About Prior Diligence
Prior diligence is the preparation process a business owner utilizes for deriving maximum value from a business sale. It is the seller’s preparation for the buyer’s due diligence, which is the buyer’s investigation of the business as a part of the sale process.
Prior diligence involves planning done through group decision-making by documenting in writing the decisions of a policy-making group. The plans, strategic and operational, include the setting of goals, performance measurement, and incentive systems linked to value creation. The plans are subject to constant revision.
Prior diligence installs processes that encourage managers and employees to act to maximize the value of the business with a philosophy of managing the business to sell the business.
Business Transition Consulting LLC (BTC) advocates prior diligence. Rick Riebesell, Principal Consultant of BTC, is experienced in enabling business owners to practice prior diligence.