Looking for the Best IOI Template

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March 24, 2026

by a searcher from Louisiana State University - E. J. Ourso College of Business in Nashville, TN, USA

Hey everyone, I'm working on a lower middle market acquisition and putting together an IoI. I've seen a range of formats out there and I want to make sure I'm leading with something that signals I'm a serious buyer without over-lawyering an early-stage document. A few things I'm specifically curious about: - How much deal structure detail do you include at the IOI stage? - Do you include a valuation range or anchor to a multiple? - Any language around exclusivity or timeline expectations? If you've got a template you're willing to share (or a strong opinion on what works) I'd love to hear it. Thanks in advance.
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Reply by a searcher
from University of Wisconsin in United States
The Stanford Search Fund Primer has one that you can use and modify. Valuation range, % cash at close, and exclusivity timeline can be included. I recommend putting your entity logo on the letterhead to look professional. You can tweak your template as you place offers, but this should get you 80%+ there.
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Reply by a searcher
from Dartmouth College in Cary, NC, USA
Leaplaw template isn't bad (and is short enough). Second the logo, and to be honest, if you take an hour or two, you can do it with any LLM. As for your questions - definitely for timeline, yes for valuation range (should have been discussed pre LOI, I would think). As for deal structure, don't commit
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