Business Sale Teaser Document Example: Structure, What to Reveal, What to Hide (2026)

The teaser is the front door to a business sale process. It’s a one-page anonymized document distributed to a wide list of potential buyers — 50-300 firms in a typical LMM process — without an NDA. The buyer reads it in 60-90 seconds and decides whether to sign an NDA and request the CIM, or pass. The teaser’s job is conversion: turn a cold buyer list into NDA-signed buyer pool. Done well, 10-30% of recipients convert. Done poorly, 1-5% convert and you’ve wasted the distribution.

This guide is for owners and their advisors building or upgrading a teaser document for a lower middle-market business sale. We’ll walk through the standard one-page structure with each section’s required content, the discipline of what to reveal vs what to hide, distribution best practices for different buyer pool sizes, the anonymization techniques that protect identity without sacrificing specificity, and the 7 most common mistakes that kill teaser conversion rates.

The framework draws on direct work with 76+ active U.S. lower middle market buyers and the broader sub-LMM ecosystem. We’re a buy-side partner. The buyers pay us when a deal closes — not you. We see what those buyers actually do with teasers — which they read carefully, which they skip, what triggers an NDA request, what triggers a pass. The structure and discipline below reflect what those buyers actually look for in the 90-second read — not generic sell-side broker boilerplate.

One reality check before you start. If you’re thinking ‘the teaser is a quick brochure I’ll dash off in an hour,’ you’re miscalibrating. A strong teaser is the result of 10-20 hours of disciplined writing, multiple iterations, and tight editing. The 90 seconds a buyer spends reading it determines whether they engage at all — making the teaser the most leveraged single page in the entire sale process. Spend the time.

“The mistake most owners make on teasers is being either too specific (the company is identifiable, defeating the anonymization purpose) or too generic (no buyer interest, the teaser blends into 50 others). The right answer is industry-specific, region-specific, financially-specific — without revealing identity. The 90 seconds a buyer spends on your teaser is the most leveraged minute in the entire sale process. The right answer isn’t a generic broker template — it’s a buy-side partner who already knows what each buyer type wants to see in those 90 seconds.”

Key Takeaways

• Standard teaser length: 1 page (sometimes 2 for complex businesses). Conversion target: 10-30% of recipients sign NDA.
• Five sections: project codename header, investment highlights (3-5 bullets), financial summary, key facts, process info.
• Reveal: industry, region (broad), revenue range, EBITDA range, growth rate, margin profile, customer concentration %, recurring revenue %, employee count, transaction type.
• Hide: company name, exact address, exact financials, owner name, customer names, employee names, supplier names, anything that identifies the business.
• Distribution: 50-300 potential buyers depending on deal size. Use intermediary’s buyer database, industry contacts, PE firm directory matched to investment thesis.
• Common mistakes: too specific (identifiable), too generic (no interest), wrong financial framing, missing growth rate, weak codename, generic investment highlights, broken anonymization.

What a teaser is and why it exists

The teaser is a no-NDA, anonymized one-page document sent to a wide list of potential buyers to gauge interest. It’s the first touchpoint in a structured sale process. Buyers who find the teaser interesting sign an NDA and progress to the CIM review (under-NDA detail). Buyers who don’t engage have learned only what’s in the teaser — which by design is not enough to identify the company or compete against it.

Why the anonymization matters. The teaser goes to 50-300 firms. Most won’t engage. If the teaser identified the business, every non-engaged recipient would know that the business was for sale — including competitors, customers, employees, suppliers, and the financial press. Anonymization protects the seller from market awareness of the sale process, which preserves competitive position, customer relationships, and employee morale during the 6-12 months before the deal closes.

Why the teaser is no-NDA. Requiring NDAs from a wide buyer list dramatically reduces engagement. Most buyers won’t sign an NDA based on a 90-second pitch — they need enough information to decide whether the opportunity warrants the legal review and confidentiality commitment. The teaser is calibrated to provide that information without requiring the NDA. The NDA gates the next step (CIM review), not this one.

