You found a business. The financials look solid. The industry fits your thesis. You've got financing lined up. Now comes the moment that separates smart buyers from deal-killers: the first conversation with the seller.
This call isn't about diligence. It's not about negotiation. It's about one thing, building the foundation for a relationship that might last six months and end with you writing a seven-figure check. Get it wrong, and the seller walks. Get it right, and you're halfway to a signed LOI.
Here's how to handle that first call without blowing up the deal before it starts.
Rule #1: Tell Them Why You're Actually Interested
Don't lead with "I saw your listing." That's lazy. The seller already knows that.
Start by explaining what caught your attention about their specific business. You're not interested in just any HVAC company or landscaping operation, you want theirs. Be specific. Reference something from the CIM, the listing description, or your own research.
Try this approach:
- "I've been looking at the commercial roofing space in the Midwest, and your recurring maintenance contracts stood out."
- "Your reputation in the local market came up three times when I was talking to contractors in the area."
- "I noticed you've built a strong commercial client base, that's exactly what I'm looking to acquire."
This does two things. First, it shows you did your homework. Second, it signals that you're selective. Sellers want buyers who want their business, not someone who's throwing offers at every listing on BizBuySell.
You're not flattering them. You're showing them you're serious and you've thought about strategic fit. That earns you credibility right out of the gate.
Rule #2: Acknowledge What They've Built (But Keep It Real)
Every business owner has put blood, sweat, and a lot of late nights into what they've created. They want to know you see that. But don't overdo it.
A light, genuine compliment goes a long way. Overdoing it makes you sound like you're buttering them up for a lowball offer.
Here's the right balance:
- "It's clear you've built something solid here, 30 years in business doesn't happen by accident."
- "The team you've put together seems really strong. That's not easy in this industry."
- "I can tell you've been intentional about how you've grown this."
What you're doing here is showing respect without gushing. You're acknowledging their work, but you're not acting like they built the next Amazon. Keep it proportional. Keep it honest.
This step builds rapport. It also helps you gauge how the seller talks about their business. If they light up when you acknowledge their work, that's a good sign. If they're defensive or downplay it, you've just learned something valuable about their mindset.
Rule #3: Never, Ever Negotiate on the First Call
This is where most inexperienced buyers blow it. They get excited. They start talking numbers. They start asking about seller financing or working capital adjustments or earn-outs.
Stop.
The first call is not a negotiation. It's a conversation. You're gathering information. You're building trust. You're figuring out if this deal even makes sense to pursue.
Here's what happens when you bring up price too early:
- The seller gets defensive and digs into their asking price.
- You box yourself into a position before you have enough information.
- The tone shifts from collaborative to adversarial.
Instead, keep it high-level. If the seller brings up price, acknowledge it without committing:
- "I saw the asking price in the listing. We can definitely talk through that once I understand the business better."
- "Valuation is something we'll work through together once we both have a clearer picture of fit."
You're not avoiding the conversation. You're deferring it until you have the context to make it productive. That's what professionals do. That's what sellers respect.
Save the negotiation for the LOI. On this call, you're just trying to move to the next step.
Rule #4: Stick to the Basics: Save the Deep Dive for Later
First-time buyers love to show off how smart they are. They start asking about EBITDA margins, customer churn rates, capex schedules, and inventory turns.
Don't do that. Not yet.
The first call is about understanding the fundamentals. You're trying to answer basic questions:
- What does this business actually do day-to-day?
- Who are the customers?
- What does the team look like?
- Why is the owner selling?
- What's the general financial picture?
That's it. You're not running diligence. You're not building a model. You're figuring out if this is worth pursuing.
Here's how to frame your questions:
- "Can you walk me through what a typical week looks like for you?"
- "What does your customer base look like: mostly repeat clients or new business?"
- "How's the team structured? Who handles what?"
- "What made you decide now was the right time to sell?"
These questions are open-ended. They invite storytelling. They give the seller room to share what matters to them. And they give you the information you actually need at this stage.
The hyper-specific questions come later: during diligence, after you've signed an NDA, after you've got access to financials. Right now, you're just trying to understand the shape of the business.
Rule #5: Figure Out If You Can Actually Work Together
Here's the thing nobody tells first-time buyers: chemistry matters.
You're not just buying a business. You're potentially working with this seller through a transition. You might need their help with customer introductions, employee retention, operational knowledge. If you can't stand each other, that's going to be a problem.
Pay attention to how the conversation feels:
- Are they open and transparent, or guarded and defensive?
- Do they answer questions directly, or dodge and deflect?
- Are they genuinely interested in finding the right buyer, or just chasing the highest number?
- Do they seem reasonable and thoughtful, or emotional and erratic?
You're assessing cultural fit. You're gauging whether this person is someone you can trust and work with through a complex, high-stakes transaction.
Some red flags to watch for:
- They won't answer basic questions without an LOI.
- They're hostile or dismissive when you ask about challenges.
- They keep changing their story or contradicting themselves.
- They're overly aggressive about timeline or price.
On the flip side, good signs:
- They're transparent about the business's strengths and weaknesses.
- They ask thoughtful questions about your background and plans.
- They seem genuinely invested in finding the right fit, not just any buyer.
- They're patient and willing to walk you through the details.
If the chemistry isn't there, it's okay to walk. You'll spend months in this relationship. Make sure it's one you can actually handle.
The Real Goal of the First Call
You're not closing a deal on this call. You're not even getting close. What you're doing is simple: you're opening a door.
Your goal is to get to the next step: a follow-up call, an NDA, access to financials, or a meeting in person. That's it. If you walk away with a plan for the next conversation, you've succeeded.
Keep the tone collaborative. Keep the questions high-level. Keep the relationship front and center. The technical stuff, the negotiations, the modeling: that all comes later.
Right now, you're just two people trying to figure out if there's a deal worth doing. Treat it like that, and you'll stand out from the 90% of buyers who fumble this conversation.
Need help navigating your first acquisition? Voyage Acquisitions works with both buyers and sellers to structure deals that actually close. Reach out( we'll walk you through what comes next.)