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 - An 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
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
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