{"id":1766,"date":"2017-04-06T14:11:11","date_gmt":"2017-04-06T19:11:11","guid":{"rendered":"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/?p=1766"},"modified":"2022-08-04T20:36:39","modified_gmt":"2022-08-04T20:36:39","slug":"due-diligence","status":"publish","type":"post","link":"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/due-diligence\/","title":{"rendered":"Due Diligence"},"content":{"rendered":"

You have found a business that you would like to call your own. \u00a0\u00a0You\u2019ve made a contingent offer.\u00a0 Now you and the seller have the finish line in sight and both parties are ready to roll up their sleeves and focus on the due diligence process.<\/p>\n

This is a buyer\u2019s chance to do a deep dig into the business they are looking to acquire. \u00a0As brokers, we help guide you through the process, but it is important to recognize that this is the responsibility of the buyer.<\/p>\n

Once an accepted offer is in place, you will immediately receive the core of the financial information \u2013 3 year\u2019s tax returns, P&L\u2019s, balance sheets and year-to-date interims.\u00a0 \u00a0Most small businesses do not have audited financials.\u00a0 Often, tax returns are based on compiled financial information that has been presented to the tax specialist by the owner.\u00a0 There may be differences between the P&L and tax returns that need to be clarified.\u00a0 It\u2019s your job, with the help of your accountant, to ensure the revenue and expense numbers are accurate.<\/p>\n

A checklist of any additional information you will need to complete due diligence will need to be developed.\u00a0 This will include any bank mandated items.\u00a0 A few items from a typical checklist are listed below:<\/p>\n

    \n
  1. Review all licensing requirements and take the steps needed to obtain them.<\/li>\n
  2. Review all contracts with suppliers, vendors, customers, etc.<\/li>\n
  3. Review all operational policies, forms and manuals<\/li>\n
  4. If applicable, review of the current lease<\/li>\n<\/ol>\n

    Just remember, due diligence can be a fluid process. Questions may arise and it is critical that you get answers and voice any concerns that may arise. During this period it is critical to communicate with your broker.\u00a0 We can\u2019t help you find a solution or get an answer if we don\u2019t know what the issues are. \u00a0As long as the lines of communication are open, it will be much easier to get a deal to the closing table.<\/p>\n

    If you want to learn more about buying a business, please email us at dayton@sunbeltnetwork.com<\/a> or call us at 937-866-4611. We look forward to hearing from you.<\/p>\n","protected":false},"excerpt":{"rendered":"

    You have found a business that you would like to call your own. \u00a0\u00a0You\u2019ve made a contingent offer.\u00a0 Now you and the seller have the finish line in sight and both parties are ready to roll up their sleeves and focus on the due diligence process. This is a buyer\u2019s chance to do a deep […]<\/p>\n","protected":false},"author":51,"featured_media":11737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[3,17],"tags":[],"class_list":["post-1766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-business","category-general"],"acf":[],"yoast_head":"\nDue Diligence - Sunbelt of Dayton<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/due-diligence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Due Diligence - Sunbelt of Dayton\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/due-diligence\/\" \/>\n<meta property=\"og:site_name\" content=\"Sunbelt of Dayton\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-06T19:11:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-04T20:36:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sunbeltnetwork.com\/dayton-oh\/wp-content\/uploads\/sites\/102\/2020\/04\/sunbelt-news-cover.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"gerrychadwick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"gerrychadwick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.sunbeltnetwork.com\\\/dayton-oh\\\/due-diligence\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.sunbeltnetwork.com\\\/dayton-oh\\\/due-diligence\\\/\"},\"author\":{\"name\":\"gerrychadwick\",\"@id\":\"https:\\\/\\\/www.sunbeltnetwork.com\\\/dayton-oh\\\/#\\\/schema\\\/person\\\/d86ad886b16daf30e4fe9049bfdfad9d\"},\"headline\":\"Due Diligence\",\"datePublished\":\"2017-04-06T19:11:11+00:00\",\"dateModified\":\"2022-08-04T20:36:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.sunbeltnetwork.com\\\/dayton-oh\\\/due-diligence\\\/\"},\"wordCount\":365,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.sunbeltnetwork.com\\\/dayton-oh\\\/due-diligence\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.sunbeltnetwork.com\\\/dayton-oh\\\/wp-content\\\/uploads\\\/sites\\\/102\\\/2020\\\/04\\\/sunbelt-news-cover.jpg\",\"articleSection\":[\"Buying A Business\",\"General\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.sunbeltnetwork.com\\\/dayton-oh\\\/due-diligence\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.sunbeltnetwork.com\\\/dayton-oh\\\/due-diligence\\\/\",\"url\":\"https:\\\/\\\/www.sunbeltnetwork.com\\\/dayton-oh\\\/due-diligence\\\/\",\"name\":\"Due Diligence - 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