A teaser is an anonymised, confidential one to two-page presentation document circulated to potential acquirers at the start of a structured sale process — before NDA signature. It describes the target without naming it: sector, indicative size, financial profile and investment thesis. Its quality determines the conversion rate to signed NDAs and ultimately to indicative offers. The teaser must simultaneously generate strong buyer interest and maintain complete target confidentiality — a balance requiring precise sector description and compelling investment narrative without identifying details.

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Example: in the sale of a Franco-Swiss services group, Hectelion prepares a one-page teaser presenting: "B2B services group in France and Switzerland — revenues approximately CHF 25M — EBITDA margin >15% — 120 employees — market leader in niche segment — founding shareholder retiring." Distributed to 48 qualified potential buyers, it generates 18 information requests and 12 signed NDAs — the first indicator of the competitive process's success.

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Hectelion drafts teasers that capture the attention of the most relevant buyers while maintaining complete target confidentiality until NDA signature.