Welcome to Phase III of the selling process: the closing – a.k.a., the fun part. You’ve done your research, identified your targets and just maybe met your match. You’re almost ready to say, “I do.” But first, let’s backtrack. (We know, the suspense is killing you.)
After you’ve (1) narrowed down your potential buyers; (2) received preliminary “indications of interest,” or IOIs; and (3) conducted company visits, you’ll ask for term sheets from the buyers who are still in the running.