Isn't this a line from "Shit My Dad Says"? https://twitter.com/shitmydadsays/status/4811790555
Maybe all fathers say the same thing.
More to the point, we're not afraid of BFEs because they may be "out of our league" and say no; if they said no right away we'd be fine.
We're afraid of BFEs because we fear they will absorb all of our time in endless email conversations, nitpicking, forms-filling, PDF-generating, phone calls, meetings, and eventually say no -- or even if this results in a sale it may not be worth it.
I'm not saying this is true -- I'm just trying to describe the fear. The OP clearly addresses most of those points by the way.