Losing a deal under LOI when a strategic buyer swoops in with $7m more = brutal.
Time kills all deals, exhibit H.
Mad urgency is required. If you're under LOI, get it closed. Anything can happen until it's penciled; shifting motivations among the stakeholders in the mix (i.e., seller), or new people entering the fray (like a money-wielding strategic).
Even if it's bitter, maintain a good relationship with the seller and be professional. Tell them you understand they need to explore the bigger payday, but say you're still around if it falls through and they want to revisit.
