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welcome to the fizzbin podcast the show that explores all topics relating to selling and buying small to mid-sized California businesses and now lets join nationally known consultant Anitha the host of this podcast peter segal hi this is peter segal with viz been and tonight on the Wednesday night at 8 webinar we have Marc chato whos going to talk to us about letters of intent versus purchase agreements how you doing mark hey Peter how great how are you Im doing well thank you thanks for attending tonights webinar we appreciate it and we have a lot of questions for you some of these questions have come from myself some of them youve contributed some of them have come from viewers and Id like to kind of get those started lets go ahead and start with question number one what are the differences actually between an LOI and a purchase agreement well a lemon content or an LOI is a preliminary document that we use typically to set the stage for a purchase agreement down the line the