First seller call question guide
The 20 questions that surface why the business really sells, how it really runs, and whether the numbers hold.
When to use it: Module 4 (Reading a business). Use after you have read the CIM and screened the deal — the call tests what the paper claims.
Goal: let the seller talk. You are listening for consistency with the CIM, dependence on the owner, and the real reason for selling. Take notes against each answer.
The story
- ✓How did you get into this business, and what has changed most since you started?
- ✓Why sell now — and what would make you stay another three years?
- ✓What will you do the Monday after closing?
- ✓Have you tried to sell before? What happened?
How it actually runs
- ✓Walk me through your typical week — where does your time actually go?
- ✓What decisions can your team make without you? Which ones only you make?
- ✓Who is your most important employee, and do they know you are selling?
- ✓Which customers would take a call from you personally? What share of revenue are they?
- ✓What breaks first if you take a month off?
The numbers behind the numbers
- ✓Which add-backs in the CIM would you defend the hardest? Which are softest?
- ✓What did the business look like in its worst recent year — and what caused it?
- ✓What equipment or systems will need money in the next 24 months?
- ✓How do customers pay, how fast, and who owes you the most right now?
- ✓Is there seasonality I should model? Show me the monthly shape.
The transition
- ✓Would you consider a seller note? (Their reaction tells you about confidence in the business.)
- ✓How long are you willing to stay for transition, and in what role?
- ✓What should I know that is not in the CIM?
- ✓If you were me, what would you dig into hardest during diligence?
Put it to work
The free Academy pairs each template with a module, a working tool, and a saved artifact — readiness, buy box, screens, and the rest of the source-to-decision loop.
Educational material only — not legal, lending, tax, or investment advice. Have your attorney, CPA, and lender review anything you sign or send.