January 18, 2021 by investor
In running due diligence it’s important to build a team and bring others into the process.
A deal lead should take care of gathering the initial documents so the team doesn’t stall out waiting on the startup.
Assign each team member a task and include the instructions for the task.
Make clear that the goal is building a due diligence report.
Set up a timeline for completing the diligence including referrals, document analysis, etc.
Use online tools such as Google Docs for sharing the information as the team members will be working remotely in most cases.
It takes 4 to 8 hours to complete a task.
The overall diligence process takes from 20 to 40 hours of work.
Set four weeks as a timeframe for completing the diligence.
Keep the startup apprised of the progress and if there are any open questions.
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