A Letter of Intent to Buy a Business is a crucial preliminary step in Canadian business acquisition processes, typically used after initial discussions but before detailed due diligence and final negotiations. This document sets out the fundamental terms of the proposed transaction while maintaining flexibility for both parties. It includes essential elements such as purchase price range, transaction structure, exclusivity period, and confidentiality provisions. While most provisions are non-binding, it demonstrates serious intent and provides a roadmap for the transaction. The document must comply with Canadian federal laws such as the Competition Act and Investment Canada Act, as well as relevant provincial legislation. It's particularly important in complex transactions where parties need to align their expectations before investing significant resources in due diligence and detailed negotiations.
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1. Date and Parties: Full legal names and addresses of both the potential buyer and seller
2. Expression of Interest: Clear statement of intent to purchase the business, subject to conditions
3. Business Description: Brief description of the target business being considered for purchase
4. Proposed Transaction Structure: Whether it's an asset or share purchase, and basic structure of the deal
5. Purchase Price Range: Proposed price range or valuation methodology, subject to due diligence
6. Key Terms: Essential commercial terms including payment structure and timing
7. Due Diligence: Outline of the due diligence process and information requirements
8. Timeline: Proposed schedule for due diligence, negotiation, and closing
9. Confidentiality: Basic confidentiality provisions regarding transaction and shared information
10. Exclusivity Period: Period during which seller agrees not to negotiate with other parties
11. Non-Binding Nature: Statement clarifying which provisions are non-binding (typically all except confidentiality and exclusivity)
12. Signature Block: Space for signatures of authorized representatives of both parties
1. Deposit Terms: Include when a good faith deposit is being offered as part of the LOI
2. Key Employee Retention: Include when retention of specific employees is crucial to the deal
3. Regulatory Approvals: Include when transaction will require specific regulatory clearances
4. Break Fee: Include when parties agree to compensation if deal falls through under specific circumstances
5. Transaction Financing: Include when purchase is contingent on securing specific financing
6. Post-Closing Cooperation: Include when transition services or seller involvement post-closing is expected
7. Non-Compete Provisions: Include when preliminary agreement on non-compete terms is important
8. Intellectual Property Rights: Include when IP transfer or licensing is a crucial part of the transaction
1. Assets Schedule: Preliminary list of key assets included in the transaction
2. Excluded Assets Schedule: Preliminary list of assets specifically excluded from the transaction
3. Key Contracts Schedule: List of material contracts that will need to be assigned or terminated
4. Due Diligence Checklist: Initial list of documents and information required for due diligence
5. Transaction Timeline: Detailed timeline with key milestones and deadlines
6. Purchase Price Calculation: Basic methodology or formula for determining the final purchase price
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Technology
Professional Services
Healthcare
Hospitality
Construction
Real Estate
Financial Services
Transportation and Logistics
Energy
Agriculture
Mining
Entertainment and Media
Education
Telecommunications
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Executive Leadership
Strategy
Business Development
Due Diligence
Compliance
Risk Management
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Business Development Director
Corporate Development Manager
Mergers & Acquisitions Director
General Counsel
Corporate Lawyer
Investment Banker
Business Broker
Financial Controller
Company Secretary
Board Member
Managing Director
Business Owner
Venture Capitalist
Private Equity Manager
Strategy Director
Due Diligence Manager
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