Where the teaser fits in the process. Sequence: build CIM and data room (60-120 days), build teaser (10-20 hours after CIM is mature), assemble buyer list (5-30 hours), distribute teaser (week 0), receive NDA requests (weeks 0-3), distribute CIM under NDA (weeks 1-4), schedule management meetings (weeks 3-8), receive IOIs/LOIs (weeks 6-12), select buyer and sign LOI (weeks 8-14).

Conversion expectations. From 100 teasers distributed: 50-70 are read in some depth (others get filtered as out-of-thesis or industry mismatch). 10-30 will sign NDA and request CIM. 5-15 progress to management meetings. 2-5 submit IOIs/LOIs. 1 closes. The funnel is wide at the top because conversion drops at every stage; the teaser is the single biggest funnel choke point. Improving teaser conversion from 15% to 25% can double the eventual buyer pool that reaches LOI stage.

The 5-section teaser structure

Standard LMM teaser has 5 sections on a single page. Layout: project codename and tag header at the top, investment highlights bullet list in the middle, financial summary in a clean box, key facts in a second box, process info at the bottom with intermediary contact. Total document: one 8.5×11 page, sometimes two for complex multi-vertical businesses. PDF format for distribution; the file should be a few hundred KB at most.

Section 1: Project codename and tag (1 line + subhead). Project codename: a non-identifying name (e.g., ‘Project Summit,’ ‘Project Beacon,’ ‘Project Ascent’). Tag line: 5-10 words capturing industry and region (e.g., ‘South Atlantic Specialty Distributor,’ ‘Midwest HVAC Service Platform,’ ‘National SaaS Provider for Construction’). The codename gives buyers a way to refer to the deal internally; the tag line lets them filter for thesis fit in 5 seconds.

Section 2: Investment highlights (3-5 bullets). The single most important section of the teaser. Each bullet is one sentence covering a differentiator. Examples: ‘Recurring revenue — 65% of total revenue under multi-year contracts.’ ‘Customer retention — 95% gross retention over the trailing 5 years.’ ‘Scale — 3 facilities serving customers across the South Atlantic with route density advantages.’ ‘Growth — 12% revenue CAGR over trailing 5 years, driven by new customer acquisition.’ Specific, defensible, differentiated.

Section 3: Financial summary (compact box). Revenue range (e.g., ‘$15-20M’), EBITDA range (e.g., ‘$2.5-3.5M’), gross margin range (e.g., ‘30-35%’), revenue growth rate (e.g., ‘12% trailing 3-year CAGR’), EBITDA margin trend (stable / improving). Don’t show exact numbers — ranges only. The current year typically (TTM or projected) — not historical year-by-year. Keep to 5-7 line items.

Section 4: Key business facts (compact box). Employee count (range: e.g., ‘50-75 employees’). Geographic footprint (e.g., ‘3 locations in [region]’). Customer concentration (e.g., ‘Top 10 customers represent 35% of revenue’). Recurring revenue % (e.g., ‘55% recurring contracts’). Industry vertical detail (e.g., ‘serving healthcare and education end markets’). Founded year (e.g., ‘Established 1998’).

Section 5: Process info and contact (1-2 lines). Transaction type (e.g., ‘100% sale of equity, all-cash structure preferred with potential for limited rollover’). Process timeline (e.g., ‘Targeting LOI by Q3 2026’). Intermediary contact (firm name, contact person, email, phone). NDA process (e.g., ‘NDA available upon request’).

What to reveal: the specifics that create interest

The teaser reveals enough specifics to let buyers self-qualify. Buyers receive 20-40 teasers a quarter. They’re filtering for thesis fit (industry, size, geography, capital structure). The teaser must give them enough information to make that filtering decision quickly. Generic teasers (‘profitable B2B services business in the Southeast’) don’t survive the filter. Specific teasers (‘commercial pest control roll-up platform with 4 locations across Florida and Georgia, $18M revenue, 28% EBITDA margin’) do.

