The document a buyer reads after signing a confidentiality agreement. It presents the business, its market, its operations, its customers in masked form, and its normalized financials.
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A good memorandum does one job: it lets a serious buyer decide whether to pursue the company and what to pay, without wasting either side's time. That means it is specific rather than promotional. Capability, capacity, equipment detail, quality systems, customer relationships described by industry and tenure rather than name, normalized financials with the add-backs explained, and an honest treatment of risks, because a risk disclosed up front is a negotiation point while a risk discovered in diligence is a price reduction. Alongside it sits a blind profile, a one-page teaser with no identifying detail, used to approach buyers before a confidentiality agreement is signed.