Teaser (M&A)
Definition
A teaser is the short, deliberately anonymous document a seller's adviser uses to test the market for a business without revealing its identity. Usually one or two pages, it summarises the sector, size, financial highlights and investment rationale in enough detail to interest a buyer but not enough to identify the company. Buyers who respond are asked to sign a non-disclosure agreement before receiving the fuller information memorandum. The teaser protects a seller's confidentiality — important when staff, customers and competitors do not yet know the business is for sale — while still reaching a wide buyer universe. A strong teaser leads with the qualities that command a premium, including the intangible assets a buyer cannot easily replicate, rather than headline revenue alone.
Complementary Terms
Concepts that frequently appear alongside Teaser (M&A) in practice.
A legally binding contract that establishes confidentiality obligations between parties sharing proprietary information. NDAs are essential tools for protecting trade secrets and other sensitive intangible assets during due diligence, partnership discussions, and employee onboarding.
The buyer universe is the full set of parties who might realistically acquire a particular business. It is usually grouped into trade buyers — competitors, suppliers, customers or adjacent companies that gain strategic value from the acquisition — and financial buyers such as private equity firms, search funds and other investors that buy for a return.
Further Reading
Related FAQ
How do I find a buyer for my business?
Map your buyer universe of trade and financial buyers, then reach them confidentially through an adviser using an anonymous teaser and, under NDA, a fuller information memorandum, ideally running a competitive process.
Read full answer →What is an information memorandum?
An information memorandum is the detailed document a seller's adviser prepares to market a business to buyers under NDA — financials, customers, team, growth and the assets behind the price.
Read full answer →Put this knowledge to work
Use Opagio's free tools to measure and grow the intangible assets that drive your business value.