I was in that situation and turned down the offer. The same buyer came back in a couple days with a fair offer and we accepted it. Had the buyer not come back,

I was in that situation and turned down the offer. The same buyer came back in a couple days with a fair offer and we accepted it. Had the buyer not come back, we would have been caught in the general market crash and the value of our company would have shrunk. But nobody knew that at the time, and I would not have regretted turning the offer down. I wasn't in a hurry to sell and there would have been other opportunities down the road. Just like buying a house, you shouldn't get too attached to an offer or buyer until the ink is dry on the signatures. Keep your options open and be ready to walk away even at the last minute; if you don't maintain that perspective you lose control of the process and become vulnerable to last-minute deal changes. Don't let buyers put things in terms of how much money you'll make, keep it focused on what the company is worth and whether it's the right strategic move for the company.