Presenting an LOI without meeting the seller?
Given the travel restrictions, is it advisable to present an LOI without meeting the seller in-person? Several zoom calls and conference calls have occurred.
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by a searcher
from Massachusetts Institute of Technology - MIT Sloan School of Management
in Los Angeles, CA, USA
in Los Angeles, CA, USA
6yrs ago
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by a searcher
1yr ago
from IESE Business School in São Paulo, Brasilien
from IESE Business School in São Paulo, Brasilien
Definitely testing price early in the process was a major learning of our search process. Creating an NBO and presenting it or openly discussing price ranges online were efficient ways.
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by a searcher
1yr ago
from The University of Arizona in Chicago, IL, USA
from The University of Arizona in Chicago, IL, USA
Certainly able to do so but not advisable. Would the price you pay change based on the seller's willingness and ability to transition the business post-close? How would you know what they're able to help with without a discussion directly with them?
Ultimately, calling for blind LOI's usually indicates that the sale is being run close to an auction. Ultimately, I want to buy from someone who cares about the continuity of the business, will help transition to my ownership and is invested in it's long-term success.
Ultimately, calling for blind LOI's usually indicates that the sale is being run close to an auction. Ultimately, I want to buy from someone who cares about the continuity of the business, will help transition to my ownership and is invested in it's long-term success.
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