Hi Matt, In a normal course acquisition I would suggest that buyers should do enough preliminary due diligence before writing an LOI to then stand behind each offer assuming no significant confirmatory/final due diligence issues are found. Complete a good deal and walk away with a referral from the owner to add credibility for the next acquisition. In the world a searcher if you are only doing one deal then you might not be as concerned about walking away - from a now less interesting opportunity / LOI and the reputational impact that might have. Deals are hard to close at the best of times. Sorry to say when searchers are involved - in my view they can have a lower probability of closing given process inexperience and differing levels of committed vs uncommitted financing. I would try and keep two of those deals in play through due diligence to give yourself an option should the preferred one fall apart for whatever reason. But be careful and don't play that card too often.

Hi Matt, it is not uncommon for a party to submit 3-5 + LOIS at an aggressive time period. There is no guarantee - regardless of efficient documents - that a file will make it from LOI to close. Sellers are as emotional/unpredictable as the market can be at times and as long as there is language clearly referencing there is no guarantee of close (though there will be best effort to do so) you will be covered. There are emotional aspects to close and it is common for deals to fall through from "cold feet" despite both parties best efforts. if the language is simple & solid within your LOI, your bridges shall not burn! Let me know if you'd like to hop on a call, I'm happy to share my experiences on all sides of a multiple LOI situation.