In brief: Ask questions that reveal how the business makes money, why performance changes, what the owner actually does and what can break after transfer.
Financial questions
- How do monthly revenue and profit reconcile to source accounts?
- Which expenses are owner-specific or one-time, and why?
- What capital or inventory does the business need to keep operating?
Customer and traffic questions
- What share of revenue comes from the largest customers or channels?
- What drives new demand?
- Which channels have become stronger or weaker over the last year?
Operational questions
- What does the owner do each week?
- Which tasks require specialized knowledge?
- Who are the key employees, contractors or suppliers?
Risk questions
- What external platforms can materially affect the business?
- Are there unresolved disputes, policy issues or account warnings?
- Which contracts or accounts need consent to transfer?
Exit and transition questions
Ask why the seller is exiting, how long they will support transition, what they believe the buyer will find hardest, and what they would prioritize if they kept the business for another year.