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Deal Management

The LOI Nobody Resent

Somewhere on most stalled retail deals there is a change that got agreed in one conversation and never made it to the others. The redline that half the team is still missing. Here is how it happens, and why it is the medium's fault, not the team's.

MYDealTeams TeamAugust 19, 20266 min read

The change that never propagated

Picture a normal moment on a leasing deal. A term gets settled on a call with the broker: the free-rent period moves, or the TI allowance shifts. Someone captures it in an email to the broker and moves on to the next fire. The deal feels one step closer.

But the note went to one thread. Finance never saw it. The landlord's side is still working from the prior number. The person drafting the lease is reading a version where the term never changed. A real agreement was reached, and then it quietly failed to reach the people who needed it. That is the LOI nobody resent.

How a redline goes missing

The LOI-to-lease process is a redline dance. One side proposes, the other counters, terms move a few at a time over days. Each exchange is an email, and each email is its own island. Nothing about sending a redline to the broker updates the thread with legal, or the copy the analyst is modeling against.

So the changes do not accumulate in one place. They accumulate in several places, unevenly. Whether a given person has the current terms depends entirely on which threads they happened to be on, and nobody is tracking that. The redline did not get lost. It got delivered to some of the deal and not the rest.

Moving on a stale version

The trouble is that the deal does not wait for everyone to catch up. Work proceeds on whatever version each person holds. The analyst models the old TI number. The lease draft memorializes a rent step that was already renegotiated. Everyone is working hard and moving forward, on terms that no longer all agree.

Then it surfaces, and it always surfaces late: at lease drafting, at committee, at the moment someone finally lays two versions side by side. Now it is not a quick edit. It is unwinding decisions that were built on a number that had already changed, and doing it under time pressure with the other side watching.

It is the medium, not the team

It would be easy to call this a discipline problem and tell everyone to be more careful. We have all been on the disciplined teams that still got burned by it. The honest diagnosis is that email has no concept of propagation. A change made in one thread does not flow backward into the threads that came before it, and it does not reach the threads happening in parallel. The tool is doing exactly what it was designed to do, which is deliver one message to one set of recipients.

Asking people to manually keep a dozen threads in sync, across companies, in the middle of a live deal, is asking them to do the software's job by hand. Sooner or later, one resend gets missed.

One version, nothing to resend

The fix is not more diligence about resending. It is removing the need to resend at all. When the terms live on one shared record that the whole deal team works from, a change is made once and is immediately current for everyone. There is no thread that missed it, because there are no threads carrying the truth. There is one record, and it is always the latest.

That is what MYDealTeams is built to do. It is free during Early Access: Community free, Pro $69/month, everything free while we are in Early Access. Nothing to lose, and a deal team to organize.

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