The buyer package: what to send, when

Sequence matters as much as content. Sophisticated buyers expect information in stages, gated by their commitment.

Stage 1, Blind Teaser (sent to anyone with an inquiry):

- 1 page. PDF. No business name.
- Headline metrics: MRR, account count, recurring %, tenure, geography (region not city), included assets, asking price (or "asking 11–13x trailing recurring").
- Reason for sale (one sentence).
- Process and contact: "Buyers should sign mutual NDA to receive detailed financials and account-level data."

Stage 2, After signed NDA & buyer profile (5–10 days into engagement):

- Detailed Confidential Information Memorandum (CIM): 8–15 pages.
- 24-month MRR chart, recurring vs one-time, churn analytics.
- Account count by ticket band, by zip code, by tenure.
- Equipment & vehicle list, software stack, included intangibles (brand, domain, phone number).
- Operating model: routes, schedule, staffing, vendor relationships.
- Year-end tax returns or financial statements.
- Owner add-back schedule (with one-line justifications per add-back).
- Transition plan and seller availability.

Stage 3, After serious buyer interest & verbal range alignment:

- Account list with NAMES REDACTED but IDs, zip, monthly rate, billing method, tenure, service day.
- Bank statement summaries (categorized).
- Merchant processor monthly statements (the most unforgeable proof of recurring).

Stage 4, After signed LOI:

- Full account list with names and addresses.
- Equipment serial numbers, titles, registrations.
- Customer contracts (HOA, commercial), if any.
- Vendor contracts and software subscription details.
- Insurance certificates and any claims history.
- Any litigation, complaint, or regulatory matter from the past 3 years.

Stage 5, Closing:

- Final reconciliation: account list as of close, MRR snapshot, any cancellations or rate changes since LOI.
- Bill of Sale, transferred titles, software handover, password vault.

The "data room" approach. For deals over ~$200k, set up a simple shared folder (Google Drive, Dropbox, or a deal room tool) with view-only access by stage. Log who sees what and when. This protects you legally and makes diligence faster for serious buyers.

Honesty wins price. Every "surprise" the buyer finds during diligence costs you trust and dollars. Disclose known issues upfront in the CIM, "Account #7 has been on a rate dispute since June; we recommend resolving before close." A disclosed concern is a footnote; a discovered concern is a renegotiation.

Templates for the NDA, teaser, CIM cover, LOI, and seller disclosure are in the Library. As always, treat them as starting points and engage your own counsel.