10 Questions I Always Ask on the First Call With a Business Seller
These have saved me from thousands of hours in wasted meetings.
10 questions I always ask on the first call with a business seller:
These have saved me from thousands of hours in wasted meetings.
Build Connection
Acquisitions is a people business.
Meeting founders is fun. Enjoy it! Everything is easier if you get along.
- Where are you calling from?
- What's your background? The business?
- What would you like to do after a sale?
Qualify the Opportunity
If they aren't actually interested in selling for a price you can offer then it is a waste of time.
- How big is the biz? Revenue, profit, growth?
- How quickly would you like to sell?
- These usually sell for around X-Y, is that in your ballpark?
Understand the Why
- Why are you looking to sell?
Acceptable answers are often retirement, burnt out, personal reasons, another business, etc.
Beware if you don't trust their answer.
Learn Their Motivations
- What does your ideal deal look like?
- What's most important to you in a deal?
Deal structuring is an art.
Win/win deals should be the goal.
You need to know their motivations and fears to craft the perfect deal.