Industry: be specific. Don’t say ‘business services.’ Say ‘commercial HVAC service and repair.’ Don’t say ‘manufacturing.’ Say ‘precision metal stamping for medical device OEMs.’ Don’t say ‘technology.’ Say ‘vertical SaaS for residential property management.’ The industry specificity is what triggers buyers to read past the first line.

Geography: regional but not location-specific. ‘Southeast,’ ‘Pacific Northwest,’ ‘Texas,’ ‘Northeast Corridor.’ Specific enough to let buyers filter for geographic thesis fit; not specific enough to identify the company. Don’t say ‘Charleston, SC’ or ‘Atlanta metro area’ — that’s identifying. Multi-state regions are usually safer than specific cities.

Revenue and EBITDA: ranges, not exact. ‘$15-20M revenue, $2.5-3.5M EBITDA’ rather than ‘$17.4M revenue, $2.93M EBITDA.’ The range protects against industry-specific identification (in tight industries, exact financials can identify a company) while still letting buyers filter for size thesis. The range should be tight enough to be useful (a 30-40% spread is typical: $15-20M, $5-7M, $20-30M).

Growth rate and margins. These two metrics are critical filters for sophisticated buyers. Growth rate: ‘12% revenue CAGR over trailing 5 years.’ EBITDA margin: ‘15-18% EBITDA margin.’ Stable, improving, or declining. Both metrics shape the buyer’s thesis — high-growth high-margin attracts growth-equity buyers; stable mature attracts buyout-style PE; declining attracts turnaround-focused or strategic buyers.

Customer concentration and recurring revenue. ‘Top 10 customers represent 35% of revenue.’ ‘55% of revenue under multi-year recurring contracts.’ These two data points immediately shape the buyer’s underwriting thesis on revenue durability. Hiding them in the teaser delays the conversation but doesn’t change the underlying business; surface them upfront and the buyer pool that engages is the right buyer pool.

Recent transaction context. If the business has had recent acquisitions, recent financings, or recent leadership changes, mention them at high level. ‘Completed two add-on acquisitions in 2024-2025.’ ‘Founder-led; CFO and COO in place 5+ years.’ This shapes buyer expectations and prevents surprises in the CIM review.

What to hide: the lines that protect identity

The teaser must be readable enough to attract interest but anonymized enough to prevent identification. Identification is failure. If a sophisticated reader can identify the company from the teaser alone, you’ve defeated the purpose of the anonymization — non-engaged recipients now know the business is for sale, with all the downstream damage that entails.

Hide: company name and any naming variants. Obvious. The teaser uses a project codename (Summit, Beacon, Ascent) instead. No actual company name appears anywhere — not in headers, footers, file metadata, or page titles. Check the PDF metadata before distribution.

Hide: exact location and address. Don’t name cities. Don’t name specific facilities. Use regional descriptors only (‘Southeast,’ ‘Mid-Atlantic,’ ‘Texas’). For multi-location businesses, describe the footprint generally (‘3 facilities across [region]’) without identifying which cities.

Hide: exact financials. Use ranges, not exact numbers. ‘$15-20M revenue’ not ‘$17.4M.’ The exact number adds zero value at the teaser stage and creates identification risk in tight industries (a buyer who knows industry players can match exact financials to specific companies).

Hide: owner and management names. No founder name. No CEO name. No CFO name. The CIM (under NDA) discloses these; the teaser doesn’t. Don’t put intermediary’s photo or bio on the teaser if it suggests the seller’s identity (e.g., a regional broker known to work with specific companies).

Hide: customer, supplier, and employee names. Customer concentration as percentages, not customer names. Supplier descriptions in general terms, not specific companies. Employee count as range, not specific people. Even at the high level, naming a marquee customer or supplier identifies the company in many industries.

Hide: anything that creates an identification mosaic. Sometimes individually-anonymized facts combine to identify a company. ‘Pest control company in Tampa metro area founded in 1998 with 65 employees’ — even with no name, this is identifying in a small enough industry. Read the full teaser as a sophisticated reader would: can you identify the company from the combination of facts? If yes, anonymize further. The mosaic test is the discipline.

