The single highest-leverage habit in selling a route is always running 3–5 active conversations until LOI. Sellers with one buyer get the buyer's price; sellers with options get the market's price.
A simple pipeline tracker:
| Buyer | Stage | NDA Date | Teaser? | CIM? | Verbal Range | Next Step | Next Date |
|-------|-------|----------|---------|------|--------------|-----------|-----------|
Update weekly. If a buyer hasn't moved in 14 days, demote or remove them.
The five stages every buyer moves through:
1. Inquiry → blind teaser sent, NDA requested.
2. NDA signed → CIM and detailed Q&A; buyer profile collected.
3. Engaged → multiple conversations, verbal range provided, light diligence questions answered.
4. LOI / term sheet → written, time-bound, exclusivity clause discussed.
5. Diligence to close → exclusive period, full data room, contract drafting.
Healthy ratios. For a well-positioned route, expect: 100 inquiries → 30 NDAs → 8–12 engaged buyers → 2–4 LOIs → 1 close. Plan for 60–120 days from listing to LOI, then another 30–60 to close.
Red flags that should drop a buyer fast:
- Won't sign NDA after two follow-ups.
- Asks for customer-identifying info repeatedly before you've shared it.
- Negotiates by text or short email only, refuses calls.
- Ghosts twice in a row.
- Promises a fast close but won't put earnest money in escrow.
- "I'm buying for a fund" but won't name it.
Cadence with engaged buyers:
- Initial deep-dive call: 60–75 minutes, walk through the CIM together.
- Follow-up call within 5 business days to answer batched questions.
- Decision check-in at day 14: "Where are you in your evaluation? What would help you decide?"
- If no LOI by day 30 of engagement, gently apply pressure: "I'm narrowing to two parties next week. Want to put a number on paper?"
Negotiating multiple LOIs. If you have 2–3 LOIs in hand, manage them transparently but firmly: "We have multiple offers. We're not going to play them against each other publicly, but we'll choose based on price, structure, certainty of close, and transition." Then choose decisively, don't slow-roll the runners-up. Reputation in this industry is permanent.
On exclusivity. LOIs typically include 30–60 days of exclusivity for the buyer to complete diligence. Negotiate the exclusivity period to match realistic diligence (45 days is usually fair) and include automatic termination if the buyer misses defined milestones.
Once an LOI is signed, the rest of your pipeline stays informed but parked: "We're under LOI. If our process changes I'll be back in touch within 60 days." A polite parking move keeps backups warm without breaking exclusivity.
Document everything. Save every NDA, every teaser send, every email exchange. If a deal goes sideways or a confidentiality dispute arises later, your paper trail is your defense.