After seeing 302 business acquisition deals over the last ~14 months, there's an area of due diligence we don't think gets nearly enough air time: Searcher Decision Making. As minority investors, we don't have operational control. We have strongly aligned incentives. We win when they win. But that relies on the searcher making wise decisions. 🟩 Green Flags: - Fundraising decks and models created with genuine human thought, not just AI - Sharing their thought process in detail: both what decision they are leaning towards, and why. Often in writing. - Demonstrating a mastery of the details and the logical connections between them. They know that Days Sales Outstanding rising sharply during diligence means they should probably change the working capital peg from trailing 12 months to trailing 3. 🟥 Red Flags: - Making decisions first, and then backing into them with supporting logic, not the other way around. - Focusing on what is possible, underappreciating what is probable, especially with foreseeable risks. - Choosing options that provide short-term benefits but create long-term problems. Anyone else have green/red flags that you pay particular attention to?