A Diagnostic Tool For Multi-Location Operators
Diagnostic Tool · Acquirers & PE Operators
Acquisition Due Diligence
Checklist
If a deal is on your calendar in the next two quarters, this is worth having before it closes, not after. Work through the six areas below to see where your target portfolio's lease operations stand — and get a personalized readiness score sent straight to your inbox.
A
Lease Abstraction Accuracy
0/5
- Every lease in the target portfolio has a complete, current abstraction on file.
- Abstracted terms have been checked against the original lease and all amendments — not just the base document.
- Renewal options, rights of first refusal, and termination rights are captured in the abstraction.
- Square footage and permitted-use clauses in the abstraction match the current physical operation.
- Abstractions reflect the most recently executed amendment, not an earlier version.
B
Critical Date Verification
0/5
- Every location's critical dates (renewal deadlines, notice periods, termination windows) are documented in one central tracking system.
- Renewal and option notice deadlines have been confirmed against the actual lease language, not assumed from a summary.
- No renewal or option deadline in the target portfolio falls within 90 days of the anticipated close date without a plan in place.
- Rent commencement and expiration dates have been verified against actual lease execution, not just the original term sheet.
- A dedicated owner has been assigned to track critical dates after close.
C
CAM History & Reconciliation
0/5
- CAM reconciliations for the past three years are available for every location in the target portfolio.
- CAM allocation methodology has been reviewed against each lease's governing clause.
- Any CAM disputes or unresolved reconciliations have been identified and quantified.
- CAM caps, exclusions, and audit rights have been confirmed for each location.
- No location has gone more than 12 months without a CAM reconciliation review.
D
Outstanding Landlord Disputes & Correspondence
0/5
- All open landlord disputes, notices of default, or unresolved correspondence have been catalogued.
- Any pending landlord claims for unpaid rent, CAM, or other charges have been quantified.
- Landlord consent requirements for change of control or assignment have been identified and addressed.
- Estoppel certificates have been requested (or received) for every location in the deal.
- Any side letters or verbal agreements with landlords have been documented in writing.
E
Documentation & Recordkeeping
0/5
- A complete, organized lease file (lease, amendments, correspondence, insurance certificates) exists for every location.
- Documentation has been centralized in a single system, not spread across sellers, brokers, and individual location files.
- Insurance certificates and compliance documentation are current for every location.
- Any missing or incomplete lease documents have been flagged, with a plan to obtain them.
- Security deposits and letters of credit have been verified against current lease terms.
F
Post-Close Integration Readiness
0/5
- A 90-day post-close integration plan exists for lease administration specifically — not just financial or operational integration.
- A single team or partner has been assigned ownership of the acquired portfolio's lease administration from day one.
- Reporting requirements (ASC-842, internal financial reporting) for the acquired portfolio have been mapped to existing systems.
- Any acquired locations requiring immediate lease action (upcoming renewal, active dispute) have been prioritized for the first 30 days.
- A communication plan exists for notifying landlords of the change in ownership or management, where required.
Your Diligence Readiness Score
Yes = 1 point · Unsure = ½ point · No = 0 points
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Complete the checklist
Answer Yes, Unsure, or No for each item to reveal your readiness score.
80–100% Diligence-Ready
50–79% Gaps Worth Closing
Below 50% High-Risk Portfolio
Score by section
Your gaps
A copy of your results is on its way to your inbox.
If you'd like a specific area reviewed before your deal closes, our team is happy to walk through it with you.
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