Due Diligence Deciphered: How to Avoid Buyers Remorse with Elliott Holland [The Opportunity Ep.144]
b"There\\u2019s a lot on the line when you buy a business, so you want to make sure you buy a business that is primed for success.\\xa0 An important lesson you need to learn as a buyer is that you can\\u2019t take businesses at face value. There\\u2019s a lot going on below the surface that you need to uncover. That\\u2019s where due diligence comes in.\\xa0 Few people know more about the due diligence process than Elliott Holland. Elliott is the Co-Founder and CEO of Guardian Due Diligence, a diligence solution for first-time buyers and self-funded searchers. In this episode, Elliott takes us on a deep dive into the due diligence process.\\xa0 He highlights red flags buyers should look out for, the common mistakes buyers make, and he breaks down the due diligence process, step by step. According to Elliott, \\u201cThere are four main buckets of due diligence in online business. Financial, Operational, Commercial, and Online metrics. In online business, 70 to 80% of due diligence is focused on financials. Financials are created through the operations of a business, and so they are a great way to really understand the story of the business.\\u201d Elliott also shared his top due diligence war stories and the lessons buyers can learn from them. If you\\u2019re in the market to buy an online business, this episode is jam-packed with useful information that could make or break your acquisition! Topics Discussed in This Episode: Elliott's background and how he became involved in business acquisitions (02:22) What is Quality of Earnings? (14:13) The best time to hire a due diligence service (21:50) The different areas of due diligence (23:09) What Elliott looks at when examining a business\\u2019s financials (25:37) How Elliott examines a business\\u2019s operations (32:19) The classic due diligence mistake experienced entrepreneurs make (41:54) Top due diligence questions buyers should ask (44:50) Elliott's favorite due diligence war stories (53:16) Mentions: Empire Flippers Podcasts Empire Flippers Marketplace Create an Empire Flippers account Subscribe to our weekly newsletter\\xa0 Guardian Due Diligence 10 best practices doc War Stories hub Elliott\\u2019s Twitter Elliott\\u2019s YouTube channel Sit back, grab a coffee, and learn how the due diligence process really works!"