Why should attorneys or CEO’s conduct due diligence? It’s not just because they have to, it’s because business and litigation are the last place you want to experience surprise.
Due diligence can cover a wide variety of topics. Can your client pay you? Has the client been involved in any “scandals”? Is the client who he/she says they are…do their credentials pan out?
Knowing who you are conducting business with is a very important part of your due diligence. Other aspects of business that should be attended to include industry background. Sure Mr. Smith is a good guy, you know this but what about his idea to sell widgets in Country X? Can he do the exports, is Country X able to pay, have the industry standards for that country been met?
The amount of information you need to know in order to conduct business in today’s global economy can be overwhelming. Knowing that you have done your due diligence provides a peace of mind in moving forward with ventures. Are you doing your due diligence?
In a post later this week I will provide you with a few tips on conducting due diligence so stay tuned.
