BEFORE STARTING, SELLING OR INVESTING IN A BUSINESS
Snippets of the 660 questions from this Checklist
Questions To Ask Yourself Before Starting A Business
Is your family supportive of your decision? Are you good at adapting to change? What are you hoping to achieve with this business?
Questions To Ask Yourself Before Investing In A Business
How does this investment fit with your overall investment plan? What is your investment time frame? What are your goals with this investment?
Questions To Ask Yourself Before Selling Your Business
Why are you selling your business? Do you have a sales strategy in place? How much of the business are you willing to sell?
The Big Picture
How would you explain the business in 15 words or less? In short, how does the business make money? Is it an established business or just an idea?
Does the business have a clearly defined strategy? Has the strategy been put into writing? How long has this strategy been in place?
Vision And Mission
What is the vision for the business? Is the business capable of reaching its vision? Where should the business be 5 years from now?
Founders, Owners and Key Personnel
Who are the current owners and what are their backgrounds? What are the owners' core competencies? Did the current owners found the business?
Product and Services
What is the main product that the business is selling? What product generates the most revenue? What are the highest, lowest and average profit margins on the products sold?
Who is the business's primary customer and what does their profile look like? How does the business segment their customer? What new customers would the business like to have?
How many competitors are there in the market? Has the business made a list of competitors? Which of them poses the biggest threat?
How is customer service today and what is the aim for it to be in the future? What does the customer service team look like and how many people does it consist of? How high is customer services prioritized (and why)?
Is there any market analysis confirming the demand for the product or service that the business is offering? How is the market defined? Who has conducted the market analysis?
Marketing and Sales
How does the business market itself? What marketing initiatives have been tried? What marketing initiatives work?
Can the business issue annual and quarterly financial information for the past three years (or as long as it has existed)? Can the business supply historical income statements? Can the business supply historical balance sheets?
Organizational charts: Can the business provide a current organizational chart? If the business is expanding how would a future organizational chart look like?
What law firm/lawyer does the business use? Why was this firm selected and how long has the business worked with them? Has the business worked with other law firms?
What/who are the businessís most important partnerships? What does the business do to keep a good relationship with its most important partners? Has the business ever terminated any partnerships - and why?
Investors and Funding
Is the business on the lookout for an investor? Why does the business want an investor onboard? If the reason is to fundraise for cash only, why not apply for a loan at the bank?
What assets does the business own? Does the business own any properties? Has office equipment (computers, desks. etc.) been leased or purchased?
Is the business established as a legal entity? Are there any subsidiary companies? Regarding the legal business structure:
Does the business have the proper technology to support its vision? What software does the business use in its daily operations? How is the business using technology to keep track of its key performance indicators?
Is the business being navigated by a clear set of goals (see Vision and Mission-chapter)? What is holding the business back in order to reach those goals? Is the business considering entering new markets as a part of the future growth strategy?
Are the shareholders planning for an exit? In short, what is the exit strategy? Do all shareholders agree to the terms of the exit strategy?
Other Miscellaneous Questions
What parts of the business have been outsourced? In what order does the business prioritize its shareholders, employees and customers? Are there any conflicts of interest? Eg. Former employment or affiliation?
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What information is collected?
Due Diligence Questions collects information about you when making a purchase or signing up for the newsletter. We store this information in order to process your order. We can never see your credit card information as they are sent encrypted through a secure connection through our payment partner. Therefore, we do not store this information.
1.2 The Personal Data Policy applies to personal information that you submit to us or that we collect via Due Diligence Questions's websites and apps ("Website").
1.3 Due Diligence Questions is the data controller for your personal information. All inquiries to Due Diligence Questions can be made through the contact details listed under section 7.
What personal data do we collect, for what purposes and the legal basis for the treatment.
2.1 When you visit the Website, we automatically collect information about you and your use of the Website, such as what type of browser you use, which search terms you use on the Home page, your IP address, including your network location, and information about your computer for that purpose to optimize the user experience and website function, as well as targeted marketing including retargeting via Facebook and Google. This processing of information is necessary to enable us to take care of our interests in improving the Website and showing you relevant offers. The legal basis for the processing is Article 6 (1) of the EU Personal Data Regulation. (1) (b) and (f).
