Confidential Information Memorandum (CIM)

Definition: The confidential information memorandum (CIM) is a 20-30 page document that is emailed to interested and pre-screened buyers. The CIM covers all major aspects of your business, including key documents, maps, photographs, equipment lists, seller’s disclosure statements, and buyer forms.

Purpose: We email the CIM to potential buyers after we have pre-screened a buyer who has signed a non-disclosure agreement (NDA).

Prerequisite: Your completed questionnaire is necessary for us to begin working on your CIM.

Confidential Information Memorandum (CIM) | A Detailed Guide


We recommend you hire a professional photographer to take pictures of your business that can be included in the CIM. There should be a mixture of formal and candid shots — you want to tease buyers into being interested, but you do not want to show them everything.

It is important that you have any people who are identifiable in the photos give their permission to use their image, be they employees, clients, or customers. If you are not comfortable doing this, you can simply include yourself and your spouse in the images or take photos after hours when employees are not around.

Tips for photographs for your CIM

  • We will determine which pictures to use. Send us lots of pictures of your business — both inside and out — and we’ll pick the best ones to use based on our judgment and experience.
  • Ask the photographer to take a variety of formal and candid informational shots.
  • Consider including photos of yourself and any other owner involved with the business. It will make the buyer more comfortable if they can see that you are a real person beyond just being “the seller.”
  • Have an explanation ready for your employees and clients in case they walk in on the photography session.

What do buyers do after reviewing the CIM?

If a buyer is interested, they will contact us to ask additional questions about your business. The purpose of the CIM is not to answer every possible question about your business. Rather, it is designed to get the buyer to take the next step.