In any sale or capital raise, attention goes to whoever offers the most. That's reasonable, but it isn't the whole picture.
An offer is only worth what the counterparty can deliver. Can they fund it? Do they have approval from their own board or investors? Have they completed deals like this before, or will they discover their own process halfway through yours?
Behavior matters too. How a buyer or investor conducts themselves early in a process is usually a fair guide to how they'll behave when something unexpected comes up in due diligence, or when the business has a difficult year after they've come in.
Then there's fit. For an owner who cares about staff and customers, who owns the business next matters. For a company raising capital, an investor's timeframe and expectations will shape the years that follow.
Weighing these factors is part of running a good process. Sometimes the highest bidder is also the best counterparty. When they aren't, a slightly lower offer from someone who will complete, on sensible terms, is usually the better result.