Definition. The detailed document prepared by the seller's banker that describes the business to prospective buyers. Typically 40 to 80 pages, covering business history, products and services, markets and customers, operations, management team, financial performance, growth opportunities, and the rationale for the transaction. The CIM is the seller's primary marketing document and the buyer's first detailed read of the business.
A well-written CIM tells a story the seller could not credibly tell about their own business. The banker’s value here is partly editorial discipline (what to highlight, what to underweight) and partly compliance with the conventions a sophisticated buyer expects. A CIM written by the founder or by an inexperienced banker is often a tell that the seller is not running a serious process.
Buyers receive the CIM only after signing a non-disclosure agreement. The teaser (a shorter blind document) is what circulates first; the CIM follows for buyers who have shown serious interest and signed NDA.