The most dangerous phase — keep it organized and deals don't die. Click each item to cycle R requested → ✓ received → V verified. Received is not done: a document you haven't tied back to the books proves nothing. Progress counts verified only. Detail in the protocol (Day 18) · printable (.docx) · data-room index (.docx).
0%0 R · 0 ✓ · 0 V / 44
Corporate & legal
Financial & tax
Operations
Contracts & leases
HR & payroll
IP & IT
Compliance & permits
Customers & suppliers
Deal-killer red flags — stop and re-price, don't rationalize
Revenue that can't be verified against bank deposits or processor statements ("cash business, trust me")
Seller refuses tax returns or IRS transcripts
Lease expiring without assignment rights or renewal options
Liens the seller "forgot" — always run your own UCC search
One customer over 30% of revenue with no contract
On deals above ~$1M SDE, add a third-party quality-of-earnings review on top of this list — it costs a fraction of what a bad add-back does. This checklist tracks ONE active deal; copy the status out before resetting for the next.