Definition. A short, blind summary of the business prepared by the seller's banker for initial buyer outreach. Typically two to three pages, identifies the sector, the geography, the rough financial profile, and the strategic rationale, without naming the company. Buyers who are interested sign an NDA to receive the full CIM.
The teaser is the first impression a buyer gets. The banker’s role here is to write a teaser specific enough to attract serious interest without revealing the seller’s identity. In tight sectors, a teaser is sometimes enough for an experienced buyer to identify the seller; in those cases, the banker manages the buyer outreach list carefully to avoid uncontrolled disclosure.
A weak teaser produces weak buyer interest and a thin process. A strong teaser produces competitive interest, which is the only mechanism by which sellers achieve their best outcome.