What's in a CIM
A well-prepared CIM presents the business compellingly while being accurate enough to survive due diligence scrutiny. Standard sections:
- Executive summary — Investment highlights, business snapshot, transaction overview
- Business overview — History, products/services, operational model, customers, geographic reach
- Financial overview — 3–5 years of historical financials, adjusted EBITDA bridge, and projections
- Growth opportunities — Organic and M&A upside the buyer can pursue post-close
- Management team — Bios, tenure, roles, succession plan
- Market overview — Industry size, trends, competitive landscape
- Transaction overview — Process timeline, bid instructions, contact information
CIM vs. Teaser
Before the CIM, buyers receive a one- to two-page teaser — an anonymous summary that describes the business by sector, size, and investment highlights without identifying the company. Interested buyers sign an NDA to receive the full CIM. This two-step process protects seller confidentiality: competitors, employees, and vendors never know the company is for sale unless they've signed an NDA.
What Makes a CIM Good
The CIM is the first real impression buyers form. A weak CIM lowers the quality of offers received. A strong CIM:
- Tells a coherent growth story that makes the company interesting to multiple buyer types
- Presents the EBITDA bridge clearly so buyers can model the acquisition confidently
- Addresses likely buyer concerns proactively (customer concentration, key person risk) rather than hiding them
- Creates urgency through a defined process timeline and bid deadline
Confidentiality and NDA
Every buyer receiving a CIM has signed a Non-Disclosure Agreement (NDA) — typically mutual, covering all information disclosed during the sale process. The NDA prohibits buyers from sharing the information with third parties and from contacting the company's customers, employees, or vendors without permission. Violation of an NDA is a serious breach with real legal consequences.
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