[paulddraper]

> There’s an extreme power imbalance in favor of acquirers.

1. Sellers can tank the deal as well for any reason, e.g. if they feel the deal is not going as fast as they like (and I recommend agreeing on a general timeline).

2. Sellers generally don't get very many offers, so the opportunity cost is often not as high as you might suppose.

3. Sellers can negotiate more friendly terms (e.g. closing sooner), but usually choose to concentrate 100% of their leverage into the price.

4. Due diligence is expensive for both parties, but the seller can easily re-use much of their side. Non-exclusivity would mean the seller could easily entertain many costly offers simultaneously.

No buyer in their right mind would agree to non-exclusivity, though they can agree to a reasonable window for that exclusivity.