The first visit to a candidate company reveals more than any financial report. I share the signals I observe, the questions I ask, and the non-financial indicators that determine my interest.
Before opening a balance sheet or due diligence report, before calculating normalised EBITDA or valuation multiples, there is a moment that determines my interest more than any other: the first visit.
It is not a technical visit. It is a sensory and intuitive one, where I look for signals that numbers cannot transmit.
I look for signs of order, care, and attention to detail. Is the warehouse orderly? (An organised warehouse indicates operational discipline.) Is equipment maintained? Is there safety signage? What state are the office workstations in?
How does the founder receive me? With pride? With transparency? With nervousness? Do they introduce me to the team? A founder who walks me through the facilities and introduces employees by name demonstrates a close relationship. How do employees behave — active or idle, naturally friendly or avoiding eye contact?
Are there visible middle managers? If the founder introduces a warehouse supervisor with twenty years’ tenure, a production chief who knows every machine, a commercial lead managing key accounts, I am seeing the seed of a management team. If there are no visible middle managers, I am seeing a one-person company in disguise.
On the first visit, I ask few technical questions. “How did all this begin?” — reveals the founder’s values and the crises survived. “What does your company do best?” — reveals whether the founder knows their competitive advantage. “What keeps you up at night?” — reveals the real problems. “Who would take charge if you couldn’t come in tomorrow?” — reveals founder dependency. “Which competitor do you admire?” — reveals market knowledge and humility.
A founder who speaks with pride but also honesty about limitations. A cohesive, competent team. Facilities reflecting sustained investment. Long-standing client relationships. A clear, if modest, competitive advantage.
A founder who only talks about how well everything is going. Deteriorated facilities suggesting years of underinvestment. Tense or demotivated employees. Total dependency on the founder for any decision. Absence of basic information systems.
The first visit is not an exam. It is the beginning of a relationship. The trust — or lack thereof — established in those first hours conditions everything that follows. I try to make it a conversation, not an interrogation. I listen more than I talk, ask with genuine curiosity, and take interest in the company as what it is: a life’s work deserving of respect.
Dirk Manuel Martens Jimenez Founder, Blue Mountain Capital
Founder of Blue Mountain
Over 15 years investing in Spanish companies with patient capital. Expert in business succession, corporate governance, and middle-market investment.
By Blue Mountain Capital
By Dirk Manuel Martens Jiménez
By Dirk Manuel Martens Jiménez
If you wish to explore a potential collaboration or present an investment opportunity, we invite you to contact us. We guarantee absolute confidentiality in all our conversations.