国际投资者认为澳门赌场官网很有吸引力&A deals here exceeding $40billion each year. However, not all deals proceed as planned. While rigidity and lack of transparency are common deal-breakers, 一笔商业交易可能无法成功完成还有许多其他原因. Why and how do M&A deals fall apart? We highlight six deal breakers and how to avoid them.
Six reasons M&A deals fall apart and how to avoid them
1. Over-valuation & price expectations
买卖双方都可能对企业的价格抱有不切实际的期望. Owners may overvalue their business, 认为出售价格应该足以补偿他们的时间和努力，并为他们的退休提供资金. For buyers, the prospect of inheriting liabilities, 可持续性问题和不断增加的劳动力成本可能会导致企业被低估. 如果各方未能达成共识，就会有一方退出协议.
Tip #1: 为了在交易过程中避免偏见，对企业进行专业评估是必不可少的.
2. Poor vendor record keeping
卖家糟糕的财务记录可能意味着他们无法证实, at least to the buyer’s satisfaction, the earnings of the business. 糟糕的记录保存也经常被视为暗箱操作的标志. Non-compliance with standards, poor relationships with shareholders, 供应商和不正当的商业行为可能会阻止对交易感兴趣的各方.
Tip #2当前位置卖方应时刻保持房屋整洁，以增加买方对交易的信心. 双方应进行尽职调查，以了解商业事务的真实情况.
3. Misrepresentation by the seller
Some sellers are not entirely honest about their business. 他们可能在隐瞒新的竞争对手正在进入市场的事实, 企业存在严重问题或其他原因，在现有情况下无法出售. Even worse, all owners may not agree about selling the business.
Tip #3: 对于卖家来说，最好是对他们的业务状况直言不讳，这样买家就能确切地知道他们在做什么. Sellers should be prepared for close cross-examination by buyers.
4. Lack of commitment to the sale
Some sellers are just testing the waters. 他们可能只是想看看是否有人愿意以他们想要的价格收购他们的企业, 或者，他们出售的愿望可能不够强烈，无法克服完成出售过程所必需的复杂性. Similarly, 买家可能一开始有积极的意图，但后来却没有勇气完成交易.
Tip #4: Only initiate a transaction if you are truly ready to buy or sell. 专业的商业经纪人可以提供帮助，因为他们经验丰富，可以在企业进入市场之前或在向企业介绍一个认真的买家之前确定承诺问题.
5. Unexpected legal, regulatory or financial issues
卖家可能会决定等到找到买家，然后与他们的外部顾问核实税务和法律后果. 在这个后期阶段，交易条款需要修改，而买方不会同意. Sometimes a buyer’s investigation reveals an unexpected issue, such as an environmental situation or problems with federal, state, or local government agencies.
Tip #5: 尽管有一些“命运之举”发生了，导致交易失败, 卖家可以通过提前处理复杂的问题来避免这些问题. Nobody likes changes – especially buyers!
6. Negotiation fatigue
谈判疲劳发生在谈判双方开始感到沮丧或疲惫的无休止的谈判过程. 交易疲劳在并购中很常见，因为交易各方往往对自己的提议和立场变得固执, prolonging the negotiation process.
结果往往不如开始时所希望的那样有利. In a negotiation where one party feels disadvantaged, the parties may become involved in a bitter exchange of words, lose the gains already made, and want to exit the negotiation.
Tip #6: 避免在涉及商业交易的小事上拖延，也不要设置不必要的障碍. 如果谈判双方感到交易疲劳，你的交易顾问应该介入. 这将有助于各方在不失耐心的情况下继续谈判，努力实现共赢.
Don’t let your M&A deal fall apart
A quality business valuation, proper planning, 彻底的尽职调查和良好的沟通是任何并购成功或失败的关键&A deal. To complete a deal, 买家和卖家都需要一个有谈判经验和能力处理不同性格的熟练顾问团队. 你的顾问至少应该包括你的澳门赌场官网师、税务专家和律师.
Accru has assisted many businesses to implement M&A交易和我们的顾问在早期阶段识别交易障碍和关键问题方面经验丰富. To learn more, see our Merger & Acquisition planning tips and our M&A advisory services or contact your local Accru advisor.
