Jeneen Galbraith CA, partner at Galbraith Rushby, delves into the often-overlooked and sometimes complex due diligence processDue diligence is not just about assessing a company’s turnover. From financial statements to tax matters, loans and shareholders, there are various elements that need to be investigated during the due diligence process.
Would small businesses ever need to perform due diligence on other businesses, or is this the realm of big corporations? At Galbraith Rushby we service small- to medium-sized sectors and often business owners looking to buy shares in a company, or merge with another company, so it’s definitely applicable in the SME sector.It’s tricky, but a starting point would be to look at the size of the transaction. If you’re dealing with a small start-up that’s turning over a couple of hundred thousand rand a month, you don’t want to overburden that with a huge due diligence process.
To break it down, the bigger the transaction, the more work you’ll put into the due diligence process, and the more detail you’ll go into. Conversely, the smaller the business, the fewer resources you’ll need. Sometimes I’ll say to my clients, just give me the financial statements of this business you’re trying to acquire and within 15 minutes I can tell you whether there are skeletons in the closet.
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