如何预防M&交易疲劳

2022年8月11日 - While the quality of assets and the business remain the primary focus in mergers and acquisitions, every deal garners some sort of psychical and 情感 toll. 就像任何情感过程一样, 疲劳是交易中一个非常真实的因素, 是否购买, 销售, 投资, 或融资. Deal fatigue can even kill the entire transaction–but with the right education and planning, 你可以尽量减少或避免它的影响.

避免米&交易疲劳症需要设定预期, 教育双方, 并坚持工艺计划.

什么是交易疲劳?原因何在?

In the context of mergers and acquisitions, deal fatigue is the 精神和情感上的疲惫 随着交易的展开，这种情况就会出现. Deal fatigue can cause sellers to "shut down" (stop engaging in meaningful conversations) due to feelings of frustration, 刺激, 和无助, creating new barriers for the deal and exacerbating ones that might already exist.

The causes of deal fatigue can be as unique as the deal itself. These are just a few  scenarios we have seen lead to M&极度疲劳:

• 中期交易细节改变. 的过程 准备出售公司 is already a long process, any shift in terms (like valuation) often causes frustration.
• 下滑的时间. 如果门柱一直移动, this is often a sign that at least one party was not truly ready for a transaction–a stressor that can easily lead to fatigue.
• 杂乱的财务报表. Buyers often come to the table ready to deal, with terms and requests in hand. When they have to explain their requests or go to extra lengths to get the information they need, they start to lose confidence in the seller’s ability to transact at the agreed upon price.
• 优柔寡断的方. Sellers often convince themselves they are ready to step back (or step away) from their business without 在精神上和/或情感上做好准备. That false confidence can lead to cold feet, indecision, and  subsequently, fatigue.

交易疲劳会影响各方, but it is more common for sellers to feel the effects of fatigue than buyers. They care about the years they have given to the company, 他们自己的遗产, and taking care of the company’s people–a clear indication of the 情感 investment in the sale of their business. 

这就解释了为什么疲劳会扼杀一笔交易. 是否 buyers are unable to get the information they need to close or the seller is walking away out of frustration, deal fatigue is a common factor in unsuccessful transactions. Even in transactions where fatigue does not kill the deal, the fatigue can turn a smooth transaction into a painful process.

For instance, it can cause a shift in timelines and subsequently 影响估值. If a buyer is unable to get the information they need when they need it, they will be less comfortable with the deal and could change the terms of the deal to match.

如何避免M&交易疲劳

The avoidance of deal fatigue often is in the court of the seller 和他们的导师. 交易开始前, there needs to be a focus on preparation; once the process begins, best practice is to have constant communication and set touch points. Here are some basic steps to take if you want to minimize the impact of deal fatigue (or even prevent it entirely):

• 与各方设定切合实际的期望. 向可信赖的顾问咨询 为了理解这个过程, 对你的业务进行估值, and what to expect when considering a transaction. 
• Create a timeline before you have a buyer on the line. Set the stage for a successful deal by creating a timeline that considers why you are 销售, 提供数据需要多长时间, 和更多的. 一旦买家参与进来, the process becomes more fluid while you match your timeline to that of a potential buyer, and a firm understanding of your timeline can provide stability and avoid headaches.
• Prepare data and financial statements ahead of time. Every buyer has a different standard of "clean" financials, but they will all dig deep during due diligence. Work with your team and advisor(s) to prepare the information needed and avoid potential roadblocks that could lead to fatigue on both sides.
• 指定一名联系人. Consistency is key; make sure your advisor(s) and sellers interface with a common point of contact to ensure one message and one voice. 可以是你的首席财务官，注册会计师，或者 甚至是CEO/老板.
• Set up regular internal and external status calls. Keep all parties on the same page as often as possible.
• Have a support team that you can talk with and lean on. 它们可以是内部的和/或外部的.
• 在开始M之前休息一段时间&A process – and know your limits once the process begins. M&A process can be intense, and some sellers simply are not ready. 交易疲劳是体力的结合, 情感, 财政压力, 所以在这个过程开始之前，你要慢慢来. 即使车轮在运动, be aware of your limitations and take time off if needed – just communicate with your team and the buyer so you can set expectations and hit the ground running.

Have a support team that you can talk with and lean on. M&A process can be intense, and some sellers simply are not ready. 交易疲劳是体力的结合, 情感, 财政压力, 所以在这个过程开始之前，你要慢慢来. 即使车轮在运动, be aware of your limitations and take time off if needed–communicate with your team and the buyer so you can set expectations and hit the ground running.

Preparation is the number-one way to avoid deal fatigue. Sellers need to be proactive rather than reactive to prevent the stressors that can lead to the catch-up, 最后的调整, 冷漠, and miscommunication that cost time and effort while decreasing a buyer's confidence.