2.2 When you purchase a product, we collect the information you provide, eg name, address, e-mail address, phone number, payment method, information about which products you buy and have returned, delivery requests, and information about the IP address from which ordering is made. This processing of information is for the purpose of delivering the products you have ordered and otherwise fulfilling our agreement with you, including in order to manage your rights to return and advertise as well as to contact you in connection with your order. Information about your purchases can also be processed to comply with legal requirements including bookkeeping and accounting, as well as targeted marketing. Upon purchase, the IP address is collected for the purpose of preventing fraud. The legal basis for the processing is the EU Personal Data Regulation rt 6 pcs. 1, b, c and f.2.3 When you sign up for our newsletter, we collect information about your name, e-mail address and telephone number. with the purpose of being able to handle our interest in delivering newsletters to you. The legal basis for the processing is Article 6 (1) of the EU Personal Data Regulation. 1, b and f.2.4 When communicating with us, we collect the information you provide, such as name, address, e-mail address, telephone number, and the content of your inquiry. This processing of information is done for the purpose of providing the best possible customer service. The legal basis for the processing is Article 6 (1) of the EU Personal Data Regulation. 1, b and f.
Recipients of Personal Data in Europe
3.1 Information may be left to external partners that process the information on our behalf. We use external partners to include technical operations and website improvements, newsletters, targeted marketing, including retargeting (eg recommendations based on your preferences), as well as your review of our company and products. Among other things, we pass on information such as order number to TrustPilot so that we can send an invitation to review us on TrustPilot's website. If you choose to make a notification, TrustPilot becomes the data controller for the information provided. These companies are computer operators and under our instructions and process data for which we are data controllers. Data Processors may not use the information for any purpose other than fulfillment of the agreement with us, and are confidential about these. We have entered into written data processing agreements with all data processing companies handling personal information on our behalf.
Recipients of Personal Data Outside
3.4 Information may be left to external partners that process the information on our behalf. We use external partners to include technical operations and website improvements, newsletters, targeted marketing, including retargeting (eg recommendations based on your preferences), as well as your review of our company and products. These companies are computer operators and under our instructions and process data for which we are data controllers. Data Processors may not use the information for any purpose other than fulfillment of the agreement with us, and are confidential about these. We have entered into written data processing agreements with all data processing companies handling personal information on our behalf. Certain data providers are established in the United States: Google Analytics v / Google LLC., Microsoft Corporation, Atlassian Pty Ltd, The Rocket Science Group LLC, Inc. / Mailbox, Cloudflare Inc., RichRelevance Inc., SurveyMonkey Inc., Intercom Inc., Functional Software Inc . (Sentry) and Zendesk, Inc. The necessary guarantees for the transfer of information to the United States are secured through the data processor's certification under the EU-US. Privacy Shield, cf. EU Type of Data Regulation Article. 22.214.171.124 A copy of Google LLC's certification can be found here: https://www.privacyshield.gov/participant? Id = a2zt000000001L5AAI3.4.2 A copy of Microsoft Corporation's certification can be found here: https://www.privacyshield.gov/participant? id = a2zt0000000KzNaAAK & status = Active3.4.3 A copy of Atlassian PTY Ltd's certification can be found here: https://www.privacyshield.gov/participant?id=a2zt00000004FK0AAM&status=Active3.4.4 Copy of The Rocket Science Group LLC d / b / a MailChimp's certification can be found here: https: //www.privacyshield.gov/participant? id = a2zt0000000TO6hAAG & status = Active3.4.5 A copy of Cloudflare Inc's certification can be found here: https: //www.privacyshield.gov/participant? id = a2zt0000000GnZKAA0 & status = Active3. 4.6 A copy of RichRelevance Inc's certification can be found here: https://www.privacyshield.gov/participant?id=a2zt0000000TNEYAA4&status=Active3.4.7 A copy of SurveyMonkey Inc.'s certification can be found here: https://www.privacyshield.gov / participant? id = a2zt0000000Gn7zAAC & status = A ctive3.4.8 Copy of Intercom Inc's certification can be found here: https: //www.privacyshield.gov/participant? id = a2zt0000000TNQvAAO & status = Active3.4.9 Copy of Functional Software Inc. (Sentry) certification can be found here: https://www.privacyshield.gov/participant? Id = a2zt0000000TNDzAAO & status = Active3.4.10 A copy of Zendesk, Inc's certification can be found here: https: //www.privacyshield.gov/participant ? id = a2zt0000000TOjeAAG & status = Active
4.1 To provide transparency regarding the processing of your information, we as a data administrator must inform you of your rights.
