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## Due Diligence Purpose

Due diligence is a systematic investigation to:
- Verify information provided
- Identify risks and liabilities
- Assess value and potential
- Inform negotiation and deal terms
- Prepare for integration

## Types of Due Diligence

### 1. Financial Due Diligence
- Historical financial performance
- Quality of earnings
- Working capital analysis
- Debt and liabilities

### 2. Legal Due Diligence
- Corporate structure
- Contracts and agreements
- Litigation and disputes
- Intellectual property

### 3. Operational Due Diligence
- Business operations
- Supply chain
- Technology systems
- Human resources

### 4. Commercial Due Diligence
- Market position
- Customer relationships
- Competitive landscape
- Growth potential

### 5. Tax Due Diligence
- Tax compliance
- Tax positions
- Transfer pricing
- Tax attributes

### 6. Technical Due Diligence
- Technology stack
- Code quality
- Security posture
- Scalability

## Red Flags to Watch

🚩 **Financial**
- Inconsistent financial data
- Unusual revenue recognition
- Related party transactions
- Off-balance sheet items

🚩 **Legal**
- Pending litigation
- Regulatory violations
- IP ownership disputes
- Contract concerns

🚩 **Operational**
- Key person dependency
- Customer concentration
- Supplier concentration
- System vulnerabilities

