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Successful Acquisitions by David Braun

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THE LOI SIGNATURE: A MILESTONE

We’ve seen in this chapter how the basic structure of the LOI comes together as a short document that provides a jump-start to the rest of the acquisition process. Once you receive a signature on the LOI from the seller, you have reached a significant landmark on the acquisition Roadmap. Even though the LOI contains mostly non-binding elements, it is in effect a gentleman’s agreement that the deal will come to a close and that both sides will make a good-faith effort to complete it efficiently. Despite this milestone, the path from the LOI to the purchase agreement is marked with pitfalls. You can allow yourself a moment of relief after the LOI is signed, but you must immediately prepare to bring the deal home—the ...

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