Should I be suspicious of a buyer who won't explain why they want my specific business?

It's worth noting, though not automatically a reason to walk away. Some legitimate buyers are simply cautious about revealing their full strategy early — a competitor exploring consolidation, or an investor comparing several targets at once, may have real reasons to keep their reasoning general at the earliest stage, before any confidentiality agreement is even signed. A vague early answer isn't the same as dishonesty.

What matters more is whether the buyer becomes more forthcoming as the process advances and trust is established through a signed confidentiality agreement and proof of financial capacity, or whether they stay evasive even as they ask you for increasingly sensitive information in return. A buyer who wants deep access to your customer lists, financials, and operations while giving almost nothing about themselves or their intentions is an imbalance worth pausing on. Trust your instincts here, but also apply real screening — proof of funds, a clear sense of who they represent, and staged disclosure that matches how much they're willing to share about themselves. A Treadstone business lawyer can help you structure that staged approach if you're managing the process without a broker.