diligence-question-banklisted

# The Diligence Question Bank *System 3 of 4 · THE QUESTIONS YOU'D FORGET · [The Deal Kit](../../README.md)* The questions a ten-person deal team would ask without thinking, organised by area so nothing slips. Use them to build your management-meeting list and your information requests. The prompt at the end tailors the bank to your specific deal. --- ## The bank **Financial** - What's driving the revenue trend, volume, price, or new customers? - Walk me through every add-back in adjusted EBITDA. Which survive a sale? - How much owner compensation and personal expense is in these numbers? - What capex is coming in the next two years that isn't in the forecast? - How much working capital does the business need, and how seasonal is it? - Does reported profit turn into cash, and where does the cash go? - Have you restated or adjusted any prior-year figures? Why? - Who prepares the accounts, and are they audited or reviewed? **Commercial / customers** - What share of revenue is the top customer? The top five? - Which revenue is contracted vs at-will, and on what terms? - What's your churn or repeat rate, and how is it measured? - Have you lost any major customer in three years? Why? - Do any contracts carry change-of-control or termination clauses? - How much of the pipeline is committed vs hoped-for? - Can you raise prices? When did you last, and what happened? - Who are your real competitors, and where are you losing? **Operations & people** - What breaks if volume doubl