20 useful questions to ask a seller of a business?

Here are 20 useful questions to ask a seller of a business:

1. Why are you selling the business?
2. What is the history and background of the business?
3. What are the business’s unique selling points?
4. What is the current revenue and profit of the business?
5. What is the growth potential of the business?
6. What are the primary products or services offered by the business?
7. How is the business currently marketed?
8. Who are the primary customers of the business?
9. What are the current staffing levels and who are the key employees?
10. What are the current facilities, equipment, and inventory of the business?
11. Are there any current or pending legal or regulatory issues related to the business?
12. What are the current liabilities and debts of the business?
13. Are there any contingencies that could impact the value of the business?
14. What is the market share of the business within the industry?
15. Who are the primary competitors of the business?
16. Are there any barriers to entry for competitors in the industry?
17. What are the current industry trends and growth prospects?
18. What are the current expenses of the business, including any capital expenditures?
19. What are the current financial projections for the business?
20. What is the expected timeline for the sale of the business?

These questions can help you gain a deeper understanding of the business’s history, current state, and future potential. It’s important to ask follow-up questions and conduct further research to ensure that the answers provided are accurate and complete. Working with a professional business broker or advisor can also help you navigate the due diligence process and ensure that all aspects of the business are thoroughly examined.