Others are mundane, and it takes months to find a buyer. The offering memorandum has data that reveals when it was written. It can be rewritten, but in practice that seldom happens. Buyers can see how long the business has been on the market by the age of the offering memorandum. A business plan can substitute for an offering memorandum.
Companies raise venture capital by showing potential investors their business plans.
A business plan is especially appropriate for someone unwilling to list a company for sale openly. An offering memorandum suggests you expect to sell the business within the next several months. A business plan sends no such message, and it does not have to be prepared in secret. If a buyer picks up a business plan six months after it was written, it has no special significance. This could be supplemented by a short letter with some key facts not in the plan, such as details of ownership.