Letter of Intent Information
Once a buyer and seller have signed an NDA they may communicate directly about the potential sale of the practice.
Once the buyer indicates that they would like to purchase the practice, the seller sends a Letter of Intent (LOI) to the buyer.
Here is a representation of the LOI that is sent, by the seller, to the buyer: View LOI
The three yellow fields are filled with the values input by the seller in the three fields of the same name in the LOI Generator tool. The fourth field that the seller selects is the name (and email address) of the buyer. Once all four of these fields are input the seller may send the LOI to the buyer.
When the buyer receives the LOI they are given two options:
- Accept the terms laid out in the LOI
- Ask to negotiate the terms
If the buyer accepts the terms, they sign the LOI.
If the buyer indicates that they which to negotiate:
Seller and Buyer
the buyer and seller communicate directly and negotiate the terms
the seller updates the LOI Generator tool with the new value(s) and re-sends the updated LOI
the buyer signs the LOI
Once the buyer signs the LOI it’s sent to the seller to counter-sign
Once the LOI is signed by both the buyer and the seller, the sale continues outside of Practice Orbit.
NOTE: Either party may terminate the LOI at any point using the “Terminate LOI” button.