Importance of the Letter of Intent to Sell Your Business
By JoAnn Lombardi
It’s very important to draft a written understanding of what both the seller and buyer think they have preliminarily agreed to.
It is important to use a letter of intent whether you’re the buyer or seller because both parties need to be able to reduce to writing the basis on which due diligence belongs to the buyer and seller.
Sellers should focus first on the business terms of the sale and then focus on the representation, warranties and indemnification expectations of the buyer.
The key is in the details.
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