Close

Close the Deal

The Close is typically 30-45 days after the Letter of Intent is signed, depending on how long it takes the attorney to complete the drafting of an acceptable Definitive Sale Agreement. As mentioned, we look for an attorney who understands that he or she is not there to negotiate the deal, but rather to put into a legal document the provisions of the Letter of Intent which has been agreed to by all parties. The Close is when money exchanges hand; typically, in the form of a down payment from the buyer to the seller. It is also the kickoff date for the transition.

Incidentally, most banks or lending firms can approve a loan for the purchase of the book or practice in about 30 days, if all the needed information has been submitted. One of the advantages of working with us is that we know what the lenders will be looking for. We usually recommend that you get your financing lined up well in advance, but the lender will want to see the Definitive Sale Agreement before they release the funds. Lenders and even private equity lenders will usually begin the underwriting process with a signed Letter of Intent, but issue final approval with the Definitive Sale Agreement.

If you would like to learn more about how to Close the deal, or would like to learn more about how Moisson Partners, Inc. can help, select the Contact Us link below.