An executive summary is a short summary document, normally one to three pages, that is sent to potential investors — often those investors are accredited investors — in a private company that is soliciting investment. The executive summary sets forth in brief the material facts relevant to the offering to the investors, including the company’s business history, financials, and a list of key persons, amongst other items. the executive summary often also summarizes items set forth in the company’s business plan and the private placement memorandum (PPM) that is also provided to the same investors, as part of a larger investor packet. Companies raising capital typically have these materials prepared by their lawyers, and they work with their lawyers to ensure that all statements in all of the materials, including the executive summary, are accurate, and that there are no material misrepresentations or omissions, which is a key phrase to be cognizant of in securities law. Each investor receives his or her own packet of materials, and the lawyer or company that handles the distribution of investor packets ensures to keep a record as to which investor received which specific packet of materials. Companies seeking to raise capital should be careful not to distribute executive summaries to potential investors without first having them closely reviewed and analyzed.