Welcome to the Fizzbin podcast, the show that explores all topics relating to selling and buying small to mid-sized California businesses. Now, let's join nationally known consultant Anitha, the host of this podcast. - Peter Segal: Hi, this is Peter Segal with Viz Been. And tonight on the Wednesday night at 8 webinar, we have Marc Chato who's going to talk to us about letters of intent versus purchase agreements. How are you doing, Mark? - Marc Chato: Hey, Peter! I'm doing great, how are you? - Peter Segal: I'm doing well, thank you. Thanks for attending tonight's webinar, we appreciate it. And we have a lot of questions for you. Some of these questions have come from myself, some of them you've contributed, some of them have come from viewers. And I'd like to kind of get those started. Let's go ahead and start with question number one: what are the differences actually between an LOI and a purchase agreement? - Marc Chato: Well, a letter of intent or an LOI is a preliminary document that we use typically to set the stage for a purchase agreement down the line. The idea is that if the buyer and the seller have a general idea as to the terms that they're going to agree to but they're not ready to get into a purchase agreement yet and want to do due diligence first, a letter of intent allows you to get things started before both parties dive into a full-fledged purchase agreement. - Peter Segal: Now, would you advise the client to use an LOI to initiate a transaction rather than a purchase agreement? - Marc Chato: Well, it depends on the transaction. You typically will see LOIs used in transactions that are a little larger than what you would do with an agreement from the...
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