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In this episode of the Fizzbin Podcast, host Peter Segal welcomes consultant Marc Chato to discuss the differences between letters of intent (LOIs) and purchase agreements in the context of buying and selling small to mid-sized California businesses. They clarify that an LOI is a preliminary document meant to establish terms before drafting a purchase agreement. The podcast features questions from both Peter and viewers, aiming to provide insights into these crucial documents in business transactions.