During this phase, the buyer with the winning offer begins due diligence. If the advisor has done his job, this process should be a formality. That’s because the buyer has already been fully informed of all issues impacting the business and reviewed and based his offer on accurate information provided. Even so, most buyers will hire an accountant to verify financial information and conduct on-site due diligence to ensure there are no hidden surprises that might be considered “material” prior to the final contract.
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