​Red Flags, Risk, and What Actually Matters Early On

​Most deals don’t fall apart in confirmatory diligence. They fall apart much earlier because of things that were missed, misread, or misunderstood before an LOI was ever signed.

​This virtual session is focused on that early part of the process. The stage where information is incomplete, sellers are still shaping the story, and Searchers are deciding whether a deal is actually worth pursuing further.

​We’ll talk through how experienced operators, advisors, and lenders approach pre LOI diligence in practice. What they look for. What gives them pause. And what tends to show up repeatedly in deals that eventually close versus the ones that quietly die.

​We’ll cover topics like:

• ​Which early red flags tend to matter most

• ​How to think about risk when data is limited or messy

• ​Common mistakes that cost Searchers time, money, or momentum

• ​How to pressure test a business without overengineering diligence

• ​Where to spend time early and where not to

• ​How to walk away from a deal with clarity instead of second guessing

​This conversation is built for Searchers who want better judgment earlier in the funnel and fewer surprises later on. Practical, honest, and grounded in real deal experience.

​​Panelists include:

• ​Mark Sinatra, Aspen HR

• ​​Lisa Forrest, Live Oak Bank

• ​Joe Spina, Cullen & Dykman LLP

• ​Avnit Sekhon, Treewalk

​Aspen HR: White Glove PEO, HR, Payroll, and Benefits Partner for search funds, alternative investment firms and their portfolio companies. Receive large company benefits at a fraction of the cost. Contact: Tye Hernandez

​​Treewalk Consulting: Mid-size advisory firm specializing in Financial Reporting, CFO, and Transaction Advisory Services, trusted partner of active Searchers and Independent Sponsors. Contact: Avnit Sekhon

​​Cullen and Dykman LLP: A full-service law firm with dedicated M&A and Operating Solutions that delivers top-tier, cost-effective legal services to Search Funds, Independent Sponsors and more. Contact: Joseph Spina

​Live Oak Bank: A finance leader dedicated to the support of Small Business Entrepreneurs and the Search Fund Community. Contact: Lisa Forrest