Art 7: Introduction

“No man does anything from a single motive.”

– Samuel Taylor Coleridge, English Poet

What happens after the buyer receives the confidential information memorandum (CIM) on your business?

Here’s a summary of the typical sequence of steps in screening and meeting with a buyer:

1. The buyer is pre-screened and signs a non-disclosure agreement (NDA).
2. The buyer receives the CIM.
3. The buyer has a few questions about your business that you answer on the phone.
4. You and the buyer meet in person.
5. Additional phone calls or meetings are conducted until the buyer makes an offer or decides not to pursue the purchase.

When meeting with a potential buyer, remember the Golden Rule: treat others how you want to be treated, specifically:

• Be professional and respectful of their time and needs when making the arrangements – send them the message that you are professional and cooperative, but not a pushover.
• Be prepared. Be sure to have access to a computer and your CIM when you talk so that you can easily answer any questions they have.
• If you talk with the buyer on the phone or have a conference call scheduled, plan to talk in a quiet place.
• Be sure to schedule enough time so you can hold the meeting without any distractions.

Let’s proceed …