The adviser first prepares a broad long list of strategic buyers, financial investors, family offices and, where relevant, management candidates. It draws on databases, sector knowledge and transaction history. Each candidate is then assessed for fit, financial strength, acquisition experience and synergy potential.
For the seller, the short list is a strategic decision. It determines who learns about the sale. Direct competitors, key customers or suppliers can be placed on exclusion lists. A list that is too short weakens competition, one that is too long increases the risk of indiscretion.
In practice, the short list is approved name by name together with the owner. Depending on the sector, it often comprises between 20 and 60 names. Foreign buyers are frequently included because they can pay higher prices for market access.
Example
Hypothetical example: The long list for a logistics service provider contains 150 names. After assessment, 45 remain on the short list: 25 strategic buyers, 15 financial investors and 5 family offices. The owner puts three direct competitors from the region on the exclusion list.
Long list vs. short list
| Feature | Long list | Short list |
|---|---|---|
| Size | Often over 100 names | Usually 20 to 60 names |
| Selection | Broad, by criteria | Prioritised, approved by the owner |
| Next step | Assessment | Sending the teaser |
Sources
- KfW-Mittelstandspanel: Nachfolge-Monitoring Mittelstand (KfW Research Fokus Volkswirtschaft Nr. 526, Januar 2026), KfW Research
- Statistik Deutschland: Investitionen, Fundraising und Exits am deutschen Beteiligungsmarkt, Bundesverband Beteiligungskapital (BVK)