Highest return activities in due diligence. 1. Thoroughly understand how the company attracts and retains customers. 2. Trace first revenue and second, expenses through to cash entering and leaving the bank accounts. If you can’t do both of those fully, you’re flying blind.

A good M&A Advisor can be a huge asset to buyers. Keep an open mind. I’ve saved buyers weeks of work by: -CIMs with full financials and line-item level adjustments -Prelim DD with pre populated data room ready as soon as LOI is signed -educating sellers & managing expectations

There can be wild swings in cash flow in any business month to month. I was in the CFO role for a business that if we had $500k in cash at month-end, it meant we’d have under $100k in cash during the month making payroll.