Once you have decided to proceed on the purchase, you will produce a letter of intent (LOI) which is an purchase offer detailing the terms of your purchase. Understand the true value of the business and your seller’s intentions. Be prepared to negotiate. Once you and the seller have agreed on the terms, you will have to go through the due diligence process where you will investigate the truthfulness and completeness of their financial and operational presentations. If the result of the due diligence satisfied you, you will then ask your lawyers to draft and execute the sales agreement.