Investment highlights: how to write bullets that convert

The investment highlights section is where most teasers fail. Generic bullets that describe a thousand businesses (‘profitable, growing, well-managed’) generate no interest. Specific bullets that describe THIS business (with quantification and differentiation) generate engagement. The bullets are the hardest part of the teaser to write and the most important part to get right.

Bullet 1: differentiation. What makes this business specifically attractive vs the next 10 in the same industry? ‘Largest specialty fastener distributor in the Pacific Northwest with proprietary inventory management system reducing customer order-fulfillment time by 60% vs industry benchmarks.’ Specific, quantified, differentiated.

Bullet 2: financial strength. ‘28% EBITDA margin (top quartile vs industry benchmarks of 15-22%) driven by recurring service revenue and route density advantages.’ Quantified margin position with industry context. Buyer underwriters understand the relative position immediately.

Bullet 3: growth trajectory. ‘15% revenue CAGR over trailing 5 years driven by new customer acquisition; 25% organic growth pipeline identified for FY2026.’ Historical pattern plus forward visibility. Show the trajectory, not just the trailing 12-month number.

Bullet 4: market position. ‘#3 market share in $1.2B regional market, with #1 and #2 controlled by national strategics; clear consolidation thesis with 8 identified add-on targets.’ Market context plus actionable opportunity. Particularly compelling for PE buyers with roll-up theses.

Bullet 5: management or operational excellence. ‘Long-tenured leadership team (CFO, COO 8+ years tenure each) with documented systems supporting smooth ownership transition.’ Or: ‘ISO 9001 certified operations with 99.7% on-time delivery and Net Promoter Score of 72 (industry benchmark: 35-45).’ Specific operational quality metrics or management depth.

Calibrating bullets to buyer pool. If you’re targeting strategic buyers, emphasize differentiation and customer/market position. If you’re targeting PE platforms, emphasize financial strength and scalability. If you’re targeting search funders, emphasize operational stability and management depth. The bullets shape buyer self-selection — tune them to attract the buyer pool you actually want.

Common bullet mistakes. Generic platitudes (‘great team, great culture’). Unsupported claims (‘market-leading’ without market context). Aspirational projections (‘positioned to grow 50% per year’). Internal-facing language (‘customer-obsessed’). Buzzword-heavy phrasing. Strong bullets are specific, quantified, externally-verifiable, and grounded in trailing performance.

Distribution: who gets the teaser and how

Distribution strategy depends on deal size and target buyer pool. Small deals (sub-$10M EV) typically distribute to 50-150 buyers. Mid-size LMM ($10-50M EV) distributes to 100-250. Larger LMM ($50M+ EV) distributes to 200-400+. The tradeoff: larger distribution = more potential buyers but slower management of the engagement funnel and higher risk of unintended disclosure.

Building the buyer list. Sources: intermediary’s proprietary buyer database (most LMM brokers and buy-side firms have one), industry-specific PE firm directories (PitchBook, S&P Capital IQ, GrowthCap), search fund directories (Sutton Place, Search Funder), strategic acquirer mapping (industry trade publications, conference attendee lists, SEC filings for public buyers), family office databases (FINTRX, FamilyOfficeNetworks).

Filtering the buyer list. Filter for thesis fit before distribution. Industry-specific filters (must invest in your sector). Size filters (deal sizes within their typical range). Geographic filters (must invest in your region). Capital structure filters (PE platforms vs add-on programs). The ideal list is 50-300 buyers all of whom plausibly fit; broader distribution wastes attention and creates more leak risk.

Distribution mechanics. Email distribution from intermediary’s domain (not from seller’s domain — that breaks anonymization). Personalized greeting where possible. Subject line should be benign and project-codename-specific (‘Project Summit — Specialty Distributor Opportunity’). PDF attachment, not embedded teaser image (PDFs are easier to forward internally at PE firms). Reply-to is intermediary, not seller.

