Ghost Stories

Ghost Stories #108: Due diligence decoded - inside the modern deal risk process


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Due diligence is often described as "doing your own research" before an acquisition, but the reality is far more complex. In this episode of Ghost Stories, The Finance Ghost is joined by Althea Soobyah, Bongiwe Mbunge and Johan Marais from Forvis Mazars to unpack what a modern due diligence process really looks like.

From financial and tax diligence through to ESG and HR considerations, the discussion explores how buyers identify hidden risks, validate value and avoid expensive mistakes. The conversation also dives into deal structuring, cross-border complexities, tax exposures, cultural risks and the growing importance of non-financial factors in corporate transactions.

Whether you're a CFO, investor, business owner or dealmaker, this episode offers valuable insights into what happens after the letter of intent is signed and the real work begins.

After all, the due diligence can make or break a transaction!

In this episode:

  • Financial DD fundamentals: How buyers assess earnings quality, working capital and the key value drivers of a business.
  • Tax traps and opportunities: Why tax diligence goes beyond compliance and can materially impact deal structure and valuation.
  • The rise of ESG due diligence: Understanding culture, governance, workforce risks and sustainability factors that influence long-term value.
  • Cross-border transaction challenges: Navigating tax, regulatory and operational risks across multiple jurisdictions.
  • One deal, many workstreams: How coordinating financial, tax and ESG due diligence can improve efficiency and support better decision-making.
  • Connect with the Forvis Mazars team:

    • Althea Soobyah - website and LinkedIn
    • Bongiwe Mbunge - website and LinkedIn
    • Johan Marais - website and LinkedIn
    • This podcast is brought to you by Forvis Mazars in South Africa.

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      Ghost StoriesBy The Finance Ghost


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