Information request list
An information request list is the document a buyer’s team sends the seller at the start of due diligence, itemizing every financial, legal, operational and tax document they want to review. It gives structure to the data room and lets both sides track what has been provided and what is still outstanding.
Due diligence can involve dozens or hundreds of individual documents. To keep the process organized, a buyer typically sends an information request list early on, often broken into sections such as financial statements, contracts, employment records, intellectual property, corporate status and equipment condition. The seller then works through the list, uploading documents to the data room and flagging anything that does not exist or does not apply.
How sellers should treat it
A long list can feel overwhelming, especially for a smaller owner-operated business without a dedicated finance team. Sellers who prepared for sale in advance, cleaning up their financials and gathering key documents before listing, generally move through the list far faster than those who start from scratch once a buyer asks.
Why gaps matter
Missing or incomplete responses are one of the most common reasons deals slow down or stall. A gap does not always mean a problem exists, but an unexplained one raises questions a buyer will want answered before moving toward a definitive agreement.
Sources
This definition is checked against primary sources. Links were last confirmed on the dates shown.
- 01Treadstone LawLegal commentaryHow to Read a Business's Financial Statements Before You Buy in Ontario
- 02Treadstone LawLegal commentaryCleaning Up Financial Statements Before Selling Your Ontario Business
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