I was doing some reading recently and came across a corporate development group who referred to the “barbeque test” they use when determining culture fit. Basically, they ask themselves, “Would we have these folks over to our house for burgers and a beer?”
I’d like to suggest the test works both ways, for buyers and sellers. When interviewing potential buyers, ask yourself whether you’d invite their acquisition team over for dinner. If not, it may be a good indication they won’t be the best fit for your company.
Poor culture fit could threaten your company’s ongoing success, affecting your ability to get paid on any alternative financing arrangements like seller financing or earn-outs.