Questions phrased in the aforementioned manner, on an initial contact, will usually solicit answers of “yes”.
As well it makes very little sense to ask if the owner is negotiable or flexible on any pre defined or listed values, terms and/or conditions. The answer to that type of question is always "yes".
Questions such as, “What is the lowest price that the seller will accept?” at this stage of your investigations will not yield any valid information.
The initial conversation is also the wrong time to discuss minor details, as it only tends to confuse or fog the important issues.
It is most likely that you will also be questioned as to your seriousness with respect to acquiring the business and your overall financial situation.
Responses to those questions should be. "I am seriously looking for a business that I can acquire", and "Based on the little that I know about the business at this time I do not believe that financing the acquisition would be a problem".
Other questions may be asked pertaining to your background and experience. My personal feeling is to be somewhat mysterious at this point in time. Also at this stage of the exercise try to avoid becoming a "buddy" of the Business Broker or owner/seller. You will find it much easier to negotiate the deal if you keep the relationship arms length and strictly at a business level.
A common question at the end of the meeting is to ask you how you want to proceed or what you think about the business.
If I have no interest at all in perusing this opportunity any further then I say so, very diplomatically. If the business is of any interest to me I usually say something to the effect that I am investigating a few opportunities and that I need time to digest the information that I have just received. I should be able to advise you in a week or so as to my decision on whether or not I wish to proceed with this opportunity any further. I cannot envision a situation where I would tell the seller and/or Business Broker at the meeting that I wanted to proceed then and there.
If there is an intermediary such as a Business Broker involved he will probably take you aside after the meeting, away from the seller and ask you again what you thought about the opportunity. He will most likely do it as if he is working on your behalf and it will be difficult not to confide in him at that time. But don’t do it! Respond as you did in front of the owner/seller. You will get back to him in a week or so. One ploy that he will use is to ask you if he should continue to look for other opportunities and use that response as his answer to the initial question “are you interested in this business?” It is a cat and mouse game and you have to be prepared to play to win. My response to that question is that, as I haven’t made any decisions as of yet I am prepared to look at any other good opportunities that you may be able to bring to the table. He may ask what other opportunities you are looking at, are they similar type businesses and a host of other leading questions all designed to try to determine your interest in the business or company that he just presented to you. Try your best not to show too much enthusiasm for the business at this time, don’t show excitement, and put your poker face on!
Keep notes on each and every conversation that you have. Write down dates and times that the meetings took place whether or not they are in person or by phone, don’t forget to make a note of the attendees. It is highly likely that you will want to have initial investigative meetings and/or telephone conversations about many businesses. The more businesses and companies that you investigate the more confused you will become if you do not keep information organized in a concise manner.
I recommend that you buy one large three ring binder with dividers and lined paper and one small three ringed binder. In the large binder each divider should represent a company or business that you have an interest in or have made enquiries about with all your notes properly dated following the divider. If you have a face to face meeting with respect to a business or company then you take the section from the large binder and place it in the small binder so that you can take all your notes with you to the meeting without taking notes on other business opportunities that you may have or are considering. I generally ask if I may take a couple of pictures as I find that pictures refresh my memory quicker than notes do on who said what when.
Never leave the binder behind in a meeting room, always have it with you. If you are in a situation where you have to leave the room put the binder in your brief case, do not leave it on a table. Their will be a great deal of temptation for someone to look at your notes when you are out of the room, do not make it easy for them. I am aware of instances where notes were left in meeting rooms on a table and while the individuals were given a guided tour of the facilities a representative of the company read the notes.