Agree CarMax, definitely part of the process. NDA to LOA can be quick or can take a long time. It depends on how motivated both parties are. I would love to know Tony and Cheryl's thoughts on an estimate to LOI in terms of time. I bought a company once within 30 days of my LOI, I pulled out of a deal once because after the LOI (They were buying a piece of me) they dragged their feet, 8 months later no progress, so I pulled out. Its probably something they cant answer, but in terms of my business, the first example I knew it would be quick, the second I knew would take a long time. Just took too long so I moved on.