这6件事，卖出公司前你一定要听清楚

    本文为与《创业者》杂志的合作内容。下文最初发表于Entrepreneur.com网站。

    卖掉公司，过程绝不轻松，但回报也是巨大的，足以改变你后半生的生活。所以，如果你真的决定卖出自己的公司，务必要先搞清楚六件事。它可以帮你做足准备，最大限度地提高成功几率。而在这些事上行差踏错，很可能会令你出售公司的全部希望尽毁，数月时间白白浪费。

    我的专长是网络公司的转让出售，本文引用的案例也将来自这类公司，但其中要点同样适用于非网络公司的转让。有经验的买家对你和你要出售的业务一眼就能看穿，一旦看出任何危险信号，他们根本就不会再理睬你的报价。

    1．买家不会为了“潜力”多付钱。

    对那些认为自家公司是一座潜力无限的“金矿”，光凭这点就该卖个高价的老板们，我要一遍遍地说：这套想法是行不通的。如果一门生意只是个理念，没有已经证实的收入流，在大多数潜在买家眼中，它就没有任何价值。

    如果买家有意从头做起打造自己的业务，他们有很多启动资源，无需花钱去买一家刚起步的公司。买家希望收购的是已经成功的公司，而不是一个未经证实的理念。

    2. 买家感兴趣的是利润，不是收入。

    另外一种常见的误解是买家会被公司的收入数据所打动。确实，收入可能听起来很美好，但归根结底，真正重要的数据是一家公司的利润。不妨看看以下两例：

    • 公司A：月收入30,000美元，支出25,000美元，利润5,000美元，一年利润60,000美元。

    • 公司B：月收入10,000美元，支出1,000美元，利润9,000美元，一年利润108,000美元。

    第一家公司每月的收入是第二家的三倍，但实际利润差不多只有后者的一半。有经验的买家希望看到的是利润数据，而不是收入。

    3. 可检验的财务声明才符合买家预期

    如果你要宣称拥有一笔特定来源的收入，就要拿出证据。比如，要是你在直接出售广告位，准备好出示发票和能显示相应收款的银行对账单。要是你的收入来自会员服务或第三方广告网络，准备好出示收款记录，甚至是在线登入你的账户，以便让双方都可以看到你账户上的实时情况。在规模较小的商业交易中，聘用一位会计师往往既不方便也不实惠，我建议客户用远程软件TeamViewer或Skype来证实财务状况。

    4. 不要活在过去。

    一家公司过往的辉煌历史在出售时往往没有多大意义，尤其是如果它近来已经身陷困境多时。买家感兴趣的是公司近期的表现（通常为过去12个月）和未来的可持续性与生存能力，特别是当你的公司处于一个不断变化的领域的时候（比如互联网）。我经常听到卖方说，尽管最近业务下滑了，但自己的公司过去是多么成功，“只要轻微一点努力便可以让其重回正轨。”

    可惜的是，买方并不这么看。他们没有兴趣对你的公司修修补补，更别指望他们会为此支付溢价。但如果你的公司一直在稳定增长，大胆展示之前的成就吧。买方喜欢看到不断上升的收入和利润数据，如果你还根据之前的业绩制定了看上去可行的未来规划，那将对买家更有吸引力。

    5. 诚实是最有效的策略。

    真相总有水落石出的那天，所以从最开始就要将所有事情说清楚。有经验的投资者能理解每门生意都有优缺点。世界上不存在完美的生意。

    如果你从最开始便能做到诚实透明，便可以大幅降低买家在尽职调查时发现事实不准确或被夸大，从而导致交易失败的风险。在任何商业交易中，诚实都是最有效的策略，转让公司也不例外。

    6. 准备好回答许多问题。

    做买卖，尤其是互联网领域的买卖会越来越热门，有太多人渴望不受约束，告别朝九晚五的生活。最终，这将导致许多经验不足的买家打听待售的公司。回答这些问题会耗费大量时间，除非你聘用经纪公司负责处理这些问题，帮你审查买家。卖掉公司本身会带来很多问题——你需要做好回答这些问题的准备，不论它们听起来可能是多么简单。

    不要对买家指指点点。你永远不知道与自己打交道的是谁，或他们具备怎样的购买力。问着看起来很简单问题的人，或许是对某个行业不够了解但财力雄厚的大买主。有经验的买家常用的一招——就是用反复提问轰炸卖方，以图找出你回答中的前后矛盾之处和那些危险信号。（财富中文网）

    译者：刘进龙/汪皓

    审校：任文科

    This post is in partnership with Entrepreneur. The article below was originally published atEntrepreneur.com.

