Waiting For The Letter Of Intent

It’s June 2012 and we have submitted all the information to the buyer.  Now we are waiting for the LOI…

The Letter of Intent (LOI), is the first document we would receive from the buyer formally confirming their interest in our company.  It should contain specifics on their offering price range, estimated close date, potential contract for key executives and other important information.

We have been in this process for 90 days and they have requested so much detail, I’ve never looked at my business so deeply.  Every day there is more information to pull or review or questions to answer, and now there is nothing, so we wait for the LOI

At this point I am in a holding pattern, waiting for my future fate to be decided.  If the offer is awesome I celebrate, if the offer is horrible I’ll be crushed.  If the terms are favorable then I’m excited to join the team, if the terms are too strict then I’m concerned with how things will turn out.

So far I’ve had a good experience with the Management Team and we seem to get along.  They are excited about the deal and I’m anxious to get it done.  I have spent countless nights awake thinking about how this will impact my company, my family, my employees, my clients, and my future.  There is so much to do once we decide to move forward but for now we wait for the LOI

I was supposed to be traveling today which would have been a disaster because my head is in the clouds as we wait for the LOI.  My brother and business partner is traveling to the West Coast, which is what he needs to be doing, but I can’t help but wish he was here in Miami.  He says find something to take my mind off things; ok what…

I could just disconnect and take the rest of the day off, but what if I get the email, what if there are more questions, what if it doesn’t arrive.  I’m still waiting…

I am refreshing my email so many times I think I might break my iPhone.  The beauty of the iPhone is I have my business in the palm of my hand and the curse is that I have my business in the palm of my hand.

I continue to wait for the LOI…