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How to Sell a Business: The Offer
Goal of Due Diligence
What is the purpose of due diligence?
Businesses are complicated and hundreds of different things must be taken into consideration when looking to purchase one. Whereas with a house, you can look at it and quickly form an opinion, a business involves many intangible variables that are often not readily apparent. With a business, an offer must be made and then the representations are verified after there is an agreement on the terms. If all buyers conducted their due diligence before making an offer, then you would spend a tremendous amount of time with many buyers whom you may never reach an agreement.