a critical transition point for Summit Healthcare, Inc. Proactive planning is essential to leverage the remaining time within the 8(a) program and to strategize for sustained growth post-graduation.
Vehicles Held (Active)
Current contract vehicles on file. Highlights both the existing access points into federal spend and the gaps that must be addressed for scale.
Note: No active GSA MAS, GWAC, or regional MATOC/IDIQ vehicles on file
Prime Contract Obligations (2020-2025)
Historical revenue performance across federal contracts. Provides visibility into spend trends, award activity, and areas of traction to date.
Your Top Agencies
Strong roots, but room to expand: Most revenue flows through Army Corps of Engineers and USDA Forest Service, with added traction in Air Force, Interior, and Defense Commissary — a solid base that can be broadened into new buyers.
Summit Healthcare, Inc. has strong ties with key federal agencies. The Army Corps of Engineers and USDA Forest Service constitute the bulk of obligations, highlighting deep partnerships. A diversified portfolio, including the Air Force, Department of Interior, and Defense Commissary Agency, supports growth across critical federal sectors.
How You Win in the Federal Market
Past wins show the playbook — future wins scale it: Your growth to date has been driven by SAPs, sole source, and select open-market bids — proving fit. The next step is converting that traction into predictable, vehicle-driven revenue.
The majority of Summit Healthcare’s federal contract wins come through 8(a) sole source awards, making up 82% of contract awards. Competitive 8(a) and small business set-asides contribute a significant portion as well, while full and open market contracts are currently negligible. This underlines the critical importance of the 8(a) status as a market differentiator and growth engine.

Multi-Agency Presence, Critical Vehicle Gap
Where the Risk Lives — The Delta-4 Framework
A private equity lens on structural scale
We evaluate federal contractors the way a PE firm runs diligence — by stress-testing the fundamentals that drive scale and enterprise value.

The Four Structural Gaps (Delta-4 Framework)
  • Agencies — Too few anchors = overexposure to budget shifts.
  • Buyers — Shallow relationships = fragile pipeline.
  • Vehicles — Limited access = locked out of recurring spend.
  • Systems — Founder-led capture = no institutional rhythm.
Investor Diligence Takeaway:
Set-aside vendors rarely scale because Delta-4 cracks cap growth and compress multiples. Closing these gaps is what transforms a tactical vendor into a scalable, high-value platform.

Agency Diversification
Agency Diversification Summary
Target: Engage 5 or more federal agencies
Current: Active engagements with 6 agencies including USDA FS, DOI, Army Corps, DeCA, and USAF
Gap Analysis: Target achieved with no single agency exceeding 45% concentration; however, Army Corps, Forest Service, and DeCA combined account for over 75% of obligations
Buyer Relationships
Buyer Relationships Summary
Target: Establish relationships with 15 or more awarding offices
Current: Engaged with 8 unique awarding offices over the past three years, including 5 recurring buyers
Gap Analysis: Below best practices; limited expansion beyond established regional buyers, indicating opportunity to broaden reach
Vehicle Portfolio
Vehicle Portfolio Summary
Target: Maintain a diversified portfolio with 5 or more contract vehicles
Current: Holds one BPA with the Coast Guard; currently no active task orders
Gap Analysis: Significant shortfall versus target; vehicle portfolio is limited and lacks active utilization, posing a risk post-8(a) expiration
Summit Healthcare Award Obligations by Procurement Lane
We study how revenue is won because procurement lanes reveal the maturity of the business: This view shows whether growth is built on opportunistic awards or on scalable, repeatable channels like vehicles. In due diligence, it’s a proxy for revenue durability: heavy reliance on sole source signals risk, while diversification into vehicles signals a platform investors can trust.
Summit Healthcare's portfolio includes engagements with 6 agencies, but over 75% of obligations are concentrated with the Army Corps, FS, and DeCA. Relationships span 8 unique awarding offices (5 recurring), falling short of the 15+ target, indicating limited expansion. A critical vehicle gap exists with only 1 BPA (Coast Guard) and no active task orders, increasing reliance on non-vehicle methods. This poses a significant risk to growth and sustainability as the 8(a) certification approaches expiration.

