I've seen too much of this recently. Company X goes out to raise money. Writes business plan and basically distributes it to whomever they can get it to. Don't do this!
The reason you should carefully pick whom you want to finance your business is fairly clear. You better be able to work together and towards the same goal. I've written about this before so I won't go into detail here. Do your homework up front and pick two or three VC's you see as potential partners. It's likely that there only are a couple whom you could partner with anyway. Know who they are and why you want to work with them. Set up a plan of how you will approach them and find out how they tick. It's never been easier to figure out what VC's like. Many blog and tend to be fairly transparent, often attending events you can get to. Look at their portfolio and you'll see how they've made decisions in the past. Talk to people whom they have financed. Basically prepare for a VC as you would for your most important customer.
Once you start sending your business plan to everyone it reeks of desperation and inexperience. People in this industry do talk. Word will get out that everyone's seen your project. Not good! As a VC I want to see that you approach financing just as strategically and tactically as you do the rest of your business. Picking your VC is just as important as it is for me to pick my investments. "Spray and pray" may work for some business angels but it's a poor fundraising strategy.