Given the allowance for the prospective buyers to digest what has been presented and then present back to you, you want to see indicative offers.
You should make it absolutely clear that there is a deadline time and date for receipt of indicative offers.
People may come back with a whole range of reasons why they cannot make that deadline, some reasonable and valid and some not.
It does not matter to you – you have a process underway and timescales that you are working to and if people can’t make it then they can’t make it.
He who hesitates is lost !!
This blog post is a part of a series of posts describing The Sales Process – you can access the other parts of the series from the links below:
- Making the decision
- Alternative Options to an exit by trade sale
- Getting ready to sell
- Finding an M & A Adviser – The Beauty Parade !!
- Who/where are the buyers
- “The Teaser”
- Prioritising Interest
- The Sale Document – your greatest ever sales proposal
- Negotiations and Heads of Terms
- Due Diligence
- Closing the deal
- Objective Parties