What Is a Letter of Intent (LOI) & Why Is It Important?
August 3, 2026 | Carole Clark Isakson
A letter of intent (LOI) is an important document often used to initiate a business transaction. After some initial business discussions and general agreement on terms, the buyer will present an LOI to the seller to signal their serious commitment to doing business with them. It outlines preliminary terms of the agreement, defines expectations, and establishes points to be negotiated. An LOI is typically non-binding, but it plays a key role in setting the direction of the transaction. Therefore, professional legal counsel is critical for creating an LOI that sets up a successful business transaction. What Is a Letter of Intent (LOI) Used for? A letter of intent can be used to accomplish many things in the early stages of a business transaction: Announce the nature of a deal between two parties, such as a merger, acquisition, or joint venture. Propose the basic structure of a deal, including the potential price, timeline, and conditions. Define expectations and create transparency before finalizing the agreement. Provide a framework for continuing negotiations. Protect all parties with confidentiality agreements and exclusivity provisions. Why Writing a Letter of Intent (LOI) Requires Legal Counsel Although letters of intent generally aren’t binding, the confidentiality and exclusivity provisions will be; the parties may also agree that certain other provisions are binding….
Read MoreHonoring James H. Wills
July 30, 2026 | Carole Clark Isakson
Barna, Guzy & Steffen is sad to announce the passing of former MTA board member and highly respected transportation attorney James H. Wills on July 23, 2026. For more than 45 years, Jim practiced exclusively in the areas of transportation, taxation, and corporate law, most recently with the law firm of Barna, Guzy & Steffen Ltd. Prior to entering private practice Jim worked in management of and as general counsel for two major trucking companies. Jim was a CPA, chemist and attorney admitted to the patent bar. Not that he ever bragged about any of that, that wasn’t his style. Jim will be remembered not only for his brilliance, but for his kindness, sense of adventure, and love for his family. Jim and his wife Peggy are parents to two adult daughters and have a son-in-law and four grand kids of all ages. Jim was a hardworking and devoted attorney who rarely slowed down. When he did take time away from work, he found great enjoyment in golfing, fishing, hunting, skiing, traveling and competing in dog shows. Whether outdoors enjoying nature or spending time with family, Jim appreciated life’s simple pleasures. While Jim retired from Barna, Guzy & Steffen Ltd last year, and from the practice of law, his influence on the transportation…
Read MoreBarna, Guzy & Steffen, LTD. Announces New Shareholder
July 24, 2026 | Barna, Guzy & Steffen, Ltd.Barna, Guzy & Steffen, LTD. is pleased to announce that Ashley Kemplin-Gamm was voted in as a Shareholder of the firm. Ashley joined Barna, Guzy & Steffen in 2022 and has established a thriving real estate practice representing clients in a wide range of complex commercial transactions nationwide. She has extensive experience handling development projects, purchases and sales, leasing, land use, subdivision and platting, and title review. Ashley received her J.D. from Mitchell Hamline School of Law in 2012. Prior to joining BGS, Ashley worked in the commercial title industry as a commercial closer and underwriter which provided her with a solid foundation in the legal and practical aspects of commercial real estate transactions. Professional and community involvement is a priority with Ashley as an active member of organizations including Minnesota Commercial Association of Real Estate/Realtors, Retail Real Estate Network Minnesota, and Minnesota Commercial Real Estate Women. Ashley is a graduate of University of Michigan and roots for the Wolverines, “Go Blue.” She also enjoys traveling, concerts, and time at the family lake home in Minnesota. The firm would like to congratulate Ashley on her accomplishments and commitment to the mission of providing clients with legal service with trust, dedication, and professionalism. BGS believes these ingredients are the essence of integrity, and it…
Read More