The IOI is like the business equivalent of a middle schooler passing a “Do you like me? Check yes or no” note. It’s all vibes, no substance. It might include a price range that’s laughably vague—like, “I’ll pay somewhere between $50,000 and $5 million, depending on how I feel after my morning coffee.” And don’t even get me started on the “due diligence” clause that basically says, “I’ll poke around your financials for a few months, and if I find a single misplaced receipt, I’m out.”