Most business owners breathe a sigh of relief when they sign a Letter of Intent (LOI). It feels like the hard part is over — the buyer is committed, the price is agreed upon, and the finish line seems close. But in today’s M&A environment, the LOI is not the victory lap. It’s the beginning of the most intense, high‑risk stretch of the entire deal. According to the 2025 Market Pulse report, the average timeline from LOI to closing has stretched to around 140 days the lon