Teaser

Definition

A teaser is a brief, typically anonymous summary document used by sell-side investment banks to gauge buyer interest in a potential acquisition target. It provides enough information about the company's sector, size, and key characteristics to determine fit, without revealing the company's identity. Interested buyers sign a non-disclosure agreement to receive the full CIM.

Context

In Ep. 23, Chris Reilly references the teaser-to-CIM conversion as a key metric that bankers track — specifically the progression from teaser distribution to NDA execution to CIM delivery. The evolution of the BD professional is partly defined by the shift from "teaser gatherers" (old model) to execution-experienced professionals who engage deeply with content rather than just collecting teasers.

Related Terms

• Confidential Information Memorandum — the detailed document that follows the teaser
• Sell Side — the party that distributes teasers
• Deal Flow — teasers are often the first touchpoint in a deal flow relationship