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Free download

FDD checklist: free Excel download

Scenario-based request lists for acquisitions, carve-outs, LBOs, SBA-financed small business deals, sell-side readiness and distressed situations.

Velonix FDD ChecklistExcel workbook (.xlsx) · 738 items across six deal types · Edition October 2026 · Free, no sign-up
Download the checklist
About the checklist

One workbook, built for the way diligence runs.

The workbook holds a complete request list for each of six common deal types. Each tab stands on its own, so you only need the one that matches your deal. Copy the items into your information request list, track what has been requested and received, and work through the items that matter most first.

A Dashboard tab shows progress for the checklist you select, including the Critical items that are still open.

Deal types

Six deal types, 738 items.

126items

Takeover

Standard buy-side acquisition of a private US company.

126items

Carve-Out

Buying a division or business unit from a parent.

120items

LBO

Sponsor or private equity deals financed with debt.

123items

SMB (SBA)

Owner-operated businesses and SBA 7(a) acquisition loans, including the new SBA quality of earnings requirement.

121items

Sell-Side

Preparing your business for sale (vendor due diligence).

122items

Distressed

Liquidity pressure, covenant breaches and turnarounds.

How to use it

Five steps.

  1. Pick the one tab that matches your deal. Each tab is complete on its own, so you only need one checklist per deal.
  2. Send the items to the seller or management as your information request list. Copy the Checklist item column into your request letter.
  3. Update Status and Comments on each row. Pale yellow cells are for you to fill in.
  4. Work Critical items first. On the Dashboard tab, select your checklist to see progress and open Critical items.
  5. Mark items that do not apply as Not applicable and keep a note in Comments explaining why.
Importance levels

Every item is rated.

CriticalCan change price, structure or whether the deal proceeds. Complete before signing.
HighSignificantly affects valuation, working capital or deal terms. Complete in the main diligence phase.
MediumGood practice. Supports completeness and confirmatory work.

Status values: Not started, Requested, Received, Under review, Reviewed and Not applicable.

Built for US transactions

US GAAP, US tax and US deal practice.

Financial basisUS GAAP accrual accounting in US dollars. Where books are on a cash, tax or foreign (IFRS or local GAAP) basis, the items flag the conversion needed.
US GAAP referencesASC 606 (revenue), ASC 330 (inventory), ASC 326 (credit losses), ASC 842 (leases), ASC 450 (contingencies), ASC 740 (income taxes) and ASC 805 (business combinations).
US QoE structureFollows the usual US quality of earnings layout: reported EBITDA, management, diligence and pro forma adjustments, adjusted EBITDA, net working capital, net debt and debt-like items, and proof of cash. A QoE is an advisory report, not an audit or review.
US tax and complianceFederal and state income tax, sales and use tax nexus, payroll taxes, worker classification, wage and hour rules, benefit plan compliance (ERISA, ACA), HSR and, for specific deals, SEC, SBA and Bankruptcy Code requirements.

This checklist is general guidance and not legal, tax, accounting or investment advice. Every transaction is different: remove items that do not apply and add items that do. Velonix gives no warranty about completeness.

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