Process Letter
Workflow
Step 1: Determine Letter Type
- Initial process letter: Sent with teaser/CIM to outline the process and IOI requirements
- IOI instructions: Specific requirements for first-round indications of interest
- Second round / final bid letter: Instructions for submitting binding offers after diligence
- Management meeting invitation: Logistics for in-person management presentations
Step 2: Initial Process Letter / IOI Instructions
Header:
- Date, deal code name
- "Confidential"
- Addressed to prospective buyer
Sections:
- Introduction: Brief overview of the opportunity and the seller's objectives
- Process Overview: Timeline, key dates, expected number of rounds
- IOI Requirements: What to include in the initial indication:
- Proposed valuation range (enterprise value)
- Consideration form (cash, stock, earnout, rollover)
- Financing sources and certainty
- Key due diligence requirements
- Indicative timeline to close
- Any conditions or contingencies
- Brief description of the buyer and strategic rationale - Submission Details: Where to send, deadline (date and time), format
- Confidentiality Reminder: Reference to NDA, data room access
- Contact Information: Banker contacts for questions
Step 3: Final Bid / Second Round Letter
Additional requirements beyond IOI:
- Markup of purchase agreement: Provide the draft SPA/APA and request markup
- Detailed financing commitments: Committed financing letters required
- Remaining diligence items: Specify what confirmatory diligence is expected
- Exclusivity terms: Duration and conditions of any exclusivity period
- Regulatory analysis: Antitrust filing requirements and timeline
- Key personnel terms: Employment agreements, compensation, rollover equity
- Binding vs. non-binding: Clarify what is binding at this stage
- Evaluation criteria: How bids will be evaluated (price, certainty, speed, fit)
Step 4: Management Meeting Invitation
- Logistics: Date, time, location (or video link), duration
- Attendees: Who from the company will present, who from the buyer should attend
- Agenda: Typical management presentation agenda (overview, financials, operations, growth, Q&A)
- Ground rules: No recording, confidentiality, questions format
- Materials: What will be distributed (presentation deck, data room access)
- Follow-up: Process for submitting additional questions after the meeting
Step 5: Output
- Word document (.docx) with professional letter formatting
- Firm letterhead placeholder
- Track changes version for client review
Important Notes
- Process letters set the tone for the entire deal — be clear, professional, and organized
- Deadlines should be firm but reasonable — typically 2-3 weeks for IOIs, 3-4 weeks for final bids
- Always include the evaluation criteria — buyers want to know how they'll be judged
- Coordinate with legal on any representations or commitments in the letter
- Client should review and approve before sending — they may want to adjust tone or terms
- Keep a log of who received each letter and when — this becomes the process tracker
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