Certain picky and select private equity groups are apt to say, �we do not do M&A auctions or competitive bid situations on any of the deals in which we invest.� Put succinctly, such groups want strictly proprietary deals and do not wish to overpay.I get it. If I ran a private equity group with access to enough dealflow to meet my investment mandate, then I too would be so disciplined. Unfortunately, in today�s market where in-general quality dealflow is short supply, there are fewer and fewer truly off-market, proprietary deals. The best deals always have multiple players at least entertaining the idea of moving forward with an offer. It is unfortunately a �pay-to-play� world out there.Similarly, sell-side investment bankers are in a similar situation. On the best deals, we rarely have proprietary in-roads with the would-be sellers. In most cases, we are participating in bake-offs and beauty contests, sometimes with some of the most well-known middle-market players in a given market niche and even some good local boutiques, depending on the location of the company in question.I hate competition as much as our PEG counterparts. It runs contrary to a blue-ocean strategy. Competition increases the work and stress of the pre-pitch phase. Fortunately, competition does have a few perks. First, it hones your pitching skills. I am not in the business of pitching to lose or just to have an educational experience. I am in the business of winning. But, you can always use each beauty contest as a learning experience. Second, bake-offs discpiline the dealmaker. It means we have to show our cards and our ability to get a deal done. It requires more pre-pitch preparation including valuation analysis, industry overview details, comparable transactions analysis and a quality pre-pitch pitchbook. It�s not a perk for the dealmaker, but it keeps investment bankers at the top of their game.Finally, and most importantly, you miss 100% of the shots you don�t take. In today�s world, failing to compete is a quitters strategy.We would love the opportunity to be invited to your bake-off when your deal is ripe and ready.