Many buyers don’t know what they don’t know. Below are some good questions to ask the seller in your initial interview. Your buyer’s broker will have a more nuanced understanding of what to ask so be sure to include them in your conversations and visits with the seller.
Why are you selling the business?
What are opportunities to grow the business?
How has the industry changed in the last two years?
Are you able to step away from the business for vacations or days off?
Who in the company is most responsible for sales?
Does this industry require any licenses, permits, or certifications?
Do you hold any patents, copyrights, or trademarks?
Why is this the right time for you to sell?