A comprehensive checklist covering financial, legal, operational, and commercial due diligence for sell-side and buy-side M&A transactions.
Last updated: April 2026
A structured due diligence checklist prevents missed items, reduces delays, and ensures all parties know what's expected. This checklist covers the key categories for mid-market M&A transactions. For firms managing 126+ request items per mandate, tools like Alkmist turn this checklist into an automated, trackable workflow.
Audited and management financial statements (3-5 years). Revenue breakdown by customer, product, and geography. Monthly P&L, balance sheet, and cash flow for the trailing 24 months. Tax returns and compliance documentation. Working capital analysis and normalization adjustments. Cap table and equity/debt structure. Outstanding liabilities, contingencies, and off-balance sheet items.
Corporate documents (articles of incorporation, bylaws, board minutes). Material contracts (customers, suppliers, partnerships). Litigation history and pending claims. Intellectual property portfolio and ownership verification. Regulatory licenses and permits. Employment agreements and non-compete clauses. Insurance policies and coverage.
Organizational chart and key personnel profiles. IT infrastructure and systems architecture. Vendor and supplier agreements with SLAs. Real estate leases and property details. Quality management and certification (ISO, SOC 2). Business continuity and disaster recovery plans. Customer support metrics and SLAs.
Market size and growth projections. Competitive landscape analysis. Customer concentration and retention metrics. Sales pipeline and conversion data. Pricing strategy and margin analysis. Go-to-market strategy and distribution channels. Brand reputation and customer satisfaction data.
A static checklist is a start. A structured workflow is what gets due diligence done on time. Alkmist turns this checklist into trackable request items with adaptive follow-ups, phase-based progress tracking, and multi-party access controls. 126+ items managed across 8 permission roles with Chinese wall buyer isolation.
We'll walk you through the exact flows your team would use — from client intake through completion. No generic product tour.
