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Marketing is where competitive tension is created. Price depends on each buyer’s view of the company, but it is usually strongest when more than one credible buyer is engaged on the same timetable. The work in this phase is to reach the right buyers, qualify them quickly, and bring their proposals in on the same timetable.

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What happens

1

Buyer list approved

We propose the buyers to approach, grouped by type, and you approve the list. Nobody is contacted until you do.
2

Outreach and NDAs

We send the anonymous teaser. Buyers who want to learn more sign a non-disclosure agreement before they receive the company’s name or any detail.
3

CIM released to qualified buyers

Buyers under NDA who can realistically complete a transaction receive the confidential information memorandum. Some will have introductory calls with management.
4

First-round proposals

Buyers submit proposals by the date in the process letter. They may arrive as an indication of interest, a letter of intent or a term sheet. We compare them side by side for you.
5

Second-round buyers selected

You choose which buyers go through to the second round, with our recommendation.
Once marketing begins, the Buyer Activity page of your portal shows progress: buyers contacted, NDAs signed, CIMs sent, management calls held, proposals received, and buyers who have passed, each with a short reason.

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Different buyers, different reasons

The same company can be worth different amounts to different buyers, because they pay for different things. See Types of buyer for how each one behaves in a process.

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What we need from you

  • Review the buyer list carefully. Flag competitors, partners and customers who should be excluded or approached with particular care, and anyone you would not want to sell to.
  • Keep the business performing. Buyers will compare your results during the process with the forecast in the CIM.
  • Be available for introductory calls, usually short conversations with the buyers most likely to make strong proposals.
  • Keep the process confidential within the small group who know about it.

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What can go wrong

A list built around a handful of favorites can leave you with one serious proposal and little to compare it against. See Types of buyer.
An early offer with a short deadline can pressure you before other buyers are ready. The process letter sets one date so proposals can be compared fairly.
Rumors can unsettle employees and customers. NDAs, an anonymous teaser and a small inside group reduce the risk.
Buyers follow your monthly results. A shortfall explained early, with its cause and what you are doing about it, is easier to manage than one buyers discover for themselves.