    Selling a business is never an easy or simple process. However, the rewards can be great, and ultimately, life-changing, so if you do decide to sell there are six key things you need to be aware of that will help you prepare and maximize your chances of success. Getting it wrong before you start can ruin any hopes of a sale and can mean many months of your time wasted.

    While I specialize in the sale of online businesses and refer to those as examples, these points still apply to business sales whether offline or online. Experienced buyers will see straight through you and the business you are selling and will quickly pass over your offering if they see any red flags.

    1. Buyers won’t pay more for potential.

    I regularly speak to business owners who believe they have a potential gold mine and expect to command a high selling price based on perceived potential alone. This isn’t how it works. If a business is simply a concept without a proven revenue stream then there isn’t any value in the eyes of the vast majority of potential buyers.

    If they were interested in developing their own business from the ground up there are numerous resources to help them get started and they would not be looking to buy something already established in the first place. Buyers want to acquire something that is already successful, not an unproven concept.

    2. Buyers are interested in profits, not revenue.

    Another common misconception is that buyers are impressed with revenue figures. Sure, they can sound good, but when it comes down to it the only number that matters is the profit a business turns (see last week’s column for more on why revenue is a vanity metric). Take a look at these two scenarios:

    • Business A: $30,000 monthly revenue, $25,000 monthly expenses, $5,000 monthly profit and $60,000 annual profit.

    • Business B: $10,000 monthly revenue, $1,000 monthly expenses, $9,000 monthly profit and $108,000 annual profit.

    The monthly revenue for the first site is three times more than the second business, but the actual profit is almost half. Experienced business buyers want to see profit numbers, not revenue.

    3. Buyers expect verifiable financial claims.

    If you are going to claim revenue from a specific source, you need to have verifiable proof. For example, if you are selling advertising space directly, be prepared to show invoices as well as bank statements that show matching deposits. If you are generating revenue through affiliate offers or third-party ad networks with an online business, be prepared to show deposit records and even access to your accounts online so both parties can see the accounts live. I advise clients to use TeamViewer or Skype as a practical way to verify financial claims on smaller business sales where using an accountant is not always practical or cost-effective.

    4. Don’t live in the past.

    The previous success of a business is largely irrelevant at the time of sale, especially if it has been struggling lately. Buyers are interested in recent performance (usually the last 12 months) and future sustainability and viability, especially if you operate in a dynamic space (such as with websites). I commonly hear sellers talk about how successful their business was in the past after a recent drop and “all it needs is a little work to get back on track”.

    Unfortunately, buyers don’t see it this way. They aren’t interested in fixing and recovering your business, especially if you are expecting them to pay a premium. However, don’t be afraid to show previous years if the business has been growing steadily. Buyers love to see growing revenue and profit figures, especially if you have already made future plans for the business that seem realistic based on past performance.

    5. Honesty is the best policy.

    The truth is going to always surface, so be upfront about everything from the beginning. Experienced investors understand that every business is going to have positives and negatives. There is no such thing as a perfect business.

    If you are honest and transparent from the start there is less risk of a deal going sour because the buyer uncovered something during due diligence that wasn’t accurate or an instance where the truth was stretched. Honesty is the best policy in all business transactions and selling any business is no different.

    6. Expect to answer a lot of questions.

    Businesses — especially those run 100 percent online — are forever becoming more popular, with so many people looking to become independent and quit their nine-to-five jobs. Consequently, it has lead to a lot of inexperienced buyers inquiring about businesses for sale, which can be a significant time drain, unless you use a broker whose job is to handle questions and vet buyers for you. Selling yourself will lead to a lot of questions — and you need to be prepared to answer them all, regardless of how simple they may sound.

    Never judge a buyer. You never know whom you are dealing with or the buying power they possess. Someone asking what appears to be a simple question could potentially be a buyer that is new to the specific industry and have deep pockets for investing. Experienced buyers will often hammer the seller with questions in an attempt to turn up inconsistencies and red flags.