What Is Teaser Document? | Agency M&A Definition
A teaser document is a brief, anonymized summary of a business that is shared with prospective buyers early in the sale process to gauge interest without revealing the company’s identity. Typically one to two pages, it highlights key financial metrics, market position, and growth potential while keeping the agency’s name, clients, and location confidential.
Teaser Document in Agency M&A
When selling a marketing agency, the teaser document is your first impression with potential buyers — and in M&A, you do not get a second one. The teaser is distributed before a prospective buyer signs a non-disclosure agreement, so confidentiality is paramount. A well-crafted agency teaser includes the agency’s service offerings described generically (e.g., ‘full-service digital agency specializing in paid media and analytics’), revenue range rather than exact figures (e.g., ‘$2-3 million’), approximate EBITDA margins, number of employees, client industry verticals without naming clients, geographic region, and years in operation. It should not include enough detail for a competitor or employee to identify the agency. The teaser’s purpose is to generate enough interest that qualified buyers request further information and sign an NDA, at which point they receive the full confidential information memorandum. Agencies with a differentiated positioning — say, a healthcare marketing specialty or proprietary technology — can communicate this in the teaser without revealing identity. A strong teaser for a $2 million agency typically generates interest from 15-30 potential buyers, of which 8-15 will sign NDAs to learn more.
How Teaser Document Affects Agency Valuation
The teaser document itself does not set the price, but it shapes the pool of buyers who compete for the deal, which directly influences final valuation. A compelling teaser that highlights strong margins, recurring revenue, and growth trajectory attracts more qualified buyers and creates competitive tension. Agencies that emphasize retainer-based revenue (which signals stability) and growing EBITDA margins in their teaser consistently attract 40-60% more interested buyers than those presenting flat or project-heavy revenue profiles. More interested buyers mean more offers, and competitive dynamics can push the final multiple up by 0.5-1.0x EBITDA. Conversely, a poorly written teaser that buries the compelling metrics, includes too much detail (making the agency identifiable), or reads generically fails to differentiate the opportunity. Some sellers shortcut the process and skip the teaser entirely, going straight to the CIM — but this limits the buyer pool and sacrifices the filtering step that protects confidentiality.
Example
A conversion rate optimization agency with $1.9 million in revenue and 28% EBITDA margins prepares a one-page teaser. It reads: ‘Established digital consultancy specializing in conversion optimization and experimentation for e-commerce brands. 8+ years in operation, 22 employees, with 75% recurring retainer revenue. Revenue: $1.5-2.5M range. EBITDA margins: 25-30%. Strong YoY growth with 90%+ client retention. Southeastern US location. Seeking strategic buyer for full acquisition.’ The teaser is distributed to 45 pre-qualified buyers sourced from a broker’s network. Twenty-two request more information and sign NDAs. After reviewing the full CIM, nine submit indications of interest, ultimately driving a competitive process that yields a final sale price of 6.2x EBITDA — above the initial target of 5.5x — because multiple buyers bid aggressively for the high-retention, high-margin profile the teaser highlighted.
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