Template

Due diligence call template

An investor or buyer works through a company's details — numbers, customers, technology, legal — to check that what they were told is true, and the company answers clearly and in order.

60 minutesFor The founders or management, and the investor's or buyer's team and advisersAgenda room
Change the agenda first

The agenda, with a time for each part

  1. What they want to cover5 min
    • Which areas matter most to you, and what are your concerns?
  2. Numbers15 min
    • How is revenue recognised, and what is behind the forecast?
  3. Customers12 min
    • Who are the biggest customers, and how likely are they to stay?
  4. Product and technology12 min
    • What is the technology, and what are its limits?
  5. Legal and people10 min
    • Any disputes, unusual contracts or key-person risks?
  6. Open questions and next steps6 min
    • What is still needed, and by when?

How the notes read afterwards

A made-up example, so you can see the shape. In a real call each line carries the words that were said and who said them.

Concerns. Customer concentration and the age of the codebase.

Customers. Top 3 are 28% of revenue; all on two-year contracts.

Technology. The billing system is old; replacement planned for next year, budget in the plan.

Next. Contracts for the top 10 customers in the data room by Thursday.

Running it well

Ways to change it

AcquisitionMore legal, tax and employment detail, often over several days.
Seed roundA single call on the numbers, customers and the team.

When to skip it. Never skip it — but keep it proportionate to the size of the deal.

Questions

What is due diligence?

The checks an investor or buyer makes before committing, to confirm the facts about a company's finances, customers, technology, legal position and people.

What documents are needed for due diligence?

Typically financial statements, customer and supplier contracts, the cap table, corporate and legal documents, employment agreements and key metrics.

How should a company prepare for due diligence?

Organise documents in a data room in advance, keep a log of questions and answers, and disclose known problems early.

What happens in the room

Everybody joins from the link, with no account. The agenda sits beside the call and each item fills in with what was said about it, under the name of the person who said it.

More templates

Shareholder meeting (private company)A meeting of a private company's shareholders to vote on matters only they can decide — such as new share issues, changes to the company's rules, or a sale — following the notice and voting rules in the company's documents.Grant review meetingA funder's panel reviews grant applications against its published criteria, discusses the borderline ones, declares any conflicts, and decides who gets funded and how much.Donor meetingA conversation with a supporter or possible major donor: thank them, show what their support made possible, listen to what they care about, and — when it fits — ask for the next gift.Board meetingHighlights, the numbers, the asks, and the votes — in that order.Investor update callFor the people who put money in: the numbers, what went wrong, and what you need from them.Nonprofit board meetingFor a charity or association board: approve the minutes, the money, the reports and the votes — in order, and on the record.Annual general meeting (AGM)The yearly meeting of members: the year's report, the accounts, the elections and the votes the rules require.Investor pitch meetingA first meeting with an investor: ten minutes of pitch, plenty of time for their questions, and a clear ask at the end.

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