“You never get a second chance to make a first impression.” – Will Rogers, American Actor

In an M&A transaction, there are two primary documents that need to be created that will be shared with buyers in the initial stages of the purchase:

  1. Teaser Profile: A short one-to-three-page executive summary of your business that doesn’t disclose the identity of your company. This document is presented to prospective buyers before they sign a non-disclosure agreement (NDA).
  2. Confidential Information Memorandum (CIM): A detailed 20-to-40-page overview of your business that’s presented to buyers after they sign an NDA.

In this chapter, we’ll take a look at these two documents, their formats, and the information that should be included in each.