March 19, 2026
This is a very common question from our sellers. Once a firm is listed for sale, there will be enquiries from potential buyers, lots of decisions to make on who to release information to, how much information to release, and how much detail you go into prior to any meeting.
And then we get to the meeting stage. When a business owner first sits down with a prospective buyer, it can feel very daunting. Solicitors and accountants are very used to dealing with clients and handling first meetings, but this is different.
Understanding what to expect from that initial meeting can make the process far more productive and significantly improve outcomes for everyone.
The Purpose of the First Meeting
At its core, the first meeting is exploratory. We very often advise sellers and buyers that the key to a successful deal is for both sides to trust each other and form a rapport. Without that connection, deals rarely succeed.
Buyers tend to have low expectations as to what they are going to get out of the first meeting. Very often it is simply to ask the inevitable question – how much? – and to check out the sellers’ weaknesses.
For example, if they meet a seller who continually talks about retiring and wanting to go on a cruise around the world within 12 months, they know that the seller is keen to get out, come what may. There will be impacts on the offer as a result. If the seller gives the impression they are not particularly bothered about retiring and happy to work for the foreseeable future and carry on trading themselves if necessary, buyers can see that this is not a sale where offering an exit is going to have much traction.
For sellers, we recommend using the meeting as an opportunity to check out the buyer. What are their likely strengths and weaknesses – ie do they bring management experience, potential financial investment, or do they lack sector understanding and are yet to implement plans to actually run the business once they acquire it?
A successful first meeting should leave both sides with a clear sense of whether it is worth progressing to the next stage.
What Questions Sellers Should Expect
Buyers will typically focus on understanding the fundamentals of the firm. Most will cover several key areas.
Financial Performance
Expect high-level questions around turnover, profit levels, and financial trends. Buyers are looking for consistency and sustainability rather than just headline figures. We usually recommend allowing buyers to see the last 3 years of accounts before meeting so they can ask you about them.
Buyers will want to go into detail about the accounts – and you need to be able to explain them. So many times we ask sellers questions about their end of year figures when conducting valuations and their accountants have included descriptions or amounts that don’t make sense.
Don’t try to hide anything, but instead explain it. If turnover dropped 2 years ago by £200k, why was this and what steps have you taken to ensure it doesn’t happen again?
You do not need to provide any detailed accounts at this stage, but you should be able to speak confidently about the overall financial health of the firm.
Work Mix and Client Base
Buyers want to understand what kind of work the firm does and what the likelihood is of that work continuing in the future. We usually recommend providing your most recent PII proposal form to buyers, as this gives them a lot of detail prior to your meeting.
Buyers are looking for evidence of work continuing, clients not connected to partners or departing owners, clients using the business because of the business and not because of the current owners.
Recurring work is viewed particularly favourably. Referral fees are seen as a positive generally.
Team and Structure
The strength and stability of your team will be a major consideration. So many business owners think the sale is about them – it rarely is. Buyers want to see evidence of a business being able to continue without involvement of the owners – as this is also evidence that the work will carry on post-sale. Some buyers will want to ask very awkward questions about the team – mainly to check their likely commitment once a sale concludes.
Buyers may well ask about billing levels and targets – it is worth knowing these and having the information available to hand. We would not usually recommend handing this over at an initial meeting. Buyers will of course want to assess whether the business can continue to perform post-acquisition.
Reason for Sale
This is one of the most important—and often most sensitive—questions.
Be prepared to answer:
- Why are you looking to sell now?
- What are your plans post-sale?
Honesty is crucial here. Buyers are not necessarily deterred by retirement or succession planning, but they may be cautious if the reasons suggest underlying issues.
There are also strategic responses here. Do not fall into the trap of saying that you want to get out as quickly as possible, unless you are desperate for a sale and need a buyer to commit to a fast timetable to get a deal through. Be positive about your business where possible, and avoid giving the impression you are tired, you want to retire, or you are fed up with all the admin and regulation. Quick tip – some buyers would see the last response as evidence you are about to get investigated by the SRA (this has been feedback after meetings).
The SRA, CMS & Systems and Risk
Buyers will also touch on compliance and operational processes. If you have a paper based CMS, you need to make sure you emphasise how organised it is and that it would be easy to make the move to digital.
