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1、DueDiligenceRequirementsinFinancialTransactionsbyScottMoellerExecutiveSummary•Thereisanurgencyforcompaniestoconductintensiveduediligenceinfinancialdeals,bothbeforeannouncement(whenitshouldbeeasytocalloffthedeal)andafter.•Traditionalduediligencemerelyverifiesthehisto
2、ryofthetargetandprojectsthefuturebasedonthathistory;correctlyappliedduediligencedigsmuchdeeperandprovidesinsightintothefuturevalueofthetargetacrossawidevarietyoffactors.•Althoughduediligencedoesenableprospectiveacquirerstofindpotentialblackholes,theaimofduediligence
3、shouldbethisandmore,includinglookingforopportunitiestorealizefutureprospectsfortheenlargedcorporationthroughleveragingoftheacquiringandtheacquiredfirms’resourcesandcapabilities,identificationofsynergisticbenefits,andpostmergerintegrationplanning.•Duediligenceshoulds
4、tartfromtheinceptionofadeal.•Areastoprobeincludefinance,management,employees,IT,legal,riskmanagementsystems,culture,innovation,andevenethics.•Criticaltothesuccessoftheduediligenceprocessistheidentificationofthenecessaryinformationrequired,whereitcanbestbesourced,and
5、whoisbestqualifiedtoreviewandinterpretthedata.•Requestingtoomuchinformationisjustasdangerousasrequestingtoolittle.Havingthewrongpeoplelookingatthedataisalsohazardous.IntroductionThisisnotyourfather’sduediligence.Duediligenceisoneofthetwomostcriticalelementsinthesucc
6、essofanMergersandAcquisitions(M&A)transaction(theotherbeingtheproperexecutionoftheintegrationprocess)accordingtoasurveyconductedin2006bytheEconomistIntelligenceUnit(EIU)andAccenture.Duediligencewasconsideredtobeofgreaterimportancethantargetselection,negotiation,pric
7、ingthedeal,andthedevelopmentofthecompany’soverallM&Astrategy.Butnotevenadecadeago,whenduediligencewasconductedinfinancialtransactions,thefocuswasalmostalwayslimitedtofinancialfactors,pendinglawsuits,andinformationtechnology(IT)systems.Today,thoseareasremainimportant
8、,buttheymustbesupplementedduringtheduediligenceprocessbyattentiontotheassessmentofotherfactors:managementandemployees(andnotjusttheircontr
