What happens after the LOI.

The letter of intent is the starting gun, not the finish line. It sets out the price and the shape of the deal, and it is mostly non-binding. What follows is a 30 to 60 day stretch with four things in it. Here they are, in the order they happen.

1. Due diligence

The buyer verifies what the documents say. Revenue, lease, equipment, utilities, payroll. We wrote a full guide on what gets checked. Two things are worth knowing going in. First, a prepared seller gets through this in weeks. Second, diligence can change the number. If verification turns up something different from what the offer was built on, a serious buyer explains exactly what changed and why, and you decide how to proceed.

2. The purchase agreement

The binding contract. It carries the final price, what is included and excluded, representations from both sides, and the conditions to close. Your attorney reads every word. This is also where the structure, asset sale or share sale, gets locked in.

3. The landlord

The lease gets assigned to the buyer or rewritten, and the landlord has to cooperate for either. Good buyers start this conversation early because it is the step most likely to add weeks. If your landlord is responsive, say so early. It genuinely speeds things up.

4. Closing

Signatures, funds, keys, and the utility accounts and licenses moving to the new owner. Most owners are surprised by how quiet the day itself is. The work happened in the weeks before.

What to watch for

Deadlines in the LOI, exclusivity terms, and any buyer who goes quiet mid-diligence. Momentum is the best sign of a deal that closes. Our process page shows the timeline we run, and if you are earlier in the journey, start with how to sell a laundromat.