The Confidential Business Review (CBR) — also called a Confidential Information Memorandum (CIM) or Offering Memorandum — is the comprehensive document your broker prepares to present your business to potential buyers. It is the first detailed document a buyer receives after signing an NDA, and its quality directly affects buyer confidence and interest level.
What a CBR Includes
A well-prepared CBR includes: a business overview with history, location, and service description; a financial summary with three years of SDE recasting and current year performance; an operations overview describing the business model, staff, and key customer relationships; market and competitive positioning; a facility and equipment summary; and an asking price with rationale. For some businesses, industry-specific sections (patient census for medical practices, maintenance contract summary for HVAC businesses) are added.
Why CBR Quality Matters
Buyers review multiple businesses simultaneously. A CBR that is clear, professional, and well-organized moves faster toward an offer than one that is confusing, incomplete, or defensive. The goal is to answer the buyer's core questions — what is this business, why is it profitable, and will those profits continue — with confidence-building documentation that supports rather than obscures the story.
As the seller, review your CBR carefully before it goes to buyers. Every statement in the document is a potential representation — factual accuracy matters. Your broker should also include a disclaimer noting that all information is as provided by the seller and buyers should verify through their own due diligence.