Buying a business? Finance is only one part of the decision.购买生意时，融资只是决定的一部分。

How lenders assess a business acquisition: earnings, goodwill and assets

贷款机构如何评估企业收购：盈利、商誉与资产

A business acquisition is assessed differently from an ordinary business loan because the buyer has not yet created a trading history under the new ownership. The target business's records therefore carry considerable weight.

企业收购与普通商业贷款的评估方式不同，因为买方还没有在新所有权下形成经营记录。因此，目标企业原有的财务和经营记录会受到重视。

Lenders review two to three years of statements and focus on maintainable earnings rather than one strong year. They may add back one-off costs, above-market owner salary, personal expenses run through the business and depreciation to calculate adjusted EBITDA. Revenue that is flat or falling and customer concentration can make the application harder; if the top three customers provide 50% or more of revenue, contracts or a diversification plan may be requested.

贷款机构会查看两到三年的财务报表，重点是可持续盈利，而不是某一年的好成绩。一次性费用、前业主超出市场水平的工资、通过企业列支的个人开支和折旧，可能会被调整回盈利中，用于计算调整后 EBITDA。收入持平或下降、客户过度集中，也会增加难度。如果前三大客户贡献了 50% 或以上收入，贷款机构可能要求长期合同或客户多元化计划。

Goodwill is the part of the price above the value of tangible assets and is usually not accepted as primary security. Some lenders limit goodwill funding to 50% to 70% of the purchase price or set a dollar cap. A large goodwill component may mean a deposit of 40% to 50% is needed so the tangible assets provide enough equity.

商誉是购买价格中超过有形资产价值的部分，通常不能作为主要抵押品。有些贷款机构只为购买价格的 50% 到 70% 提供商誉融资，或设定金额上限。商誉占比高时，买方可能需要提供 40% 到 50% 的首付，让有形资产保留足够净值。

Plant, equipment, vehicles and stock are assessed at fair market value rather than book value. Commercial property can strengthen the security position, while licences, intellectual property and franchise agreements have limited value as security and are treated differently by lenders.

厂房、设备、车辆和库存通常按公平市场价值，而不是账面价值评估。企业拥有商业物业可以增强抵押基础；许可证、知识产权和特许经营协议作为抵押品的价值有限，不同贷款机构的处理也不同。

The buyer's industry experience, management plan, personal credit, existing debts and available equity are also reviewed. Serviceability is tested after the new owner's reasonable salary, loan repayment and existing commitments. A DSCR of around 1.2 to 1.5 times is commonly expected, but the lender's policy controls.

贷款机构还会查看买方的行业经验、管理计划、个人信用、现有债务和可用净值。还款能力会在扣除新业主合理工资、贷款还款和现有负债后进行测试。DSCR 约为 1.2 到 1.5 倍是常见参考，但最终以贷款机构政策为准。

A Plus Finance can help identify lenders that may suit the acquisition type and organise the application around the main assessment questions.

A Plus Finance 可以协助您判断收购类型可能适合哪些贷款机构，并围绕主要评估问题整理申请材料。

Vendor finance: how it can bridge a funding gap

卖方融资：如何弥合资金缺口

Vendor finance, also called seller finance, is an arrangement where the seller lends part of the purchase price to the buyer. It is not a mainstream bank product, but it may help when conventional lending does not cover the agreed price.

卖方融资也称卖家融资，是由卖方把部分购买价格作为贷款提供给买方的安排。它不是主流银行产品，但在传统贷款不足以覆盖约定价格时，可能帮助弥合资金缺口。

A common structure is a buyer deposit of 10% to 30%, first-ranking bank finance against tangible assets and a second-ranking vendor loan for the balance. The vendor loan is usually subordinated to the bank, so the bank is repaid first if the business is sold or wound up. Terms may start interest-only and then move to principal and interest, often over two to five years.

常见结构是买方支付 10% 到 30% 首付，银行以有形资产为基础提供第一顺位融资，卖方为余额提供第二顺位贷款。卖方贷款通常次于银行担保，因此企业出售或清算时银行先获得偿还。贷款可能先采用只还利息，之后转为本息同还，期限通常为两到五年。

Vendor finance may cover a valuation gap, a goodwill component, limited buyer cash or a phased handover. The interest rate can be above a bank rate because the seller is not fully paid at settlement. The seller may continue part-time during the transition, but both parties need a clear agreement.

