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ma-playbook

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Chinese

M&A Playbook

M&A操作手册

Frameworks for both sides of M&A: acquiring companies and being acquired.
涵盖并购双方的框架指南：收购方与被收购方。

Keywords

关键词

M&A, mergers and acquisitions, due diligence, acquisition, acqui-hire, integration, deal structure, valuation, LOI, term sheet, earnout
M&A, mergers and acquisitions（并购）, due diligence（尽职调查）, acquisition（收购）, acqui-hire（人才收购）, integration（整合）, deal structure（交易结构）, valuation（估值）, LOI（意向书）, term sheet（条款清单）, earnout（盈利支付）

Quick Start

快速入门

Acquiring: Start with strategic rationale → target screening → due diligence → valuation → negotiation → integration.
Being Acquired: Start with readiness assessment → data room prep → advisor selection → negotiation → transition.
收购方流程： 从战略合理性分析开始 → 目标筛选 → 尽职调查 → 估值 → 谈判 → 整合。
被收购方流程： 从就绪评估开始 → 数据室准备 → 顾问选择 → 谈判 → 过渡。

When You're Acquiring

收购方指南

Strategic Rationale (answer before anything else)

战略合理性分析（首要需明确的问题）

  • Buy vs Build: Can you build this faster/cheaper? If yes, don't acquire.
  • Acqui-hire vs Product vs Market: What are you really buying? Talent? Technology? Customers?
  • Integration complexity: How hard is it to merge this into your company?
  • 外购 vs 自研： 你能否更快/更便宜地自研该业务？如果可以，无需收购。
  • 人才收购 vs 产品收购 vs 市场收购： 你真正要收购的是什么？人才？技术？客户？
  • 整合复杂度： 将该业务并入你的公司难度有多大？

Due Diligence Checklist

尽职调查清单

DomainKey QuestionsRed Flags
FinancialRevenue quality, customer concentration, burn rate>30% revenue from 1 customer
TechnicalCode quality, tech debt, architecture fitMonolith with no tests
LegalIP ownership, pending litigation, contractsKey IP owned by individuals
PeopleKey person risk, culture fit, retention riskFounders have no lockup/earnout
MarketMarket position, competitive threatsDeclining market share
CustomersChurn rate, NPS, contract termsHigh churn, short contracts
领域核心问题风险信号
财务收入质量、客户集中度、资金消耗率单一客户贡献收入占比超30%
技术代码质量、技术债务、架构适配性无测试的单体架构
法务IP所有权、未决诉讼、合同情况核心IP归个人所有
人力核心人员风险、文化适配性、留存风险创始人无锁定协议/盈利支付条款
市场市场地位、竞争威胁市场份额下滑
客户客户流失率、净推荐值（NPS）、合同条款高流失率、短期合同

Valuation Approaches

估值方法

  • Revenue multiple: Industry-dependent (2-15x ARR for SaaS)
  • Comparable transactions: What similar companies sold for
  • DCF: For profitable companies only (most startups: use multiples)
  • Acqui-hire: $1-3M per engineer in hot markets
  • 收入倍数法： 因行业而异（SaaS行业通常为2-15倍ARR）
  • 可比交易法： 参考同类公司的出售价格
  • DCF（现金流折现法）： 仅适用于盈利企业（大多数初创企业：使用倍数法）
  • 人才收购： 热门市场中每位工程师的收购成本为100-300万美元

Integration Frameworks

整合框架

See 
references/integration-playbook.md
for the 100-day integration plan.
详见
references/integration-playbook.md
中的100天整合计划。

When You're Being Acquired

被收购方指南

Readiness Signals

就绪信号

  • Inbound interest from strategic buyers
  • Market consolidation happening around you
  • Fundraising becomes harder than operating
  • Founder ready for a transition
  • 收到战略买家的主动意向
  • 所在市场出现整合趋势
  • 融资难度高于运营难度
  • 创始人已准备好进行过渡

Preparation (6-12 months before)

筹备工作（提前6-12个月）

  1. Clean up financials (audited if possible)
  2. Document all IP and contracts
  3. Reduce customer concentration
  4. Lock up key employees
  5. Build the data room
  6. Engage an M&A advisor
  1. 梳理财务数据（尽可能完成审计）
  2. 整理所有IP及合同文件
  3. 降低客户集中度
  4. 锁定核心员工
  5. 搭建数据室
  6. 聘请M&A顾问

Negotiation Points

谈判要点

TermWhat to WatchYour Leverage
ValuationEarnout traps (unreachable targets)Multiple competing offers
EarnoutMilestone definitions, measurement periodCash-heavy vs earnout-heavy split
LockupDuration, conditionsYour replaceability
Rep & warrantiesScope of liabilityEscrow vs indemnification cap
Employee retentionWho gets offers, at what termsKey person dependencies
条款关注要点你的筹码
估值盈利支付陷阱（无法达成的目标）多个竞争报价
Earnout（盈利支付）里程碑定义、考核周期现金占比 vs 盈利支付占比的分配
Lockup（锁定协议）期限、条件你的不可替代性
陈述与保证责任范围托管金 vs 赔偿上限
员工留存哪些员工获得offer、条款如何核心人员的依赖程度

Red Flags (Both Sides)

双方共同风险信号

  • No clear strategic rationale beyond "it's a good deal"
  • Culture clash visible during due diligence and ignored
  • Key people not locked in before close
  • Integration plan doesn't exist or is "we'll figure it out"
  • Valuation based on projections, not actuals
  • 除了“这是个好交易”之外无明确战略合理性
  • 尽职调查中已显现文化冲突却被忽视
  • 交易完成前未锁定核心人员
  • 无整合计划或仅为“走一步看一步”
  • 估值基于预测而非实际数据

Integration with C-Suite Roles

高管角色在M&A中的职责

RoleContribution to M&A
CEOStrategic rationale, negotiation lead
CFOValuation, deal structure, financing
CTOTechnical due diligence, integration architecture
CHROPeople due diligence, retention planning
COOIntegration execution, process merge
CPOProduct roadmap impact, customer overlap
职位对M&A的贡献
CEO战略合理性制定、谈判主导
CFO估值、交易结构设计、融资安排
CTO技术尽职调查、整合架构设计
CHRO人力尽职调查、留存规划
COO整合执行、流程合并
CPO产品路线图影响评估、客户重叠分析

Resources

资源

  • references/integration-playbook.md
    — 100-day post-acquisition integration plan
  • references/due-diligence-checklist.md
    — comprehensive DD checklist by domain
  • references/integration-playbook.md
    — 收购后100天整合计划
  • references/due-diligence-checklist.md
    — 分领域的全面尽职调查清单