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Letter of Intent for Business Purchase
A Business Purchase Letter of Intent lets a buyer and seller outline the basic terms of a business sale before signing a full purchase agreement. Use this free, ready-to-edit letter to set the price, timeline, and key conditions early on. Simply fill in the blanks, download, and get it signed in minutes.
What Is a Business Purchase Letter of Intent and Why Do You Need One?
A Business Purchase Letter of Intent is a written document that shows a buyer and seller are serious about moving forward with the sale of a business and have agreed on the basic terms, such as price, payment structure, and timeline. It is usually signed before the full purchase agreement and legal due diligence process begins, acting as a roadmap for both sides. While most of the letter is not legally binding, it helps avoid wasted time and confusion by putting the main deal points in writing early, before either side invests heavily in lawyers or paperwork.
Why Use a Ready-Made Template Instead of Writing One Yourself
Writing a letter of intent from scratch can mean leaving out important details, such as what happens if the deal falls through or how long the buyer has to complete due diligence, which can create confusion later. A ready-made Business Purchase Letter of Intent Template already includes the key sections, such as buyer and seller details, purchase price, payment terms, due diligence period, and confidentiality clauses, so you only need to add your specific deal details. This saves time, keeps both sides on the same page, and gives the negotiation a clear starting point.
Who Should Use This Business Purchase Letter of Intent Template
This template is useful for buyers interested in purchasing an existing small business, sellers who want to document early terms before moving to a formal contract, and business brokers helping clients outline a deal before legal paperwork begins. It is also helpful for franchise buyers and investors looking to acquire a company, since it gives both sides something concrete to work from before spending time and money on due diligence.
How to Fill Out and Use This Business Purchase Letter of Intent Correctly
Start by adding the full names and contact details of the buyer and the seller, along with the name of the business being purchased. Next, state the proposed purchase price and how it will be paid, such as a lump sum, installments, or seller financing. Add a timeline for due diligence, where the buyer reviews financial records and business operations before finalizing the deal. Include a confidentiality clause to protect sensitive business information shared during negotiations, and note whether the letter is binding or non-binding. Finally, both parties should read the letter carefully, sign, and date it before moving forward to a formal purchase agreement.
How to Use Agreed Templates
Start With the Template
Open the Product Agreement Template in your Agreed workspace and begin with a ready-to-use agreement structure.
Customize Agreement Details
Add or edit product details, responsibilities, pricing, deliverables, timelines, and other terms to match your agreement needs.
Review, Sign & Manage
Send the agreement for review and approval, collect signatures, and manage the completed agreement securely in Agreed.
Frequently Asked Questions.
Everything you need to know about Agreed. Can't find what you're looking for?
Most sections are not legally binding and simply outline proposed terms, though certain parts, like confidentiality and exclusivity clauses, are often written to be binding even if the overall deal doesn't close.
After signing, the buyer typically begins due diligence, reviewing financial records and operations, while both sides work toward drafting a formal purchase agreement based on the terms outlined in the letter.
Yes, in most cases either party can back out before a final purchase agreement is signed, since the letter mainly shows intent rather than a completed, binding sale.
No, a letter of intent is a starting point for negotiations, and the sale is only finalized once both parties agree on all terms and sign a complete purchase agreement.
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