As opposed to a normal "firm commitment" offering, in a "best efforts" offering the lead manager simply agrees to put forth its best effort to sell the shares being registered. The lead manager does not agree to fully underwrite the offering, and is under no obligation to buy shares that it cannot sell. Best efforts offerings are typically conducted by small companies unsure of public demand, and led by boutique investment banks. In addition, the book-building process may be drawn out for weeks or even months.