Very interesting question. I have been confronted with this topic in the past. I had proposed a potential M&A opportunity internally. The target was a start-up company with a complementary and very interesting technology.
What I can recommend is to quickly put the decision-makers on both sides in contact with each other, so that they feel comfortable with the idea of an M&A and thus a collaboration for years and to put an agenda on the table, with a clear deadline.
I don’t have a template to propose. In my case, I used the business plan of the target company to start the process.