How Lenders Assess a Business Acquisition: Earnings, Goodwill, Assets贷款机构如何评估企业收购: 盈利、商誉与资产

How Lenders Assess a Business Acquisition: Earnings, Goodwill, Assets贷款机构如何评估企业收购: 盈利、商誉与资产

When a buyer seeks finance for a business acquisition, lenders evaluate the proposition differently than they would a standard business loan. The key difference is that the business being purchased has no existing relationship with the lender and no trading history under the new owner. Because of this, lenders take a conservative approach and place significant weight on the target business's track record.

Earnings assessment:

- Lenders focus on maintainable earnings: not just the most recent year's profit but a normalised view of what the business can reasonably be expected to earn going forward. They typically review 2-3 years of financial statements.

- Add-backs are common: one-off expenses, the previous owner's salary above market rates, discretionary personal expenses run through the business, and depreciation are added back to arrive at adjusted EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation).

- Lenders will scrutinise revenue trends. A business with flat or declining revenue over the past two years will be harder to finance than one with steady, organic growth.

- Customer concentration is a key risk factor. If the top three customers represent 50% or more of revenue, lenders may require evidence of long-term contracts or diversification plans.

Goodwill consideration:

- Goodwill: the portion of the purchase price above the tangible asset value: is generally not acceptable as primary security for a loan. Lenders typically limit goodwill lending to 50-70% of the purchase price, and some lenders cap it at a specific dollar amount.

- The lender will assess whether the goodwill is supportable. Key factors include the business's brand recognition, market position, recurring revenue base, and whether a non-compete agreement with the seller is in place.

- If a significant portion of the purchase price is allocated to goodwill, the buyer may need to contribute a higher deposit: often 40-50% of the total price: to ensure there is sufficient equity in tangible assets.

Asset evaluation:

- Plant, equipment, vehicles, and stock-in-trade are valued at fair market value, not book value. A chattel valuation may be required for larger acquisitions.

- If the business owns commercial property, this can significantly strengthen the application, as property provides robust security.

- Intangible assets such as licences, intellectual property, or franchise agreements are considered, but their value as security is limited and varies by lender.

Buyer assessment:

- The lender will evaluate the buyer's industry experience, management capability, and financial commitment. Most lenders expect the buyer to have at least some relevant industry background or a plan to engage experienced management.

- The buyer's personal credit history, existing debts, and available equity are all reviewed. A buyer with strong personal assets and a clean credit history is viewed more favourably.

- Serviceability is tested using the business's maintainable earnings minus the new owner's reasonable salary, the loan repayment, and any existing commitments. A DSCR of 1.2-1.5x is typically expected.

A Plus Finance can help you understand which lenders are most suited to your acquisition type and prepare an application that addresses the key assessment criteria.

当买方为收购企业寻求融资时，贷款机构对此的评估方式与标准商业贷款不同。关键区别在于，被收购的企业与贷款机构没有已有的合作关系，也没有在新业主名下的经营记录。因此，贷款机构会采取保守的方法，非常重视目标企业的历史记录。

盈利评估：

- 贷款机构关注的是可持续盈利: 不仅仅是最近一年的利润，而是一个企业未来合理可预期盈利的标准化视图。他们通常会审阅2-3年的财务报表。

- 加回调整很常见：一次性费用、前业主超出市场水平的工资、通过企业列支的酌情个人开支以及折旧，都会被加回以得到调整后的EBITDA（息税折旧摊销前利润）。

- 贷款机构会仔细审查收入趋势。过去两年收入持平或下降的企业比稳定有机增长的企业更难获得融资。

- 客户集中度是一个关键风险因素。如果前三名客户占收入的50%或以上，贷款机构可能要求提供长期合同或多元化计划的证明。

商誉考量：

- 商誉: 购买价格中超出有形资产价值的部分: 通常不能作为贷款的主要抵押品。贷款机构通常将商誉贷款限制在购买价格的50-70%，有些机构还设定具体金额上限。

- 贷款机构会评估商誉是否合理。关键因素包括企业的品牌知名度、市场地位、经常性收入基础，以及是否与卖方签订了不竞争协议。

- 如果购买价格中有很大一部分被分配为商誉，买方可能需要提供更高的首付: 通常为总价的40-50%: 以确保在有形资产中有足够的净值。

资产评估：

- 厂房、设备、车辆和库存按公平市场价值而非账面价值评估。较大规模的收购可能需要进行动产估值。

- 如果企业拥有商业物业，这可以显著增强申请的可信度，因为物业提供了坚实的抵押。

- 许可证、知识产权或特许经营协议等无形资产也会被考虑，但它们作为抵押品的价值有限且因贷款机构而异。

买方评估：

- 贷款机构会评估买方的行业经验、管理能力和财务投入。大多数贷款机构期望买方至少具备一定的相关行业背景，或有聘请有经验管理人员的计划。

- 买方的个人信用记录、现有债务和可用净值都会被审查。拥有良好个人资产和干净信用记录的买方更受青睐。

- 还款能力通过企业可维持盈利减去新业主的合理工资、贷款还款和任何现有负债来测试。DSCR（偿债覆盖率）通常预期为1.2-1.5倍。

A Plus Finance 可以帮助您了解哪些贷款机构最适合您的收购类型，并准备一份针对关键评估标准的申请材料。

Points to keep in mind需要留意的事项

• Read the details alongside your own figures, timing, and documents.请结合自己的数字、时间安排和材料阅读这些内容。
• Use this article to prepare questions. Current lender criteria and personal circumstances still need to be checked.把文章当作准备问题的起点，具体贷款机构政策和个人情况仍需进一步确认。

Questions people often ask常见问题