Feb 23, 2018
In episode 28 of Financially Simple, Justin talks about the Letter of Intent - the first step of many along the road to selling your Business.
A Letter of Intent, or LOI, is like a declaration of war - it signals the buyer’s desire to purchase your Business and your willingness to sell, without committing to anything just yet. Justin examines the format of an LOI, and also some of the terms and conditions that might be included in it that you should be aware of.
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00:44 - The Letter of Intent, the first step in a formal Business sale
02:45 - What is a Letter of Intent?
04:49 - What is included in the LOI?
08:46 - A LOI is not really a binding agreement
09:01 - Why have an LOI?
10:42 - Conditions to look out for
15:08 - State what is not for sale
17:26 - Other Ts&Cs to be aware of
20:27 - Conclusion
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Neither Financially Simple, LLC nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances. Justin Goodbread, CEO of Heritage Investors, LLC, a Registered Investment Advisor, is an Investment Advisor Representative who offers advisory services through Heritage Investors. The information contained within the podcast is for informational purposes only and not considered investment advice. Seek help from a competent Financial Advisor.