I would think owners have a number in their head if operating with a broker, but what strategies can be used in creating a good initial negotiating foundation? Maybe they are shopping for the highest offer with no immediate desire to sell?

In the instance where an owner is not working with a broker, I can believe an owner might not have been giving too much thought to a price but surely there must a range, however impractical.

I have a target, very near my industry so I have a sense of a multiple range but obviously do not want to just start winging out numbers, no matter how fact based.