DecaMillionaire Decoded Letter of Intent, the First Step in a Formal Business Sale
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 - 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
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BIO:
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.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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