4.2 Court of Appeal
4.2.1 You are entitled at any time to request information about, among other things, what information we have registered about you for the purposes of the registration, what categories of personal data and recipients of information that may may be as well as information from which the information originates.4.2.2 You are entitled to receive a surrendera copy of the personal information we treat about you. If you want a copy of your personal information, please send a written request to [email protected] You may be asked to prove that you are the one you give up to be.
4.3 Right of Correction
4.3.1 You are entitled to receive incorrect personal information about yourself corrected by us. If you become aware that there are errors in the information we have registered about you, you are encouraged to contact us in writing so that the information can be corrected.
4.4 The right to delete
4.4.1 In some cases you have the right to have all or some of your personal information deleted by us, for example, if you revoke your consent and We do not have another legal basis to continue the treatment. To the extent that continued processing of your information is necessary, for example, to comply with our legal obligations or for legal requirements to be established, enforced or defended, we are not required to delete your personal information.
4.5 The Right to Limit Processing for Storage
4.5.1 You may, in certain cases, have the right to restrict the processing of your personal data to consist of storage only, eg if You believe that the information we treat about you is incorrect.
4.6 Data Portability Right
4.6.1 You may, in certain cases, have the right to obtain personal information provided by you in a structured, commonly used and machine-readable format and has the right to transfer this information to another data controller.
4.7 Right to Opposition
4.7.1 You have the right at any time to object to our processing of your personal information for direct marketing including the profiling there are made in order to target our direct marketing.4.7.2 You also have the right, for reasons relating to your personal situation, to object to the processing of your personal information, which we make based on our legitimate interests, cf. section. 2.1 and 2.3.
4.8 Right to revoke consent
4.8.1 You have the right at any time to revoke a consent you have given us to a given processing of personal data, including to The profile made by you as a member of the customer club. Consent to newsletters and recommendations may be withdrawn either through your user profile, at the bottom of the marketing material you received, or by contacting us at [email protected]
Deletion of personal data
5.1 Information collected about your use of the Website cf. section. 2.1. anonymized when you have not used the Website for 2 years.5.2 Information collected in connection with purchases you have made on the Website cf. section. 2.2 will initially be anonymized 2 years after the order has been completed or canceled unless you have an active user cf. section. 5.1. However, information may be stored for a longer period of time if we have a legitimate need for longer storage, for example, if necessary for legal requirements to be established, enforced or defended, or if storage is necessary for us to comply with legal requirements. Accounting materials are kept for 5 years to the end of a financial year to comply with the requirements of the Accounting Act.5.3 Information collected in connection with your registration for our newsletter will be deleted when your consent for a newsletter is withdrawn. However, information may be stored for a longer period of time if we have a legitimate need for longer storage, such as if necessary for legal claims to be established, enforced or defended, or if storage is necessary for us to comply with legal requirements.5.4 Information collected Once you have released or provided services on our publishing platform, cf. section. 2.5 will initially be anonymized 2 years after you last have had a release or service for sale, unless you have an active user cf. section. 5.5. However, information may be stored for a longer period of time if we have a legitimate need for longer storage, for example, if necessary for legal requirements to be established, enforced or defended, or if storage is necessary for us to comply with legal requirements. Accounting materials are kept for 5 years to the end of a financial year to comply with the requirements of the Accounting Act.5.6 Information collected in connection with the fact that you have communicated with us cf. section. 2.6 will initially be anonymized 2 years after you have contacted us. However, information may be stored for a longer period of time if we have a legitimate need for longer storage, for example, if necessary for legal requirements to be established, enforced or defended, or if storage is necessary for us to comply with legal requirements.
6.1 We have implemented appropriate technical and organizational safeguards to protect personal data from accidentally or illegally being destroyed, forfeited, altered or impaired, and against their knowledge or abuse.6.2 Only employees who have a real need to access your personal data to perform their work are allowed to access these.
Changes in the Personal Data Policy
8.1 If we make significant changes to the Personal Data Policy, you will be informed about this by sending information to your email address. This will happen if you have an active user profile cf. section. 5.4, ‚Äč‚Äčor an order not yet anonymous cf. section. 5.2.