卖方融资可以用于补足估值差距、商誉部分或买方有限的现金，也可能配合分阶段交接。由于交割时卖方没有完全收款，利率可能高于银行贷款。卖方如果在过渡期兼职参与经营，双方更需要把安排写清楚。

The bank may require the vendor loan to be documented, registered on the PPSR and clearly subordinated. It may also require interest-only payments or personal guarantees covering both debts. Some lenders do not accept vendor finance, so the structure must be discussed before the sale agreement is finalised.

银行通常会要求卖方贷款有完整文件、在 PPSR 登记，并明确次于银行担保。部分机构还可能要求卖方贷款只还利息，或要求买方个人担保同时覆盖两笔债务。也有机构完全不接受卖方融资，所以要在买卖协议最终确定前确认。

The seller carries repayment and enforcement risk, while the buyer carries the combined monthly obligation of the bank and vendor loans. A deed of priority and PPSR registration are common documents. A Plus Finance can help test the structure with lenders that consider this type of arrangement.

卖方承担买方违约和执行担保的风险，买方则要同时承担银行贷款和卖方贷款的月供。银行、卖方和买方之间的优先权契约，以及 PPSR 登记，通常是重要文件。A Plus Finance 可以协助向接受这类结构的贷款机构了解可行性。

Due diligence checklist before buying a business in New Zealand

在新西兰购买企业前的尽职调查清单

Buying an existing business can bring revenue sooner than starting from scratch, but the buyer inherits the risk of the business. Review the financial, legal, operational and tax records before committing to the purchase.

购买现有企业可能比从零开始更快产生收入，但买方也会接手企业原有的风险。决定购买前，应查看财务、法律、运营和税务记录。

For the financial review, request 12 to 24 months of management accounts and bank statements, at least three years of annual financial statements, aged debtor and creditor reports, and the latest stocktake. Compare reported revenue with bank deposits and GST returns, and ask a chartered accountant to explain any concerns in the management letter.

财务方面，索取 12 到 24 个月的管理账目和银行流水、至少三年的年度财务报表、账龄应收应付报告和最新库存盘点。把申报收入与银行入账和 GST 申报进行核对，并请特许会计师解释管理函件中的问题。

For the legal review, confirm whether the business is a sole trader, partnership, company or trust and check its NZBN, IRD, GST and Companies Office records. Read supplier, customer, franchise, distribution, employment and premises-lease agreements. Look for change-of-control clauses, disputes, renewal rights and limits on assigning the lease. Confirm that trademarks, domains, software licences and other intellectual property are owned by the business.

法律方面，先确认企业是个体户、合伙、公司还是信托，再核对 NZBN、IRD、GST 和 Companies Office 记录。阅读供应商、客户、加盟、分销、雇佣和经营场所租约，留意控制权变更、纠纷、续约权和租约转让限制。确认商标、域名、软件许可等知识产权归企业所有。

For the operational review, identify important staff and the risk of departure, check whether the top three customers provide more than 40% of revenue, and look for single-source suppliers. Inspect the plant, vehicles, equipment and IT systems, and confirm that licences, permits and industry approvals are current and transferable.

运营方面，了解关键员工在出售后离职的风险，检查前三大客户是否贡献超过 40% 的收入，并确认关键供应是否依赖单一供应商。检查厂房、车辆、设备和 IT 系统，也要确认许可证、许可和行业审批仍有效且可以转让。

For tax and compliance, ask for IRD information covering GST, PAYE, KiwiSaver and income tax. Check for unpaid fines, penalties or notices from councils, WorkSafe or other regulators, and review customs and biosecurity records where the business imports or exports goods.

税务和合规方面，索取涵盖 GST、PAYE、KiwiSaver 和所得税的 IRD 资料。检查地方议会、WorkSafe 或其他监管机构是否有未缴罚款、罚金或合规通知。如果企业有进出口，还要查看海关和生物安全记录。

Use a chartered accountant for the financial and tax review and a lawyer experienced in business sales for the contracts, purchase structure and transfer of licences. Their findings should inform both the price and the finance application.

财务和税务可以交给特许会计师审核，合同、收购结构和许可证转移则应由有企业买卖经验的律师处理。调查结果应同时用于确定价格和准备融资申请。

It depends on business earnings, deposit, security, industry risk, and lender/referral pathway.

这取决于生意盈利、首付、抵押、行业风险和贷款/转介路径。

Recent financial statements, tax records, and current trading evidence are often important. Requirements vary.

近期财报、税务记录和当前经营证明通常很重要，具体要求会不同。

Some pathways may still be explored, but limited security can affect amount, cost, and eligibility.

有些路径仍可探索，但抵押不足会影响金额、成本和资格。

Prepare the sale information memorandum, financials, lease, purchase price, deposit, and your business experience.

建议准备销售资料、财报、租约、购买价、首付和您的经营经验。