Enhance Your Sales Process with Sales Due Diligence for Support

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hi and welcome back to speak like chef you know the deal this is where I help you understand all that puzzling business jargon and along the way teach you a thing or two about becoming an entrepreneur today I'm going to talk to you about something really important and business speak this is often abbreviated to dee dee we are of course talking about due diligence but first I'm going to call on a friend of mine to help me explain to you what due diligence says here's grab the rock star he left in the Stone Age and was the world's original entrepreneur that's right the very first entrepreneur you see he came up with a business idea to make and provide tools to hunters to help them and catch that play his business soon took off and Rob did really well he had employees and ended up having to move to Beca premises a burger cave Tacoma D is growing company after many many years Rob was considering retiring and selling his business to a rival Pete pebble potential buyer Pete investigated Rob's business he looked at how his run find out how much Rob charge customers what he reinvested his profits and F Rob had kept Retton accounts instead of Scrolls in the key hall Pete would have looked at least two essentially Pete completed due diligence on Rob's business before a deal was concluded as an aside Rob decided not to retire he didn't like the cut of piece loin cloth and refused to sell him and the end Rob's daughters border and purity took over the business so our friend Rob can have success at planning to his list of entrepreneurial achievements and this day and age due diligence has an investigation or exercise of care that a business or person is expected to take before entering into an agreement or contract with another party as aim is to identify any potential problems on unexpected liabilities it's used when entering into a partnership or a major contract a good example Samarra - Pete pebble is when someone a valley is a business or company with a view to buying it due diligence means that any bed has informed the risks costs and benefits have all been looked at and considered and the price offered will reflect that one thing that businesspeople and even more importantly investors don't like a surprise and due diligence and feeli place them make informed decisions and avoid any nasty shocks at the end of the transaction buyers get exactly what they are paying for the trouble with this process is that it can take forever everyone wants a piece of the action brokers lawyers accountants can all get involved and you can bet your bottom dollar that they all want different pieces of information which can sometimes prove tricky and time-consuming for the Seraph to source as a general rule buyers will want to look at records accounts assess operations competitors and market comparisons and an analysis of intellectual property race due diligence is one of the most important things you can do before signing on the dotted line we do it constantly and even if we find something whirring it doesn't always mean the deal will be off we simply consider changing the terms of the deal now that you know what it means don't forget to do in your business life let me know what you think like comment and remember to subscribe to my You Tube channel [Music]