Plan your exit to prevent a sticky end
退出计划, 未雨绸缪
作者: Luke Johnson 选自英国>
译者: 爱尔兰都柏林大学 赖小琪
Even entrepreneurs are mortal. So they need to think hard about eventually selling or passing on their business. These days the professionals call this exit planning. It sounds morbid, but is a necessary process if you want to maximise the proceeds from a disposal. There are even grandly named Certified Exit Planning Advisers who can offer technical assistance. But the core issues facing any private company owner are easy to identify, without any expert help.
企业家也是凡人, 终究难逃一死. 因此, 他们需要在生前认真考虑在他们离开以后企业将何去何从, 究竟是出售还是转交给下一个接班人. 现代社会, 人们对这种决策取了一个专业的称谓, 叫退出计划. 这听起来有点让人不太自在, 但是, 如果你想获取企业处置的最大收益, 这是一个必要的程序. 甚至现在还有专业的人士, 美其名约 “认证退出计划顾问”, 专门为企业家提供技术上的帮助. 但是一般来讲, 私营企业家可以很容易地发现公司存在的一些核心问题, 而不需要任何专业的帮助.
Perhaps the most important question is: when do you want to sell? Retirement for the self-employed can be a voluntary choice, but illness, exhaustion, divorce and partnerships unravelling can force a decision. Ideally the timetable should belong to the owner, who can then pick a moment to enhance the value, and to suit their lifestyle. Of course if the company is being transferred to younger family members or staff, then optimisation is likely to be a better word – a fair distribution all round, taking into account relative contributions and needs. Either way, preparation is a good idea – because a business is not an inanimate asset like a house, but a dynamic construct that is extremely vulnerable if neglected.
现在最关键的问题可能是: 你什么时候想把企业出售? 退休时可能是一个自愿的选择, 但是疾病, 疲惫,离婚以及合作关系的解体都可能迫使你做出出售企业的决定. 理想的情况下, 这个关键的时刻应该让企业家们自主选择, 他们可以挑一个最有利的时机, 来提高公司的价值以及适应他们的生活方式. 当然, 如果公司被移交给一个更年轻的家族成员或者员工, 那么最优化或许是一个更好的词汇— 一种公平全面的分配, 将相对的贡献与需求均考虑在内. 因为企业并不是像房子那样毫无生气的资产,相反, 它是一个有活力的构架, 一旦被忽视, 就极其容易受到破坏.
Most founders are proud of their creations, and would much prefer to see them prosper in the future, almost as a form of legacy. Entrepreneurs might pretend to have no emotional attachment to the business they spent perhaps decades building, but often I have found that impression to be false. These owners have strong bonds to their employees, customers and suppliers, and a passion for their products and markets. That intensity of involvement means making sure that if possible the business ends up in the hands of appropriate shareholders – rather than it being broken up, over-borrowed or run by the wrong management. I have frequently seen owners turn down higher offers from their obvious corporate rival because they cannot bear to sell out to a bitter competitor who will gut their business.
很多企业家都为他们创建的企业感到自豪, 同时也非常希望看到他们的企业在未来可以蓬勃发展, 就好像是他们留下的一种遗产一样. 企业家们可能对他们数十年来打造的企业装作毫不在意, 但是我发现这种表象其实是假的. 这些企业家对他们的员工, 顾客以及供应商都有着深厚的感情.他们如此尽力地经营企业, 无非是想尽可能地保证企业最后可以转交到合适的股东手中, 而不是被拆分, 过度借贷或者落入错误的管理层之手. 我经常会看到一些企业家拒绝他们同行竞争者的一些高价收购, 因为他们无法忍受把企业出售给一个强劲的对手而让自己的企业被完全掏空.
Structuring the right deal with sons or daughters (or in situ management) is fraught with complications. Blood ties can make the negotiations even more contentious than usual. As ever, the question is not simply one of price, but whether the offer is all cash up front, or partly deferred – and whether that is contingent or guaranteed. Tax is always a factor, but should never distort the underlying economics. In this era of super-low interest rates, and constrained bank lending, perhaps the most ingenious way to organise a disposal is through a seller note. This can allow the vendor to receive a sensible income, while enabling the buyer to fund the transaction.
与子女(或者现任管理层)达到恰当的交易充满了复杂性. 血缘关系会让谈判变得异常激烈. 一如从前, 问题的关键并不仅仅是价格的问题, 而是视乎出价是否全部现金预付, 或者部分延期支付, 以及出价是有条件的还是得到担保的. 税收向来是一个考虑因素, 但这不能扭曲根本的经济因素. 当下, 利率空前低下, 银行放贷紧缩, 最巧妙的企业处置手段可能是通过卖家期票完成. 这可以让卖主得到一笔可观的收入, 同时也可以让买主有足够的资金来完成交易.
I am not convinced specialist brokers are necessary to advise on the conveyance of a business between one family generation and the next, although lawyers will be required. But when it comes to selling out to third parties, many owners seek the counsel of M&A advisers. Some of them are excellent, a few are rogues, but none works for free. I expect them to only bill on results – this motivates them to deliver. Do not choose a selling agent based only on the promise of a higher price; this can be a tactic to secure a mandate, without the necessary follow-through. If you want a broker, I recommend using one you trust, who has handled similar tasks before, and who can supply solid references.
我并不认为, 在家族两代人交接企业的问题上需要专业的经纪人来提供建议, 但是律师还是必须的. 然而当涉及到将企业卖给第三方时, 很多企业家会寻求并购顾问的建议. 这些顾问有些很优秀, 有些则很流氓,而他们全都不为会你提供免费的工作. 我希望可以按照他们的成果来付费, 这可以激发他们最后达到某种结果. 不要仅仅基于卖价更高来选择出售代理, 因为这可能是一个他们想获得授权的一种策略, 过后就没有了下文. 如果你需要聘请一名经纪人, 我推荐你聘用那些你信任的,同时也处理过类似工作并且可以提供可靠参考信息的人.
If a business is to be sold to an outsider, then you should consider who the best buyer is, and what they might be willing to pay. Due diligence will be more onerous, and the whole affair is likely to take much longer, because the purchaser will assume caveat emptor applies. Usually when I receive prospectuses for private companies there are adjustments to the profit figures, adding back certain non-recurring items like the owner’s salary. The price is meant to be a multiple of this number. Such devices can cause disagreements. And if you overstate the profitability of your business, then unless you find a dumb buyer, there will be a price reduction once the truth comes out.
如果企业将要被出售给一个外部人士, 那么你就需要考虑谁才是最佳的买家以及他们愿意支付什么价格. 调查工作将会更加繁重, 同时整个出售过程将会更加漫长,因为买家会认为 “货物出门, 概不退换”. 通常情况下, 当我收到私营企业家的说明书时, 我会发现当中的利润数据有所改动, 所面加了一些不会再发生的项目如所有者薪资. 购买价将会是这个数字的好几倍. 这些手段可能会导致分歧.同时, 如果你高报了企业的盈利能力, 那么除非你找到一个愚蠢的买家, 否则一旦真相大白,降价势在必行.
Therefore the final piece of advice is to plan ahead, because you can take a business with you.
因此, 我最后的一条建议是提前准备, 不然你将会把企业和你自己一块带走. |
