This is a very noob question but got into a UMM fund and on my first deal - really struggling to go through these docs critically and comprehensively. After a point they become boring and I glaze over. Is there a structured way of reading these quickly and retaining info? Also in the live deal run hard to carve out 2+hours before every readout to be totally prepped
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Good question, following this. I just went through my first buy side standard auction process and would like to know how the heck people have time to read through these reports and pick out key information, all while managing every other part of the process they own.
I don't read them.
/s
AI helps - I can upload pdfs to bing copilot or whatever it’s called now and it spits out fairly good summaries. Been using it for board decks recently.
For Commercial DD, focus on exec sum, flag anything that raises eyebrows and go to that section. Once comfortable, flip through the titles of each page to get the gist quickly and dive in when something is important. Take snips along the away of any material pages or charts. Last, if you have the time, read through every page in great detail
For FDD, flip through and first pass should be on which EBITDA adjustments are largest, then go to that section and read very closely (ask yourself, are they recurring costs? will this go away during our ownership?), then read closely through the other adjustments asking the same question.
Get on a call with the accountants and consultants on the key points after reading it through lightly. Ask them anything you want as it’s their job to distill it down for you. Schedule separate calls with them outside of the official readouts.
^ This is key. Important to be in continuous dialogue with your DD vendors. If you are finding out about a material diligence issue for the first time when reading the final / near-final report, then your DD vendor has done a terrible job. Reading the report itself should only be a quick check-the-box type activity.
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