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1、【精品文档】如有侵权，请联系网站删除，仅供学习与交流成功收购策略的6大关键原则下.精品文档.成功收购策略的6大关键原则（下）SIX KEY PRINCIPLES OF A SUCESSFUL ACQUISITION STRATDY ,PART2来源：天和网 核心提示：思科的前CSO通过研究该公司七年间的75项收购案,揭示出确保收购行为创造价值的六条原则。 After overseeing 75 acquisitions in 7 years at Cisco in the 1990s, then-CSO Mike Volpi helped the company become a role m
2、odel for tech M&A and an acquisition-as-growth strategy. In this second post of a two-part series, he reveals four more strategies for smart acquisitions.【据消息】审查了思科公司（Cisco）在20世纪90年代间的7年内的75项收购案之后，思科公司当时的首席战略官（CSO ）迈克尔沃尔潘帮助该公司成为高科技行业收购以及收购并增长策略的一个行为榜样。在本系列的第二篇文章中，他揭示了巧妙收购的另四个策略。Between 1993 and 2000
3、, Cisco became a role model of tech M&A, making 75 acquisitions over those seven years. At its peak, those acquisitions collectively represented 50 percent of Ciscos revenue. We learned a lot along the way. In my previous post, I explained two of my six key principles of a successful acquisition str
4、ategy: keeping objectives consistent and understanding probability. In todays post, Ill describe the remaining four.在1993年到2000年间，思科成为科技并购的一个榜样，该公司在这七年里完成了75项收购。在收购的顶峰时期，这些收购总计占到了思科50%的收入。我们在收购的道路上学习很多经验。在上篇文章中，我解释了成功收购策略的六个关键原则其中的两个:保持主要目标的一致性和了解所有的可能性。在今天的文章中，我将介绍剩下的四个原则。3. Option value3.价值选择Anoth
5、er way to look at this issue of probability is that big acquirers are actually purchasing options in the future success of the acquired entity. These options tend to be worthless, but about 20 percent of the time, they produce a huge outcome.另外一种看待收购事件可能性的方式是，大收购方实际上是被收购方未来成功的购买选项。这些选项往往是毫无价值的，但有大概2
6、0%的几率，它们会产生巨大的成果。This brings me to the point of valuation. As Chief Strategic Officer of Cisco, I was often criticized for overpaying for companies. But, if an acquirer is hunting for those 2-out-of-10 outsized returns, then the precise valuation of the two magical companies doesnt really matter too
7、 much. Our rule of thumb was that plus or minus 30 percent was not terribly significant. This is anathema to most corporate development executives who are motivated to get “the best deal.” But, if you apply the probabilistic logic I described, you shouldnt look for “best deal,” you should make sure
8、you buy the “best fit.” The valuation is a secondary consideration.这让我想到了估值点。作为思科的首席战略官，我常常被批评为以过高价格收购了那些公司。但是，如果收购方是寻求那些20%的高额回报，那么精确估值两个不可思议的公司就真的不太重要了。我们的经验是，加减30%并不太有重大意义。对于绝大多数收购动机是“最佳交易“的企业发展高管，这是个魔咒。但是，如果你采用我描述的概率逻辑，你就不应该寻求“最佳交易”，你应该确保你要收购“最合适“的公司。估价是次要的考虑因素。The key message here is to worry l
9、ess about what you pay and worry more about what the market is saying about the products and the companys fit with your organization.这里的关键信息是，不用太担心你支付的收购金额，应该更担心市场对产品的评价以及被收购公司与你公司的匹配度。4. Aligning Incentives4.调整激励机制Having seen many technology acquisitions over the years, I am constantly amazed how o
10、ften companies structure deals without considering the key concept of aligned incentives. The most common pitfall in deal structure is earn-outs. At Cisco, we structured all kinds of earn-outs. The key thing we learned: avoid them at all costs.这些年来我看到很多技术收购案，我一直惊讶的是，公司没有考虑一致激励机制的关键概念就构架交易的频率 。交易结构最常
11、见的陷阱是获利能力付款。在思科,我们构架了各种类型的获利能力付款。我们学到的关键经验是：不惜一切代价避免它们。The problem with earn-outs is that they create a schism right at the starting point of the two companies relationship. Earn-outs are typically structured with a set of metrics that create a sliding scale for the price paid for the acquired compa
