专栏收购

Probe the vendor as well as the business

Among those who make acquisitions for a living, there are contrasting views about different types of seller. Some buyers will only purchase from founders; others will never touch companies being sold by venture capitalists. Yet others target only distressed situations.

Over the years I have bought from all sorts of vendors, and my experience has been that there is no golden rule as to whom one should do deals with – it all depends on the specific circumstances.

Bidding for companies on the stock market is fee-laden and highly regulated. The buyer receives no warranties and is generally obliged to pay in cash, with no deferred element to the consideration. Exclusivity is hard to obtain and completion can take months. But publicly traded companies are frequently mispriced, and all the legal rigmarole can put rival buyers off. I have done a few public-to-private deals: they involve a huge amount of work, but can certainly pay off, because quoted investors are often very short term in their outlook.

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卢克•约翰逊

卢克•约翰逊(Luke Johnson)是一位成果颇丰的企业家和创业家,他为英国《金融时报》撰写企业家专栏。他目前担任英国皇家艺术协会的主席,并管理着一家私人股本投资公司——Risk Capital Partners。约翰逊曾在牛津大学学医,但是毕业后却进入投行业。他在1992年收购PizzaExpress,担任其董事长,并将其上市。到1999年出售的时候,PizzaExpress的股价已经从40英镑涨至800英镑。

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