While the cliché, “You only get one chance to make a first impression,” rings true in the social context, the phrase is also true in the business world where the stakes can be much higher. If you are applying for a bank loan, seeking capital from equity investors or considering a possible sale of your company, it is critically important that your business documents are complete and that you respond promptly to requests for information.

Seeking financing or preparing a company for a potential sale will vary by industry and the type of business. In any case, the starting point for a business is to make a strong first impression because any well advised lender, investor or potential buyer will undertake a thorough “due diligence” review of the company before they make a final decision to lend, invest or buy the company. The key is to be pro-active in preparing for an external review because the outcome will have a profound impact on the terms, price and sometimes, whether the transaction closes at all. PLDO partner and business attorney, Bill Miller, explains more about the importance of first impressions and describes the elements that help shape the impression you make in responding to a due diligence request.

Source: First Impressions Count–How to Prepare a Company for Financing or Sale