Step 6 – The Presentation and “Best and Final” Stage of Bidding
Once the pool of prospective Buyers is narrowed to three to five, Merritt has each present their offers to the Client (usually in one day). During these meetings, the Buyer will review their terms sheets and strategies for growth. We are then able to compare the terms they are offering, side by side. These meetings provide the Client with an opportunity to ask questions directly as well.
Once the offers are fully understood, we can negotiate key points of each and ask the Buyers for a Best and Final offer via a revised LOI. During this stage, a limited number of purchasers are given access to a more comprehensive “data room” where they can review additional, detailed information that can help them refine their offer.
Once the final LOI are received, the Client is in a position to make their selection of who has provided the best terms and would be the ideal long-term partner.
Once the determination is made, an LOI is executed.