The 12-point due diligence checklist for first-time buyers

Due diligence is where deals are won or lost. The goal is simple: verify that the business is what the seller says it is, and understand exactly what you're taking on.

Start with the financials. Reconcile reported revenue and profit against primary sources — payment processors, ad networks, and bank statements. On Summit AI, verified listings have already had this step completed, but you should still confirm the numbers yourself.

Next, examine traffic and customer concentration. A business where 60% of revenue comes from one customer or one channel carries very different risk than one with diversified demand. Pull analytics directly and look for trends, seasonality, and any recent spikes or drops.

Finally, understand the operational load. How many hours a week does the business require? What's documented? What breaks if the founder disappears tomorrow? The answers determine whether you're buying an asset or a second job.