During direct conversations with the entrepreneur, discussions often follow a standard pattern: financial performance, cost structure, and liquidity status. Then, without warning, a question arises that falls outside the scope of ordinary management. That’s when the dialogue shifts to another level.

There is no talk of M&A yet. There is no teaser, no expression of interest on the table. Yet something has already started to move, and those who are attentive can sense it.

Some questions, although seemingly isolated, mark the beginning of a broader reflection. They are not simple requests for clarification, but clues that the entrepreneur’s perspective is changing. Recognizing them means anticipating the moment when the company begins to consider a strategic transaction.

(1) What do you think our brands are worth today?

An entrepreneur who asks this is not looking for a balance sheet valuation or a statutory revaluation. They want to understand how the market would value a core identity asset of the company—its brand, patent, or commercial name.

This type of question rarely originates internally. In most cases, it is triggered by a recent interaction with an external party: a strategic client, a competitor, or a potential partner.

Why it matters
When ownership begins to question the perceived value of intangible assets, it means they are exploring new valuation paradigms. No longer just EBITDA or net assets, but positioning and recognition. It marks the start of defining the company’s identity in external terms.

(2) Does it make sense to review our governance structure?

This is not about a formal revision of the company’s bylaws. It is an expression of doubt about whether the current decision-making setup is adequate for managing a phase of transformation.

It typically emerges in companies with family-based governance or legacy structures. The entrepreneur starts to perceive a need for greater flexibility—or for specific skills to support a phase of opening or change.

Why it matters
Raising the issue of governance often reflects a desire to redefine one’s own role or make the company more suitable for external stakeholders. Whether the objective is to attract an industrial partner, a private equity fund, or a key manager, the matter is structural.

(3) How much leverage could we handle without disrupting our banking relationships?

This question signals a shift from conservative financial management to scenario-driven thinking. The entrepreneur is evaluating whether the current capital structure is compatible with growth, an acquisition, or a potential corporate reorganization.

Why it matters
The goal is not simply to raise more capital, but to understand how far debt can be used as a lever to reshape the company’s strategic scope. This is typical of those considering leveraged buyouts, capital restructurings, or investments with deferred returns.

(4) Can we get a breakdown of margins by business line?

This is not about management control, but strategic segmentation. The question expresses a desire to look at the company not as a single block but as a sum of activities, each with its own profitability, risk profile, and strategic potential.

Why it matters
In such cases, the entrepreneur may be preparing to focus resources on certain areas, enhance others, or—if necessary—separate non-core segments. It often precedes rationalization efforts aimed at making the business more transparent to external stakeholders.

(5) Which foreign markets might make sense for us in the next few years?

When internationalization emerges as a strategic topic, it is no longer seen as a commercial opportunity but as a lever to reposition the company. The entrepreneur is trying to assess where their model could be replicated with competitive advantage.

Why it matters
This question is often linked to considerations around distribution partnerships, licensing, joint ventures, or even cross-border acquisitions. Whoever asks it is already looking beyond the domestic perimeter and assessing whether to expand before an investor suggests it.

Conclusion

When the entrepreneur starts asking certain questions, it’s never just out of habit. A decision is taking shape, even if it has not yet been formalized.

For those who work alongside the company, spotting these signals is critical. It marks the shift from a technical role to a strategic one, allowing one to anticipate the needs that will arise when a transaction is actually on the table.

Not all questions lead to a deal—but all of them indicate that the company is preparing for change. Those who can read them early are already building the tools to manage what comes next.