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"I can't imagine selling a business without the Letter of Intent Guide. Benchmarks, negotiating strategies, pricing tips, key terms to focus on...it's all there." George Deriso, CEOThe Letter of Intent Guide
It’s only hours away from negotiating that Letter of Intent with the likely new owner of your business, license agreement). You’re not quite sure what goes in that agreement let alone the most critical terms to negotiate. You do know that this is an important contract and that your financial future is riding on it. Your meeting is scheduled with the other side in hours.
You need help. You know your business better than your accountant, your lawyer or any other adviser you’ve used. You should be in charge of these negotiations. It’s your company after all and all of the value you've built into into it will be realized in this sale.
You also know you do not want to spend thousands on outside help at the beginning of negotiations. This deal may not take. Your lawyer, accountant, business consultant will charge you lots of dollars just to tell you what a letter of intent is. You really need to know how to negotiate the letter of intent, what questions to ask, what are typical provisions and typical benchmarks, when is the buyer trying to pull a fast one and what are likely problems and answers. You fear that the other side is smarter, bigger and has the upper hand. You need to understand how the game is played and how you can negotiate as an equal or better.
Yet you’ve looked on the web, talked to business buddies, looked at someone else’s form and you don’t have any clear idea of what to do. This may be your only chance to sell the business and you know you do not want to botch it. You know only enough to feel real uneasy and overwhelmed.
Wouldn’t it be great if you could take your very own negotiator in the room when you negotiate? This Negotiation Guide will do just that. Not only will you understand what the agreement is (loi) but how to negotiate from a position of strength. You will understand what provisions are important, what numbers, times, limits, benchmarks are typically used, how to get the price you really want, how buyers use price adjustment provisions to lower the price, what earnouts really are, how to keep your company secrets and IP safe, how payment should be made, why representations and warranties matter (as opposed to being legal mumbo jumbo), how sales are typically structured, why taxes are important from the beginning, why you want to avoid no shop deals or limit them, how to handle the issue of employment (yours and your employees), what post closing issues should be dealt with up front, negotiation questions that will smoke out what the other side is up to, and the typical problems and solutions you will likely encounter in this negotiation.
Unlike other sellers, you will not be duped by a savvy, sophisticated buyer. You will understand how the game is played. You will be ready to go negotiate the best deal possible.
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