Blog

This Greg Carpenter Interview explores his journey in mergers and acquisitions (M&A), insights on business exits, and the skills that make a successful advisor. Business owners will find practical advice on preparing for sale, building trust, and navigating today’s competitive M&A landscape.

If you own a construction trade business — whether in HVAC, plumbing, electrical, roofing, or specialty contracting — you’ve probably noticed that your industry is busier than ever.

In today’s M&A environment, not every company is going to command “headline” valuations. The HVAC industry is a great example of why — and it offers lessons for business owners across many sectors.

In the fast-paced world of mergers and acquisitions (M&A), no two businesses are the same. Whether you’re running a tech startup, a manufacturing powerhouse, a healthcare provider, or a retail chain, each industry comes with its own set of challenges, regulations, and value drivers. That’s why industry-specific expertise in M&A advisory isn’t just a nice-to-have — it’s a critical factor that can make or break your deal.

Selling a business is a major milestone, and choosing the right market timing in mergers and acquisitions (M&A) can significantly impact your business valuation and final sale price.

When you sell your business, numbers like revenue, EBITDA, and asset value may grab attention—but they rarely tell the whole story. Often, the real profit potential lies in hidden value that buyers might overlook without the right presentation.

When it comes to selling your business, there’s one powerful strategy that can dramatically increase your chances of securing the best deal—yet most sellers completely overlook it: competitor mapping in M&A.

70% of M&A deals collapse before closing — often because sellers overlook critical red flags.When you’re preparing to sell your business, every detail counts.

75% of the revenue is repeating: The Company mostly produces the same parts for the same customers, year after year.

Introduction:   Your Business Deserves the Right Story—Are You Telling It Well?      You’ve spent years building your business. Now, you’re ready to sell. But here’s the truth: even the most profitable companies can fail to attract serious buyers if they don’t present themselves correctly. That’s where the Confidential Information Memorandum (CIM) makes all the difference. The CIM isn’t just a collection of data—it’s your business’s first impression during the mergers and acquisitions (M&A) process. It’s your opportunity to showcase your company’s value, competitive advantage, growth potential, and operational strength in a format that builds buyer confidence and sets the stage for a premium deal. In this selling a business guide, we’ll walk you through how to create a powerful CIM for selling your business, covering the structure, best practices, and key elements that attract serious buyers and increase your chances of a successful sale. Why Every Seller Needs a CIM: A Core Step in Any Selling a Business Guide   A Confidential Information Memorandum (CIM) is a key document in the business sale process. Often created by the seller or their M&A advisor, the CIM presents a detailed overview of your business to serious, qualified buyers—typically after they’ve signed a non-disclosure agreement (NDA). Think of it as your business’s resume—crafted not just to inform, but to impress. What Does a Confidential Information Memorandum (CIM) Include?   A strong CIM covers all the critical elements a buyer needs to assess your business’s value and growth potential. It typically includes: Company Overview – History, mission, and vision of the business Financial Performance – Historical financials, EBITDA, and future projections Products or Services – Core offerings and revenue contributors Market Position – Industry landscape, competitors, and USP Growth Opportunities – Expansion potential, new markets, or untapped revenue streams Risks – Any operational, legal, or financial risks buyers should be aware of Management & Team – Organizational structure and leadership strength Why It Matters   Buyers use the CIM to evaluate whether your business aligns with their investment strategy or acquisition goals. A well-crafted CIM builds buyer confidence, speeds up decision-making, and increases your chances of receiving competitive offers. How to Craft a Winning Confidential Information Memorandum (CIM):    Crafting a compelling Confidential Information Memorandum (CIM) isn’t just about listing facts—it’s about telling the story of your business in a way that builds buyer confidence, highlights opportunity, and inspires action. Here’s what every high-impact CIM should include 1. Executive Summary: Your Business Pitch in a Snapshot   The executive summary sets the tone for everything that follows. It’s your business’s elevator pitch—concise, persuasive, and packed with vision. This section should introduce what your company does, why it’s valuable, and where it’s headed. Highlight recent financial performance, any growth momentum, and what type of buyer you’re seeking—whether it’s a strategic acquirer, private equity firm, or individual investor. Use engaging and confident language; this is the first impression, and it should make them want to read more. 2. Company Overview: Showcasing Your Journey and Identity   Buyers want to know not just what you do, but who you are. The company overview should outline your founding story, key milestones, current ownership structure, locations, and any major achievements. Humanize the narrative—investors invest in people as much as numbers. Demonstrate passion, resilience, and purpose. A clear overview here sets a strong foundation for deeper engagement. 3. Products and Services: What You Sell and Why It Matters   This is where you highlight what your business offers and how it stands out. Describe your core products or services, the percentage of revenue each contributes, and what makes them unique. Do you have proprietary technology? Trademarked processes? Long-term contracts or exclusive distribution rights? Showcase your competitive moat—buyers are drawn to businesses with strong, defensible offerings. 4. Market and Industry Analysis: Positioning for Growth   This section demonstrates your understanding of the market and your place within it. Share insights on industry size, current trends, growth potential, and who your target customers are. Discuss your main competitors and how you differentiate. Supporting your claims with data from market research reports or third-party sources enhances credibility. Position your business as not just a player—but a leader or emerging force within the space. 5. Financial Performance and Forecasts: The Numbers That Matter   The financial section is often the most scrutinized part of any CIM. Include clean, well-organized financial statements from the past 3–5 years—highlighting key metrics like revenue, gross profit, net income, and adjusted EBITDA with appropriate add-backs. Clearly explain any anomalies or seasonality. Then, share your financial projections, along with the assumptions behind them. Accuracy is key—consider having these numbers reviewed by a financial advisor to ensure buyer trust. 6. Growth Opportunities: What’s Next for the Business   This is your chance to show potential buyers how they can take the business to the next level. Present 3–5 scalable growth strategies that are realistic and well-aligned with your business model. These could include market expansion, new product development, cross-selling, operational efficiency, or digital transformation. Highlight opportunities that are low-risk but high-impact—investors love a clear path to ROI. 7. Customers and Revenue Mix: Understanding the Source of Your Success   Buyers want insight into your customer base and revenue reliability. Outline your top customers, their contribution to revenue, and the breakdown across products or services. Include retention rates, contract terms, and how you manage customer concentration. Show that your revenue is not only strong, but stable and repeatable. 8. Team and Organizational Structure: The People Powering the Business   Behind every successful business is a great team. Use this section to highlight key leaders, their roles, and what makes them an asset. Include an organizational chart and share how you plan to retain talent post-sale. Buyers are more confident when they see operational continuity through a capable and committed team. 9. Risk Factors and Mitigation: Building Buyer Trust Through Transparency   Every business has risks—and smart buyers know it. This section should candidly discuss any potential risks, such as industry challenges, regulatory hurdles, customer dependencies, or supply chain concerns. More importantly, show how you’ve planned