Form a Dedicated Due Diligence Department or Team
This will be a team effort. One person won’t accomplish what you need. Alternate perspectives are impossible in such a case. In essence, you can’t fix the mind you’ve got with the mind you’ve got.
Start by appointing a committed, eager, resourceful and authoritative due diligence system manager. This person has primary responsibility for implementing the due diligence system. It’s a full-time job. This person must be a believer, because the job is more than just organizing this activity; he or she will also be its champion and must clearly represent the commitment of top management. The due diligence system manager must have the authority right from the top to make it happen. Listen to this person, even when he/she says things you don’t want to hear.
The due diligence team begins by gathering information about all corporate activities and examining all parts of the organization.
The due diligence department/team must interact with all other departments of the organization. This is the crucial point where findings are integrated to provide a valid “big picture”, including the interrelations of the parts. Inter-organizational dynamics usually have positive or negative effects on the business – they are seldom neutral. Examination of one part of the organization in a vacuum will yield little of use.
All other departments must support the due diligence effort. Cooperation leads to better knowledge and acceptance of the due diligence process in the organization. Corporate leaders should even consider incentives to reward this support and cooperation and success over time.
Click here to learn more about Better Due Diligence.
Charles F. Bacon, CEO & Keeper of the Vision
charlesbacon@superdiligence. com
Due Diligence, Inc.
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