Glossary · Doing the deal
In short
Your inspection period: verifying financials, contracts, customers, and everything the seller claimed.
Due diligence is your opportunity to verify every claim in the CIM before you're committed to buy. Pull the IRS transcripts, match them to the P&Ls, interview key employees (with the seller's permission), review all contracts, check for pending litigation, and inspect physical assets. Most LOIs give you thirty to sixty days of exclusivity to complete this. Skipping or rushing due diligence is the most common mistake first-time buyers make — deals that look good in the listing can unravel fast when you look under the hood.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-14 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
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