{"id":2704,"date":"2015-12-01T23:23:53","date_gmt":"2015-12-01T23:23:53","guid":{"rendered":"https:\/\/www.process.st\/templates\/warren-buffets-investment-checklist\/"},"modified":"2024-08-14T10:46:18","modified_gmt":"2024-08-14T10:46:18","slug":"warren-buffets-investment-checklist","status":"publish","type":"post","link":"https:\/\/www.process.st\/templates\/warren-buffets-investment-checklist\/","title":{"rendered":"Warren Buffet&#8217;s Investment Checklist"},"content":{"rendered":"\n<section id=\"record-basic-details\">\n <h2>Record basic details<\/h2>\n <div class=\"image-content\">\n  <figure>\n   <a href=\"https:\/\/ps-attachments.s3.amazonaws.com\/8a987bc8-86ae-430e-a1f4-544d4d69e038\/qu6QYSePIvMQf9j8TphIwg.png\" alt=\"Record basic details\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ps-attachments.s3.amazonaws.com\/8a987bc8-86ae-430e-a1f4-544d4d69e038\/qu6QYSePIvMQf9j8TphIwg.png\"> <\/a><!-- No caption -->\n  <\/figure>\n <\/div>\n <div class=\"text-content\">\n  <p>First, you should <strong>record the basic details of the company<\/strong> you are interested in investing in for future reference. Use the<strong> form fields<\/strong> below to do so.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Company Name <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> CEO <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"date-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Formation Date <\/label>\n   <div class=\"date-container\">\n    <button type=\"button\" disabled class=\"btn btn-default\"> <i class=\"fa fa-calendar btn-icon\"><\/i> Date will be set here <\/button>\n   <\/div>\n  <\/div>\n <\/div>\n <div class=\"textarea-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Company Description <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"questions-to-ask\">\n <h2>Questions To Ask:<\/h2>\n<\/section>\n<section id=\"is-the-business-simple-and-understandable\">\n <h2>Is the business simple and understandable?<\/h2>\n <div class=\"image-content\">\n  <figure>\n   <a href=\"https:\/\/st-process-production.s3.amazonaws.com\/e13d670d-4e12-4142-9a34-508f6a2adc63\/jOfWP-3FXBBn9Ct3Cv9K0w.jpg\" alt=\"warren buffet investment checklist.jpg\" target=\"_blank\" rel=\"noopener\"> <img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/st-process-production.s3.amazonaws.com\/e13d670d-4e12-4142-9a34-508f6a2adc63\/jOfWP-3FXBBn9Ct3Cv9K0w.jpg\"> <\/a>\n   <figcaption>\n    warren buffet investment checklist.jpg\n   <\/figcaption>\n  <\/figure>\n <\/div>\n <div class=\"text-content\">\n  <p>First up, you need to <strong>evaluate<\/strong> if the <strong>business<\/strong> you're interested in is <strong>simple and understandable<\/strong>; if you can't fully grasp the purpose of it, neither will others. <strong>Record<\/strong> your evaluations in the <strong>dropdown form field<\/strong> below.<\/p>\n <\/div>\n <div class=\"select-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Is the business simple and understandable? <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select>\n  <\/div>\n  <ul class=\"items\">\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      1\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Yes\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      2\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     No\n    <\/div><\/li>\n  <\/ul>\n <\/div>\n <div class=\"text-content\">\n  <p>\"An investor needs to do very few things right as long as he or she avoids big mistakes.\" Above-average returns are often produced by doing ordinary things exceptionally well.<\/p>\n <\/div>\n<\/section>\n<section id=\"does-the-business-have-a-consistent-operating-history\">\n <h2>Does the business have a consistent operating history?<\/h2>\n <div class=\"text-content\">\n  <p>Buffett's experience has been that the<strong> best returns<\/strong> are achieved by <strong>companies<\/strong> that have been <strong>producing the same product or service for several years<\/strong>. Once again,<strong> record<\/strong> your observation of this aspect (and the<strong> time period<\/strong> of any consistent history) in the <strong>form fields<\/strong> below.<\/p>\n <\/div>\n <div class=\"select-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Is There A Consistent Operating History? <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select>\n  <\/div>\n  <ul class=\"items\">\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      1\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Yes\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      2\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     No\n    <\/div><\/li>\n  <\/ul>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Consistent History Start <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n<\/section>\n<section id=\"does-the-business-have-favourable-longterm-prospects\">\n <h2>Does the business have favourable long-term prospects?