I am curious as to how you secured investors. I assume you just update them on a monthly/quarterly rate with progress. Did you have them sign anything for the first bite?

I update some of them ~monthly and others ~bi-monthly, based on the preferences of each investor. Initially I asked them to sign letters of support stating they "intended" to invest in an acquisition with me, which also specified how much they might be willing to invest. The letters are non-binding but they help when Brokers / Sellers ask for proof. Before submitting an LOI I have brief conversations with 2 of the investors who are more active supporters/advisers, to make sure they don't have any reservations about the type of company or industry that I'm about to make an offer on. When an LOI is signed I send all investors an Executive Summary of the Company, deal structure, etc. and then I follow up with a conversation a few days later. During due diligence I update them more often. I haven't gotten to signing a Purchase Agreement yet, but while I'm negotiating that Agreement I will likely ask the Investors to sign something more binding so that I don't get surprised at closing. Basically the Investors have the opportunity to back out during due diligence, but I'm trying to leave myself enough time that I could find a replacement investor if one of them backs out.