"The goal of an LOI isn't to get the exact number. The goal is to provide a number that has a solid basis from which you can make adjustments." – Ken Bond
The initial conversations shouldn't be about asking the seller whether they want to sell their business. Instead, the conversation should be about getting to know one another. Be curious enough to understand the seller's vision of the company and let them guide the conversation.
Six steps from initial conversations to LOI: