I was on a sell side recently with a Private Company. We had high cash bids from Private Equity firms who would give presentations that made no sense. Then we had some strategics / competitors come in with lower offers that the Sellers felt more comfortable leaving the company with. They want to see the company succeed and prosper. That company though didn’t have a board and all sorts of stakeholders (usual deal where most board members and stake holders want the bid with the most cash) and was 100% family owned.