This guide outlines the key differences between financial and strategic buyers for companies considering a sale. It explains that strategic buyers, typically operating companies, seek synergistic integration, while financial buyers, such as private equity firms, prioritize investment returns and cash flow. The text discusses how each type of buyer evaluates a deal, their industry expertise, focus on infrastructure, investment timelines, and transaction efficiency. Furthermore, it explores why strategic buyers might initially offer higher bids due to potential synergies and cost reductions. The guide also emphasizes the importance of including financial sponsors in a buyer list due to deal discipline and certainty, even if their initial bids might be lower. Finally, it provides advice on identifying and approaching the right strategic buyers and deciding on the optimal number of potential buyers to engage in a sale process.