家族理财室的定制方式适合出售企业吗?

你可以把你的企业卖给一家私募股权公司或一群金融投资者. Or, 你可能更喜欢家族理财室——由家族信托基金出资并代表家族信托基金管理的投资公司. 根据他们的目标和策略，家族办公室可能会有很大的不同. Often, they look at investments on a longer-term timeline. Encore One是一家家族理财室，采用他们所谓的定制方式进行投资.

Joe Hellman最近与Paul Moffatt进行了交谈 Encore One, LLC for an episode of The Transaction Abstract, 了解更多关于他们的定制方式，以及为什么它吸引某些卖家.  

请听这一集，听听Encore One独特的长期收购方法的细节.

Taking the Long View

Family offices might be a single family, multiple families represented by investment professionals, or a group of like-minded individual investors. Encore One是一家家族拥有的投资控股公司，是Opus集团的“姐妹”. Both firms are owned by the same family trust, which is headquartered here in the Twin Cities metro area.  

As a small group, Encore One没有团队出去寻找交易，他们寻找的也不是其他投资者想要的那种交易. Since they are funded by trusts designed to last in perpetuity, 他们可以专注于长期投资，这对某些卖家来说是一个有吸引力的选择. And that is exactly who they are looking for.

莫法特(Paul Moffatt)解释说，传统的私募股权基金会通过拍卖程序，因为它们需要一定的交易速度，以便在预定的时间内进行投资并获得回报. 但这个过程并没有真正讲述整个故事，也没有向卖家提供Encore One提供的价值主张.

Encore One’s strength is providing long-term strategic support. “如果我们斥资3000万美元收购一家拥有20年良好业绩的公司,” Paul says, “we’re also thinking about the next 20 years. How does this get to $100 million?”

To do this, 他的公司采用定制流程，为每个客户提供独特的定制服务，但根据公司的专业知识和其他交易的经验.

Patient Capital

If the business being sold is growing and doing really well, 他们可以继续持有，并长期享受这种增长和资本增值, adding equity strategically as needed.  

The goal is not to operate the business directly, but to build on the history that made business great today and further support the professionalization of the business. Encore One takes an active position on the board, 还有管理层的代表，可能还有卖方或其他股东，他们已经将一些股权转到新资本化的企业中.

他们会考虑公司的长期发展机会，也会考虑如何支持管理团队. For example, Encore One带来了网络和资源来管理贷款流程, accountants, 还有律师，这样每个团队就可以专注于他们的专业领域. 

Honoring the Company’s Culture

我们经常听到创始人或高级管理人员担心，出售交易将给公司文化带来重大变化. 保罗认为，Encore One的创业根基使他们拥有志同道合的观点，这对焦虑的卖家很有吸引力.

“We’re investing in what already works,” he says. 目标不一定是做出改变，而是确保连续性——同样的管理团队向同样的客户提供同样的服务.

Encore One还将慈善事业带到了桌面上，这是另一种尊重公司文化的方式. 他们将每个企业净收入的10%投资到家族基金中. 1% of that net income then stays with the business itself. 员工和管理层自行决定对慈善事业的捐赠对他们的企业或社区有意义.

How are Investments Selected?

虽然有些卖家从情感角度喜欢Encore One的做法, they still want a full, fair, and maximum value for their business. After 20 years, Encore One团队对合适的潜在投资有很好的感觉.

These businesses have provided a good product or service, and they have good teams in place, 但它们属于中低端市场——保罗称之为“坚韧不拔的经营业务”.”

“我们理解他们几乎没有汇编，或者他们每年只向国税局结账一次,” says Paul, “so they’re not going to have clean, 带有大量历史分析、kpi和预算的审计财务报表，以便与结果进行比较.”

That does not mean they skimp on due diligence. If their informal findings look good, the firm asks for exclusivity to continue and, with that, starts to dig in more. For that, they hire and work with outside transaction advisory services partners 研究历史趋势和未来发展机遇.

保罗指出，卖家还需要好的顾问——投资银行家, accountants, 以及了解自己业务价值的律师&一个交易看起来像——因为有很多问题需要回答 beyond money and valuation.

That process can take weeks, and starting with less information can slow the transaction, 但Encore One的目标不是速度，而是建立一种关系和高度信任. 

Paul’s Advice for Founders Considering an Exit

• 考虑一下你的理想买家——你想要的不仅仅是流动性事件吗?
•  Do some wealth planning, 因此，从遗产规划的角度来看，你知道你真正需要从一笔交易中得到什么.
•  想想你自己的情感需求——你打算在销售后做什么——因为这通常是销售后期的症结所在 process when reality hits.

有了这些，你就会知道什么方法最适合推销你的企业.