My advice, contrary to what you hear from many, is: take it slow.
Yes, you want to “run a process” if you can raise the financing round to get more demand than supply. Make clear boundaries on the process, and timing, are key to doing so.
But once you have more demand than supply, what matters most is choosing the right partner:
who can you trust? Who can help the most? Who can write another check if you need one?
If someone really wants to invest this week, unless something changes… they will want to invest next week as well.
So once you have more demand for your shares than you actually supply, unless you’re 100% sure which investors you want… it’s okay if you’re straight, honest, and good about it. . And it will give you quiet time to choose the best partner. And if they’re not okay with it – oh, they’ll tell you.
You cannot un-do your investors. They’ve been stuck on your hat table for years, and often, decades.
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