Most owners hand over their company once in a lifetime. Naturally, the conversation gravitates to the one figure that can be compared: the purchase price. That is understandable — and it falls short.
The price says nothing about who will be standing in the business on the Monday after closing. Whether the financing drains substance from the company or leaves it room to invest. Whether the buyer intends to keep the team, or is carrying a synergy calculation he has not yet mentioned. We have run, bought and integrated companies ourselves. From that experience, three questions are worth asking early:
Who will run the business — by name? Not “an experienced team”, but a person with a name and a role. An answer that stays abstract means you are negotiating with a structure, not a counterpart.
How is the acquisition financed? Every euro of debt placed on the company is missing later for investment. A seller may and should ask what the leverage looks like after the deal.
What happens in the first twelve months? A buyer who cannot name a concrete plan does not have one.
A buyer who is irritated by these questions is the wrong one. A buyer who expected them is usually the right one.