12、ny. Post-sale, however, there is no longer an objective value metric (like stock price) for the acquired company, other key performance indicators are used to determine the achievement of milestones. These are metrics like revenue, earnings, market share, key customer wins, etc. The problem with all
13、 of these metrics is that they can all be gamed by both the acquirer and the seller. As a result, the incentives for the buyer and seller are not the same in the long term. This creates big problems in the long term.获利能力付款的问题是，它们在两个公司关联之初就造成了意见分裂。获利能力支付通常是由一组标准构成的，这些标准为支付给被收购企业的价格创造了浮动比例。然而，在完成收购交易后
14、，被收购供公司就不再有客观的估值标准了(例如股票价格)，其它的关键绩效指标被用于确定重要事件的实现。这些指标，例如收入、收益、市场份额、关键的客户胜利,等等。所有这些指标的问题是，它们都可能是收购方和被收购方两者的博弈对象。结果是，从长远来看买方和卖方的激励机制不相同。这会造成长期内的大问题。Whenever possible, simple acquisitions using stock rather than cash are much more effective. Of course, they help retain the acquired employees. But most
15、 importantly, this aligns the incentives of both parties: Everyone involved wants the acquirers stock price to increase in value.只要有可能，使用股票的简单收购比用现金的收购更有效。当然，利用股票进行收购有助于留住被收购公司的员工。但最重要的是，这使双方的动机一致了：每个参与者都希望收购方的股票价格能增值。5. Buying market leaders5.收购市场领导者Corporate Development professionals are dealmaker
16、s. In the heart of every dealmaker is the desire to cut a “good deal.” But the key question is this: What is a “good deal”? All too often we think of this as buying an asset for a given value. The challenge Corp Dev professionals often face is choice. There are several companies that they can acquir
17、e: the market leader, the number two player, and then a series of tier-two competitors in the market. At first blush, we assume that given the acquirers distribution, if the technologies contained in the potential acquisitions are about the same, the cheaper one maybe the number two player or the ti
18、er-two competitors seems like the “good deal.”企业的开发专业人士是交易撮合者。每个交易撮合者的内心都希望促成一个“好交易“。但关键问题是:什么是“好交易”? 我们通常认为“好交易“就是以给定的价值买一项资产。企业的开发专业人士经常面临的挑战是选择。企业可以收购这几种类型的公司：市场领导者，二号市场参与者，然后是一系列的二流市场竞争者。乍一看，我们认为，在给定的收购方分配情况下，如果潜在卖方的技术基本相同，那么收购价较低的交易-可能是二号市场参与者或者二流市场竞争者-似乎是“好交易”。All too often, however, buying th
19、e lesser players is not the right answer. Given Internet valuations, the market leader often trades at a significant premium sometimes 5-10x the value of the number two player. So, it seems awfully expensive.然而，购买小型市场参与者通常不是正确的答案。鉴于互联网的估值，对市场领导企业的交易经常有相当高的溢价有时候是二号市场参与者价值的5到10倍。因此，收购市场领导者的成本似乎非常昂贵。Th
20、e right way to frame the question is not “how much are you paying for an equivalent asset,” but rather “how much better can the market leader perform when combined with the assets of the larger company.”设计这个问题的正确方法不是“你为等价的资产支付多少”，而是“市场领导者结合较大企业的资产后，会如何表现得更好。”Think back to Googles acquisition of YouT
21、ube. There were many YouTube wannabes in the market. Google could have acquired any one of them for 1/10 YouTubes value. Instead, it paid $1.75 billion for the market leader, a seemingly enormous amount of value for a young company. But few today would suggest that it was not a good deal. Through th
22、at bold move, Google closed out that market. YouTube with Google behind it was the winner no one could catch them.回想一下谷歌收购YouTube。在市场上有许多模仿YouTube的公司。谷歌本来可以以YouTube价值十分之一的金额收购任何一家其他公司。相反，谷歌斥资17.5亿美元收购这个市场领导者，这对于一个新公司而言似乎是巨额。但是现在很少有人不认为这是个好交易。谷歌通过大胆的举措赢得了这个市场。YouTube以及背后的谷歌是赢家没有人能赶上他们。6. Synergies, s
