By Alex Lubyansky Managing Partner Last updated
Acquisition Stars advises buyers and sellers on loi attorney matters across Indiana.
Serving clients across Indiana. Alex Lubyansky on every engagement.
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Indianapolis sits at the intersection of five interstates, which has made logistics, warehousing, and distribution one of the metro's largest acquisition categories, alongside a life sciences and pharmaceutical manufacturing base anchored by Eli Lilly's presence in the region. SBA-financed buyers in this market typically target established distribution companies, light manufacturing operations, and professional service businesses with a defensible customer base, and most of these deals move from initial interest to a signed letter of intent within a few weeks of the buyer's first serious look at the target's financials.
A letter of intent should make clear which of its provisions are binding, exclusivity, confidentiality, and a no-shop period typically are, and which are not, price and structure are usually left non-binding until due diligence confirms the numbers. Indiana courts apply a blue-pencil approach to overbroad non-compete and restrictive covenant language, modifying rather than voiding it, which matters if the LOI references a post-closing non-compete for the seller. Indiana also requires a tax clearance letter, Form BC-100, from the Department of Revenue before an asset sale closes, since the state can otherwise pursue the buyer for the seller's unpaid taxes; that requirement should be flagged in the LOI's closing conditions, not discovered later.
Before signing, an Indianapolis buyer should confirm the LOI's exclusivity period gives enough time to complete diligence without locking in a timeline the buyer's SBA lender cannot actually meet, and that any earnest money deposit is structured to be refundable if diligence or financing falls through. Alex Lubyansky reviews every letter of intent before a buyer signs it, checking financing contingency language, working capital assumptions, and exclusivity terms against what the underlying deal actually needs, rather than treating the LOI as a formality to sign quickly and fix later.
We review a letter of intent before it is signed, flagging which provisions are binding and which are not, so an Indianapolis buyer or seller understands exactly what they are committing to before exclusivity starts.
We check that financing contingency language actually protects the buyer if SBA approval falls through, and that any earnest money deposit is refundable under clearly defined conditions.
We match the exclusivity period to the diligence and SBA underwriting timeline the deal actually needs, so the LOI does not expire mid-process or lock a seller into a buyer who is not moving toward closing.
We negotiate LOI terms directly with the other side's counsel when needed. A free consultation is where we review your current draft or term sheet. Request an engagement assessment to move a specific Indianapolis deal forward.
Cost depends on how far along the deal is when you engage counsel. Reviewing and negotiating an LOI the buyer or seller already drafted costs less than negotiating it from scratch alongside the other side's counsel. Indianapolis engagements are typically scoped to the document at hand first, before any commitment to full transaction representation. Request an engagement assessment for a cost specific to where the deal currently stands.
A letter of intent is often treated as a formality, but its exclusivity, confidentiality, and no-shop provisions are typically binding even though price and structure usually are not, and a poorly drafted LOI can lock a buyer into a timeline their SBA lender cannot meet. Most Indianapolis buyers and sellers with any deal complexity have counsel review the LOI before signing, even when the full transaction attorney comes on later.
Most letters of intent are a mix of both: exclusivity, confidentiality, governing law, and a no-shop period are usually drafted as binding, while the purchase price and deal structure are typically non-binding until the definitive purchase agreement is signed. The document should say explicitly which sections are binding, since ambiguity here is one of the most common sources of dispute if a deal later falls apart before closing.
Confirm the exclusivity period is long enough to complete diligence and any SBA financing approval without expiring mid-process, that the financing contingency language actually protects the buyer if the loan falls through, and that any earnest money deposit is refundable under clearly defined conditions rather than at the seller's discretion. These three items cause more post-signing disputes than the headline purchase price does.
Yes. Acquisition Stars is a nationwide M&A law firm. Alex Lubyansky leads engagements for clients in Indiana directly, from deal strategy through closing. We work with clients in every major metro and smaller markets throughout the state.
Enforceable under common law if reasonable. Indiana courts apply the "blue pencil" doctrine, allowing modification of overbroad restrictions. Indiana enacted a physician non-compete restriction (effective July 1, 2020) limiting enforcement against physicians. For other employees, reasonableness factors include time (typically 1-2 years), geography, and scope of restricted activity.
Indiana imposes a flat 4.9% corporate income tax, one of the lower rates in the Midwest. The state uses single-factor sales apportionment with market-based sourcing. Indiana conforms to most federal tax provisions. No separate franchise tax applies.
Indiana has repealed UCC Article 6 (Bulk Sales). The Indiana Department of Revenue may pursue successor liability claims against asset purchasers for the seller's unpaid taxes. Buyers should request a tax clearance letter (Form BC-100) before closing.
Look for an attorney with genuine transaction experience, not just corporate formation work. Verify that the attorney has handled deals similar in size and structure to yours. In Indiana, confirm the attorney understands state-specific issues including Indiana's non-compete framework, successor liability rules, and any industry-specific regulations. At Acquisition Stars, Alex Lubyansky leads every engagement, reviews every document, and leads negotiation and closing, with an associate supporting the work.
Alex Lubyansky leads every letter of intent law engagement, with an associate supporting the work.
15+ years of M&A experience. Nationwide practice. LOI through closing.
We review every transaction inquiry within one business day.
Your transaction details are under review. If there is alignment, we will be in touch.
Meanwhile, feel free to call us directly at (248) 266-2790
LOI through closing. Nationwide. 15+ years of M&A experience.
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