Tracking engagement. Most teaser distribution platforms track opens, downloads, and forwards. Track which buyers open vs which don’t. Follow up with promising prospects who haven’t opened in 7-10 days. Track NDA requests as a percentage of opens (30%+ is strong; under 15% suggests the teaser content needs work).

Sequenced vs simultaneous distribution. Simultaneous: teaser goes to entire buyer list on day 1. Faster process, more competitive auction dynamics. Sequenced: teaser goes to top-priority list day 1, broader list day 7-14 if needed. Slower but more controlled. Most LMM deals do simultaneous distribution to manage process timeline; sequenced makes sense for unusually sensitive deals or industries.

Distribution channels: NDA process and follow-up

Buyers who engage request an NDA. Standard NDA: 2-3 pages, mutual or one-way, 12-24 month confidentiality term, non-circumvention provision, return-or-destroy provision at end of term. Pre-built and ready to send the day a buyer asks. Don’t negotiate NDA details extensively at the teaser stage — provide the standard NDA, accept reasonable buyer-side modifications, move to CIM distribution within 48-72 hours of NDA execution.

Standard NDA terms for teaser-stage engagement. Mutual confidentiality (covers both seller’s information and buyer’s identity as a prospect). Non-circumvention (buyer agrees not to contact seller’s customers, employees, suppliers without seller’s consent). Term: 18-24 months typically. Permitted disclosures: buyer’s investment committee, advisors, financing sources (with same confidentiality). Return/destroy: at deal abandonment or term expiry.

Following up on engagement. Within 7-10 days of distribution, follow up with high-priority buyers who haven’t engaged. ‘Wanted to confirm Project Summit teaser was received; happy to set up a quick call to discuss thesis fit.’ Personalized follow-ups generate 2-3x more engagement than no follow-up. Don’t over-follow-up to non-responders — 2 follow-ups maximum, then drop them from the active list.

Pre-NDA conversations. Some buyers want a 15-30 minute call before signing NDA — to validate thesis fit at a level above what the teaser provides. Be willing to take these calls (intermediary handles, not seller). Discuss the deal at the same level as the teaser — no additional disclosure pre-NDA. The call lets the buyer self-qualify; if they want to proceed, NDA gets signed and CIM follows.

Managing the NDA-signed list. Track every buyer who signs NDA: firm, contact, NDA execution date, CIM distribution date, follow-up status. Maintain in spreadsheet or CRM. Most LMM processes have 10-30 NDA-signed buyers active at peak. Follow-up cadence: 7 days after CIM distribution to confirm receipt; 14 days to gauge initial interest; 21-30 days to invite management meeting if interest exists.

Managing buyers who pass after CIM review. Most NDA-signed buyers will pass after CIM review — that’s normal. Solicit feedback briefly: ‘What was the gating issue?’ Common feedback: size mismatch, customer concentration concern, geographic mismatch, growth trajectory concern. The feedback informs next iterations of teaser/CIM and identifies recurring concerns to address pre-emptively. Pass-stage buyers are still under NDA and shouldn’t reach out to your customers, employees, etc.

Common teaser mistakes that kill conversion

Mistake 1: too specific (identifiable). The teaser names the city, names a marquee customer, includes the founding date and exact employee count, lists specific facilities. A sophisticated reader in the industry can identify the company in 30 seconds. The anonymization is broken; non-engaged recipients now know the business is for sale. Test the teaser with a friendly reader in your industry: can they identify the company? If yes, anonymize further.

Mistake 2: too generic (no interest). The teaser says ‘profitable B2B services business in the Southeast with $15-20M revenue.’ A buyer reading 30 teasers a quarter sees no differentiation. They pass without engaging. The teaser needs enough specificity to differentiate (industry vertical, sub-segment, specific customer profile) without identifying. Most failed teasers err on the generic side.