## Output Format

```
═══════════════════════════════════════════════════════════════
            DUE DILIGENCE CHECKLIST
            [Target Company Name]
            [Transaction Type]
═══════════════════════════════════════════════════════════════

Prepared for: [Acquirer/Investor Name]
Date: [Date]
Target: [Company Name]
Transaction: [Acquisition/Investment/Partnership]

───────────────────────────────────────────────────────────────
CHECKLIST OVERVIEW
───────────────────────────────────────────────────────────────

| Category | Items | Priority | Status |
|----------|-------|----------|--------|
| Corporate | XX | High | ☐ |
| Financial | XX | High | ☐ |
| Legal | XX | High | ☐ |
| Tax | XX | Medium | ☐ |
| Commercial | XX | Medium | ☐ |
| Operational | XX | Medium | ☐ |
| Technology | XX | High | ☐ |
| HR | XX | Medium | ☐ |

═══════════════════════════════════════════════════════════════
1. CORPORATE & ORGANIZATIONAL
═══════════════════════════════════════════════════════════════

## 1.1 Corporate Documents

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 1.1.1 | Certificate of Incorporation | ☐ | ☐ | |
| 1.1.2 | Bylaws/Operating Agreement | ☐ | ☐ | |
| 1.1.3 | Articles of Amendment | ☐ | ☐ | |
| 1.1.4 | Good Standing Certificates | ☐ | ☐ | |
| 1.1.5 | Organizational Chart | ☐ | ☐ | |
| 1.1.6 | List of Subsidiaries | ☐ | ☐ | |
| 1.1.7 | Foreign Qualifications | ☐ | ☐ | |

## 1.2 Board & Governance

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 1.2.1 | Board Minutes (3 years) | ☐ | ☐ | |
| 1.2.2 | Shareholder Minutes | ☐ | ☐ | |
| 1.2.3 | Board Resolutions | ☐ | ☐ | |
| 1.2.4 | D&O Insurance | ☐ | ☐ | |

## 1.3 Capitalization

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 1.3.1 | Cap Table | ☐ | ☐ | |
| 1.3.2 | Stock Ledger | ☐ | ☐ | |
| 1.3.3 | Option/Warrant Schedule | ☐ | ☐ | |
| 1.3.4 | Convertible Instruments | ☐ | ☐ | |
| 1.3.5 | Shareholder Agreements | ☐ | ☐ | |
| 1.3.6 | Voting Agreements | ☐ | ☐ | |

═══════════════════════════════════════════════════════════════
2. FINANCIAL
═══════════════════════════════════════════════════════════════

## 2.1 Financial Statements

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 2.1.1 | Audited Financials (3 yrs) | ☐ | ☐ | |
| 2.1.2 | Unaudited YTD Financials | ☐ | ☐ | |
| 2.1.3 | Monthly Financials (24 mo) | ☐ | ☐ | |
| 2.1.4 | Audit Letters/Reports | ☐ | ☐ | |
| 2.1.5 | Management Letters | ☐ | ☐ | |

## 2.2 Revenue & Sales

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 2.2.1 | Revenue by Product/Service | ☐ | ☐ | |
| 2.2.2 | Revenue by Customer | ☐ | ☐ | |
| 2.2.3 | Revenue by Geography | ☐ | ☐ | |
| 2.2.4 | Backlog/Pipeline | ☐ | ☐ | |
| 2.2.5 | Pricing History | ☐ | ☐ | |
| 2.2.6 | Revenue Recognition Policy | ☐ | ☐ | |

## 2.3 Working Capital

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 2.3.1 | A/R Aging | ☐ | ☐ | |
| 2.3.2 | A/P Aging | ☐ | ☐ | |
| 2.3.3 | Inventory Schedule | ☐ | ☐ | |
| 2.3.4 | Deferred Revenue Schedule | ☐ | ☐ | |
| 2.3.5 | Prepaid Expenses | ☐ | ☐ | |

## 2.4 Debt & Liabilities

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 2.4.1 | Debt Schedule | ☐ | ☐ | |
| 2.4.2 | Loan Agreements | ☐ | ☐ | |
| 2.4.3 | Lease Obligations | ☐ | ☐ | |
| 2.4.4 | Contingent Liabilities | ☐ | ☐ | |
| 2.4.5 | Off-Balance Sheet Items | ☐ | ☐ | |

## 2.5 Projections

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 2.5.1 | Budget (Current Year) | ☐ | ☐ | |
| 2.5.2 | Financial Projections | ☐ | ☐ | |
| 2.5.3 | Projection Assumptions | ☐ | ☐ | |

═══════════════════════════════════════════════════════════════
3. LEGAL
═══════════════════════════════════════════════════════════════

## 3.1 Material Contracts

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 3.1.1 | Customer Contracts (Top 10) | ☐ | ☐ | |
| 3.1.2 | Supplier Contracts (Top 10) | ☐ | ☐ | |
| 3.1.3 | Partnership Agreements | ☐ | ☐ | |
| 3.1.4 | Distribution Agreements | ☐ | ☐ | |
| 3.1.5 | Licensing Agreements | ☐ | ☐ | |

## 3.2 Intellectual Property

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 3.2.1 | Patent Schedule | ☐ | ☐ | |
| 3.2.2 | Trademark Schedule | ☐ | ☐ | |
| 3.2.3 | Copyright Registrations | ☐ | ☐ | |
| 3.2.4 | IP Assignment Agreements | ☐ | ☐ | |
| 3.2.5 | IP Licenses (In/Out) | ☐ | ☐ | |
