My First Million
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Manage multiple potential buyers simultaneously to create leverage and maximize valuation
Startup founders with multiple acquisition opportunities
4-8 weeks during active negotiation phaseWhat Success Looks Like
Multiple term sheets arriving within the same week, allowing you to negotiate better terms by creating competitive tension
Steps to Execute
Start conversations with 10-20 potential buyers simultaneously
Narrow down to 5-7 serious prospects through initial meetings
Time follow-ups and materials to keep all prospects moving in parallel
Create urgency by setting soft deadlines for decisions
Use competing interest to improve terms without burning bridges
Close with best overall offer considering price, terms, and strategic fit
Checklist
Inputs Needed
- Comprehensive buyer target list
- Dedicated time for relationship management
- Legal counsel familiar with M&A processes
Outputs
- Multiple term sheets for comparison
- Improved valuation through competitive tension
- Better overall deal terms and structure
Example
“An AI startup manages conversations with Google, Microsoft, and Salesforce simultaneously, receives term sheets from two within the same week, and uses the competition to increase the final purchase price by 40% while negotiating better retention terms.”
Related Knowledge
Four Buyer Categories Framework
A systematic way to categorize potential acquirers into four distinct types based on their acquisition motivations and strategic needs.
DENNIS System for M&A
A systematic 6-step approach to selling your company, adapted from the comedy show Always Sunny in Philadelphia's 'DENNIS System' for dating.
Startup Sale Readiness Assessment
A four-question framework to assess whether you should sell your startup by comparing your current beliefs against your founding assumptions.
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Gather comprehensive intelligence on potential acquirers to position your company optimally
Having detailed insights into buyer priorities, pain points, decision makers, and internal dynamics before your first pi
Create comprehensive materials that remove all friction from the buying decision
Buyers can easily understand your value proposition, team, technology, and strategic fit without additional meetings or