How Do You Prepare Yourself for the Business Between LOI and Close?

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May 02, 2025

by a searcher in Chicago, IL, USA

I'm currently under LOI for a service-based business and while diligence is kicking off I'm also thinking ahead. This period can feel like a bit of limbo depending on how quickly the bank, seller, and legal teams move, but I want to be as proactive as possible to set myself up for success post-close. I'd love to hear from others who have gone through this: What did you do between LOI and closing to prepare to take over the business? Any decisions you’re glad you made (or wish you had made) during that time? Appreciate any insights or lessons learned.
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Reply by a searcher
from University of Virginia in Richmond, VA, USA
Diligence doesn't stop until you have closed. You'll still be trying to confirm new information during the whole process. Additionally, I'd recommend putting together a 100 day or 3 month plan; having checklist of key items to complete after closing is very helpful. You'll be busy after closing and this planning pays off.
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Reply by a searcher
from Wake Forest University in New York, NY, USA
There will be questions unanswered and things not considered. Prioritize your time to make sure you get comfortable with the biggest risks. Spend time to meet with the seller and the team - tag along for a job with them, you will learn so much info that is not on paper, some good some bad.
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