I went through a smaller acquisition which had milestone based earn-outs. Are your earn-outs time-based or milestone-based? Mine were milestone based and I neg

I went through a smaller acquisition which had milestone based earn-outs. Are your earn-outs time-based or milestone-based? Mine were milestone based and I negotiated for 25% to be time-based. The company underwent a big re-org and the new leadership had their own projects which were prioritized so the milestones were never realized. Just some food for thought while you're nearing LOI stage.