Mistake 3: wrong financial framing. The teaser uses cash-basis EBITDA when the buyer pool underwrites accrual. Or shows SDE (Seller’s Discretionary Earnings) when buyers expect EBITDA. Or shows aspirational add-back-heavy EBITDA without disclosure of normalization. Buyers parse financial framing carefully — mismatched framing signals weak financial discipline and sale-driven manipulation.

Mistake 4: missing growth rate. The teaser shows revenue and EBITDA but not the growth rate. Sophisticated buyers immediately ask: ‘is this growing or shrinking?’ Without the answer, they assume the worst. Show trailing 3-5 year revenue CAGR even if it’s modest (5-8%). Hiding the growth rate signals the answer isn’t flattering.

Mistake 5: weak codename or tagline. ‘Project Alpha,’ ‘Project Beta,’ ‘Project Bluefin’ — codenames so generic they signal lack of effort. Tagline: ‘Profitable Services Business’ — useless. The codename and tagline are the first 5 seconds; make them count. Codename should be evocative but non-identifying (‘Project Summit’ for an outdoor recreation business, ‘Project Beacon’ for a navigation services business).

Mistake 6: generic investment highlights. Bullets like ‘great team,’ ‘loyal customers,’ ‘strong management,’ ‘growth opportunities.’ These appear in every teaser. Buyers’ eyes glaze over. Specific, quantified bullets with industry context differentiate. Spend the time to write 3-5 strong bullets and cut the generic ones.

Mistake 7: broken anonymization. PDF metadata reveals the company name. Email signature reveals the seller. Logo or branding sneaks into a corner. Footer references ‘Smith Industries Confidential.’ Check the file metadata, footer, headers, and any embedded references before distribution. A single anonymization break compromises the entire process.

Teaser variations: when one page isn’t enough

Some businesses have legitimate two-page teaser needs. Multi-vertical businesses where each vertical has different customer dynamics and financial profiles. Multi-location businesses where geographic distribution is part of the thesis. Highly differentiated technical or specialty businesses where the differentiation requires more explanation. In these cases, a 2-page teaser is acceptable. Don’t exceed 2 pages — that’s a CIM, not a teaser.

Two-page structure. Page 1: standard 5-section structure (codename/tag, investment highlights, financial summary, key facts, process). Page 2: deeper detail on whatever drove the extension — vertical breakdown, geographic detail, technical differentiation, market analysis. Page 2 is supplementary; the teaser should still be useable as a one-page if a reader stops at page 1.

Industry-specific teaser variations. Healthcare: include payor mix at high level. SaaS: include ARR, net retention, gross margin. Manufacturing: include capacity utilization, key product lines. Distribution: include category mix, geographic footprint. Each industry has standard metrics buyers look for; including them upfront accelerates engagement.

Service-business teaser variations. Recurring service businesses (HVAC service, pest control, lawn care): include recurring revenue %, contract length distribution, customer attrition rate. Project-based services (construction, professional services): include backlog, average project size, repeat customer %. Distinguish recurring from project — sophisticated buyers underwrite differently.

Real-estate-heavy teaser variations. If the business owns its real estate, address whether real estate is included in the sale (typically separated, with a long-term lease back to the operating company at fair-market rent). Include rough rent run-rate so buyers can model the standalone operating company. Don’t bundle real estate into the operating EBITDA; separate it cleanly.

Earnout-flexible teaser language. If you’re open to earnouts or rollover equity (which expands the buyer pool), say so: ‘Seller open to performance-based consideration and limited rollover equity.’ Don’t commit to specific structures — just signal flexibility. Different buyer types prefer different structures; flexibility expands the engaged buyer pool.

After distribution: managing the engagement funnel

Teaser distribution kicks off a 4-12 week engagement funnel. Days 1-3: distribution complete, initial NDA requests come in. Days 3-14: bulk of NDA executions, CIMs distributed, initial CIM review. Days 14-30: management meeting requests from interested buyers. Days 30-60: management meetings, indications of interest, narrowing to top buyers. Days 60-90+: LOI negotiation with top 1-3 buyers. Manage the funnel actively or it stalls.

