The first offer is almost always the most tempting one. Not because it's the best. Because it's the first, and the founder is tired.
I've watched sellers get an offer in week two and want it signed by Friday. They say the same three things every time:
Here's what's actually true in week two. The market has barely seen you. Half the buyers who would compete for your business haven't finished reading the memo. You have exactly one number in front of you, so of course it looks like THE number.
So I ask them to wait.
Waiting isn't a stall. It's just the rest of the process. The other buyers finish their questions, the competing offers land, and for the first time you have something to compare against.
What that wait has gotten sellers: A higher price, more cash at close instead of a long earnout, and a buyer who didn't gut the team.
Same business. Same seller. A few more weeks.
And here's the thing most founders don't realize: three buyers will offer you three different prices for the same business. The difference comes down to what each one actually wants.
Speed feels like progress when you're exhausted. It's not the same as a good deal.
That first offer lands when you're already worn down from running the company, managing the process, and fielding questions. Your brain wants closure. But closure and a good outcome aren't the same thing.
The first offer feels like THE offer because you're tired and it's the only number you've seen. But the market has barely looked at you yet. Waiting lets competing offers come in, gives you something to compare, and often results in better price, better terms, and a better buyer.
A few more weeks can mean the difference between a deal you accept and a deal you actually want.
If an offer landed on your business tomorrow, would you know whether it was a good one?
