Letter of Intent to
Purchase a Business
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Letter of Intent to Purchase a Business - A
letter of intent to purchase a business is used by the buyer and
seller to decide whether there is a sufficient agreement between them to
continue with the sale of the business.
When a letter of intent to purchase a business is drafted, it describes the basic terms of the proposed transaction and is
usually
nonbinding. The letter of intent precedes a formal business purchase and sale
agreement.
The goal for a letter of intent is to make sure the buyer and seller
agree on the major points of the purchase and sale of the business.
If there is a disagreement about the transaction, then the buyer
will not have wasted time and money preparing a detailed purchase
agreement.
The letter of intent should be drafted by an experienced business
attorney to ensure that the language is nonbinding, since the letter typically does not contain
enough information to complete the transaction in a manner
satisfactory to both parties.
Our letter of intent to purchase a business covers the following areas:
- Purchase price
- Assets covered and delivery date
- Closing date
- Due diligence period
- Investigation of the business
- Consulting arrangements with the owner or key employees
- Confidential information
- Releasing of public information
- Expenses
- Conditions to closing
Take your letter of intent seriously; a poorly drafted letter may have unintended consequences that could be costly.
Our letter of intent for the purchase of an entire business or assets has been drafted by a licensed, practicing attorney experienced with business transactions. This versatile, professional letter of intent will save valuable time when negotiating the purchase of a business.
We offer you two types of a business letter of intent:
- A letter of intent to
purchase the entire business
including
all the assets - A letter of intent to purchase only certain assets of a business
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