Broker wants me to sign a purchase agreement within 14 days of accepting LOI. What should I do?

May 02, 2025
by a searcher in New Jersey, USA
I have an LOI in on a business listed by a commercial RE broker. The way he is running this M&A process is nothing like the way other brokers I have been dealing with run their operations.
For starters, he only provided a P&L for 1 year and requested an LOI if interested. No Q&A or seller's meeting.
Next, he says upon acceptance of the LOI, he wants me and the seller to immediately began negotiating on the purchase agreement.
Additionally, he only wants to offer 30 days for due diligence and a 10 day closing after that.
My concerns are: needing to spend money on a lawyer to negotiate the purchase agreement before I even find out what's under the hood of the business in regards to finance, operations, etc -- and agreeing to such a short timeline when I know it will take longer to close the deal.
Anyone experienced this seemingly rushed and disoredered process and have insights on how to possibly deal with it?
from State University of New York College of Technology at Farmingdale in Melville, NY, USA
from University of Pennsylvania in Boston, MA, USA