Key Insight
The CIM is the seller's best case. Read it to understand what they want you to believe — then build your own independent view from the underlying documents.
What the CIM Contains
A broker-prepared CIM typically includes:
- Executive summary: Business overview, investment highlights, ask price
- Business description: History, products/services, customer base, geographic footprint
- Financial summary: 3-year revenue, SDE/EBITDA trend, TTM performance
- Operations overview: How the business runs day-to-day, team structure, technology
- Market and competition: Industry context, competitive position, growth narrative
- Growth opportunities: What a buyer could do with the business
- Transaction overview: Deal structure, asking price, seller's timeline
How to Read a CIM
Look for what's missing, not just what's there. A CIM that doesn't mention a major customer by name — just "Customer A represents 32% of revenue" — is signaling concentration risk. A CIM with no mention of key employees is flagging dependency. Absence of information is information.
Verify the financial summary independently. The CIM's EBITDA number reflects the broker's add-back choices. These add-backs may be aggressive. The first step of financial due diligence is rebuilding the financial summary from raw documents.
Don't fall in love with the growth story. Every CIM includes a growth opportunities section. Sellers don't leave growth on the table — if the opportunity were obvious and executable, the current owner would have captured it.
Teaser vs. CIM
Before signing an NDA, buyers typically receive a teaser — a 1-2 page anonymous summary that describes the business without identifying it. Upon NDA execution, the full CIM is released. The teaser is designed to generate interest; the CIM is designed to support an offer.
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