As others have said, I think it's along the lines of:
1. Why is business selling?
2. How was the business valuation determined?
3. Was the data used in the business valuation reliable? (Were financial statements audited vs NTR vs bookkeeping data only; ie: risk of material errors in financial information)
4. What are expected events after acquisition of the business?
- Expected loss of customers/revenue by percentage or $ value? (See #2)
- Expected obligations to maintain? (Leases, staffing, pensions, debt etc.), and were those built into the valuation?
- Pending lawsuits, litigation, issues with regulating bodies etc.
5. Is the business up to date with all its requirements?
- Tax filings
- Registrations
- Governing body related stuff
6. Does it make more sense to buy a company's assets or the company shares?
ie: Asset purchase = bump up in asset value
ie: Share purchase = may inherit some skeletons in the closet
etc.
I am assuming you are already looking at financial information at this point and have signed non-disclosure agreements to look at them.
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