Most buyers think the biggest risks in a business acquisition show up in the financials, but the real danger is everything you cannot see on a spreadsheet. In this episode of Acquisition Collective, host Jay Bourgana sits down with operational due diligence expert Mike White to break down how to identify invisible risk before you buy a business.
From cultural misalignment to missing processes and unclear strategy, Mike reveals how hidden operational issues become the traps that sink acquisitions after closing. He shares real-world lessons from hundreds of diagnostics covering structure, leadership gaps, team sentiment, and process breakdowns that separate disciplined operators from buyers who get blindsided.
Whether you’re a first-time buyer, private equity operator, or seasoned acquirer, this episode is your tactical playbook for exposing hidden risks and improving your deal outcomes from day one.
We dive into:
✅ Why financial due diligence is not enough
✅ Cultural and leadership red flags that sabotage integrations
✅ How employee interviews reveal the real story
✅ The Atlas Framework for operational diligence
✅ Why teams want more structure than their owners
✅ How to evaluate recurring revenue vs. “hunt and kill” models
If you’re serious about buying a business the right way, hit play.
Timestamps:
00:00 Intro – Why invisible risk kills deals
02:15 Cultural misalignment and seller-created chaos
07:40 How diagnostics uncover hidden operational gaps
13:00 Strategy alignment and leadership pitfalls
19:30 When teams want more structure than owners
24:50 Evaluating recurring revenue businesses
31:00 Operational red flags during diligence
38:40 How to run effective employee interviews
46:10 Avoiding post-close surprises through deeper diligence
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