NDA-to-CIM cycle time. Once an NDA is signed, send the CIM within 24-48 hours. Faster turnaround signals process discipline; slower turnaround signals seller is unprepared. Have the CIM, NDA, and management meeting calendar ready before teaser distribution — don’t scramble after the first NDA request comes in.

Management meeting cadence. Buyers who engage with the CIM may request a management meeting within 2-3 weeks. These are typically 1-2 hour Zoom or in-person meetings with the CEO/Founder, CFO, and key operational leader. Prepare a 30-40 slide management presentation that supplements the CIM with operational depth. Schedule no more than 1-2 management meetings per week to maintain focus and quality.

When teaser conversion is low, diagnose. If you distribute to 100 buyers and only get 5 NDA requests (5% conversion vs 15-30% target), diagnose the cause. Was the buyer list mistargeted (wrong industry, wrong size)? Are the investment highlights generic? Is the financial framing wrong? Is the codename/tag flat? Adjust and re-test on a different buyer slice rather than continuing low-conversion distribution.

When teaser conversion is high. If you’re getting 35%+ conversion, the teaser is working but you may be flooded with too many buyers. Consider tighter buyer-list filtering on the next distribution wave (only highest-priority firms), or accept the load and prioritize ruthlessly post-NDA (focus management meetings on top 5-8 buyers, decline meetings with lower-priority buyers gracefully).

Maintaining the funnel until LOI. The 6-12 weeks between teaser distribution and LOI signing requires sustained operational discipline. Update buyer status weekly. Refresh CIM/data room as needed. Manage information requests promptly. Keep buyers warm through extended diligence. Most LMM deals lose 1-2 strong buyers because of slow seller-side responsiveness; don’t let that happen to yours.

Conclusion

The teaser is the single most leveraged page in a business sale process — the 90 seconds that decide whether buyers engage or pass. The standard 5-section structure (project codename, investment highlights, financial summary, key facts, process info) fits cleanly on one page. The discipline of what to reveal (industry, region, financial ranges, growth rate, customer concentration, recurring revenue %) and what to hide (company name, exact location, exact financials, owner names, customer names, anything identifying) protects the seller while still creating buyer interest. Investment highlights bullets need to be specific, quantified, and differentiated — generic bullets get filtered immediately. Distribution scope (50-300 buyers depending on deal size) and channel discipline (intermediary domain, codename-specific subject lines, NDA-ready process) drive engagement quality. Common mistakes — too specific, too generic, wrong financial framing, missing growth rate, weak codename, generic highlights, broken anonymization — each cut conversion rates dramatically. Owners and intermediaries who do this work right see 3-5x more buyer engagement and a stronger eventual buyer pool at LOI. And if you want to talk to someone who already knows what each buyer type wants to see in those 90 seconds, we’re a buy-side partner — the buyers pay us, not you, no contract required.

Frequently Asked Questions

How long should a business sale teaser be?

1 page (8.5×11) for most LMM transactions. 2 pages acceptable for multi-vertical, multi-location, or highly differentiated businesses where the differentiation requires more space. Never exceed 2 pages — that’s a CIM, not a teaser. Total file size: a few hundred KB; PDF format for distribution.

What’s the difference between a teaser and a CIM?

Teaser: 1-2 page anonymized document sent to a wide list (50-300 buyers) without an NDA. Indicates industry, region, financial ranges, growth, key facts. CIM (Confidential Information Memorandum): 15-30 page detailed document sent under NDA to buyers who expressed interest in the teaser. Names the company, gives detailed financials, customer concentration, operations, management. Teaser is wide-net awareness; CIM is deep dive for committed buyers.

What investment highlights should I include in the teaser?

3-5 bullets covering: differentiation (what makes this business specifically attractive), financial strength (margin, growth rate with industry context), market position (share, competitive positioning), management or operational excellence (specific metrics or systems), and growth opportunity (specific identified opportunities, not aspirational). Each bullet should be specific, quantified, and externally-verifiable — not generic platitudes.

Should I show exact revenue and EBITDA in the teaser?

