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Let’s TalkMany sellers take their business off the market after accepting an offer. This is a critical mistake. We recommend keeping your business on the market until a definitive agreement is signed and all contingencies have been removed (unless you have signed a no-shop agreement with the buyer).
Mergers & Acquisitions – They say selling a business is an art – we’ve turned it into a science
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Businesses for SaleMorgan & Westfield is committed to making the process of buying a business as simple as possible. Browse our businesses for sale now.
Buyer’s GuideHere is an overview of the process of buying a business, presented in concise summaries from our experts.
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ServicesBusiness services firms differ in the services they offer, so we customize our solutions to meet and exceed clients’ service goals.
Home and Building ServicesMorgan & Westfield serves as a trusted partner of HVAC businesses, mechanical and commercial contractors, and other home service enterprises looking to sell.
Knowledge Base
The most comprehensive, easy-to-understand source of information for selling a small to mid-sized business.6 - Letter of Intent
The letter of intent is arguably the most important document in your sale and will form the basis of your transaction. Review our in-depth guide to the key clauses of the LOI, the most common mistakes sellers make in negotiations, and how to maximize your leverage before you sign.
The Term Sheet & Letter of Intent – Overview
Earnest money deposits are common in small-business sales and less common in middle-market transactions. They demonstrate good faith by the buyer to show that they are serious about purchasing your business.
What are the major terms and characteristics of an LOI, and what impact do these have on negotiations?
Negotiating the Letter of Intent
The price and terms you ultimately receive are affected more by how strongly you negotiate the LOI than by how strongly you hammer out the purchase agreement. Let that sink in.
Is it possible to conceal a few warts on your business from buyers during the sales process? If you hide a few material facts that you should have disclosed, does the buyer have recourse if they find out about these facts after the closing?
High-level negotiating skills are not as crucial as you might think. And that’s good news for those of us not named Henry Kissinger, the former U.S. Secretary of State who’s widely considered one of the greatest negotiators in history.
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Selling your business is a big deal
You’ve invested your blood, sweat, and tears into an enterprise that has provided for you, your family and your employees. The moment has finally come for you to start a new chapter in your life. Explore your options now.
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