博客

2016年3月7日,

价值最大化:如何剥离以获得成功

By Manuel Azuara

撤资是投资的反义词. It’s about driving positive corporate change by selling – rather than buying – assets, 业务或子公司的种类. The principle is simple: By staying laser focused on the core products or services driving the highest yield, 和 shedding assets that are less profitable or loss leaders, 你可以最大化性能.

在实践中, 然而, companies often divest in reaction to pressure from sustained losses, 无法忍受的债务负担, 分析师下调评级或其他市场驱动因素. This type of divestiture is usually not part of a well-planned strategy. 而不是, 它表明了一个在商业中普遍存在的误解, 而并购则是增长和实力的标志, 资产剥离是软弱甚至失败的信号.

例如, 微软将其显示广告业务出售给美国在线, Fast Company’s reporting on the transaction led with the acquisition perspective that “AOL just got control over some of the most prominent advertising space in the tech world.“但对微软来说，这是一个很好的战略举措, 太, allowing the company to focus more closely on its higher-priority cloud business going forward. The deal benefited the seller as well as the buyer – 和 serves as a good reminder of just how important an active 和 strategic divestiture plan can be to creating corporate value.

计划就是一切

A smart 和 well-informed management team who underst和s their company’s position in the marketplace 和 knows how to best capture profits 和 market share will have an overall plan that incorporates both strategic acquisitions 和 divestitures.

Companies are more apt to get a proactive divestiture program started, supported 和 strategically embedded in company culture if they develop 和 employ a rigorous 和 repeatable divestiture program. 不幸的是, while most companies commit substantial resources 和 investment dollars to acquire 和 create new businesses 和 hone existing operations, 资产剥离很少得到应有的关注. 确保公司的销售收益最大化, while ensuring the remaining business units continue to operate synergistically 和 to their full potential, 一项战略和执行良好的撤资计划至关重要.

剥离成功的4步

Preparing proactively for divestiture greatly increases the chances that a transaction will go well. 选择资产之后, 被剥离的一组资产或实体, the seller should take steps to best “package” the divestiture to maximize its attractiveness to potential buyers. 这意味着能够:

1. 支持你的要价

   你需要提供有效的、令人信服的财务数据, 编成一份专业而简洁的报告.

2. Review every aspect of the asset(s) to be divested (financially 和 operationally)

   This review should result in a clear underst和ing of the capabilities associated with the asset, including which are going to transfer with the divestiture 和 which are not. This decreases the risk of an unexpected issue derailing the divestiture strategy.

3. 建立一个组织良好的数据室

   你需要它来支持你的财政, 税, 法律, 信息技术, 保险, 人力资源, contracts 和 other key items of interest for the buyer to inspect. The documents provided in the data room should reflect both the form of the transaction (i.e., asset or stock) 和 the specifics of which operational components are going to be part of the deal.

4. 有效地传达你公司的故事

    Share your thinking about which aspects of the asset you perceive as most critical or valuable 和 how you will deliver them as part of the asset. Keep in mind that the buyer might see value differently based on having needs or priorities that are not the same as yours.

   Buyers expect their due diligence to be much more extensive 和 multi-faceted than it used to be. While due diligence may have once focused narrowly on financials, 如今，它可能还需要审查税收, 信息技术, 法律, 人力资源和保险相关信息. Sellers should be prepared to respond to these inquiries in a timely manner 和 in a way that minimizes the chances of an unexpected revelation torpedoing the divestiture.

   Investing in professional consulting services will allow you access to the expertise required to uncover previously unidentified issues that could threaten the sale or negatively influence the sale price. 另外, these services can help you prepare for divestitures with a systemic approach aimed at maximizing sales price. 利用专家, you can refocus more quickly on the remaining business units that will continue to grow with your corporate strategy.

我们是来帮忙的

联系 Bridgepoint咨询 来谈谈我们的专家可以如何帮助你. 我们提供全套的 事务咨询服务 from preparing to divest specific assets to crafting a long-term divestiture program to help your business grow strategically. 发现我们的全套 服务和专业领域.

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