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Letter Of Intent For Business
Letter Of Intent For Business
June20,2013
KateAnderson
Kate’sCupcakes,Inc.
DearMs.Anderson,
WewelcometheopportunitytosubmitaproposaltoacquirethebusinessofKate’s
Cupcakes,Inc.andrelatedcompanies(collectivelythe“Company”or“Seller”)operating
approximately15retailstoresinCaliforniasellingbakedgoods(the“Business”).Weunderstand
thedesiretoproceedexpeditiouslywithasaleoftheBusiness.Wearepreparedtomovequickly
onthetransactionandbelievewearewellsuitedtodoso.Thislettersummarizesourproposal.
1. PurchasePrice
AnentitynewlyformedbyPearson,LLC(“Buyer”)wouldpurchasesubstantiallyallofthe
operatingassets,includingalltangibleandintangibleassets,equipment,leases,contractrights,
andintellectualpropertyusedintheBusinessforapurchasepriceofonemilliononehundred
thousanddollars($1,100,000).BuyerwillnotassumeanyliabilitiesoftheBusinessofthe
Companyotherthanliabilitiesaccruingaftertheclosingundercontractsorleasesassumedby
Buyer.
2. DefinitiveAgreement
Theclosingwillbesubjecttothenegotiationandexecutionofdefinitivetransaction
documentsthatwillinclude,amongotherthings,customaryrepresentations,warranties,
covenants,andindemnitiesbytheSellerandtheirprincipalsregardingthebusiness,operations,
andfinancialconditionoftheBusiness.
3. ClosingDate
Thepartiesacknowledgethattimeisofimportanceandthattheywillworktowards
closingthetransactionasquicklyaspossible.
4. ConditionstoClosing
TheconsummationoftheTransactionwillbesubjecttothesatisfactionofcustomary
conditions,including,withoutlimitation,thefollowing:
a. Thenegotiation,execution,anddeliveryofdefinitiveagreementssatisfactoryto
eachoftheparties,includingretailleases,andsecuringofanyrequired
governmentalorthirdpartyapprovals,waivers,orconsents.
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