First comment is spot on. Motivation to sell is critical. Difference between a suspect and a prospect is key here. Suspect will take your call, talk to you until the cows come home, will go through the motions will no real intention to move to close. Set deadlines, measure the sellers engagement and you will determine true motivation. Motivated sellers prioritize selling. Prospects want to sell and will demonstrate their motivation through the provision of financial data and accessibility. They prioritize selling and when you deal with a prospect you will understand what a suspect it. Its not your job to convince them to sell (suspects). Second. Cash flow MUST cover debt service. Period. Dont do turnarounds.

Having a team of qualified and experienced professionals to support you through the process is essential. Naturally, as an attorney, I emphasize the legal aspect—but the point applies broadly. Too often, people are willing to spend $250,000 to millions to buy a business, yet hesitate to invest in the legal and financial due diligence needed to ensure they’re protected. That investment on the front end can prevent costly mistakes down the line.