No. Use ranges (e.g., $15-20M revenue, $2.5-3.5M EBITDA). Exact numbers create identification risk in tight industries where buyers can match financials to specific companies. Ranges of 25-40% spread are typical and still provide enough information for buyers to filter for size thesis fit.

How should I anonymize geography in the teaser?

Use regional descriptors (Southeast, Pacific Northwest, Texas, Mid-Atlantic) rather than specific cities. Multi-state regions are usually safer than specific cities. Don’t name ‘Charleston, SC’ or ‘Tampa metro area’ — that’s identifying. For multi-location businesses, describe footprint generally (‘3 facilities across [region]’) without identifying specific cities.

How many buyers should I distribute the teaser to?

Sub-$10M EV deals: 50-150 buyers. $10-50M EV: 100-250. $50M+ EV: 200-400+. The list should be filtered for thesis fit (industry, size, geography, capital structure). Broader lists risk more leak exposure and waste attention; tighter lists may miss the right buyer. Most LMM deals fall in the 100-200 distribution range.

Where do I find buyers to distribute the teaser to?

Sources: intermediary’s proprietary buyer database (most LMM brokers and buy-side firms have one), industry-specific PE firm directories (PitchBook, S&P Capital IQ), search fund directories (Sutton Place, Search Funder), strategic acquirer mapping (industry trade publications, conference attendee lists), family office databases (FINTRX). Filter heavily for thesis fit before distribution.

What conversion rate should I expect from the teaser?

Target: 10-30% of recipients sign NDA and request CIM. Strong teasers in well-targeted distribution: 20-30%. Average: 10-20%. Below 10%: the teaser content or the buyer list needs work. Above 30%: tighten buyer-list filtering on next wave or focus management meetings ruthlessly post-NDA. Conversion rate is the key teaser-quality metric.

How do I prevent buyers from identifying my company from the teaser?

Use a project codename (Summit, Beacon, Ascent), regional geographic descriptors only, financial ranges not exact numbers, anonymized customer/supplier descriptions, anonymized employee count ranges. Test the teaser with a friendly reader in your industry: can they identify the company from the combination of facts? If yes, anonymize further. The mosaic test — do the individual facts combine to identify? — is the discipline.

Should I include forward projections in the teaser?

No, not in detail. The teaser shows trailing performance (revenue, EBITDA, growth rate) and a high-level forward indicator at most (e.g., ‘25% organic growth pipeline identified for FY2026’). Detailed forward projections belong in the CIM under NDA. The teaser’s job is to attract interest based on trailing reality, not aspirational forward numbers.

How do I handle the NDA process after teaser distribution?

Have a standard 2-3 page NDA ready before distribution (mutual confidentiality, non-circumvention, 18-24 month term, return/destroy provision). Send NDA to interested buyers within 24 hours of request. Accept reasonable buyer-side modifications without extensive negotiation. Send CIM within 24-48 hours of NDA execution. Speed signals process discipline.

What if my teaser conversion is below 10%?

Diagnose: was the buyer list mistargeted? Are the investment highlights generic? Is the financial framing wrong? Is the codename/tagline flat? Adjust the teaser content based on hypothesis and re-test on a different buyer slice rather than continuing low-conversion distribution. Common fixes: tighter industry filter, stronger differentiation in bullets, clearer growth-rate disclosure, sharper codename/tag.

How is CT Acquisitions different from a sell-side broker or M&A advisor?

We’re a buy-side partner, not a sell-side broker. Sell-side brokers represent you and charge you 8-12% of the deal (often $300K-$1M) plus monthly retainers, run a 9-12 month auction process, and require 12-month exclusivity. We work directly with 76+ buyers — search funders, family offices, lower middle-market PE, and strategic consolidators — who pay us when a deal closes. You pay nothing. No retainer, no exclusivity, no contract until a buyer is at the closing table. You can walk after the discovery call with zero hooks. We move faster (60-120 days from intro to close) because we already know who the right buyer is and what they want to see in the teaser.