b. The key people in the businesses who might carry on c. Sales and profitability d. Nature of their revenue/customers e. Any gotchas f. Debt and more detailed financial info if it is natural although this is often left for the advisors. The ‘DON’T’ List: 1. Get into any kind of detailed commercial discussion on price - This is where people fall out. Leave this for your M&A advisor who is trained in how to delicately navigate this topic. Business sales are never a single price anyway, but a multi-faceted set of components. 2. Get into detailed discussions about their staff and who would stay/go - They may even ask you about this, but it can be a trap. Uneducated Sellers often have this fear that their company is going to be ‘stripped’ and it really makes them feel fearful and bad. They are trying to see if you are one of those people. Avoid this and emphasise the opposite if you can. 3. Think of yourself as a ‘Buyer’ (with the implied rights, position and an unconscious Buyer pedestal) - This is much more like a first date where you are exploring a deeper relationship so you do not want any air of superiority which could sour the relationship early on. Avoid the display of predatory thoughts or energy at all costs, they will pick up on this and no one wants to be ‘prey’. 4. Admit that you are financially challenged in any way - Avoid showing weaknesses or talking too much about failures, this just plays on their mind later.
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