Sellers tend to have a misconception that a Buyer is just a clone of them with more money. You will know the industry, know the business, know the market, know the competition, and know the customers, and know the officials/major players just like they do. That is why sometimes key pieces of information are not explicitly shared or spelled out, because “the Buyer knows this”. To be fair, the strategic portfolio Buyer might be exactly that from their background and experience. That said, many who pursue ETA may look to acquire businesses in an industry or market they didn’t have deep knowledge of. Not to diminish your position, but it’s universally beneficial to frame diligence as though the leadership is going to someone with a an education in business but lacking experience running THAT business. That said, what has been your experience in what a Seller feels is needed to disclose vs things they felt were simply understood?