Exclusivity/documentation is the final phase of the sales process. This phase occurs when a seller goes exclusive with a single buyer. We generally have received several bids and determined the winner of an auction. Both parties sign a letter of intent ("LOI") at this phase, and the seller agrees not to provide information or engage with any other potential buyers. The seller is essentially going off the market, which can be a bit scary because, if the deal does not move forward with the exclusive buyer, we will have to go back to the other bidders. We keep the other bidders warm and engaged in a limited fashion to ensure that we have backups. TASKS COMPLETED DURING THIS PHASE We work … [Read more...]