A non-binding letter of intent contains the key business sale terms which are then turned into sale documents by the attorneys. Problems in a deal can be uncovered as the letter is prepared. Failure to address key issues in the letter of intent will doom the sale. Your business will be more valuable if it has loyal and well-trained employees. Sale rumors arise despite your effort to keep the deal a secret.
Employees get anxious about business sales and their role with the new owner.
Consider sharing some of the sale profits with your employees. That will keep them motivated to keep the business healthy. Amazingly, some sales fail because the business owner discovers seller's remorse at the last minute. They cannot part with such a big part of their life. To cope, some sellers remain with the business as a consultant to help with the transition.