Are brokers or listing sites better for finding CIMs?

searcher profile

November 20, 2025

by a searcher from Johns Hopkins University in New York, NY, USA

Hi guys, How do you guys get access or come across cims? Do you just ask your broker or are there sites that just gives you cims? Sincerely, An Amateur Searcher
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commentor profile
Reply by a searcher
from University of New Mexico in Jackson, WY, USA
Hi ^redacted‌ Congrats on diving into search. As ^redacted‌ alluded to, places like BizBuySell, Acquire, and Axial act as a clearinghouse for a range of diverse listings (from individual business brokers, sellers, investment banks, etc.). Some of these sites have CIMS readily available after formally registering with them and--depending on the listing--completing either a blanket NDA or one specific to a particular listing and business broker. This can provide a great opportunity for simply understanding a diverse range of opportunities and assist with developing a basic understanding of various industries, relevant metrics, typical sales multiples, etc. In essence, it can be a way to get your fingers on the pulse of the market. Alternatively, you can reach out to business brokers on an individual basis (either about specific listings or to inquire if they have any listings that meet your target criteria) and request an NDA in order to receive a CIM for a particular offering.
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Reply by an intermediary
from Rochester Institute of Technology in Lakewood Ranch, FL, USA
As others have noted, accessing a Confidential Information Memorandum (CIM) almost always requires signing an NDA. Proceed with caution: some broker-drafted NDAs contain unusually restrictive clauses (e.g., overly broad non-compete or non-circumvent language) that can limit your future options. Always read every NDA carefully and have your attorney review it before signing. Never sign one on the spot. Public deal marketplaces (BizBuySell, BizQuest, etc.) are useful for discovering active brokers and getting a sense of the market, but the listings you see there are rarely the highest-quality opportunities (Axial being one of the exceptions). Top-tier deals are typically sold quietly through the broker’s existing network of pre-vetted, responsive buyers long before they are broadly marketed. Therefore, the real long-term value of these platforms is relationship-building: when brokers know you are qualified, responsive, and easy to work with, they will reach out to you first with newly mandated “pocket listings.” To source higher-quality off-market and lightly marketed deals: - Build direct relationships with reputable business brokers or middle-market brokers (depending on your target EV) in your target geography and industry. - Search the International Business Brokers Association directory (ibba.org) and the Alliance of Merger & Acquisition Advisors database for credentialed professionals (look for CM&AA, CBI, M&AMI designations). - Attend local/regional industry conferences and association events where brokers and sellers congregate. In short: treat public listings as a starting point for broker relationships, not as your primary source of premium deals. The best opportunities still flow through trusted private networks.
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