Business sale teaser, CIM and valuation, ready before the first buyer call
Smart Deck builds the documents a business sale runs on: the valuation, the teaser, the confidential information memorandum (CIM) and the data room. Buyers see the anonymous teaser first, and the full numbers only after they sign the NDA.
For owners selling a business, and the advisors who sell for them. From $4,000.
What you get
What you get
Built from one model of the business, so every document shows the same numbers.
What the business is worth
A one-page anonymous teaser
A CIM or buyer deck
A data room on one private link
Sample Smart Decks for made-up companies. See the business sale samples →
The order
The order buyers see them in
Each step tells a buyer a little more. Names and numbers come only after the NDA.
- Step 1
Teaser
The buyer learns what the business does and why it's for sale. No name. - Step 2
NDA
The buyer signs before they learn who you are. - Step 3
CIM and model
The buyer learns the name, the history, the customers and the detailed numbers. - Step 4
Data room
The buyer checks the contracts, the accounts and the numbers behind the CIM. - Step 5
Offers
The buyer prices the business, often in a letter of intent.
Teaser vs CIM
| Teaser | CIM | |
|---|---|---|
| Length | One or two pages | A full document or a buyer deck |
| Named or anonymous | Anonymous | Named |
| Before or after the NDA | Before | After |
| What it contains | Sector, region, size, headline numbers and the reason for the sale | History, products, customers, team, detailed financials and the growth case |
| Who reads it | Every buyer on the list | Only the buyers who signed the NDA and want to go further |
In the UK the CIM is often called an information memorandum, or IM. It's the same document. Read our guide to the one-page investment teaser.
Valuation
What your business is worth
Buyers price most private businesses on a multiple of earnings. The work is in getting the earnings right.
We use four methods and show where they agree. An earnings multiple is usually the main one: adjusted EBITDA times a multiple for your sector and size. We check it against a revenue multiple, a DCF (the cash the business will make, valued today) and comparable sales of similar businesses.
Adjusted EBITDA starts from your accounts and adds back costs a new owner won't carry, like an owner's salary above what a manager would cost. The price also assumes a normal level of working capital stays in the business. Leave less and the price comes down. Your accountant advises on the tax side of the sale.
| Step | Amount |
|---|---|
| Reported EBITDA | $1.0M |
| Add back owner's salary above a manager's pay | +$0.2M |
| Adjusted EBITDA | $1.2M |
| Value at a 4x multiple | $4.8M |
| Value at a 6x multiple | $7.2M |
So this business is worth about $4.8M to $7.2M before working capital adjustments. Where it lands in that range depends on the buyer and on how well the CIM makes the case. See how we pick comparable companies for a valuation.
Who does what
Broker, M&A advisor or us
We don't find buyers. If you need buyers, you need a broker or an advisor, and they can use our documents.
| Finds buyers? | Writes the documents? | Typical fee | Best for | |
|---|---|---|---|---|
| Business broker | Yes | Usually | Commission on the sale price | Smaller businesses sold to individual buyers |
| M&A advisor | Yes | Yes | A retainer plus a success fee | Larger businesses sold to companies or private equity |
| Doing it yourself | You do | You do | None | Owners who already know the buyer |
| Smart Deck | No | Yes | A fixed fee, no success fee | Owners who know their buyers, and brokers or advisors who want the documents built |
Brokers and advisors who want the documents under their own brand can work with us white-label.
Confidential
Keeping the sale quiet
Staff and customers shouldn't hear about a sale before you're ready. So nothing that names the business leaves until a buyer has signed.
- The teaser is anonymous, with no name or logo a reader could search for.
- The CIM, the model and the data room sit behind a password.
- Every page we publish for a company is kept out of search.
- Buyers sign the NDA before they learn your name. We sign yours before you send us anything.
Read our case study on data room mistakes to avoid, and how a deck and a data room split the work.
Price
Price and timing
From $4,000, up to about $10,000 by scope, as a fixed fee with no success fee. We quote after the first call, before any work starts. What moves the price: the number of entities, the state of the books, the size of the data room, and whether you need a CIM as well as a buyer deck. See the full pricing page.
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Questions
Questions owners ask
What is the difference between a teaser and a CIM?
A teaser is one or two pages with no company name, sent to many buyers to see who's interested. A confidential information memorandum (CIM) is the full document, with the name, the history and the detailed numbers, and a buyer only gets it after signing an NDA.
How much is my business worth if I sell it?
Most small and mid-sized businesses are valued on a multiple of adjusted earnings, checked against revenue multiples, a DCF and comparable sales. The multiple depends on the sector, the size, how much the business depends on you and how steady the earnings are. We build the valuation and show the methods behind it.
Can I sell my business without a broker?
Yes, if you can find the buyers yourself, for example a competitor or a supplier. You'll still need the documents a buyer reads, and that's the part we build. If you need someone to find buyers, you need a broker or an M&A advisor.
Do you find buyers for my business?
No. We build the documents. A broker or an advisor finds buyers, and they can use our documents.
How long does it take to prepare a CIM?
It depends most on how ready your books are. Clean accounts and a few years of history move faster than numbers we have to rebuild. We give you a timeline with the quote, after the first call.
More
Other ways we work
Ready when you are
Get your sale documents built.
Start with a call about the business and who might buy it.