This is the second of five episodes focused on helping agency owners understand what's involved in acquiring a new agency in order to build their existing business.
In this episode, Peter and Doug discuss due diligence - a critical step in considering any acquisition. In due diligence, a prospective agency buyer enters into a formal process with the owner of an agency he/she is considering purchasing. The process allows for an investigation of the agency's financials, operations, and legal details so that the prospective buyer can understand the agency business, assess it against competitors, and look for any signs that might suggest problems at the agency.
Peter discusses the 4 keys he has found helpful in ensuring success in due diligence.