Hey Kaustubh, thanks for the thoughtful post. I wanted to ask your opinion on the necessity of outsourcing LOI drafting.
Is this critical? SMB Law just dropped their LOI template, is this something searchers could potentially save on and do their self? I assume it’s probably more necessary for a target vs add on acquisition, but wanted to get your thoughts on that. I’ve drafted a few of my own using templates and feel like it’s relatively straightforward.
Great question -- I agree that the SMB Law LOI template will get you 90% of there. The issue is more for relatively inexperienced buyers not putting enough detail in the LOI, leading to unpleasant surprises when you get to real deal docs.
So I did not use a lawyer for the LOI, as I felt pretty confident in my approach to make sure I hit big issues upfront. But for searchers with less experience in that realm, it may be worth it for them to have their lawyer flagging all the potential items upfront.
Hi, thanks for this post. Very helpful. Do you happen to have a recommended list for acquisitions in the UK - long shot I know!
Shoot, unfortunately I don't!
Hey Kaustubh, thanks for the thoughtful post. I wanted to ask your opinion on the necessity of outsourcing LOI drafting.
Is this critical? SMB Law just dropped their LOI template, is this something searchers could potentially save on and do their self? I assume it’s probably more necessary for a target vs add on acquisition, but wanted to get your thoughts on that. I’ve drafted a few of my own using templates and feel like it’s relatively straightforward.
Great question -- I agree that the SMB Law LOI template will get you 90% of there. The issue is more for relatively inexperienced buyers not putting enough detail in the LOI, leading to unpleasant surprises when you get to real deal docs.
So I did not use a lawyer for the LOI, as I felt pretty confident in my approach to make sure I hit big issues upfront. But for searchers with less experience in that realm, it may be worth it for them to have their lawyer flagging all the potential items upfront.
Makes sense, appreciate it!