Understand the Business Before You Commit to the Transaction
Structured due diligence support for acquisitions, investments, lending, restructuring and other material business decisions — helping decision-makers examine financial, commercial, legal, operational and regulatory considerations.
What Should Be Understood Before a Business Decision Is Finalised?
Due diligence is designed to test the information, assumptions and risks that matter to a defined decision. The appropriate scope depends on the transaction, business, sector, jurisdiction, available evidence and the questions decision-makers need answered.
What Is the Business Really Like?
Examine the operating model, customers, suppliers, management, assets, liabilities, performance and dependencies.
Where Are the Material Risks?
Identify financial, contractual, operational, legal, tax, regulatory and commercial issues that may affect the decision.
What Needs Further Attention?
Separate verified findings from open questions, information gaps, assumptions and matters requiring specialist review.
Review the Business Through the Lenses That Matter
Financial Due Diligence
Historical performance, earnings quality, cash flows, working capital, debt, liabilities and financial trends.
Commercial Due Diligence
Market position, customers, revenue drivers, competition, suppliers, concentration and commercial dependencies.
Legal & Contractual Review
Corporate records, material agreements, ownership matters, obligations and identified legal issues.
Tax Due Diligence
Relevant tax exposures, filings, positions, contingencies and matters requiring qualified tax review.
Operational Review
Processes, people, assets, systems, supply chain, capacity and operational dependencies.
Regulatory & Compliance
Applicable registrations, licences, compliance obligations, approvals and material regulatory exposures.
Eight Lenses for a Structured Business Review
Due Diligence Review Matrix
| Review Area | Key Questions | Typical Evidence / Output |
|---|---|---|
| Business Model | How does the business generate value and what are its principal dependencies? | Business model review, revenue drivers and dependency observations |
| Financial Performance | Are reported results, margins, cash flows and working capital supported by evidence? | Financial analysis, normalisation observations and key issues |
| Revenue & Customers | How concentrated, recurring and sustainable are revenue relationships? | Customer/revenue analysis and concentration observations |
| Costs & Working Capital | What drives costs, receivables, inventory, payables and cash conversion? | Working-capital review and operating observations |
| Assets & Liabilities | Are material assets, debt, obligations and contingent exposures understood? | Asset/liability review and issue register |
| Contracts & Legal | What material contractual rights, obligations or restrictions should be considered? | Contract review observations and legal issue list |
| Tax & Regulatory | Are relevant tax positions, registrations, licences and compliance matters identified? | Tax/regulatory observations and specialist review items |
| Operations & People | Can the operating model, systems, workforce and critical processes support the business? | Operational review and dependency assessment |
| Technology & IP | What technology, intellectual property or data dependencies are material? | Technology/IP observations and open items |
| Risks & Open Items | Which matters remain unresolved, unverified or subject to further evidence? | Prioritised findings, information gaps and follow-up actions |
From Review Scope to Decision-Ready Findings
Define
Confirm decision purpose, scope, materiality and review perimeter.
Request
Build the information and evidence request around the defined scope.
Examine
Review records, data, contracts and management information.
Challenge
Test assumptions, inconsistencies, dependencies and open questions.
Assess
Prioritise findings by relevance, materiality and further action required.
Report
Present findings, limitations, open items and decision considerations.
Structured Review for Material Business Decisions
Due Diligence Connected to the Wider Transaction and Business Context
Due Diligence Scope Should Match the Decision and Applicable Requirements
Due diligence requirements vary according to the transaction, business, sector, jurisdiction, ownership, purpose and information available. Certain workstreams may require appropriately qualified legal, tax, valuation, financial, technical or regulatory professionals.
Due diligence findings are based on the scope, evidence and limitations of the engagement. They do not automatically constitute an audit, assurance opinion, legal opinion, tax opinion, investment recommendation or guarantee of a transaction outcome.
Know What Matters Before You Commit
Discuss your proposed transaction, investment, funding decision or restructuring and identify the due diligence workstreams relevant to your situation.