Blind Listing and Teaser

A blind listing (also called a teaser or anonymous profile) is a brief marketing document that describes a business available for sale without identifying it by name, location, or other details that would allow a reader to determine the seller's identity. It is typically one to two pages and is circulated by a broker to prospective buyers before any NDA is signed, with the goal of gauging interest and generating inquiries from qualified parties.

The teaser or blind listing typically includes: the industry and general business type, a geographic description limited to province or region, summary financial metrics (often revenues and EBITDA, sometimes normalized), the asking price or a price range, and a brief description of the opportunity and why it is attractive. Specific names — of the business, its customers, its locations, or its key employees — are omitted to protect the seller's confidentiality during the early marketing phase.

Once a prospective buyer expresses genuine interest after reviewing the blind listing, the advisor will request that they sign an NDA. After the NDA is executed, the buyer receives the full Confidential Information Memorandum (CIM), which identifies the business and provides the detailed financial and operational information required to form an offer. The progression from blind listing to NDA to CIM is a standard feature of professionally managed sale processes, designed to ensure that the seller's identity and sensitive business information are not disclosed to unqualified or uncommitted parties.

See also: CIM, NDA, Engagement Letter, Letter of Intent.