M&A topic guide
Due diligence
Test earnings, transferability, and operating dependencies with a 112-item diligence checklist that connects findings to deal consequences.
The decision to make
What must be true for the acquisition to work, and what does the evidence change about price, protection, or willingness to proceed?
Follow one customer promise to payment
Open Before You Buy: Follow the Work. Trace a real sale through delivery, billing, collection, and the financial statements. Identify who performs the work, who handles exceptions, and which customers, systems, contracts, or people the result depends on.
Give findings a consequence
- Investigate: obtain the evidence needed to resolve the uncertainty.
- Price: revise cash flow, cost, value, or consideration.
- Protect: assign a contractual or operating response and an owner.
- Walk: stop when the finding defeats the mandate or acceptable downside.
Test transferability as well as current performance. A documented process still needs the people, access, rights, and receiving owner required to keep it working after close.
Carry the finding forward
Update the economics in the LOI Economics & Risk Allocator and the approval case in the M&A Investment Committee Memo: From Analysis to Approval. Send operating requirements directly to After the Deal: Keep the Business Working with evidence, an accountable owner, and a completion test.
Transaction stages · All ten topics · Downloads
By Mike Ye · Updated September 10, 2026