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The LOI Checklist: Every Term That Belongs in a Small Business Letter of Intent
The complete LOI checklist for buying a small business: price basis, seller note terms, working capital peg, exclusivity & the terms to keep out.
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search fund acquisition, search fund purchase price, EBITDA multiple small business, search fund deal structure, what do search funds buy, SMB acquisition benchmarks, seller note, seller equity rollover, quality of earnings, pre-LOI due diligence, acquisition financing search fund, small business valuation multiples, entrepreneurship through acquisition deals
Anatomy of a Search Fund Acquisition: Deal Benchmarks from Stanford's 2026 Study
What do search funds pay? 2026 benchmarks: $16M median price, 6.2x EBITDA, deal structures linked to returns & a pre-LOI checklist from failure data.
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SBA 7a loan, SBA loan requirements, debt service coverage ratio, DSCR, business acquisition financing, equity injection, seller note, personal guarantee, buying a business with SBA
Am I financeable? The question under every search
Lenders underwrite the buyer as much as the business. The buyer file, the coverage math worked through, and the structure questions to settle before the LOI.
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