为并购后的流动性成功做好生活准备

Preparing Your Life forLiquidity: Post-M&A Success(Beyond the Financials) Business owners planning for a liquidityevent often focus on the financials. Butpreparing for their post-transaction livesis just as important—and less tangibleconsiderations should not be ignored. The retired founder of a logistics company who sold his company at 74 recently summarizedhis situation: “Money was not as important as I thought it would be, but that’s because I havea lot of it now,” he said. “I’d love to have a lot of my past back instead, but since I can’t, I have tofind the best way to capture my future.” That’s a familiar sentiment among business owners after selling a company—when the emailsstop coming in, the hobbies aren’t enough to fill the days, and a move to a new location doesn’tquite pan out. It shows that even people who make very smart decisions, decisions that positionthem for a windfall after a liquidity event, often don’t know they need to plan, or know how toplan effectively, for life after a transaction. Business owners should follow a disciplined process to sell their business, beginning withsell-side preparation, formal market outreach, initial due diligence, and ending with final duediligence and negotiation. But effective pre-liquidity planning is also about process—one thatfocuses on both the tangibles and intangibles—that allows business owners to set themselvesup to maintain a charged life, and indeed capture their future, after selling what is likely theirsingle largest asset. Pre-Liquidity Planning (the Tangibles) Preparing for an influx of capital requires discipline.At the outset, it is crucial to assemble a team of advisors—financial planners, wealth advisors, pre-liquidityadvisors—whom you trust and who understand thenecessity of confidentiality. It’s also a good idea to consider the following questions: •Are you sufficiently informed about valuations inyour industry/sector, potential investors/buyers,and the financial environment to set you up for aquality transaction? •Do you understand your personal tax obligationsand how to mitigate them? ““I miss the emails, the colleagues,the nervous new employees meetingme, even the title. I never thoughtI needed that.” •Have you inventoried your personal balance sheetand explored any planning needs that may includeretitling assets, separating entities, or exploringvarious charitable vehicles to employ? •Will you want to recreate your paycheck and/or explore methods to use your cash flow afterthe transaction? Former CEO •Do you have reason to consider proactive changes toyour personal security or cyber security protection? Common Struggles With Less Tangible Concerns Adapting to the new phase of life can be trickier thanbusiness leaders expect—filled with less-tangible challengesthat they probably never anticipated. “I miss the emails,the colleagues, the nervous new employees meeting me,even the title,” one former CEO of a public company told us.“I never thought I needed that.” Energy, a strong work ethic, clear purpose andcommitment, and a well-defined identity are among thequalities that make most business owners successful.Those qualities do not go away post-transaction, andbusiness owners typically want to put their energy anddrive somewhere. In addition, many former businessowners simply struggle with a lost sense of identity, unsureeven how to introduce themselves after a transaction. That’s why it’s important, well in advance of a liquidityevent, to think about new outlets for time and energy.We recommend thinking through post-transaction livesusing four lenses—habits, hobbies, gigs, and loves. Effective Planning for the Intangibles Habits, Hobbies, Gigs, and LovesBusiness owners should be intentional about these four Gigsare especially significant. Many fulfilled formerowners have moved onto something after a transaction thatis like a job—i.e., joining charitable or corporate boards,investing in small businesses, or working leisure jobs. It isimportant to balance the commitments, and recommendedto consider variability over more permanent obligations(such as owning a coffee shop or brewery), to allow time totransition to a new schedule and lifestyle. considerations and consider them holistically, as theyare interrelated. Habitsoften relate to daily routine, which will almostcertainly change following a transaction. Business ownerswho plan to maintain their morning and evening schedulesshould consider the extra time freed by the absence of awork commute. A few extra hours a day can add up.We encourage clients to inventory their habits—theirmorning cup of coffee, catching up on the news—todetermine how many hours each day will now transitionto free time. Loves—i.e., the people in our lives—is the most impactfulconsideration of the four, necessitating some hard questions.Business owners likely have never spent 60-plus hours aweek with their spouse, and devoting time to their childrenisn’t always as easy as it seems. “They h