Due diligence is an integral part of any deal, how would the buyer control the cost and time to conduct the due diligence? When does the buyer require a third party advisors vs. conducting the due diligence internally? what are the due diligence areas that require external advisors to conduct due diligence?
Key elements for consideration in getting external DD advisory. 1) How familiar you are in buying businesses (you have internal internal teams with experience in M&A processes), 2) How familiar the target sector is for your (diversification Vs expanding capabilities) 3) Whether it is cross-border or local and 4) time for execution.
In my experience, the legal aspect is particularly important for international deals and the financial due diligence is normally recommended beyond the publicly available information. Also if the business is assets intensive or competitive advantage is strongly linked to operational performance (retail, automotive, etc) a suggest an operational due diligence as well.