Trigger point for taking next steps: In addition to setting the key elements of the deal, the LOI is also a trigger point for critical milestones during process. Those trigger points are: For the seller to remove the practice from the market and focus on the single buyer. For the buyer and seller to begin conducting their due diligence. With agreement in principle on the main terms the seller will have more comfort in opening the books and sharing client information and the buyer will have more comfort in providing financial information.
Never be afraid to hear negative feedback or objections from the buyer _ it means you will always know where you stand and gives you a chance to deal head on with their objections. And as far as disagreements over price go, the time to deal with them is before you accept the Letter Of Intent.