<\/h2>\n <div class=\"text-content\">\n  <p>Buffett sees the economic world as being divided into franchises and commodity businesses. He defines a franchise as a <strong>company providing a product or service<\/strong> that is (1) <strong>needed<\/strong> or desired, (2) has <strong>no close substitute<\/strong>, and (3) is <strong>not regulated<\/strong>. <strong>Look for the franchise business<\/strong>.<\/p>\n  <p>You should also ask yourself the following question (if the answer is \"no\", don't go for it).<\/p>\n <\/div>\n <div class=\"select-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Is The Management Rational With It's Captial? <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select>\n  <\/div>\n  <ul class=\"items\">\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      1\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Yes\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      2\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     No\n    <\/div><\/li>\n  <\/ul>\n <\/div>\n <div class=\"text-content\">\n  <p>A company that provides average or below-average investment returns but <strong>generates cash in excess of its needs<\/strong> has three options: (1) It can ignore the problem and continue to reinvest at below average rates, (2) it can buy growth, or (3) it can <strong>return the money to shareholders<\/strong>. It is here that management will behave rationally or irrationally. In Buffett's mind, the only reasonable and responsible course is to return that money to shareholders by <strong>raising the dividend, or buying back shares<\/strong>.<\/p>\n <\/div>\n<\/section>\n<section id=\"is-management-candid-with-the-shareholders\">\n <h2>Is management candid with the shareholders?<\/h2>\n <div class=\"text-content\">\n  <p>Now you need to ask for some <strong>more information<\/strong> of the company and <strong>assess<\/strong> whether the <strong>management<\/strong> is <strong>candid<\/strong> with its <strong>shareholders<\/strong>. Fill in the <strong>form fields<\/strong> below and see the end of this task for Buffet's words on the topic.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> How Much Is The Company Worth? <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> How Likely Is It To Meet Future Obligations? <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> How Good A Job Are The Managers Doing? <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"text-content\">\n  <p>Buffett says, \"What needs to be reported is data - whether <a href=\"http:\/\/www.investopedia.com\/terms\/g\/gaap.asp\" rel=\"nofollow noopener\" target=\"_blank\">GAAP<\/a>, non-GAAP, or extra-GAAP - that helps the financially literate readers answer three key questions: (1) Approximately how much is this company worth? (2) What is the likelihood that it can meet its future obligations? and (3) How good a job are its managers doing, given the hand they have been dealt?\" \"The CEO who misleads others in public may eventually mislead himself in private.\"<\/p>\n <\/div>\n<\/section>\n<section id=\"does-management-resist-the-institutional-imperative\">\n <h2>Does management resist the institutional imperative?<\/h2>\n <div class=\"text-content\">\n  <p>Next is the <strong>assessment<\/strong> of <strong>whether<\/strong> or not the<strong> management resists the institutional imperative<\/strong>. <strong>Record<\/strong> your observations in the<strong> form field<\/strong> below, and see the end of this task for Buffet's breakdown of the topic.<\/p>\n <\/div>\n <div class=\"select-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Does Management Resist The Institutional Imperative? <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select>\n  <\/div>\n  <ul class=\"items\">\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      1\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Yes\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      2\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     No\n    <\/div><\/li>\n  <\/ul>\n <\/div>\n <div class=\"text-content\">\n  <p>According to Buffett, the institutional imperative exists when:<\/p>\n <\/div>\n <div class=\"multi-select-content form-field-content\">\n  <div class=\"form-group\">\n   <label> (Subtasks) <\/label>\n  <\/div>\n  <ul class=\"items\">\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      1\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     An institution resists any change in its current direction\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      2\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      3\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Any business craving of the leader, however foolish, will quickly be supported by detailed rate-of-return and strategic studies prepared by his troops\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      4\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     The behaviour of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated\n    <\/div><\/li>\n  <\/ul>\n <\/div>\n<\/section>\n<section id=\"is-the-focus-on-return-on-equity\">\n <h2>Is the focus on Return On Equity?