Attach each question to an investment claim
This note uses a hypothetical diligence process. Questions may concern market size, product differentiation, customer behavior, sales efficiency, or execution risk. The useful link is to the claim being tested, not to a perfectly balanced taxonomy.
Separate answer, evidence, and interpretation
A management answer gives direction. Contracts, customer records, and system data provide evidence. Analysis determines whether they agree. Combining all three in one sentence makes the source of a conclusion hard to trace.
- Retain the original question and an answer summary.
- List the document or dataset still required.
- Mark whether current evidence supports, contradicts, or leaves the issue open.
- Keep ownership and review status visible.
Follow contradictions with narrower questions
If interviews describe stable usage while one cohort contracts, the next questions should address customer identity, product package, and renewal events. Another broad question about the market outlook will usually produce another broad answer.
Close the process without hiding open items
A deadline does not turn an unanswered question into an answer. Missing data, conflicting definitions, and samples that cannot be generalised belong in the risk section of the memo.