What Is an LOI? (Letter of Intent Explained)
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What Is an LOI? (Letter of Intent Explained)
One of the first major milestones in selling a business is receiving a Letter of Intent (LOI). An LOI outlines a buyer’s proposed purchase terms and helps narrow multiple interested buyers down to one. Here’s something many business owners don’t know: In most cases, an LOI is non-binding, meaning signing it doesn’t legally obligate you ...
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