Best practices with a seller when your deal is dragging on without closing:
(i) Over-communicate. Weekly email updates, frequent phone calls, Gantt charts, detailed progress report for each work stream, etc.
(ii) Show proof that you’re working as hard/fast as possible and making progress.
(iii) Seek support from sell-side banker; make sure they continue to vouch for you.
(iv) Maintain confidence in your ability to close. Never express doubts to the seller (save that for other audiences).
(v) Get involved in the business operations, or at least become a strategic thought partner to the seller.
(vi) Build a pipeline of add-on targets, and share selectively with the seller to build excitement.
Many thanks to Chris Kirsch for the help with this post. He spent the better part of a year under LOI before eventually closing his recent deal (Minds Capital is excited to be an investor).
