Sam Rosati and Eric Pacifici examine the critical period between signing a letter of intent and closing a small business acquisition on Main Street Deals. Drawing from their firm's 387 closed transactions, they reveal that roughly 68% of deals under LOI actually reach closing — a reality that contradicts the false confidence many first-time buyers feel after signing.They discuss:- Why quality of earnings is the single biggest deal killer, responsible for 40% of failed transactions- How debt service coverage ratio requirements can derail lending even when banks like the business and the buyer- The working capital trap that surfaces post-LOI when buyers realize the business needs significantly more liquidity than expected- Statistical likelihood of closing at each milestone: LOI, bank term sheet, quality of earnings completion, and signed purchase agreement- The psychological shift that causes buyers to become over-invested emotionally while sellers retain more leverage than expectedThis episode provides essential risk awareness for anyone navigating their first Main Street acquisition, explaining why the signed LOI marks the beginning of the race rather than the finish line.((((((((((((((SMB Law Group - https://smblaw.group/Eric on LinkedIn - https://www.linkedin.com/in/eric-b-pacifici/Kevin on LinkedIn - https://www.linkedin.com/in/khendersonco/Sam on LinkedIn - https://www.linkedin.com/in/sam-rosati-68787a8/