April 22, 2018
Phase 1 Checklist – What Your Due Diligence Provider Should Tell You
We have a lot of clients come to us and are surprised when we provide them updates at each stage of the process. We consider each Phase 1 to have 3 maybe 4 milestones.
Our goal is to let our clients know the status at every Milestone.
Here are the top 4 milestones during a Phase 1 Due Diligence Period:
1. Ordering of the EDR Report – any cause of concern?
2. Site Visit – Anything out of the ordinary?
3. Report preparation – Provide draft delivery date
4. Confirm time of delivery
The standard turn around time for Essel on Phase 1’s are 10 days. Our intention is to get you the information from the DD report then work with you to figure out how to move forward. Most projects will be pretty straightforward. For those ones that aren’t – you will need those extra days to make a decision.
Your DD provider should also be able to give you some general information about the site by looking on public databases to give you an idea about whether there are any potential red flags from the beginning.
In the end, our battle is won in trying to manage expectations. The worst reaction from a client is a surprise (negative). So, we do our best to keep the client abreast of any and all developments – so they’re informed and can react accordingly.