In a large deal, Milliken discovered post-close that the seller's team had prioritized their diligence questions over other bidders. This preferential treatment, earned through a respectful and strategic approach, created a significant information advantage during the competitive process.

During diligence, speak directly with the target's largest clients. You may uncover deal-breaking risks, such as a client who will leave post-acquisition because their internal rules prevent reliance on a single, monopolistic supplier, a fact you would otherwise miss.

When Irembo's new payment product's main customer was an internal platform generating 99% of revenue, they mandated weekly external customer interviews for the new PM. This created a crucial counterbalance, ensuring the product was built for the market, not just its powerful internal stakeholder.

To get honest customer feedback during diligence, IFS has the target's CEO make warm introductions to a third-party firm under the guise of a routine "operational feedback session." This allows the acquirer to assess churn risk and product sentiment without revealing the M&A context.

By the time a strategic acquirer enters due diligence, the desire to do the deal is already high. The process's primary purpose is not to hunt for deal-breakers but to confirm key assumptions and, more importantly, to gather the necessary data to build a robust and successful integration plan.

A key part of buy-side M&A is conducting 'reverse diligence,' where the buyer transparently outlines post-close operational changes (e.g., new CRM, org charts). This forces difficult conversations early, testing the seller's cultural fit and willingness to integrate before the deal is finalized.

To prevent leaks on the public Splunk deal, Cisco limited internal involvement and hired third parties for diligence. Crucially, they also conducted pre-LOI customer surveys to validate the strength of the combined offering. This allowed them to stay true to their integration-led process while managing extreme confidentiality.

The buying committee is larger than just the key contacts sales engages. Hidden influencers, particularly in procurement, play a crucial role. If they have no brand awareness or trust in your company when the deal reaches their desk for final approval, they can single-handedly block it.

Instead of a bloated checklist, Milliken focused its diligence for its largest acquisition on four critical questions tied directly to the investment thesis. This allowed a team of 100+ to prioritize efforts, "fail fast," and avoid analysis paralysis on the path to a go/no-go decision.