How to Nail Your First Call with a Seller

The first qualifying call is where a cold thread turns into a human conversation. Up until now you’ve traded careful emails and tidy LinkedIn messages; now you have a voice, a tempo, and a chance to see whether there’s genuine intent on both sides. The goal isn’t to win the deal in an hour. It’s to establish trust, read the seller’s readiness, and leave the door open for a second conversation with a little more daylight in it.

Start with their story. “How did you get here?” is a generous question that does more work than it seems. Most owners are rightly proud of what they’ve built. When they explain the early days, the inflection points, the mistakes they won’t repeat, you learn what they value: people, margins, legacy, growth. You also hear clues about delegation. If every high point is “I,” not “we,” expect owner dependency and plan accordingly. If they talk about a capable #2, regular management meetings, and holidays that didn’t end in phone-based firefighting, you’re hearing a sturdier operating base.

You can ask almost anything on a first call if you do it with permission. A simple preface such as “Tell me if this is too early” lowers the guard without lowering the bar. It keeps rapport intact when you test the edges: timing, appetite, and what would have to be true for them to move ahead. If the seller is sector-savvy and direct, be concise and meet them there. If they’re new to the process, keep the language plain and avoid turning the call into a seminar on deal mechanics. Either way, resist the temptation to fill the silence. The seller’s words are the data.

What you’re listening for is not a number; it’s a map. A seller who speaks positively about their team and can describe how decisions are made is telling you the business may travel well through a transition. A seller who quietly admits to fatigue after a tough year might be open to change, but you’ll want to check whether last year was an aberration or a trend. Beware the rush to price on call one. You can acknowledge the question without indulging it: after a mutual NDA and a brief look at management accounts, you’ll share an initial view. That’s not evasive; it’s professional.

It helps to remember there isn’t one “type” of seller. Sometimes you meet the experienced seller who’s exited before and expects you to know sector comps and normal ranges for EBITDA multiples. Sometimes you’ll find the prepared seller with a tidy data room and a clear timetable, where your job is to keep pace and not invent hurdles. There’s the accidental seller who is curious but green, and the daunted seller who is worried about staff and legacy and may be best served by bringing an adviser into the process. And there’s the distressed seller who needs speed more than anything and comes with volatility as standard. Calibrate. Don’t run the same play every time.

If you want five questions that consistently earn their keep, try these, one at a time, and let the answers breathe:

• What does the business look like in two or three years if everything goes right?

• How do management meetings run, and who leads them?

• Where could outside help or investment make a material difference?

• Have you explored a process before? What helped and what got in the way?

• If now isn’t the moment, what would make timing better?

Notice what’s not in that list: “What’s your number?” On call one, numbers are set dressing at best and a booby trap at worst. If you’re pressed, explain the process with a light touch. After an NDA, a last-twelve-months management P&L, a quick sense of customer and supplier concentration, and a simple org chart, you’ll offer an indicative view. Then you’ll see if it’s worth leaning in together. The right sellers respect sequence.

Closing the call is less about flourish and more about creating conditions for candour. A mutual NDA is a practical next step that signals seriousness without forcing anyone into postures they’ll regret. Suggest a short list of items you’ll review first so you can respond with an initial perspective: not a valuation, not an offer, just a reasoned view that helps both sides decide whether to continue. Be mindful about site visits. They can spook staff and create theatre the seller doesn’t want. If you do meet, a neutral venue often keeps everyone relaxed.

There are a few avoidable errors worth calling out. Don’t treat the first call like a valuation pitch. Don’t over-share to prove you’re “serious”; keep a few cards for later without being coy. Don’t ignore your own red flags because it took effort to get here. That sunk-cost feeling is real, especially for first-time buyers, but discipline is part of stewardship. If mid-call you realise the person on the other end isn’t the actual decision-maker, stay polite, learn what you can, and adjust your expectations for the follow-up.

Once the NDA is in place, give yourself a simple 48-hour pass. Sanity-check the accounts, look for concentration risk, map where the owner is still essential, note any working-capital quirks, and revisit the “why now” in light of what you’ve seen. You’re not doing diligence; you’re building enough context to have a more useful second conversation.

When you follow up, be clear and light:

Hi [Name] — great speaking earlier and thanks for sharing the background on [Company]. If you’re comfortable, I’ll send over a simple mutual NDA so we can look at a very small set of items (last 12 months management P&L, a brief customer/supplier overview, and an org chart). With that, I can share an initial view on fit and potential next steps. If you’d prefer to meet on neutral ground before sharing anything sensitive, happy to do that too. — [Your Name]

If you remember one thing, make it this: the first call’s job is to earn the second one. Aim for human before technical. Leave with trust, a read on readiness, and an agreed next step. Everything else can wait its turn.

BizCrunch helps UK buyers do this well. Our Buyer Hub combines off-market owner outreach with seller-verified listings. Company Insights summarises five years of performance from weekly Companies House updates, and our VDR is on the way to make that post-NDA exchange painless. If you want to run better first calls and move faster on the right ones, explore the Buyer Hub or book a short walkthrough.

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