FY18 felt like a record year for transaction volumes as more businesses than ever reached their #onceinalifetime succession milestone. More deals means more due diligence (“DD”) and as a mid-market DD team, we’ve been flat out.  

2018是一个交易业务量强劲增长的财年，大量企业取得了里程碑式的成就。交易量的增加，意味着对于尽职调查的需求增多。作为一个专门针对中端市场的尽职调查团队，我们忙得可谓是不亦乐乎。

A strikingly consistent theme across the deals we experience is that many vendors continue to underestimate the data requirements of a buyer’s DD and how the quality of data directly can impact a buyer’s decision about valuation and even whether to proceed with a transaction. DD looks for the devil in the detail and if the detail is not available or does not have integrity, buyers are likely to perceive risk, devalue a business or even walk away.

最近，我们在针对过去曾进行的交易，总结经验后发现一个惊人的事实- 很多卖方低估了买方对于尽职调查数据的要求。其实，数据的质量能直接影响买方对于目标公司的估值，甚至影响是否继续进行交易的最终决策。再者，尽职调查是在寻找细节中的漏洞。在尽职调查的过程中，如果卖方无法提供所需要的数据或提供的数据可疑，买方很可能感知风险，从而降低对所售企业的估值，甚至是放弃交易。

A fundamental misconception is that annual financial statements and the company’s monthly management accounts will be enough to satisfy a buyer’s financial DD needs. For most small to mid-sized private companies, they will not be enough, even if the financial statements are audited.

卖方对数据完整度的衡量存在一个根本性的误解，认为仅提供企业的年度财务报表和公司月度管理报告可以满足财务尽职调查的需求。事实上，对于中小型私营企业来说，即便是提供经审计的财务报表，也远远不足。

Owners who fully value the power of data are the most successful vendors – these owners start preparing early, do their homework to understand what data potential buyers will ask for and how they will use it. They themselves (with or without help) collect and analyse the additional data prior to commencing a sale process, and as a consequence are able to maximise their negotiation power and control over the sale process.

能够清楚意识到数据重要性的企业才是最成功的卖方 - 未雨绸缪，做足功课，深入了解潜在买家所需要的数据，以及买方将会如何使用这些数据。因此，早在交易开始之前，这类卖方（无论是否存在外部协助）都会主动收集和分析额外的数据，从而能够最大限度的增加交易过程中的影响力，并在谈判中掌握更多的筹码。

They do DD on their own business before any buyers get the chance!

这类卖方甚至会在买方开始尽职调查前，就对自己的业务开展尽职调查！

Owners should ask a dedicated DD expert to help them with their homework, as with any specialist business task or challenge. In most cases this individual or team is different to an owner’s existing tax accountant, auditor or corporate advisor.

企业家们应该雇用专业的尽职调查专家来帮助他们处理与分析数据，并对企业的目标及遇到的困难提供建议。在大多数情况下，这些尽职调查专家，不管是个人或是团队，其职责与企业当前所聘用的税务会计师、审计师或企业顾问不用。

With a little help, vendors can be better equipped than they ever have been to maximise the return on their ‘Once in a lifetime’ event, and set themselves and their families up for the next stages of their lives.  And the cost of getting some DD-ready help invariably is paid for multiple times over by the improved sale outcome - trust me, I’m a DD-er.

在专业人士的帮助下，卖方能够做足准备，把握千载难逢的机遇，实现最大的回报，并为自己和家人顺利迈入人生的新阶段做好准备。尽职调查对一个企业的回报要远远高于进行尽职调查需要的费用。

相信我，我是一名专业的尽职调查员

- 普华澳大利亚合伙人 Alan Elliott

Footnote: Refer to PwC’s tried and tested #SaleReady methodology (a detailed guidebook is also available on request), which outlines 10 tips for owners to consider as they prepare for sale or an investor transaction. #datapowers expands on our #payforsomehousekeeping area of focus. Read more: https://www.pwc.com.au/financial-services/pdf/notes-from-a-mid-market-due-dilligence-er-october-2018.pdf

附注：请参考普华永道（PwC)根据经验总结而编制的卖方出售指南，其中提供了卖方在准备出售企业或投资交易时需要考虑的10条建议（参考左下角“阅读全文”）（如有需要，可提供详细的指南）。更多详情，请参阅  <https://www.pwc.com.au/financial-services/pdf/notes-from-a-mid-market-due-dilligence-er-october-2018.pdf>