Is it a red flag if the seller and/or broker seems unwilling to provide the most up to date year-end financials prior to the LOI? (or seem to drag their feed with providing it). For me its important to review latest the financials since the year is already deep into Q3 and YTD financials should tell a story about where the business is trending. Or am I just paranoid and should go ahead and issue the LOI, and deal with the latest financials during due diligence?
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I struggle because I don't want to re-trade after LOI if I can avoid it, but many sellers/brokers are simply not providing enough basic information upfront to facilitate an informed LOI.
My suggestion would be to submit an LOI based on latest financials you have and, if needed, use the multiple established in the LOI to re-price if recent financials are off by more than ~10%.