This article is part of a comprehensive series exploring value creation in anticipation of a downstream transaction and as a foundational business strategy. 您可以下载完整的 指南在这里.
就像准备卖房一样, certain improvements can be accomplished in a shorter rather than longer time frame. 需要更多的时间和投资, more impactful changes can be made to drive value and return on investment.
时机对价值创造的影响
但如果一家企业现在想要出售呢? 或者在6个月内卖出? 他们有时间让价值创造产生影响吗? 时机选择和价值创造之间确实存在相互作用. 某些价值创造活动, 比如进入一个新市场,或者完全实现收入流, 是否很难在有限的时间内完成. 和, 而市场时机是无法衡量的, some owners want to pursue a monetization event sooner rather than later. What does the value enhancement process look like in those circumstances?
即使时间紧迫,价值创造也是有益的. The activities in this process would concentrate most on items which can result in limiting the amount of potential buyer discount. Examples of this may include the elimination of unprofitable revenue streams, 关键员工的识别和锁定, 接收所有的知识产权分配, 编制基于假设的年度预算和预测, 等.
除了, there is still value in longer-term value creation activities that owners will not have the time to implement before the sale. Organizations can incorporate these activities into the Confidential Information Memorandum (“CIM”), providing the buyer with a roadmap for how additional targeted investment can translate to tangible increased value over time. This can help the buyer develop a strong deal thesis and an upside scenario, 这通常意味着购买价格的上涨.
行业特定考虑因素
While certain value drivers cut across industries (solid management team, 良好和有影响力的数据, 经常性收入来源, 强可重复过程, 等.),其他则是行业特有的. 例如, value creation in the federal government contracting space may include emphasizing prime versus subcontractor work, 完全开放的工作和搁置的工作, 建立具有竞争力的间接成本费率结构, 创建一个专门的业务开发和提案团队, 并建立一个强大的积压和管道. Understanding industry-specific value creation activities is critical and should be incorporated into the assessment process
DIY vs. 第三方
While some companies may attempt the value creation process on their own, 这种努力通常充满了陷阱. Because the key to value creation is being able to impartially evaluate the business through the lens of a buyer, leveraging subject matter experts and others who have seen multiple businesses, 熟悉销售流程吗, and have a clear understanding of best practices for a particular industry helps set the table for success.
此外,时间承诺也很重要. Working on value creation while still driving the business can be difficult. 最后, 价值创造过程可能导致一些艰难的决定, 包括重组或取消某些职位. 虽然老板们可能意识到需要做出这些艰难的决定, they still may find third-party validation and ownership of such actions desirable.
咨询 costs incurred during the assessment and value creation process are add-backs to EBITDA in the calculation of Enterprise Value. 因此, the cost associated with the value creation exercise has no negative impact on Enterprise Value.
总之, it’s critical to examine these key considerations as part of the overall value creation process. 价值创造是实现愿景的坚实基础, 创建, and enhance growth opportunities and drive improved decision-making and financial results. It results in a better run and more valuable business, helping maximize dollars realized upon exit.
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