Critical Risk Profile: Summit Healthcare faces significant vehicle risk with only 1 BPA (Coast Guard) and no task order wins via vehicle. Concentration risk exists due to combined heavy reliance on certain agencies and a buyer base below best practice levels. These factors create vulnerability to shifts in buyer focus or federal priorities, jeopardizing future growth and enterprise value, especially with the 8(a) program end looming.
Critical Risks Driving Valuation Discounts
A 12–18 Month Window to Fix Structural Gaps
In diligence, the first step is pressure-testing where a business breaks: This analysis quantifies the structural risks that limit scale and compress valuationset-aside dependency, buyer concentration, operational fragility, and pipeline volatility. By scoring each area, we expose the pressure points that investors would discount heavily — and create the roadmap for turning those risks into enterprise value drivers.
Quantifying the impact of structural gaps
Key Risk Areas
Strategic Implications
These risks translate into a 30–40% valuation discount vs diversified peers (4–5x EBITDA vs market 7–8x). Without intervention, the revenue cliff is imminent within 12–18 months.
VALUATION IMPACT
Platform valuation discounted by ≥60% vs peers (2-3x EBITDA vs market 7-8x)
CRITICAL TIMELINE
Critical 12-24 month timeline until 8(a) graduation or NAVFAC recompete.
Delta-4 Gap Analysis: Current vs Target
We benchmark like investors — to see if the business is built to scale or set to stall: This analysis compares current positioning against platform benchmarks across agencies, vehicles, relationships, and institutional maturity. The purpose is not just to score gaps, but to reveal whether the company has the structural foundation for compounding growth — or whether it faces a revenue cliff without decisive action.
Diagnostic Summary
Agencies
Minimum met, but overexposed to 3 agencies.
Vehicles
Severe shortfall: only 1 BPA, no scalable vehicles.
Buyer Relationships
Fragile depth: <10 contracting officers drive revenue.
Institutional Systems
No institutional BD rhythm (founder-dependent).

These structural gaps create a 30–40% valuation penalty vs. platform peers. Without diversification and vehicles, the company faces a 12–18 month cliff, not compounding growth
The 5-5-20-50 Rule
The Rule Every Top Contractor Uses
This is the pattern every scaled federal contractor shares: Firms that reach $50M+ consistently anchor around 5 agencies, 5 vehicles, and 20+ task orders per year. Those that build this structure scale predictably and attract premium valuations. Those that don’t remain trapped below their potential.

Every $50M+ Contractor Follows this Blueprint
5
Agencies
Embedded relationships that fuel long-term wins.
5
Vehicles
GWACs, BPAs, FSS to unlock repeatable task order flow.
20
Task Orders
Your annual revenue engine for scalable growth.
50M+
Revenue
The result: $50M+ in federal awards achieved predictably.
Integrated CRM + SOP Infrastructure
This critical foundation drives the entire federal growth engine.
This is the federal growth engine — and it’s how the top firms scale predictably
5-Steps to Become a Top Contractor
The Ascent-5 Framework
Every scaled platform follows a sequence — not random wins: The Ascent-5 is the proven step-by-step pathway to federal scale. Starting with quick wins through SAP and sole source, each stage compounds — from deepening buyer relationships to securing vehicles, building predictable cadence, and ultimately creating a transferable, valuation-ready platform.
If a firm doesn’t follow this progression, the chances of ever breaking through to $50M+ are almost zero.

A proven 5-step pathway to federal platform scale
Each step builds on the previous one, creating momentum toward the 5-5-20-50 benchmark:
1
Step 1: SAP & Sole Source Traction
START HERE: Quick wins through simplified acquisitions & sole-source awards
Outcome: Quick entry into awarding offices
2
Step 2: Buyer Depth
THEN: Grow from 1–2 buyers
Outcome: 20+ embedded relationships
3
Step 3: Vehicle Access
NEXT: Secure GWACs, IDIQs, MAS — infrastructure for repeatable awards
Outcome: Secure 5 high velocity vehicles)
4
Step 4: Predictable Cadence
BUILD: CRM dashboards, capture gates, SOP-driven rhythm
Outcome: Produces 20+ TOs annually
5
Step 5: Transferability
ACHIEVE: A platform that runs without the founder — diversified, institutionalized, investor-ready
Outcome: Sellable Company

Follow each step in sequence → 5-5-20-50 becomes inevitable.
Your Top Buyers to Focus on:
Growth comes from targeting the right buyers — not chasing every opportunity: The play is to anchor around federal buyers with deep, recurring demand in your NAICS codes. If you win with these agencies, sub-agencies, and awarding offices, you compound revenue predictably. If you don’t, you stay opportunistic and stall below scale.

