Selling a business is often one of the most significant decisions a founder or owner will ever make. One of the pivotal moments in this process is the first meeting with a potential acquirer – a critical stage that can set the tone for the rest of the negotiation. Whether you’re meeting a trade buyer, private equity firm, or entrepreneur, being well-prepared can make all the difference.
Here’s how we guide our clients on what to expect in these meetings—and how we help them and their business prepare for the best possible outcome.
Understanding the Purpose of the Meeting
These initial meetings should be exploratory, not financial due diligence. Their primary aim is to:
– Understand commercial synergy
– Assess cultural and operational fit
– Gauge mutual interest in pursuing a deal
Buyers want to “get a feel” for your company, and you should do the same. Ultimately, it’s about chemistry and alignment as much as it is about financials.
Typical Meeting Agenda
Most of our meetings follow a structured agenda:
Introductions (led by your advisor)
– Presentation by the buyer
– Discussion of strategic interest
– Q&A session
– Presentation by you (the seller)
– More Q&A
– Discussion of potential synergies
– Next steps & timelines
Your Lead Advisor will chair the session and help manage sensitive topics or probing questions.
How to Prepare for the Meeting
– Know Your Information Memorandum (IM)
Buyers will have read your IM thoroughly. Be fully conversant with it to avoid contradictions or surprises that could undermine trust.
– Align With Your Team
Rehearse answers, agree on who will speak to what, and ensure everyone delivers consistent messaging – especially around financials and strategy.
– Understand the Buyer’s Motivation
In conjunction with your Lead Advisor, tailor your message to the buyer’s potential strategic goals – be it market expansion, IP acquisition, operational synergies, or access to your client base.
Best Practices in the Meeting
– Use Positive, Business-Oriented Language
Speak as if you’re pitching to a key client. Avoid overly personal language like “my team” or “my customers” – it suggests the business is dependent on you.
– Control Body Language
Open posture, steady eye contact, and a calm demeanor can go a long way in building trust and rapport.
– Keep Answers Short and On Point
Don’t volunteer sensitive information. Only answer what is asked. Rambling may reveal unintended weaknesses or vulnerabilities.
– Avoid Emotion
Even if the business is your life’s work, treat the meeting as a commercial transaction. Emotion can cloud your message and weaken your position.
Common Buyer Questions (And How to Answer)
– Why are you selling?
Use prepared, credible reasons (lifestyle, succession, strategic timing).
– What’s the price?
Your Lead Advisor will usually pick this question up. Together you will emphasize a market-led valuation: “We’re inviting offers to gauge value.”
– Who are you key customers?
Be prepared with anonymized data showing a breakdown of revenue by customer, highlighting the proportion of repeat or contracted business. Emphasize where relationships are held within the wider team—not just with the sellers—to demonstrate customer stickiness and reduce perceived dependency on the exiting shareholders.
– Who are your competitors?
Always name a few – no business is without competition.
– What’s the staff situation?
Be prepared with anonymized data: roles, tenure, salaries, and contracts.
What Documents Might Be Requested
– Management accounts
– Revenue breakdowns (by product, client, sector)
– Staff structure and benefits
– Property ownership or lease details
– Growth projections and supporting rationale
Ensure your advisor helps you pre-vet what is appropriate to disclose at this early stage.
Watch Out For These Pitfalls
– Over-disclosing weaknesses (unless strategically framed)
– Overpromising projections without a clear plan
– Letting the buyer dominate the narrative
– Revealing future price expectations too soon
Post-Meeting: What Happens Next?
After the meeting:
Your advisor will likely draft a summary, showing how the buyer could generate ROI through the acquisition.
You’ll start receiving Indicative Offers, often structured as:
– Cash on completion
– Deferred consideration
– Earn-outs
– Share exchanges
Each deal structure has tax and strategic implications – flexibility here can lead to a higher headline offer.
Final Thoughts
A good advisor will be alongside you at every one of these meetings, steering the conversation and managing the structure of the meeting.
Meeting a potential buyer is as much about storytelling and perception as it is about numbers. Preparation, professionalism, and emotional control can help you present your business as the valuable, well-oiled machine that it is.
Approach the meeting with confidence and curiosity. After all, this is a two-way conversation – they’re not just buying you; you’re choosing them too.
