[zackola]

Regarding pricing have you explored whether or not companies W, Y or Z might be interested in buying your product? Until you explore other buyers you are limiting the range of offers you may be able to get. By only entertaining what company X might buy this for you have already agreed to a price range which is $some amount of money that's an obscene deal for company X to $the maximum company X might be willing to pay. The max may or may not be a good deal for you though. It may be a bit too late in your case to pursue other options - or you may feel like company X has the resources to give you the kind of deal you are looking for in which case +1 to drewcrawford's answer.

A friend and I sold an app (all IP, etc) several years ago and I've sometimes regretted not exploring other options, and also not iterating for a few more months to see if we could have made the product more valuable. At the same time though, the offer came out of the blue and both of us were more than happy to get some dough for something we had been hacking on in our spare time.

Regarding #2, get a freaking lawyer and a CPA ASAP. When you are talking about $*M, you should have no trouble ponying up now so you don't get screwed later.

[tlrobinson]

Lawyers are important and well worth their cost... if the transaction goes through. You don't want to be in a situation where the deal fell through and the lawyer fees you owe are going to bankrupt you.

Assume the deal will fall through and plan accordingly, whether that's through a provision in the term sheet (like a cap on lawyer fees or a penalty for walking away from the deal), or working something out with your lawyer.

Related: deals do fall through.

[user2newyork]

I tried to reach W Y and Z but unfortunately they are not aggressive enough to entertain new innovative solutions.