Site Visit Etiquette

April 17, 2025

by a searcher from Loyola Marymount University - College of Business Administration in Waterford, CT, USA

Anybody have a good primer on what to do and not to do on a site visit? I'm booking a trip for a brokered deal. What prompted this question was thinking about whether it's expected that I pay for meals with the seller (and broker). I'm sure there are other lessons learned and best practices that could save me and others some pain.

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Reply by a searcher
from IESE Business School in Waterloo, ON, Canada

To share my experience: with the first company I had under LOI, I paid for lunch and they paid for dinner. With the company I ended up acquiring it was similar - I paid for a lunch and a couple small meals with key employees. The seller paid for an exquisite celebratory dinner once the deal was finalized. There are probably a lot of cultural factors to this though. Both of the above cases were in Europe. One thing I would do differently from my experience with the first company is NOT offer them a ride in my vehicle from our meeting place to the restaurant. There were 6 of them - and fitting all 6 plus me in my 7-seater SUV required a level of congeniality that we hadn't reached yet. Ha, lesson learned.

Reply by a professional
from Bentley College in Miami, FL, USA

Here are some best practices others in the search community have found helpful: 1. Be prepared, but stay flexible: Come in with a solid understanding of the business and key questions you want to ask, but read the room — sometimes the most valuable insights come from unstructured conversations or unexpected observations. 2. Pay attention to people and processes: It’s not just about financials. Observe how the team works, how customers are treated, and whether the culture seems aligned with what you’d want to inherit. 3. Keep the tone collaborative, not interrogative: You’re still earning trust. Avoid coming across as overly critical or like you’re there to find faults — frame questions with curiosity and respect. 4. Take notes and photos (with permission): These help immensely when you're reviewing later or looping in your diligence team. If you’re working with any outside diligence providers, this is also a great time to get their input on what to look out for. If you're still assembling your team, a platform like DueDilio can help connect you with folks who’ve done this dance before. https://www.duedilio.com

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