I've been through this process. Everything came out alright, but had some bruises. It's easy for the acquirer to take their sweet time. Some here suggest ignor

I've been through this process. Everything came out alright, but had some bruises. It's easy for the acquirer to take their sweet time. Some here suggest ignoring them completely. I think it's fine to go down this road if it's what you want and you like them well enough, but, first, understand that they want you and your team, so you should treat your interactions like a normal two-way job interview. Do you like and respect the company? Do you like and respect the people? Could you work there for five years? A competitive situation is for the best--that encourages the acquirers to move swiftly and to ignore immaterial imperfections. If you can't create a competitive situation, then be sure to do the following: 1) reserve enough time and/or sandbox the rest of the team so that the business continues to advance during discussions; 2) if you sign a no-shop provision (it'll be hard not to), make sure it expires in 30-45 days; 3) do not extend the no-shop provision. If they can't close in the initial timeframe, it's fine to let them keep going so long as you still like them, but be very firm about not extending the no-shop. Be sure to be professional and courteous throughout, even if things don't go through. It's good practice and you'll want a good reputation. Always remember your BATNA.