As a searcher, you can spend months getting to know a business and its owner. By the time you bring it to investors, you’ve probably built a strong view of why it’s worth buying. I’m curious about what they focus on when they see it with fresh eyes. A recent discussion got me thinking about the difference between an attractive growth story and the evidence behind it. Revenue might be growing, but how much turns into cash? Customers might keep coming back, but are they spending as much each year? It gets more interesting when further acquisitions are part of the plan. How much weight do investors give that opportunity if you’ve already spoken with potential sellers? And how much do they want the first business to justify the investment on its own? There’s also the question of the searcher: why are you the right person to take over this particular business, and what support would you need? For searchers who’ve had these conversations, what did your investors dig into most and did it change how you viewed the deal? Would also be interested to hear from investors: what makes you want to take a closer look, and what makes you pass even when the headline numbers look good?