A letter of intent should confirm what you and the seller have already discussed. It should not introduce unexpected terms that cause the seller to question your judgment or trustworthiness.
In this episode, I explain why significant provisions, including purchase price, seller financing, exclusivity, continued involvement, and breakup fees, should be discussed before the LOI is delivered. I also explain why every LOI should be accompanied by a strong cover letter that shows the seller you understand their objectives and why you and your team are the right buyers for the business.
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