Due diligence commences after a signed letter of intent (LOI) for an M&A or term sheet for a private placements. Due diligence can be the most time consuming and burdening process of selling a business, buying a business, raising capital, or deploying capital. For this reason, issuers should always have a due diligence package prepared for buyers and investors before the process begins. This gives the issuer control over the conversation while saving time for the buyers and investors. A data room should always be available and well organized prior to the commencement of due diligence.
This will serve as a resource for getting started, but make sure to customize your lists depending on your objectives.