First Meeting with a Potential Seller - It's a Job Interview

One of the most crucial and often least thought about by Brokers and Buyers is the initial meeting between the Seller and Prospective Purchaser.
This meeting will set the tone for all future dealings. I have had Sellers turn to me and say after a meeting, I wouldn't sell that SOB this business under any circumstance.
Some tips:

1. This is the equivalent of a job interview--look appropriate and be respectful to the Seller who is looking for a good home for his baby.
2. Be educated about the industry and the business--spend some time with Google gathering back ground information.
3. Try to initially ask broad questions in order to get a feel for the business, its past and prospects for the future. Have a short list of questions which you want to cover--it is important and appropriate to ask the Seller why he is selling the business.
4. Small talk is good--establishing a connection with the Seller is good! Establishing any common acquaintances is good.
Telling the seller the baby is ugly is bad!!!!!!
5. Initial meeting is not a time for financial due diligence. Keep away from detailed financial questions. Don't ask the Seller how much money he is "stealing" from the business.
6. Initial meeting should usually last about an hour.
7. Don't spend the whole meeting telling the Seller how smart and successful you have been--a short summary of your life's accomplishments is fine, but keep in mind this is an interview. Don't act arrogant!!
8. Remember what your mother told you "if you can't say anything good, then don't say anything at all."
9. An astute purchaser can pick up a lot of information in the initial meeting.
10. Look around, sometimes you can learn a lot by being observant.