Order of operations post-LOI?
Hi folks, I'm close to signing an LOI on a business. What's the order and timing of things once I sign an LOI?
I believe I should start bank review and QofE immediately.
Should I wait until after the QofE (or at least the proof of cash) before starting to engage a lawyer? (I know that time is the killer of all deals, but don't want to waste money if the QofE spots issues. So I know it's a balance.) I'd apprecaite your input here.
Then when do I start insurance review? Any other professional reviews I need to do other than the operations review I need to do? Tech stack review?
Also, I intend to use a ROBS. To confirm, post LOI I can use my own personal cash to do DD, then once I get on the other side of financial DD, start the C-Corp, fund with ROBS, and my out of pocket costs will be counted as part of the down payment by the SBA bank. Is that all right?
I want to create a speedy DD process, but don't want to waste money. (As an aside, I don't have any major concerns with this deal right now.)
Thanks,
Cory