One of the key factors in any strategic transaction is leverage. Leverage can be a key component to optimizing value and the terms of the ultimate agreement, the pace of the marketing process, and the responsiveness of the potential buyers/investors/capital providers.
Seller talks to only one buyer/investor/capital provider or a limited number of buyers/investors/capital providers and does not get advice from an investment bank.
Leverage: No Advantage
Seller talks to several buyers/investors/capital providers and does not get advice from an investment bank.
Seller hires an investment bank to serve as its financial advisor, in addition to legal and accounting advisors, to run a competitive, professionally-managed marketing process and show the opportunity to numerous qualified candidates.