Before buying or selling a New Yorkbusiness, make sure you understand how to perform a “due diligence” for the business. This is essential for all businesses whether you are the buyer or a seller. A good motivated seller of a business will, usually, receive a better deal if pre-due diligence work is performed in order to satisfy the potential requests of a buyer – in a timely fashion. We often see a buyer questioning documents produced when the documents are not produced in a timely manner. Recently, I was approached by a prospective client about selling a small business, and I asked if she knew what performing a “due diligence” was. The blank stare on her face was all the answer I needed. Many small business owners have heard the term, but know nothing about what it means to properly carry out the due diligence process. “Due diligence” is a
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