You know the old saying: You only get one chance to make a first impression.
Although this applies to quite a few areas of life and relationships, it is especially germane in the M&A world. If you are selling your company, you will need to approach your targets with an initial teaser, also known as the Confidential Business Profile (CBP) to make that first impression meaningful.
For the buyers on your list, this document is the initial introduction to your company. As such, it needs to provide enough detail to catch a professional buyer’s attention (keep in mind that they see hundreds of these annually), yet written so that you don’t disclose confidential details about your company.
At this point in the process, they will not have signed a Non-Disclosure Agreement (NDA). This is a very fine line to walk and is one reason why we highly recommend you hire an M&A advisory firm, like Generational Equity, to help you manage your exit journey.
But if you decide to forego the advantages of hiring us, here are some very helpful tips from our friends with Axial about creating an outstanding Confidential Business Profile, one that helps you stand out to buyers when selling your business.
Axial is an online community that connects business owners from start-ups to third generation companies with capital providers. To come up with these ideas on how to create a great Confidential Business Profile, they actually reviewed nearly 9,000 teasers that had been loaded by their clients on the site from 2012 - a pretty healthy sample size!
Here are a few of Axial’s findings for creating an exceptional Confidential Business Profile that will help you attract the attention of buyers when selling your business:
In addition to Axial’s analysis, based on our years of successfully creating great Confidential Business Profiles, we would add:
Hopefully by now you have a better understanding of how important your CBP can be in selling your company. Professional buyers are looking for teasers that have a standard format and that use specific keywords to convey meaning. They don’t like fluff and useless hyperbole. And above all, be accurate. Nothing can destroy a deal faster than data that is wrong.
If you would like to learn more about CBP creation and all the additional documentation you will need to market your company effectively, you should attend a complimentary Generational Equity exit planning conference soon.
These are designed to give you significant information that you can start to use right away to help sell your business for maximum value. Of course, we will also give you the chance to learn more about our services should you want to hire a professional M&A firm to represent you. The choice is yours, but we provide you with the information to run your exit process confidently.
If you are interested in attending or in just learning more about the conference, follow these links:
And remember as you create your Confidential Business Profile: be concise, accurate, and creative. This will help you attract the buyer interest your company deserves!
By Carl Doerksen, Director of Corporate Development at Generational Equity.
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