Top 5 Federal Agencies (by spend)
Scale starts with anchor agencies: A handful of agencies drive the majority of spend. Embedding deeply with them creates the buyer concentration that fuels long-term growth and attracts investor confidence.

Top Sub-Agencies (by spend)
Predictable revenue is built at the sub-agency level: This is where dollars truly move. Owning relationships with a few high-value sub-agencies turns access into repeatable task orders.

Top Awarding Offices (by spend)
Contracts are won where awards are written: Awarding offices are where opportunities become backlog. Building trust with contracting officers here is what separates tactical vendors from embedded growth platforms.

*Award count is approximate due to aggregation of similar service POs and DOs.
How they Buy: Procurement Patterns by Agency
Understanding the procurement preferences of federal contracting offices is crucial for strategic engagement. By aligning your approach with their established buying patterns, you can significantly increase your win probability and streamline the contracting process. This section highlights key insights into how top offices prefer to award contracts.
SAP-Focused Agencies (% of total spend)
These offices consistently use SAP for medical and allied staffing—lead with "rapid SAP onboarding", readiness for small-dollar urgent orders, and local/remote surge proposals.
SAP-Focused Agencies (Same Data in a Chart)
The chart illustrates agencies that heavily utilize Simplified Acquisition Procedures (SAP), indicating opportunities for rapid, small-dollar contracts.
Sole Source-Focused Agencies (% of total spend)
Best traction with teaming or direct BD to contracting officers who show recent history of 8(a), SDVOSB, or Buy Indian sole source—particularly for urgent gaps or contract cycle "bridge" buys.
Sole Source-Focused Agencies (Same Data in Chart)
This chart highlights agencies with a significant proportion of sole-source awards, often indicating specific set-aside or direct award opportunities.

Insight: Understanding these distinct procurement patterns helps target the right opportunities with the most appropriate and effective approach.
Projected Revenue New Awarding Offices

What This Table Shows:
This table spotlights the federal awarding offices where your company can most credibly move the needle—using actual obligated spend, historical win rates, and procurement patterns. Each row shows not just who buys, but how they buy (proportion SAP/sole source), and quantifies your real revenue potential if you focus your BD where contracts are actually awarded.
How We Calculated It:
  • We analyzed top federal offices by their use of small-business friendly lanes (sole-source, SAP, set-aside cycles).
  • For each, we show the share of spend via your preferred contract types, total 3-year obligated value, and key procurement habits.
  • Using an aggressive but defensible "win rate" (5–7%), we've projected what you could realistically win—in both 3-year and annualized revenue—by targeting each office with discipline and focus.
Why It Matters:
If you shift even 2–3 of your next BD moves into these offices, you can dramatically elevate not only your pipeline, but also your valuation and post-graduation bargaining power—by anchoring revenue in the offices proven to move dollars at scale, year after year.
Projected Revenue Vehicles
Strategic vehicle access for healthcare staffing and clinical support services

What This Table Shows:
This table identifies the federal contract vehicles that move the most real dollars—and that are most accessible to your company’s service offering. For each vehicle, you see not just the theoretical ceiling, but also how much is actually flowing to contractors (recent 3-year obligated value), how many TOs are distributed each year, and the actual paths your team can use to get on board.
How We Calculated It:
  • We mapped the market’s highest-velocity federal vehicles where small businesses, 8(a)s, WOSB/SDVOSB, or new entrants have a track record of breaking in.
  • For each, we compiled actual 3-year obligated spend, average annual TO distribution, and practical entry/“access” routes (e.g., SB/8(a) on-ramps, mentor-protégé, JV, or MAS).
  • Using an assertive—but fully supportable—win rate (5–7%, reflecting strong positioning and target-focused pursuit), we calculate both your realistic 3-year and annual revenue impact per vehicle.
Why It Matters:
Contract vehicles are the backbone of predictable, scalable growth in federal services. Getting on just one or two of these platforms—paired with discipline and targeted BD—can unlock millions in recurring annual revenue and insulate your company from single-award or regional buyer risk. This is about turning tactical wins into institutional pipeline and platform value.
* 3-Year Value: Actual addressable market/past 3-year TO flow (not just contract ceiling).
** Ceiling Value: Official contract vehicle cap, as published by agency/FPDS.
Priority Vehicle Targets:
  • GSA FSS-621-I - Premier healthcare staffing platform critical to all major agencies
  • VA Integrated Critical Staffing Program (ICSP) - Direct access to $23B VA emergency and staffing work with SDVOSB advantages
  • IHS National Staffing BPA/IDIQ - Leverage regional presence for expanded healthcare staffing
  • NIH Small Business Staffing IDIQ - Recurring awards in NIH clinical and administrative staffing
  • VA FSS (Facilities Maintenance/03FAC) - Access to widespread VA facilities maintenance services
Revenue Allocation Benchmarks by Year
How the 5-Year Arc Shifts from Opportunistic Wins to Predictable Platform Revenue