23、ynergies, synergies6.协同效应，协同效应，还是协同效应Buying market leaders, however, does not mean randomly shelling out big bucks and buying anything in sight. When paying top dollar, acquirers must ensure that there are synergies in the combination. Just exchanging stock owned by founders, employees and VCs for t
24、he acquirers stock creates no incremental value. In fact, it often detracts value because the acquired employees lose the motivation that they had as an independent company. There needs to be a “1+1=3” factor in the acquisition process.然而，收购市场领导者，并不意味着随意支付一大笔钱，购买看得见的东西。当支付高价时，收购方必须确保两者的结合能产生协同效应。只是将
25、创始人、员工和风险投资者所持有的股票换成收购企业的股票，这种行为不会产生价值增值。事实上，这样做常常会使价值贬值，因为卖方的员工失去过去在原独立的公司中的工作动力。收购过程中需要考虑“1 + 1 = 3”的效应。So, what are these synergies? There are many ways in which value can be created via mergers and acquisitions. But, principally, two approaches stand out. The most important one is distribution s
26、ynergies. Smaller companies typically dont have the distribution muscle of a larger player. However, they often do have the best product. By placing the best product into a large distribution channel, massive synergies can be created.那么，什么是协同效应呢?有很多通过合并和收购创造价值的方法。但是，主要有两种突出的方法。最重要的方法是分配协同效应。规模较小的公司通
27、常达不到较大市场参与者的分布能力。然而，他们确实经常有最好的产品。通过吧最好的产品放在大型分销渠道中，可以创造巨大的协同效应。Another path to synergies is operational synergies. Larger companies typically have scale economies that smaller companies cant dream of achieving. These leverage points can exist in procurement of services (bandwidth, server, storage) o
28、r production scale. Acquisitions can create value by taking advantage of these scale economies.另一个增加协同效应的途径是经营增效。大公司通常具有规模经济，这是小公司无法实现的梦想。采购服务(带宽、服务器、存储)或生产规模中存在这些杠杆点。收购可以通过利用这些规模经济创造价值。One form of synergy that is often cited, but not captured, is cost reduction especially through cost cutting and s
29、taffing. While cost reduction-based value can be extracted, in a fast growing environment, expense cuts are often much less relevant than the growth-accelerating synergies like revenue and operational scale. When acquisitions are justified by cost-cutting in the acquired company, that should always
30、raise a skeptical eyebrow.经常被引用，但没有充分体现的一种协同效应形式是降低成本 - 特别是通过削减成本和人员编制。降低成本为基础的数值可以提取出来，在快速增长的环境下，费用的削减往往和增长加速的协同效应（例如收入和经营规模）不太相关。当通过削减被收购公司的成本来调整收购时，应该始终持怀疑态度。M&A can be an enormously powerful strategy, but it must be used in the right way. There are a great number of nuances that need to be under
31、stood in order to execute the strategy. Equally, there are a great many pitfalls that can destroy huge value. Companies that shy away from acquisitions because of the fear of failure could be missing massive opportunity. But, for those more daring ones, following the principles outlined above could
32、really help in realizing the potential.企业并购可以是一个非常强大的策略，但必须以正确的方式使用策略。企业发展人员需要理解大量的细微差别以便执行收购策略。同样，这其中也有很多陷阱，可以摧毁巨额的价值。公司由于对失败的恐惧而回避收购可能会错过很多机会。但是，对于那些更大胆的公司，按照上述原则可以真正地有助于实现潜在的收购计划。Mike Volpi is a partner in the London office of Index Ventures. He joined Cisco as Senior Vice President and General M
33、anager of the Routing and Service Provider Technology Group and also served as the companys Chief Strategy Officer. He would like to extend a special thank-you to Andy Rachleff who helped develop and articulate a number of these principles at a breakfast we had a few years ago.迈克尔沃尔潘是指数创投公司（Index Ventures）伦敦办事处的一个合作伙伴。他以路由和服务提供者科技集团高级副总裁和总经理身份加入思科公司，他还担任思科公司的首席战略官。迈克尔沃尔潘特别安迪瑞克里夫。安迪瑞克里夫曾在我们几年前的早餐桌上帮助我们开发并清晰地介绍了这些原则的大部分内容。编译：孙亚琦文章来源：【译文稿件声明】此文由天和网翻译，转载务必请注明出处，并添加源链接，否则本网将依法追究责任。