<\/h2>\n <div class=\"text-content\">\n  <p>Once again, you need to ask yourself a <strong>question<\/strong> about the chosen company; are they <strong>focusing on Return On Equity<\/strong>? <strong>Record<\/strong> your observations in the<strong> form field<\/strong> below.<\/p>\n <\/div>\n <div class=\"select-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Is The Focus On Return On Equity? <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select>\n  <\/div>\n  <ul class=\"items\">\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      1\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Yes\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      2\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     No\n    <\/div><\/li>\n  <\/ul>\n <\/div>\n <div class=\"text-content\">\n  <p>\"The primary test of managerial economic performance is the achievement of a high earnings rate on equity capital employed (without undue leverage, accounting gimmickry, etc.) and not the consistent gains in earnings per share.\"<\/p>\n <\/div>\n<\/section>\n<section id=\"what-is-the-rate-of-owner-earnings\">\n <h2>What is the rate of \"owner earnings\"?<\/h2>\n <div class=\"text-content\">\n  <p>Now you should find out the<strong> rate of \"owner earnings\"<\/strong> and <strong>record<\/strong> this in the<strong> form field<\/strong> below. If you're unsure as to the specifics of this term, see the end of this task for Buffet's breakdown.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Rate Of \"Owner Earnings\" <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"text-content\">\n  <p>Buffett prefers to modify the cash flow ratio to what he calls \"owner earnings\" - a company's net income plus depreciation, depletion and amortization, less the amount of capital expenditures and any additional working capital that might be needed. <strong>Owner earnings are not precise<\/strong> and calculating future capital expenditures requires rough estimates.<\/p>\n <\/div>\n<\/section>\n<section id=\"is-there-a-high-profit-margin\">\n <h2>Is there a high profit margin?<\/h2>\n <div class=\"text-content\">\n  <p>It's time to <strong>consider<\/strong> whether or not there is a <strong>high profit margin<\/strong>. As always, <strong>record the details<\/strong> of this in the<strong> form fields<\/strong> below.<\/p>\n <\/div>\n <div class=\"select-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Profit Margin <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select>\n  <\/div>\n  <ul class=\"items\">\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      1\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     High\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      2\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Medium\n    <\/div><\/li>\n   <li class=\"item\">\n    <div class=\"step-number-container\">\n     <div class=\"step-number\">\n      3\n     <\/div>\n    <\/div>\n    <div class=\"step-checkbox-container\">\n     <div class=\"step-checkbox\"><\/div>\n    <\/div>\n    <div class=\"item-name-static\">\n     Low\n    <\/div><\/li>\n  <\/ul>\n <\/div>\n <div class=\"textarea-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Profit Margin Details <\/label> <textarea placeholder=\"Something will be typed here...\" rows=\"3\" disabled class=\"form-control\"><\/textarea>\n  <\/div>\n <\/div>\n <div class=\"text-content\">\n  <p>In Buffett's experience, managers of high-cost operations continually add to overhead, whereas managers of low-cost operations are always finding ways to cut expenses. Berkshire Hathaway is a low-cost operation with after-tax overhead corporate expense of less than 1 percent of operating earnings, compared to other companies with similar earnings but 10 percent corporate expenses.<\/p>\n <\/div>\n<\/section>\n<section id=\"has-the-company-created-at-least-one-dollar-of-market-value-for-every-dollar-retained\">\n <h2>Has the company created at least one dollar of market value, for every dollar retained?