Some Facts to Keep in Mind About The Letter Of Intent 1.) Don't accept an LOI that grants the buyer exclusive negotiation rights unless the Due Diligence period is short. 10┰ days of DD is sufficient for most small businesses. Some buyers will ask for exclusivity and a 2 month DD period. Your other prospects will eventually lose interest, leaving you with just one buyer. Then your one buyer will start asking for all sorts of concessions from you.
That is about it for the content, believe it or not; it is direct and straightforward without any fluff or nonsense. You are simply covering each detail so the seller knows exactly what the buyer intends to do. Having an informal letter of intent also allows for easy negotiations.