Understand who is actually buying, who will make decisions and how the transaction would be funded. Financial capacity should be supported by evidence appropriate to the stage of the process.
Ask what attracts the buyer to the company and what role it will play after acquisition. Turn hopes about continuity, the team or the brand into concrete questions. Observe how the buyer works during negotiations and handles information and commitments. Compare the overall proposal, execution conditions and future arrangements, rather than relying on a favourable impression or headline number.