Buying a business checklist: questions for the people doing the work

A buying-a-business checklist usually includes documents to request. I would also prepare questions for the people who carry the work, using the access and process agreed with the seller and advisers.

The purpose is to understand how the business operates in practice. A policy can describe the intended route. The people using it can explain where they need extra information, judgment or support.

Keep the conversations respectful and specific. Employees should not be surprised by an unauthorised approach or asked to speculate about a transaction.

Ask for a recent example

“How do you handle customer requests?” may produce a general answer. “Can you walk me through a recent request from arrival to completion?” is more likely to reveal the actual steps.

Ask who was involved, where information was recorded and what happened when something changed. Use appropriately anonymized examples rather than gathering unnecessary personal information.

Then compare the explanation with the relevant record through the authorized review process.

Explore decisions and support

Ask which decisions the person can make independently and which they bring to someone else. Find out what information they need and where they get it.

Useful questions include: what causes work to wait, who helps with an unusual situation and what happens when the usual manager is absent?

Listen for dependence on a single person. Follow up with evidence before deciding how significant that dependence is.

Understand the handovers

Ask how work moves between people or teams. How does the next person know something is ready? How are unfinished tasks recorded? What information is commonly missing?

A handover can appear simple in a chart while relying on a daily conversation nobody has documented. That may be manageable, but it should be understood before assuming another team could reproduce it.

Ask what the employee would explain first to a properly trained new colleague taking on the role.

Ask about change carefully

Within the agreed scope, ask what support or information would help the work continue during a transition. Avoid making promises about jobs, pay or future arrangements that you are not authorized to make.

Keep employment, legal and transaction issues with the relevant advisers. An operational interview is not a substitute for those reviews.

Compare accounts without assigning blame

Different people may describe the same process differently. Record the difference and investigate it. They may be referring to different circumstances, an outdated procedure or an informal exception.

Separate observed facts, reported information and unanswered questions. A single conversation can suggest where to look more closely, but it should not carry more weight than the evidence supports.

Turn the findings into actions

Record each issue, the source, the verification needed and the responsible reviewer. Use the findings to shape further due diligence and a realistic transition plan.