This slide shows how your revenue mix evolves over the 5-year growth arc. Early years are driven by opportunistic SAP and sole-source wins that create traction. As credibility builds, revenue shifts toward vehicles — the engine of predictable, repeatable task orders. By Year 5, vehicles dominate, signaling maturity as a scalable federal growth platform.
Your Projected Revenue Mix Evolution (Y1–Y5)
Revenue Mix Evolution (Y1–Y5)
Key Insights:
  • Year 1-2: Foundation Building - Heavy reliance on set-asides and SAPs while building buyer relationships and vehicle access
  • Year 3: The Transition - Vehicle revenue crosses over set-aside revenue as the primary driver
  • Year 4-5: Platform Maturity - Vehicles dominate at 50%+, with balanced mix of SAPs and targeted set-asides
This evolution from set-aside dependency to vehicle-driven growth is what separates vendors from platforms. Companies that successfully make this transition achieve predictable revenue, higher margins, and enterprise value multiples 2-3x higher than their peers.
Enterprise Value by Platform Maturity
Platform Maturity Curve (Baseline $10M EBITDA)

This slide illustrates how enterprise value expands as a company matures from a tactical vendor into a true federal platform. Holding EBITDA constant at $10M, the multiple grows from ~2x to 8.5x as systems, vehicles, and buyer diversification are institutionalized. The takeaway: valuation doesn’t scale with revenue alone — it scales with maturity, predictability, and transferability.
Private equity firms don’t buy hustle — they buy systems. The multiple is fixed. The value is yours to scale

👉 Key Takeaway: Multiples don't expand on revenue alone — they expand with infrastructure, predictability, and transferability. Each maturity step compounds valuation.
Your Acquirers
As a contractor matures from a tactical vendor into a federal growth platform, the pool of potential buyers — and the multiples they will pay — expands dramatically.
  • At the low end, firms attract only opportunistic consolidators paying 2–4x EBITDA for cash-flow plays with high risk.
  • As vehicles, systems, and institutional BD rhythm are added, the universe opens to financial sponsors and growth-oriented strategics at 5–7x.
  • At full maturity, upper mid-market PE funds, sponsor-backed roll-ups, and Tier 1 strategics compete to acquire transferable platforms at 8–9x.
The table below shows how the buyer universe evolves by stage of maturity — with typical multiples, buyer profiles, and the strategic rationale each type of acquirer applies.

The more mature the platform, the broader the buyer universe — and the higher the valuation multiple.
Recent Acquisitions: Real-World Platforms Acquired
Recent GovCon acquisitions illustrate the premium buyers pay for platform characteristics: diversified agencies, embedded vehicles, and institutionalized capture. These deals prove the market rewards firms that evolve beyond opportunistic contracting into transferable federal platforms.
The Market Lesson:
Acquirers reward the companies that graduate from “opportunistic vendor” to “federal platform.” They pay for momentum that outlives the founder—built on multi-agency access, high-velocity contract vehicles, and institutionalized BD that repeats with or without the original management. That’s why premiums reach 7–10x EBITDA, and why firms that never evolve plateau at tactical pricing.
If you want premium value, you must build it—it doesn’t come from one big win, but from embedding across multiple agencies, securing recurring contract vehicles, and making your BD rhythm transferable, forecastable, and scale-ready.
This is the roadmap we’ve mapped for you—because waiting or “coasting out 8(a)” is what the average firms do, and they trade at a discount. The future platform outperforms because it builds with this exit in mind.

👉 This is the trajectory your roadmap unlocks: from risk exposure today to premium enterprise value tomorrow.
Scale beyond 8(a). Build a Platform that Grows, Transfers, and Exits.
Get Your Mini-Roadmap
If you're serious about building a scalable, transferable federal business — we’ll show you how to do it right