A Letter of Intent to Sell Business is a crucial preliminary document used in Austrian business transactions when a company or individual intends to sell their business to a potential buyer. This document is typically used after initial discussions have taken place but before detailed due diligence and final negotiations begin. It outlines the key terms of the proposed transaction, including the approximate purchase price, payment terms, exclusivity periods, and conditions for proceeding with the transaction. While governed by Austrian law, particularly the ABGB and UGB, the document is generally non-binding except for specific provisions like confidentiality and exclusivity clauses. It serves as a roadmap for the transaction and demonstrates serious intent from both parties while allowing flexibility for detailed negotiations in the final purchase agreement.
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1. Date and Parties: Names and addresses of both the potential seller and buyer
2. Business Identification: Clear identification of the business being considered for sale, including its legal entity form and registration details
3. Transaction Overview: Brief description of the proposed transaction structure and what assets/shares are intended to be sold
4. Proposed Purchase Price: Indicative price range or specific amount, including any potential adjustments and payment terms
5. Due Diligence: Outline of the proposed due diligence process and timeline
6. Timeline: Proposed schedule for negotiations, due diligence, and closing
7. Confidentiality: Binding provisions regarding the confidentiality of discussions and shared information
8. Exclusivity: Any exclusive negotiation period if agreed
9. Non-Binding Nature: Clear statement that the LOI is non-binding except for specified provisions (such as confidentiality)
10. Governing Law: Specification that Austrian law governs the LOI
1. Break Fee: Include when parties want to specify compensation if either party withdraws from negotiations under specific circumstances
2. Financing Contingency: Include when the buyer's ability to proceed is dependent on obtaining specific financing
3. Employee Matters: Include when there are specific considerations or agreements regarding key employees or employment matters
4. Real Estate: Include when the business includes significant real estate assets that require special consideration
5. Regulatory Approvals: Include when the transaction will require specific regulatory approvals
6. Intellectual Property: Include when IP assets are a significant part of the business value
1. Business Description Schedule: Detailed description of the business, its operations, and key assets
2. Price Calculation Appendix: Detail of how the purchase price was calculated and any adjustments
3. Due Diligence Checklist: Preliminary list of documents and information required for due diligence
4. Timeline Schedule: Detailed timeline with specific milestones and deadlines
5. Key Assets Schedule: List of major assets included in the proposed transaction
6. Excluded Assets Schedule: List of assets specifically excluded from the proposed transaction
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Technology
Retail
Professional Services
Healthcare
Real Estate
Financial Services
Construction
Hospitality
Transportation
Energy
Agriculture
Media and Entertainment
Telecommunications
Relevant Teams
Legal
Finance
Corporate Development
Mergers & Acquisitions
Executive Leadership
Business Development
Corporate Secretariat
Risk Management
Compliance
Due Diligence
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Managing Director
Corporate Lawyer
Business Development Manager
Mergers & Acquisitions Director
Company Secretary
Board Member
Financial Controller
Legal Counsel
Investment Manager
Business Owner
Corporate Development Director
Due Diligence Manager
Transaction Advisory Partner
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