1. Why are you interested in this business?
2. Do you plan to operate this business yourself?
3. What is the extend of your experience in this industry?
4. Why do you want to get into this business? (for buyer who has no direct experience in the your industry)
5. What are your previous experience that you believe will help you be successful in this business?
6. Have you owned or managed a business before? If so, what happen to it?
7. Who else will be assisting you in operating the business?
8. Who else will be assisting you in deciding if this is the right business for you?
9. What do you do for fun?
10. How do yo plan to finance the acquisition of this business?
11. What is your timeline in acquiring a business?
12. What are the key issues you see in this business? (no matter what the buyer says, DO NOT get defensive, even if their concern might be due to lack of understanding of your business or industry. Do let your broker address those issues with the buyer and leave the emotion out it.)
Now if you are a buyer and are wondering what questions you should be asking a prospective seller during your initial meetings, check out our 31 Questions a Buyer May Ask a Seller.
Click here for a pdf copy of this article for your reference.
Submitted by Siew Cheng