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Financially Simple Bizcast


The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

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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TRANSCRIPT: Don’t Let the Thrill of a Letter of Intent to Buy Your Business Cost You – Post #28

 

TIME INDEX:

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

For more in-depth reading about this podcast series, pick up a copy of Justin's new book: The Ultimate Sale
https://financiallysimple.com/order/

 

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DISCLAIMER:

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.