Beware of deal fog:
Stay vigilant during the DD.
The M&A process is designed to excite you and build confidence early. The CIM is a highlight reel.
The Schedules include liabilities, complexities, lawsuits, and red flags. It's not a coincidence they often arrive after you've spent $$$, finalized the cap table, and maximized the stakes.
Don't gloss over the fine print (Schedules) just because you can smell the closing dinner.
Tips:
(1) Review the Schedules with the same skepticism that you had when you opened the CIM for the first time.
(2) Hire an advisor to sift through new information. Fresh eyes can remain critical and objective.
