🍻 After closing 100s of deals, @redacted‌ says winning LOIs follow the "Two Beers Rule": If the seller can't understand your LOI after having two beers, it's too complicated. The format he's seen work best: 1) All commercial terms on one page, the first page: - Total purchase price (bolded, clearly visible) - Structure - Normal level of working capital - Etc. 2) Boilerplate is an exhibit after that (confidentiality, exclusivity, non-binding except for those areas, etc.) 3) Include a personal message and personal picture - Tell the buyer how and why you want to steward what they built (if it's true) - Include a picture of yourself, your family, or you and your dog. Private equity can't and won't do this. Play to your strength of being an individual. Hit us with anything you'd add to this list that helps LOIs get over the finish line :)