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The Challenges of Due Diligence Process and Negotiating in M&A
In 2021, during a diligence process, an $8,000 order from 2017 was brought up, causing confusion. The company's incentive system only punished mistakes, leading to repetitive questioning. The CFO explained that she couldn't find the receipt due to the company being out of business and unresponsive. Without audited financials and real-time data access, the process became tough. Shorter deals benefit the seller, as they possess more knowledge compared to the buyer.