Due Diligence is a Two-Way street
Due Diligence goes both ways
Due diligence can make the difference between getting the price you want, and accepting the price you are given. But, it goes the other way, too. Sell-side due diligence is just as important. Do you know all the questions and issues a potential buyer will have regarding your business?
Sell-side due diligence is a must for any business owner. Everything from a financial and legal, to management and environmental, to IT and property can and should be audited. A good lawyer never asks a question in open court he or she does not know the answer to. And you should not sell your business without knowing it through and through.
To get the selling price you’re looking for, look at it like a buyer. Would you buy business without going through with a fine-tooth comb? And neither would they.