Pre-LOI SaaS Diligence Checklist

TL;DR: What to verify before signing a Letter of Intent for a SaaS acquisition.

Complete Checklist

  1. Request raw billing data export (CSV) for the last 24 months
  2. Calculate MRR by month — verify it matches reported figures
  3. Segment customers by plan type (monthly vs annual)
  4. Calculate logo retention rate by cohort
  5. Identify top-10 customers by revenue share
  6. Compute HHI revenue concentration score
  7. Flag accounts with zero activity in 60+ days
  8. Compare reported churn vs. actual churn from raw data
  9. Check for reactivated churned accounts counted as 'new' MRR
  10. Verify NRR calculation excludes one-time services revenue
  11. Document all discrepancies for management discussion
  12. Generate ChurnLens revenue quality score

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