Teaser (M&A)

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.

Proprietary deal flow is a stream of acquisition opportunities an acquirer reaches before they are openly marketed to the wider buyer universe. Instead of competing in an auction run by a seller's adviser, an acquirer with proprietary deal flow approaches owners directly, or is approached first, because of its reputation, relationships and focus in a sector.

Deal origination is the process of finding and initiating acquisition opportunities. For an operator or investor growing by acquisition, it covers defining the acquisition criteria, building and working a pipeline of potential targets, and opening conversations with owners — whether through intermediaries such as brokers and corporate finance advisers, or directly and off-market.

A management presentation is the session, and accompanying deck, in which the leadership of a business being sold presents it to a serious buyer during due diligence. It goes beyond the information memorandum: management talk through the strategy, the numbers, the customer base, the team and the growth plan, and answer the buyer's questions directly.

Heads of terms (also called a letter of intent or memorandum of understanding) is the short document that records the main commercial terms a buyer and seller have agreed in principle before formal contracts are drafted. It typically covers the headline price, the deal structure (a share sale or an asset sale), any earn-out, the conditions to completion, and an exclusivity period during which the seller agrees not to talk to other buyers.

Confidential business information that provides a competitive advantage, including formulas, processes, methods, customer lists, and supplier terms. Unlike patents, trade secrets are not publicly disclosed and are protected through confidentiality agreements and security measures rather than registration.

Creations of the mind that are legally protected, including patents, trademarks, copyrights, and trade secrets. IP is a critical intangible asset category for technology and innovation-driven firms and can be licensed, sold, or used as collateral for financing.

How to Find a Buyer for Your Business

How the teaser opens the sale process.

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.

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.

Should I use a business broker or an M&A adviser?

It depends on size and complexity. Business brokers typically suit smaller, simpler sales; corporate finance or M&A advisers suit larger or more complex deals and run a competitive process.