| 3.2.6 | Open Source Usage | ☐ | ☐ | |

## 3.3 Litigation

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 3.3.1 | Pending Litigation | ☐ | ☐ | |
| 3.3.2 | Threatened Claims | ☐ | ☐ | |
| 3.3.3 | Settled Litigation (5 yrs) | ☐ | ☐ | |
| 3.3.4 | Regulatory Proceedings | ☐ | ☐ | |

## 3.4 Regulatory & Compliance

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 3.4.1 | Permits and Licenses | ☐ | ☐ | |
| 3.4.2 | Regulatory Filings | ☐ | ☐ | |
| 3.4.3 | Compliance Reports | ☐ | ☐ | |
| 3.4.4 | Privacy/Data Compliance | ☐ | ☐ | |

═══════════════════════════════════════════════════════════════
4. TAX
═══════════════════════════════════════════════════════════════

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 4.1 | Federal Tax Returns (3 yrs) | ☐ | ☐ | |
| 4.2 | State Tax Returns (3 yrs) | ☐ | ☐ | |
| 4.3 | Sales Tax Returns | ☐ | ☐ | |
| 4.4 | Payroll Tax Filings | ☐ | ☐ | |
| 4.5 | Tax Audit History | ☐ | ☐ | |
| 4.6 | NOL/Credit Carryforwards | ☐ | ☐ | |
| 4.7 | Transfer Pricing Documentation | ☐ | ☐ | |

═══════════════════════════════════════════════════════════════
5. COMMERCIAL & CUSTOMERS
═══════════════════════════════════════════════════════════════

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 5.1 | Customer List | ☐ | ☐ | |
| 5.2 | Top 20 Customers (Revenue) | ☐ | ☐ | |
| 5.3 | Customer Concentration | ☐ | ☐ | |
| 5.4 | Customer Churn Analysis | ☐ | ☐ | |
| 5.5 | Sales Pipeline | ☐ | ☐ | |
| 5.6 | Customer Satisfaction Data | ☐ | ☐ | |
| 5.7 | Market/Competitive Analysis | ☐ | ☐ | |

═══════════════════════════════════════════════════════════════
6. OPERATIONS & TECHNOLOGY
═══════════════════════════════════════════════════════════════

## 6.1 Operations

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 6.1.1 | Operations Overview | ☐ | ☐ | |
| 6.1.2 | Supplier List | ☐ | ☐ | |
| 6.1.3 | Vendor Concentration | ☐ | ☐ | |
| 6.1.4 | Facilities/Real Estate | ☐ | ☐ | |

## 6.2 Technology

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 6.2.1 | Technology Architecture | ☐ | ☐ | |
| 6.2.2 | Software/Systems Inventory | ☐ | ☐ | |
| 6.2.3 | Security Assessment | ☐ | ☐ | |
| 6.2.4 | SOC Reports | ☐ | ☐ | |
| 6.2.5 | Technical Debt Assessment | ☐ | ☐ | |
| 6.2.6 | Scalability Analysis | ☐ | ☐ | |

═══════════════════════════════════════════════════════════════
7. HUMAN RESOURCES
═══════════════════════════════════════════════════════════════

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 7.1 | Employee Census | ☐ | ☐ | |
| 7.2 | Org Chart | ☐ | ☐ | |
| 7.3 | Key Employee Agreements | ☐ | ☐ | |
| 7.4 | Employee Handbook | ☐ | ☐ | |
| 7.5 | Compensation Structure | ☐ | ☐ | |
| 7.6 | Benefits Summary | ☐ | ☐ | |
| 7.7 | Stock Option Plans | ☐ | ☐ | |
| 7.8 | Employment Litigation | ☐ | ☐ | |
| 7.9 | Contractor Agreements | ☐ | ☐ | |
| 7.10 | Union Agreements | ☐ | ☐ | |

═══════════════════════════════════════════════════════════════
8. INSURANCE
═══════════════════════════════════════════════════════════════

| # | Item | Received | Reviewed | Notes |
|---|------|----------|----------|-------|
| 8.1 | Insurance Policies Schedule | ☐ | ☐ | |
| 8.2 | D&O Insurance | ☐ | ☐ | |
| 8.3 | General Liability | ☐ | ☐ | |
| 8.4 | Professional Liability/E&O | ☐ | ☐ | |
| 8.5 | Cyber Insurance | ☐ | ☐ | |
| 8.6 | Claims History | ☐ | ☐ | |

═══════════════════════════════════════════════════════════════
FINDINGS SUMMARY
═══════════════════════════════════════════════════════════════

## Key Findings

| Category | Finding | Risk Level | Recommendation |
|----------|---------|------------|----------------|
| | | | |

## Red Flags Identified

| # | Issue | Impact | Mitigation |
|---|-------|--------|------------|
| | | | |

## Outstanding Items

| # | Item | Owner | Due Date |
|---|------|-------|----------|
| | | | |

═══════════════════════════════════════════════════════════════
```

## What I Need

1. **Transaction Type**: Acquisition, investment, partnership?
2. **Target Company**: Name, industry, size
3. **Deal Size**: Approximate value
4. **Focus Areas**: Any specific concerns?
5. **Timeline**: When do you need to complete DD?
6. **Your Role**: Buyer, seller, investor?

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