The forty questions every diligence team asks, and the five that decide whether the round closes on time.
Diligence is rarely about catching fraud. It is about whether the numbers in the deck reconcile to the numbers in the books.
Revenue quality
Recurring versus one-off, concentration in the top ten customers, and how revenue is recognised.
Unit economics
Customer acquisition cost, payback and contribution margin after returns and discounts.
Cash and working capital
How much cash the business really needs to grow, and where it is trapped today.
Prepare the answers before the questions arrive.
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