Standard format for delivery of IOI/Pre-LOI

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by a searcher from University of Maryland at College Park
in New York, NY, USA

3yrs ago

Standard format for delivery of IOI/Pre-LOI

Hey all, is there a standard format for the delivery of an IOI/Pre-LOI?

Is it generally sent as an attached doc/pdf, or is the body of an email acceptable?

Thanks in advance for any information or best practices. Would love to see any examples or templates.

Michael

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reply by a searcher 3yrs ago
from Oklahoma State University in Wichita, KS, USA

Hi Michael, living this at the moment. Just sent a Letter of Intent this am. Converted the doc into a PDF, upon request would send a word version if requested. In the email body shared background on my interest as well as willingness to talk through the details. Prior to sending, I called my counter-party to inform them the LOI would be coming.

reply by a searcher 3yrs ago
from University of Nebraska in Lincoln, NE, USA

Hi Michael - I am closing on my first acquisition next Friday, and when I sent the LOI ~45 days ago I shared it as an email attachment. This allowed me to write an introductory email that was more personal and warmhearted to both the broker and the seller. I also included a couple brief paragraphs in the LOI about our potential synergies, but the document was mostly 'to the point' about the offer.

I opted to send it as a Word document so that the seller could easily propose revisions as we iterated, and we did have a little back and forth so it worked well. Like Ben mentioned above, I also called the broker in advance so that he knew it would be coming - that conversation allowed me to feel out a couple things as well. We were able to move quickly and secure the deal.