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Congrats!! I hope they both go well and you sign on both of them 
For me, I send them my contract and policies to read over before the meeting. Than at the meeting they can come prepared for specific questions relating to me and my daycare. Most of the time they have very little to zero questions regarding the contract and policies because they tell me it is very thorough. They do usually have a few questions for me like, why I opened a home daycare, what's my favourite thing about having a hdc, what a typical day looks like etc.
I ask things like
-when and for how long the child naps and do they need anything to nap (soother, stuffy, blankie)
-any allergies
-what's their long term plan
-how are they with other children? with men? because my fiance is my back up
-what kinds of things have they been exposed to...glue, paint, scissors, sand, water/rice play etc (just to give me an idea of how they will react to when we do it here)
-what is their plan if their child becomes ill at dc and needs to be picked up
-what kind of holidays do they take (I have always had at least one teacher or student in my dc. Right now I have both)
-anything else that pops into my head as the meeting goes along
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For me the first interview is mostly about my deciding if I like the parents and if the child will mesh with my daycare. I found a copy of a parent checklist from the Ontario Early Years Centre and I pre-answered it, I give it to the families to read while I interact with their child. This keeps them busy, allows me to spend time with the child and the parents can see how I am with their child. It answers all the key things parents want to know, without me having to think on the spot and it also allows them to think up more questions. It discusses routines, discipline, sleep etc.
We briefly discuss my policies (hours, fees, paying up front, holidays etc) but I leave that to the second meeting. If I like them after the first meeting (which lasts about 45-60min) then I email my contract for them to read over and decide if they wish to pursue the spot.
I then have them back and discuss policies in detail before signing contract, taking my deposit cheque and post-dated cheques.
Typically there are numerous emails between the 2 meetings. I have not had any parents question or try to negotiate anything in my contract.
I do make sure that they know that I am the one deciding if their child gets the space. I tell them they are coming for me to see if their child will be a good fit. I don't do first come, first serve. So far it has worked well for me as my families are amazing. We are able to go without the income while waiting to find a good fit, which saves the headaches of filling with just anyone.
I also make sure I have met both parents. This is huge for me, I had one mom come with her son (when needed I allow the mom and child to come alone for the first meeting) and they both seemed perfect then the dad happened to call the mom's cell and he was screaming at her, scary mad. I ended it then and could not sign them on...as I did not want that man ever to step foot in my daycare not to mention his son would quite possibly grow up thinking it is okay to behave that way.
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