Buying a business? Funding is only one part of the risk.购买生意时，融资只是风险的一部分。

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.

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。

Earnings assessment:

盈利评估：

- 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.

- 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。

- 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).

- 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）。

- 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.

- 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。

- 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.

- 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。

Goodwill consideration:

商誉考量：

- 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.

- 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。

- 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.

- 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。

- 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.

- 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。

Asset evaluation:

资产评估：

- 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.

- 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。

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

- 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。

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

- 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。

Buyer assessment:

买方评估：

- 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.

- 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。

- 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.

- 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。

- 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.

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

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。

Vendor Finance — How It Can Bridge the Gap

卖方融资——如何弥合资金缺口

Vendor finance (also called seller financing) is an arrangement where the seller of a business provides a portion of the purchase price as a loan to the buyer. It is not a mainstream product — most banks do not offer it — but it can be a practical solution in situations where conventional lending falls short.

卖方融资（也称为卖家融资）是一种由企业卖方将部分购买价格作为贷款提供给买方的安排。这不是一种主流产品——大多数银行不提供——但在传统贷款无法满足需求的情况下，它可以是一个实用的解决方案。

How vendor finance typically works:

卖方融资的典型运作方式：

- The buyer pays a deposit (often 10–30%), a bank or lender provides first-ranking finance secured against the business's tangible assets, and the vendor provides a second-ranking loan for the remaining balance.

- 买方支付首付（通常为10–30%），银行或贷款机构提供以企业有形资产为抵押的第一顺位融资，卖方为剩余余额提供第二顺位贷款。

- The vendor loan is usually subordinated to the bank's security. This means the bank is repaid first if the business is sold or wound up.

- 卖方贷款通常次于银行的担保。这意味着如果企业被出售或清算，银行优先获得偿还。

- The vendor loan may be interest-only for an initial period, followed by principal-and-interest payments. Terms are typically 2–5 years, though this varies.

- 卖方贷款可能在初期只付利息，之后转为本息还款。期限通常为2–5年，但各案不同。

- Interest rates on vendor finance are sometimes above bank rates, reflecting the higher risk the vendor takes by not being fully cashed out at settlement.

- 卖方融资的利率有时高于银行利率，反映了卖方在交割时未完全套现所承担的更高风险。

Situations where vendor finance can help:

卖方融资可以发挥作用的情况：

- Valuation gap. If the bank values the business lower than the agreed purchase price, vendor finance can bridge the difference without the buyer needing to find additional cash.

- 估值差距。如果银行对企业的估值低于约定购买价格，卖方融资可以弥合差额，而无需买方寻找额外现金。

- High goodwill component. As lenders are generally cautious about lending against goodwill, vendor finance can cover the goodwill portion that a bank will not fund.

- 高商誉部分。由于贷款机构通常对商誉贷款持谨慎态度，卖方融资可以覆盖银行不愿承贷的商誉部分。

- Limited buyer equity. A buyer with strong industry experience but limited cash reserves may use vendor finance to reduce the required cash deposit to a manageable level.

- 买方资金有限。行业经验丰富但现金储备有限的买方可以利用卖方融资将所需首付降至可管理的水平。

- Transition period. Some vendors are willing to provide finance as part of a phased handover, where the buyer makes payments to the vendor over time while the vendor remains involved in the business on a part-time basis.

- 过渡期。一些卖方愿意作为分阶段交接的一部分提供融资，买方在一段时间内向卖方付款，同时卖方以兼职形式继续参与企业运营。

What lenders think of vendor finance:

贷款机构如何看待卖方融资：

- Most banks accept vendor finance in principle, provided the vendor loan is properly documented, registered on the Personal Property Securities Register (PPSR), and clearly subordinated to the bank's interest.

- 大多数银行原则上接受卖方融资，前提是卖方贷款有适当的文件记录、在PPSR（个人财产担保登记册）上注册，并明确次于银行的权益。

- Some lenders impose conditions: the vendor loan may need to be interest-only, or the bank may require that personal guarantees from the buyer cover both the bank debt and the vendor loan.

- 一些贷款机构会施加条件：卖方贷款可能必须是只付利息，或者银行要求买方的个人担保同时覆盖银行债务和卖方贷款。

- A few lenders do not accept vendor finance at all. Engaging a broker like A Plus Finance can help you identify which lenders on our panel are open to vendor-finance structures.

- 少数贷款机构完全不接受卖方融资。通过A Plus Finance这样的经纪公司，可以帮助您找到我们合作机构中哪些接受卖方融资结构。

Risks for both parties:

双方的风险：

- For the vendor: if the buyer defaults, the vendor may need to enforce their security or repossess the business — a messy process. The vendor also receives their money over time rather than upfront.

- 对卖方而言：如果买方违约，卖方可能需要执行担保或收回企业——这是一个复杂的过程。卖方也是逐步收到款项，而不是一次性全部拿到。

- For the buyer: the combined debt from bank and vendor finance can be higher than a single bank loan, increasing monthly obligations. Defaulting risks losing both the business and the relationship with the vendor.

- 对买方而言：银行和卖方融资的合并债务可能高于单一银行贷款，增加了月度还款义务。违约可能导致失去企业和与卖方的关系。

Documentation essentials:

必要文件：

- A deed of priority executed between the bank, vendor, and buyer, confirming the order of repayment in a default scenario.

