David C Barnett Small Business and Deal Making M&A SMB 11 due diligence areas SMB owners miss
Oct 2, 2024
Discover the 11 crucial areas of due diligence often overlooked by business owners, from hiring practices to cybersecurity. Learn why insurance coverage must be regularly evaluated, illustrated by a company's struggles due to inadequate protection. Explore the significance of aligning with investors whose goals match yours, highlighted by a pub owner’s cautionary tale. Plus, dive into the impact of social responsibility on brand reputation, urging adaptations to meet societal changes for long-term success.
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Continuous Employee Due Diligence
- Hire the right people and conduct thorough background checks before employment.
- Implement continuous monitoring or require employees to disclose any legal changes affecting the business.
Implement Financial Controls
- Establish financial audits and internal controls to prevent fraud and theft.
- Use strategies like mandatory vacations to uncover dishonest employee behavior.
Prioritize Cybersecurity Training
- Protect your business with a cybersecurity plan and data backups.
- Train employees regularly to recognize phishing and other cyber threats.