Discuss the proposed acquisition, and due diligence, with those most likely to be involved in and affected by it

Make sure everyone who needs to understand is clear about what due diligence is about and the advantages of bringing in advisers and what they are expected to do

Whether to set-up a management team

Who will prepare and agree the initial brief

Who will choose your advisers and on what criteria

Who will be the main contact for the advisers

How your firm will be kept in touch with the progress of the acquisition/ due diligence process

Set out the firm’s aims/mission

Identify all key issues and potential problems that may arise during the course of the due diligence process and during the course of working with your advisers

Discuss options with your advisers and set out your initial targets for the advisers

Propose an initial budget and timescale and discuss additional expenses

Compile a criteria checklist for choosing advisers

Give likely or interested advisers details of your organisation, why you need them and an initial brief

Ask advisers to submit an initial proposal and estimate for the work

Check references, if given

Interview the most promising candidates

Make sure you meet the person/persons who will carry out the due diligence and those that will be your principal contacts

Discuss:

Eliminate those not suitable

Compare strengths and weaknesses

Compare fees and estimated timescale

Check any points that are unclear

Assess genuine interest, commitment and professionalism of those interviewed

Balance advantages and disadvantages

Decide which you like and with whom you get on well

Discuss your initial brief and the adviser’s proposal and refine final brief

Agree on the timescale, how fees and costs will be calculated and paid

Draw up and sign contract with your advisers

Inform all those that need to know when work will commence and who is to be the main contact for the advisers

Make arrangements (allocate a person) to provide the advisers with information, equipment, and the space they require

Keep in close contact with your advisers

Have regular feedback sessions

Make sure arrangements for working with your advisers are running smoothly

Decide how you want the advisers to report their recommendations and conclusions to you

Check its accuracy and conclusions before making it available to others within your organisation

Assess the outcome

Consider if you have got what you asked for, in the form you wanted it, and its value to your decision making

Discuss the report with your advisers and its implications, and negotiate amendments or additions where the report fails to meet the agreed brief

Decide if you want further advice or guidance and on what financial basis that might be given

Approve and implement any specific recommendations