Andrew Gazdecki walks through Microquire's letter of intent builder, a tool that standardizes the legal documents you need when making an offer on a startup. The platform handles escrow, due diligence, and the full acquisition workflow.
How's it going? This is Andrew, the founder of Microquire. And in this video I'm going to go through how to actually make an offer on a startup within microquire. So without further ado, what you see here is a listing page. It's private. I need to be granted information by the seller. So I'm going to go ahead and send a messages. Experience and email marketing. Would love to learn more, something like that. You know, I'd actually recommend adding a little bit more than that. Just to tell the buyer a little bit about yourself, why you're excited about business, but for brevity, sending that away. And this is really what I'm going to go over today, is our letter of intent feature. I'm so excited to have this feature out. So I just sent that over to the seller. So now the seller will get that request from me and it will grant me access. Now the seller can chat back with me, like, hey, let's set up a call. I'd love to meet you, or something like that. Also, what kind of experience do you have with acquisitions? So it's been sent off. So maybe I get a call on the buyer and I really want to acquire the startup. It looks like, fantastic. So how do I do that within Microwire? Well, right now you can. Everything goes offline. So we've built a really slick way for you to make an offer on the startup. So now when I'm logged in as a buyer, if I go to my request, I can see the make offer button here and then also on the listing page. So if I click listing, I can make an offer. This is where you can build a letter of intent. So what we're trying to do is standardize and automate and just make legal doc creation so much easier for startup acquisitions. And we're starting with the letter of intent and we'll move on to other docs. But this is how slick this is. So I can edit the startup name. If there's a corporation I can change that, I can put in my purchase price. I'm gonna offer a million bucks. Let's make it two. And then also we have just closing conditions, all just basic stuff that you would include in an NDA. And I should note, this isn't all encompassing. NDAs can come in many forms, but you can, again, we're trying to standardize this and so these are just kind of the main points. But if there's like a certain key employee that you would need to retain, I could put Bill Gates or something like that. Maybe it's like the CTO and I need them to stay on. I recommend buyers have a confidentiality clause and sellers as well. It's just good for everybody. And then absolutely use an escrow process. So with this flow you can create an LY and then also begin the escrow process after done your due diligence and you've signed an asset purchase agreement, which we do provide. So I'll select. We're going to select both the seller and the buyer are going to split the escrow fees. And I could download and review my loi. So this is loi I just generated. So what before would take like back and forth emails with attorneys. I've seen so many different Lois and now we're standardizing it and really making it standard. Obviously you can edit this and add more to it if you choose, but you can quickly send a proposal to acquire the startup. So I'm going to go ahead and sign this loi and then send this over to the seller. And then to actually send the letter of intent, what I'm going to need to do is say, hey Nathan, really enjoyed our call and thanks for the due diligence items. I'd like you to see my letter of intent to acquire your startup. And I can go ahead and send this to Nathan who is the seller of the startup. So you'll see some fun confetti coming down. And then as I go over to seller account, I can go into requests and actually see the letter of intent that has just been sent to me so I can review it, I can download it as a seller. I can have an attorney review this before I sign. And if you do need help finding any sort of legal help, we have a full directory, so just click Advisors at the top. We have help for everything from accounting, legal negotiations, just general M and A. So definitely check this out if you need help on the legal end. And then you would go ahead and sign this and your company boost. And now you. This is where the acquisition starts really moving forward. So now you can move forward with due diligence. Now as a buyer, what I can do is I can open up an escrow panel.
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