A Letter of Intent (LOI) is a document used in the early stages of a business purchase, outlining the basic terms and conditions of the proposed transaction. It serves as a preliminary agreement between the buyer and seller and is not legally binding.
However, it provides a clear understanding of the buyer's intentions and the seller's expectations, making it an important step in the business purchase process.
Here are three benefits of a Letter of Intent for small business owners:
Here are three practical uses of a Letter of Intent in the business purchase process: