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Leadership Team
Executives all healthy, wealthy and aligned
Has taken a venture-backed organization to it successful exit
Has an established track record of growing an organization or division
Is known for their ability to inspire and motivate other managers and employees
Has participated in writing a business plan and/or updating it
Has a track record of weathering hard times (founding their own organization, turning around a struggling organization, etc…)

Chemistry
Feels “right”

Market
List of all competitors and detailed market share
List of major clients
Analysis of pricing strategy
Current marketing materials and sales funnels
Sales commission structure
Sales projections by product line
All pertinent marketing studies conducted by proven outside parties

Services/Products
Descriptions of product offerings including market share by product line
Inventory analysis including turnover, obsolescence and valuation
Backlog analysis by product line including analysis of seasonal issues
List of all major suppliers including dollar amount purchased per year

Vehicle
Strengths
Weaknesses
Opportunities
Challenges

Corporate Documents
Articles of Incorporation
Bylaws
Shareholder Agreements
Minutes of Board of Directors and Shareholder meetings
All documents furnished to Directors and Shareholders
Certificates from all states in jurisdictions where Target Organization does business

Operating Agreements
Feedback
Communication
Conflict Resolution
Attendance
Decision Making
Accountability
Resources
Amendments

Alignment
Agreement by team on what problems you are solving

Ownership
Commitment to solve those problems
Good relationship with current investors

Securities Issued
Copies of stock certificates, warrants and option agreements
Complete Stockholder contract information
Number of outstanding shares, dates of issuance, percent of ownership
Outstanding preferred stock and covenants
Outstanding options, warrants or convertible securities
Employee stock benefit programs; stock options, stock purchases and others

Financial Information
Audited financial statements since inception
Income statements, balance sheets, cash flow statements
Records of all changes in equity position
Accounting methods and practices
Organization prepared monthly or quarterly statements
5 year budget and financial projections
Current Business Plan and Executive Summary
Aging Accounts Receivable and Accounts Payable
Service/Product pricing plans and policies
Revenue and gross margins by Service/Product
Extraordinary income or expense details
Explanation of any material write-downs or write-offs
Summary of bad debts
Outstanding contingent liabilities detail
Accountants report on the Target Organization’s financial condition

Tax Status
Federal and State income tax returns for the last 3 years
Detail of any tax audits
Detail of any tax liabilities

Contracts and Agreements
List of bank and non-bank lenders
Joint venture and partnership agreements
License agreements
Purchase agreements
Liens, equipment leases, mortgages and any outstanding loans
Insurance contracts and agreements
Supplier, Vendor and Customer contracts
All additional contracts or agreements associated with the business of the Target Organization

Government Regulations
Copies of all permits and licenses
Copies of reports made to governmental agencies
Details of any inquiries made by any Local, State or Federal agencies
Good relations with oversight agencies

Litigation
Details of any current litigation including potential damages
Details of any potential litigation including potential damages
Settlement documentation