Mergers & Acquisitions Due Diligence
Clear, accurate, and risk-focused financial due diligence for confident deal decisions.
M&A due diligence requires disciplined analysis, accurate financial verification, and clear identification of risks that affect valuation and closing. Ledger Board reviews financials, operations, tax exposure, and working capital to give you an unbiased picture of the target business. You receive structured insights, transparent findings, and the clarity needed to move forward with confidence.
INDUSTRIES WE SERVE
M&A risks vary by industry, operational model, and revenue mix. Ledger Board supports acquisitions in medical practices, restaurants, construction companies, retail and e-commerce brands, logistics, real estate groups, and professional services firms. Each due diligence engagement reflects the financial and operational realities of the sector.
Law Firms & Professional Services
Restaurants, Food & Hospitality
Medical & Healthcare Practices
Real Estate & Construction
Retail & E-Commerce
Financial Services
Manufacturing & Distribution
Entertainment & Media
Education
Agriculture & Agribusiness
Energy & Utilities
Technology
Small Business & Startups
04. Guidance
Support your decision.
You receive a detailed report, recommendations, and closing considerations. Your team moves forward with clarity and confidence.
03. Findings
Reveal risks and value.
We summarize financial accuracy, red flags, operational weaknesses, and opportunities. This gives you a transparent picture of the business.
02. Analysis
Validate performance drivers.
We analyze financial statements, working capital, operations, and tax exposure. All risks and discrepancies are documented clearly.
01. Assessment
Identify review priorities.
We evaluate the target’s structure, financials, and deal terms. This ensures the due diligence plan aligns with your goals.
OUR PROCESS
M&A due diligence includes a full review of financial statements, tax exposure, working capital, contracts, operational processes, and compliance risks. We verify whether reported numbers are accurate, sustainable, and aligned with the seller’s disclosures. Our team assesses liabilities, hidden obligations, and operational weaknesses that aren’t visible in the financials alone. Each finding is categorized by risk level to support negotiation and deal strategy. You receive a comprehensive understanding of the business before moving forward.
A Quality of Earnings review determines whether the company’s profits accurately reflect true operating performance. It separates recurring revenue from one-time events, normalizes expenses, and identifies accounting adjustments that impact valuation. Buyers use QoE to validate EBITDA, establish realistic expectations, and avoid overpaying. Our analysis clarifies the sustainability and reliability of the business’s earnings. This becomes one of the most critical components of the acquisition decision.
Most engagements take one to three weeks depending on the size, complexity, and document availability. Businesses with multiple locations, inventory-heavy operations, or historical inconsistencies may require more time. We create a structured timeline at the beginning of the engagement and adjust as new information arrives. Clear communication keeps the process moving efficiently. Our goal is to deliver deep analysis without causing closing delays.
We review tax returns, financial statements, bank records, revenue detail, payroll data, vendor contracts, customer concentration, and any documents affecting cash flow. Every item is tested for accuracy and consistency with GAAP or the seller’s accounting method. Discrepancies are flagged to determine whether they affect valuation or deal terms. This comprehensive review reduces uncertainty for buyers. You receive clear documentation of what matches, what doesn’t, and why it matters.
Yes. Our process uncovers liabilities that may not appear on the financial statements, including contractual obligations, compliance issues, tax exposure, underreported debt, and operational weaknesses. We examine internal processes, regulatory filings, and third-party agreements to identify these risks. Each liability is assessed for financial and operational impact. This transparency protects buyers from unexpected costs after closing.
Yes. We identify risks unique to each structure—such as tax obligations, assumed liabilities, and operational continuity. Asset purchases often reduce liability exposure, while stock purchases may simplify transitions. Our team explains how each option affects risk, taxes, and valuation. This helps buyers select the most strategic structure for the transaction.
We analyze working capital trends, seasonality, revenue cycles, and cash flow timing to determine the business’s true operating needs. This ensures buyers do not inherit insufficient liquidity at closing. We also identify anomalies or manipulation in working capital reporting during the sale process. Our findings support negotiation of the working capital peg. This protects buyers from future cash flow shortage
Yes. We coordinate with attorneys to support contract review, compliance matters, and entity-level risks. Our financial findings help guide legal negotiations and document structure. Clear collaboration strengthens the overall due diligence outcome. This ensures financial, operational, and legal perspectives align before closing.
Absolutely. Our final report includes red flags, required adjustments, valuation considerations, operational risks, and specific deal recommendations. We outline how each finding may affect negotiation leverage or closing conditions. Buyers receive clear next steps and actionable guidance. This supports a confident, informed acquisition decision.
Testimonials
Buyers across industries trust Ledger Board to verify financials, uncover risks, and bring clarity to complex deals. These testimonials reflect our accuracy, responsiveness, and disciplined approach.
Ledger Board identified major issues in revenue recognition and working capital that completely changed our negotiation strategy. Their report was detailed, easy to interpret, and directly actionable. We avoided a deal that would have exposed us to significant financial risk.
Robert W., Managing Partner
Private Equity
We were acquiring a multi-location healthcare group and needed precise financial verification. Ledger Board uncovered compliance gaps, tax exposure, and operational weaknesses that we weren’t aware of. Their clarity and responsiveness throughout the process helped us proceed with confidence.
Stephanie C., COO
Healthcare
Their team’s ability to break down financial complexity into practical insights was invaluable. The due diligence report highlighted risks that materially improved our negotiating position. It was the most transparent and informative M&A review we've worked with.
Marcus H., CEO
E-Commerce & Retail
Quality of Earnings Review
Verify real profitability.
We analyze revenue, expenses, adjustments, and EBITDA to determine true earnings. This helps you understand the sustainability of performance.
Financial Statement Verification
Confirm financial accuracy.
We review balance sheets, income statements, tax filings, and supporting records. All data is checked for consistency and completeness.
Working Capital Analysis
Identify operational needs.
We assess working capital trends, seasonality, and required levels at closing. This ensures the business can operate smoothly post-acquisition.
Operational & Compliance Review
Uncover hidden risks.
We examine internal processes, contracts, liabilities, and compliance exposure. This reveals issues that impact value or deal structure.
Tax Due Diligence
Expose tax liabilities.
We analyze tax filings, credits, carryforwards, nexus exposure, and potential underpayments. You gain clarity on tax risk before closing.
Deal Support & Recommendations
Move forward with clarity.
We provide findings, red flags, and deal-specific recommendations. You receive structured guidance aligned with your acquisition strategy.
By the Numbers
Ledger Board supports buyers with precise, risk-focused due diligence that strengthens deal decisions. These numbers reflect our experience across industries and transaction types.
$500M+
Reviewed in Transactions
85+ Years
Combined Experience
50 States
supported nationwide
99%
Client Retention
Clear, Actionable Reporting
Our reports highlight risks, red flags, and key drivers without complexity or ambiguity.
Deep Financial Expertise
We analyze financials with accuracy and discipline across industries and deal sizes.
Responsive Support
Our team responds quickly throughout the process to keep deals moving with confidence.
Transparent Communication
You receive structured updates and complete visibility into every finding.
Connect with Leaders
Our leadership team provides direct guidance throughout due diligence engagements and supports every stage of your acquisition process. Learn more about the experts behind your transaction.
Make Confident, Informed Deal Decisions
Due diligence requires accuracy, clarity, and disciplined analysis. Ledger Board provides the insight you need to verify financials, uncover risks, and protect your investment. Schedule a consultation to move forward with confidence.
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