Ok, more like – listen to each other! Easy right? Let’s start with the client. Are we listening to her business objectives? Timelines? Do we understand her risk tolerance? How about legal counsel? Is he running the due diligence show? Is the engagement under Attorney – Client Privilege? Do we know that from the get go? Do we even know what makes up the deal team? Have we even asked?
The question checklist can be long, but are you listening? Client, you too! In the fast paced world of transactional due diligence, often times we think we need to jump to step 4 to meet the deadline.
“We are going hard on our money next Monday and need to know if there are any deal killers!”
Still ask the questions and listen. For example: Listen to legal pertaining to when the process and timing of information distribution may be as important as the information itself. Recognize that certain technical findings may trigger legal liability and financial risk – thus presenting findings verbally to the team well before formal reporting is completed is paramount. And, be prepared (prior to being asked) to identify and quantify due diligence issues in terms of cost, timing and regulatory exposure.
We have time to protect our clients’ interests.
For your due diligence questions, contact The McGovern Group for a friendly conversation. Our team has extensive, and we mean extensive, experience conducting pre-acquisition environmental due diligence programs for buyers, investors, legal counsel, financial institutions and sellers.