The first conversation and the visit

The short version

• Your first conversation with the owner is about understanding the business and the person, not negotiating.
• Prepare questions ahead of time, listen more than you talk and take notes.
• The visit shows you what numbers cannot: the condition of the place, the team and how work really gets done.
• Respect confidentiality. Employees may not know the business is for sale.
• Leave with a clear next step, or a clear and polite no.

Before the conversation

• Read the CIM twice and list your questions.
• Rebuild the earnings yourself. Lesson B5.3 covers how.
• Know your own buy box, ceiling and deal breakers.
• Prepare a short introduction: who you are, why this business and how you would pay.

During the conversation

Let the owner talk. Owners want to tell the story of what they built. Listen for what they are proud of and what worries them.

Ask about the business: how it started, how it wins work, who the key people are and what the owner does each week.

Ask about the owner: why they are selling, what they want next and how long they would stay to help.

Ask about the numbers you could not answer from the CIM, gently. This is not due diligence yet.

Do not negotiate price. It is too early, and it closes doors.

The visit

Visits often happen after hours or on a weekend, so employees are not alarmed. Look for:

• The condition of the building, equipment and vehicles.
• How organized the workspace is.
• The systems the business runs on: scheduling, billing, inventory.
• How the owner talks about the team, and, if you meet them, how the team responds.

After

Send a thank-you within a day. If you are interested, say what you would like to see next. If not, say so politely and quickly. Owners and brokers remember both.

The See the first ten questions tool gives you a starter list to bring.