The Importance of Initial Calls in Commercial Due Diligence
Discovery calls are an important part of the Commercial Due Diligence process. They provide an opportunity for both parties to learn more about each other and determine if there is a potential fit for a business relationship.
Here are some key details to keep in mind when conducting a discovery call for commercial due diligence:
To prepare for the call, research the company and the person you'll be speaking with. Make a list of questions to ask and take notes during the call.
Set an Agenda
At the beginning of the call, make a plan for what you want to do. This will help you stay on topic and make sure that everyone agrees on what they want to do.
Ask the Right Questions
During the call, ask questions that will help you understand more about the business and its risks and opportunities. Here are some examples:
- What are the main things the company sells?
- How is the company different from other companies?
- What are some of the biggest problems the company is dealing with?
Listen carefully to the other person and take notes. Ask questions to make sure you understand everything.
If you realize that you're not a good match, just be truthful about it. Don't waste anyone's time by trying to pursue a business relationship that isn't going to work out.
Send an email after the call to thank the person for their time and summarize any next steps. This will help keep the conversation going and show that you are serious about pursuing a potential business relationship.
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