<\/h2>\n <div class=\"text-content\">\n  <p>You're almost there; you should now get to calculating the<strong> company's market value<\/strong> <strong>opposed to the amount retained<\/strong>. Fill in the <strong>form field<\/strong> below with this ratio, and if it is not at least 1:1 for every dollar retained, do not continue.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Dollars Retained : Market Value <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"text-content\">\n  <p>Buffett explains, \"Within this gigantic (stock market) auction arena, it is our job to select a business with economic characteristics allowing <strong>each dollar of retained earnings<\/strong> to be translated into<strong> at least a dollar of market value<\/strong>.\"<\/p>\n <\/div>\n<\/section>\n<section id=\"what-is-the-value-of-the-business\">\n <h2>What is the value of the business?<\/h2>\n <div class=\"text-content\">\n  <p>Now you should<strong> record the rough value of the business<\/strong> in the <strong>form field<\/strong> below. As always, <strong>Buffet's breakdown<\/strong> of the topic is at the <strong>end of this task<\/strong> to guide you.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Rough Business Value <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"text-content\">\n  <p>Price is established by the stock market. Buffett tells us the <strong>value of a business<\/strong> is determined by the net cash flows expected to occur over the life of the business, discounted at an appropriate interest rate, and he uses the rate of the long-term U.S. government bond.<\/p>\n <\/div>\n<\/section>\n<section id=\"can-it-be-purchased-at-a-significant-discount-to-its-value\">\n <h2>Can it be purchased at a significant discount to its value?<\/h2>\n <div class=\"text-content\">\n  <p>Once you know roughly what the business is worth and it has passed all of your prior checks, you need to <strong>see<\/strong> if it can be <strong>purchased<\/strong> at a <strong>significant discount to its value<\/strong>. <strong>Record<\/strong> the discount in the<strong> form field<\/strong> below.<\/p>\n <\/div>\n <div class=\"text-field-content form-field-content\">\n  <div class=\"form-group\">\n   <label> Purchase Discount Against Value <\/label> <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\">\n  <\/div>\n <\/div>\n <div class=\"text-content\">\n  <p>Having put a value on the business, Buffett then builds in a margin of safety and buys at prices far below their indicated value.<\/p>\n <\/div>\n<\/section>\n<section id=\"source\">\n <h2>Source:<\/h2>\n <div class=\"text-content\">\n  <p>Post originally from: <a href=\"http:\/\/www.refresher.com\/!buffett2.html\" rel=\"nofollow noopener\" target=\"_blank\">http:\/\/www.refresher.com\/!buffett2.html<\/a><\/p>\n <\/div>\n<\/section>\n<section id=\"relevant-checklists\">\n <h2>Relevant Checklists:<\/h2>\n <div class=\"text-content\">\n  <p><a href=\"https:\/\/www.process.st\/checklist\/business-partnership-due-diligence-checklist\/\" target=\"_blank\" rel=\"nofollow noopener\">Business Partnership Due-Diligence Checklist<\/a><\/p>\n  <p><a href=\"https:\/\/www.process.st\/checklist\/purchase-of-a-business\/\" target=\"_blank\" rel=\"nofollow noopener\">Purchase of a Business<\/a><\/p>\n  <p><a href=\"https:\/\/www.process.st\/checklist\/stock-purchase-due-diligence-checklist\/\" target=\"_blank\" rel=\"nofollow noopener\">Stock Purchase Due Diligence Checklist<\/a><\/p>\n  <p><a href=\"https:\/\/www.process.st\/checklist\/when-to-sell-stocks-checklist\/\" target=\"_blank\" rel=\"nofollow noopener\">When to Sell Stocks Checklist<\/a><\/p>\n <\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Record basic details First, you should record the basic details of the company you are interested in investing in for future reference. Use the form fields below to do so. Company Name CEO Formation Date Date will be set here Company Description Questions To Ask: Is the business simple and understandable? warren buffet investment checklist.jpg [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2705,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"cover_icon_emoji":"","cover_icon_url":"","tasks_count":"15","template_description":"","template_id":"gHkW_GZiixpE-qWXNZJMxQ","task_0":"Record basic details","task_slug_0":"record-basic-details","task_1":"Questions To Ask:","task_slug_1":"questions-to-ask","task_2":"Is the business simple and understandable?","task_slug_2":"is-the-business-simple-and-understandable","task_3":"Does the business have a consistent operating history?","task_slug_3":"does-the-business-have-a-consistent-operating-history","task_4":"Does the business have favourable long-term 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