Stop asking to talk to employees prior to an LOI

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by an intermediary
in Milwaukee, WI, USA

9mos ago

Stop asking to talk to employees prior to an LOI

Hey Sell side, I know we just met one time on a buyer/seller call, but I’d like you to take a massive risk and allow me to talk with your key employee that handles the majority of your responsibilities as an owner… That’s never going to happen. Want to talk to an employee? Draft an LOI and include it as a deal point. Simple.

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reply by a searcher 9mos ago
from University of Wisconsin in Hopkinton, MA, USA

Thanks ^redacted‌. I negotiated key people discussions post-LOI for services businesses. Too much risk not to take this step in my mind, and sellers were generally receptive to it. After hours or off site, make it as comfortable as possible for everyone, but I don't skip this step.

reply by an intermediary 9mos ago
in Boston, MA, USA

Most sellers do not even tell employees until deal closed or at least until post LOI. Buyers are unrealistic with this ask outside of very specific scenarios (i.e. CEO staying on)