In relation to claims and PII, you may want to give the buyer your claims history document(s).
At this stage, a high-level overview is sufficient.
How Sellers Should Approach the Meeting
Preparation and mindset are everything. Sellers who treat the first meeting as a structured but open conversation tend to achieve the best results. Think about it as selling your house. Some things need to be disclosed to buyers, but other issues are best left for them to ask about.
Similarly don’t be offended by awkward questions. If a buyer asks why your systems are so antiquated (for example you are using a paper based system), accept the question and answer it truthfully. Do not get defensive.
Be Clear but Not Overwhelming
You should have a clear narrative about your firm—its history, strengths, and future potential. However, avoid overwhelming the buyer with excessive detail – they just need an overview and if they want any more they will ask. A note on future potential – this does not sell your firm. All it does is explain to a buyer that you haven’t done these things, and they may wonder why. So if you have never opened a conveyancing department to tap into all the enquiries you get, why is that? Why should a buyer do it if you haven’t explored this? If you go down this route, make sure you have some explanations available and if possible give figures and an outline of the potential: demonstrate that you have looked at it. For example, how many calls a week is your receptionist taking for new conveyancing clients?
Be Honest and Realistic
Overstating performance or downplaying risks can quickly erode trust. Experienced buyers will identify inconsistencies, and it can damage credibility early in the process. It is better to acknowledge challenges while demonstrating how they are being managed.
Focus on Fit, Not Just Price
While valuation is important, the first meeting is not the time to negotiate price. Instead, focus on whether the buyer is the right partner.
Inevitably at the first meeting, the buyer will want to know how much you want for the business. We usually advise sellers not to give a price where possible, but instead focus on finding out about the buyer. A buyer who is able to acquire your firm within 3 months and immediately continue trading is going to have a different value to you from a buyer who needs to go through the whole ABS process, is unable to manage the business, and is going to need to recruit staff in order to take over. Your price/package expectations from one may well be very different to the other.
Very difficult to do, particularly if a buyer keeps asking, so our advice is to say that you are looking at package that involves a cash premium paid at the point of completion, consultancy for a set period, a payment for WIP and successor practice status (for law firms). Try to avoid actual figures, but if you have to go with something, give a range. Go higher than you are expecting.
A strong strategic fit often leads to better financial outcomes in the long run.
Ask Your Own Questions
Sellers should use the opportunity to learn about the buyer. Do some background checks on them, find out about their businesses – ask any awkward questions and see how they respond.
The answers will help you assess whether the buyer is credible and someone you can work with.
What Sellers Should Aim to Get Out of the Meeting
A good first meeting should deliver clarity, not conclusions. By the end of the discussion, you should have:
A Sense of Buyer Credibility
Do they have a track record? Do they ask informed questions? Do they appear organised and professional? First impressions do matter, and they are often accurate indicators of how the process will unfold. Were they polite, pleasant to deal with, offer to buy you a drink (if the circumstances arose), did they turn up on time, switch their phones off and answer any awkward questions?
An Understanding of Their Intentions
Different buyers have different motivations. Some are looking to build long-term platforms, while others may focus on short-term returns. Understanding this early helps you decide whether to proceed. Ask as much as you like – nothing is off the table and a first meeting is your chance to find out.
Form an Idea of Expectations
While detailed negotiations come later, you should leave with a general feeling that the buyer is going to be able to buy your business, may be prepared to offer you a deal you are comfortable with, and that their expectations of your involvement post-sale will be acceptable to you.
If there is a significant mismatch at this stage, it may not be worth progressing. An example would be where a buyer makes it very clear they will need you to keep managing the business for 5 years post-sale.
Next Steps
Finally, discuss next steps. Ask the buyer to give an indication of what they plan to do going forwards. Communicate this with your broker so they know too!
A lack of clear next steps can indicate a lack of seriousness from the buyer.
Final Thoughts
The first meeting between a law firm buyer and seller is less about numbers and more about people, strategy, and trust. Sellers who approach it with preparation, openness, and a focus on mutual fit are far more likely to find the right partner.
Rather than viewing it as a high-pressure negotiation, treat it as a structured conversation—one that lays the groundwork for a successful transaction and a positive future for your firm.
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