Hot take: most LOIs are signed before anyone actually understands the business.

You fall in love with the revenue number. The seller is motivated. The broker says there are other offers. So you sign. Then due diligence starts and you realize: — 60% of revenue is one contract that renews annually — The "proprietary process" is one guy who's been there 22 years and plans to retire — Customer deposits are sitting inside revenue, inflating EBITDA by $180K None of this kills the deal necessarily. But it changes the price. It changes the structure. It changes whether you do it at all. The problem isn't that buyers are careless. It's that the process rewards speed, and speed kills diligence. Sign the LOI. But go in with your eyes open — not just your checkbook. #SMBacquisitions #Acquisitions #BusinessBuying #QoE