How clients arrive, and at what cost.
Where demand originates, how it is qualified, and the structural ratios the firm needs to maintain across the three channels.
Sheet abbreviated in the public sample. The full version maps client-acquisition pathways with named counterparties and is private to the engagement.
The headline: Northwind’s demand is dominated by referral and recurring relationships. New-business activity that does not originate from a current client accounts for less than 8% of pipeline. The structural question this raises is examined alongside § 04 · Financial architecture — both sheets reference the 20% concentration ceiling.