Yes, I have noticed this since the beginning of my search. And admittedly, I have done it a few times in order to be competitive. When I first began searching a couple years ago, I wouldn't dream of putting in an LOI until after a seller's meeting. Now LOI's are going out immediately after receiving the CIM on any halfway decent deal. I'm not saying it makes sense but this is the current landscape. Sometimes you will find a level headed broker that will slow the process down and take a measured approach but for the most part, it's the Wild Wild West out there now.

I see this too. I normally would wait to submit an LOI until I have talked to the owner, but now you have to submit an LOI immediately after receiving the CIM or you risk not being considered for the deal. I don't like this dynamic. It feels like real estate transactions where you submit a full price offer to lock the deal up but fully intend on negotiating the price down during your option period. I feel like it wastes everyone's time. But this is the game we have to play to participate anf hopefully win. Also, on deals with over $750k EBITDA the offer needs to be nearly the asking price to be considered. There are too many people just throwing offers out there and I think sellers are blinded to good buyers when they focus on the dollar signs.