By the time an acquisition reaches the board, it usually has momentum, a sponsor and a deck. The board's job is to ask the questions the deck was designed to answer before they were asked.
The first question is the simplest: why this business, and why now? A good answer is specific. It names the capability, the customers or the market the acquisition brings, and explains why building it would take longer or cost more. A weak answer talks about scale, synergy or the market moving.
The second is what the price assumes. Every valuation rests on a forecast. The board should know what growth, margins and cost savings the price depends on, and what the business is worth if none of them arrive. If the deal only works on the upside case, that is a bet, not an acquisition.
Third, what did due diligence find, and what did it not look at? Management will report the findings. The board should also ask about the scope: what was reviewed, by whom, and what was left out for time or cost. The problems that surface after completion are usually in the areas nobody was asked to check.
Fourth, who is staying? In most acquisitions the value walks around on two legs. If the founders, the sales lead or the technical team are leaving, the board should know what is being paid for.
Fifth, how will it be funded, and what does that do to the balance sheet? New debt brings covenants. New shares bring dilution. Either can constrain the business for years after the deal is forgotten.
Sixth, what is the plan for the first hundred days? Who runs the acquired business on the Monday after completion, what changes immediately, and what is left alone? If the plan does not exist yet, the deal is not ready.
Seventh, what are the walk-away terms? The board should set them before the final negotiation, not during it. A price ceiling, a list of conditions that must hold, and an agreement that momentum alone is not a reason to proceed.
Eighth, and often skipped: what happens if we don't do this? Sometimes the honest answer is that the business carries on much as before. That answer should be allowed to win.
None of these questions is hostile. A management team that has done the work will welcome them, and a board that asks them will approve better deals and fewer bad ones.