Letter of intent for purchasing a dental practice
I’m in process of researching a practice for a potential purchase (my first ever).
I’ve so far received basic financial documents (they seem OK), I’ve toured the office (looks OK), and I’ve been pre approved for a loan.
The banker told me he suggests submitting a letter of intent to the seller/broker before hiring an accountant/attorney because submitting the letter will grant you access to more specific documents and information the acct/attorney may need.
However, I’ve also heard that some people seek out a CPA/attorney to help them with the letter of intent to set a solid base for negotiation.
So…. Which is it? It appears that the letter of intent isn’t a legal document (is non-binding), and kind of just displays your seriousness in proceeding, having the ability to make additional requests/changes to the negotiation process as you research more in depth, right?
So, should I just look for a Letter of Intent template online and send it to the broker myself just to get things started? With their practice asking price? Or how exactly would you proceed?
Also, if anyone has a letter of intent template they wouldn’t mind sharing, please dm me! Thank you.