You Chose This: Episode 2 - (Over)Due Diligence

On the second episode of 'You Chose This', hosts Christina and McKenzie Reed go on a deep dive into the due diligence process they went through when purchasing their business. They recount the three-month-long process filled with mountains of paperwork, countless questions, and overwhelming sessions of thorough information review. By offering an honest account of their journey and concerns, they provide a glimpse into the complexities of structural issues and contract changes. The episode offers valuable insights to listeners about the essence of risk-taking, teamwork and problem-solving in the world of business acquisition, as well as the importance of being persistent and efficient in reaching your goals.

00:00 Introduction and Welcome
00:21 Beginning of the Due Diligence Process
00:42 Challenges and Realities of Due Diligence
02:14 The Importance of Communication and Timeliness
03:17 The Pre-Agreement Due Diligence Process
05:21 The Asset Agreement and Its Implications
25:35 The Site Visit and First Impressions
29:24 Reflections on the Business
34:17 The Financial Puzzle and Red Flags
35:29 The Inventory Mystery and Business Valuation
37:12 The Negotiation and Legal Hurdles
40:25 The Final Decision and Closing the Deal
45:02 The Aftermath and Reflections