When a new piece of business comes calling and wants to do diligence on you, return the favor to them. Ask these questions of them, even as they're asking you for references and a peek at your proprietary reel:
1. What specific experience and track record does your management bring that is relevant to the business/market you're in and the market to which you're going?
2. Who are your investors and what does your credit look like?
3. Who are your customers? Can we talk to them? If not, why?
4. Do you have an agency now? Why are you making a change?
5. What are trying to accomplish this quarter? This year? The next three years?
6 . Describe how your product is superior to competitive alternatives.
7. What problem does it solve?
8 How big is this problem?
9. Who has this problem and how do they describe it?
10 What data suggests that your product is everything you expect it to be?
Get satisfactory answers to all of the above. View any non-response, or hesitancy to respond, as a glaring red flag. Good luck!
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