3d • General discussion
I lost five figures on a deal I thought I had figured out.
The business looked perfect on paper.
Margins were clean. Revenue was consistent. The seller was friendly. I liked him.
What I did not know was that he had been running personal expenses through the business for three years. Nothing illegal. Just quietly normalized in the P&L. By the time I found out, I owned it.
That deal cost me more than money.
It cost me the belief that a good feeling about a seller was worth anything in due diligence.
In private equity we have a saying. Trust is not a process. Verification is.
I built my entire due diligence system around that one deal. Every question I ask today exists because I did not ask it then.
The sellers who will hurt you are not the dishonest ones. They are the ones who simply let you assume.
Comment AUDIT below and I will send you the exact line items I check now that most buyers never think to look at until it is too late.
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I lost five figures on a deal I thought I had figured out.
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