Very often, acquirers will ask to have an "exclusive partnership" with you instead of outright acquiring you.
SAY NO.
Take just want you to take all the risks. If the partnership doesn't work out, you're pretty much out of business because you gave up everything else for that exclusivity.
There's nothing about contacting other potential acquirers. That would seem like a good idea, but I have no experience in this area. What's the wisdom there?
I don't think he did leave that out actually. In step 5, he says, "Explain that you’re very busy working with customers and improving your product, and that you can’t afford to distract the company without having at least a ballpark understanding of the offer."
I am not sure, but I read it somewhere. I think it would be common for large size acquisition as the company being approached my loose value if the deal dies.
SAY NO.
Take just want you to take all the risks. If the partnership doesn't work out, you're pretty much out of business because you gave up everything else for that exclusivity.