- 银行、卖方和买方之间签署的优先权契约，确认违约情况下的偿还顺序。

- Registration of the vendor's security interest on the PPSR.

- 在PPSR上登记卖方的担保权益。

A Plus Finance can advise on structuring a vendor finance arrangement and help find lenders on our panel who are comfortable with this approach.

A Plus Finance可以就构建卖方融资安排提供建议，并帮助您从我们合作机构中找到接受此方法的贷款机构。

Due Diligence Checklist Before Buying a Business in NZ

在新西兰购买企业前的尽职调查清单

Buying an existing business can be a faster path to revenue than starting from scratch, but it carries risks that thorough due diligence can help identify. The following checklist covers the key areas a prospective buyer should investigate before committing to a purchase.

购买现有企业可能比从零开始更快获得收入，但它也伴随着风险，而彻底的尽职调查可以帮助识别这些风险。以下清单涵盖了潜在买方在承诺购买前应调查的关键领域。

Financial due diligence:

财务尽职调查：

- Request 12–24 months of management accounts and bank statements. Cross-check reported revenue against bank deposits and GST returns.

- 索取12–24个月的管理账目和银行流水。将申报收入与银行存款和GST申报进行交叉核对。

- Review the aged debtors and creditors reports. Are customers paying on time? Are there any disputed invoices or overdue supplier accounts?

- 审查账龄应收和应付报告。客户是否按时付款？是否有争议发票或逾期供应商账户？

- Ask for the most recent stocktake report. Compare stock-on-hand with the balance sheet value and confirm whether slow-moving or obsolete stock has been written down.

- 索取最新的库存盘点报告。将实际库存与资产负债表价值进行比较，确认滞销或过时库存是否已减记。

- Obtain at least three years of annual financial statements (profit and loss, balance sheet, cashflow statement) and review year-on-year trends.

- 获取至少三年的年度财务报表（损益表、资产负债表、现金流量表），并审查同比趋势。

- If the financial statements have been audited or reviewed by a chartered accountant, review the management letter for any flagged concerns.

- 如果财务报表已经过特许会计师审计或审阅，请查看管理函件中是否有任何标记的问题。

Legal and entity due diligence:

法律与实体尽职调查：

- Confirm the business's legal structure (sole trader, partnership, company, trust) and verify that all required registrations are current — NZBN, IRD number, GST registration, Companies Office records.

- 确认企业的法律结构（个体户、合伙、公司、信托），并核实所有必要注册信息是最新的——NZBN、IRD号码、GST注册、公司办公室记录。

- Review all material contracts: supplier agreements, customer contracts, franchise agreements, distributor arrangements, and key employee employment agreements. Note any change-of-control clauses that could allow a counterparty to terminate upon sale.

- 审查所有重大合同：供应商协议、客户合同、加盟协议、分销商安排和关键员工雇佣协议。注意任何控制权变更条款，这些条款可能允许对方在出售时终止合同。

- Check for any existing or threatened legal disputes, including employment disputes, customer complaints, or regulatory matters.

- 检查任何现有或威胁性的法律纠纷，包括劳资纠纷、客户投诉或监管事务。

- Review the lease agreement for the business premises. Key items: remaining term, renewal options, rent review mechanism, and whether the lease is assignable without the landlord's consent.

- 审查经营场所的租赁协议。关键事项：剩余租期、续约选择权、租金审查机制，以及租约是否可在未经房东同意的情况下转让。

- Confirm intellectual property ownership. Are trademarks, brand names, domain names, and software licences registered in the business's name (not the vendor's personal name)?

- 确认知识产权所有权。商标、品牌名称、域名和软件许可证是否以企业名义（而非卖方个人名义）注册？

Operational due diligence:

运营尽职调查：

- Identify key staff and assess the risk of departure after the sale. If the business relies heavily on one or two individuals, consider whether employment agreements include restraint-of-trade or retention provisions.

- 识别关键员工，评估卖方后离职的风险。如果企业严重依赖一两个人，要考虑雇佣协议是否包含竞业限制或留任条款。

- Review the customer concentration. If the top three customers account for more than 40% of revenue, investigate the nature and duration of those relationships. Are there written contracts or informal arrangements?

- 审查客户集中度。如果前三名客户占收入的40%以上，调查这些关系的性质和持续时间。是否有书面合同或非正式安排？

- Assess the supplier base. Are there single-source dependencies for critical inputs or services?

- 评估供应商基础。关键投入品或服务是否存在单一来源依赖？

- Evaluate the condition of plant, equipment, vehicles, and IT systems. A chattel valuation may be warranted for larger acquisitions.

- 评估厂房、设备、车辆和IT系统的状况。较大规模的收购可能需要进行动产估值。

- Confirm all necessary licences, permits, and regulatory approvals are current and transferable — for example, liquor licences, food safety registrations, health and safety certifications, or industry-specific accreditations.

- 确认所有必要的许可证、许可和监管审批是最新的且可转让——例如酒类许可证、食品安全注册、健康与安全认证或行业特定资质。

Tax and compliance due diligence:

税务与合规尽职调查：

- Request IRD summaries confirming that GST, PAYE, KiwiSaver, and income tax obligations are up to date. Undisclosed tax liabilities can become the buyer's responsibility in some structures.

- 索取IRD摘要，确认GST、PAYE、KiwiSaver和所得税义务已结清。在某些结构中，未披露的税务责任可能由买方承担。

- Check whether the business has any outstanding fines, penalties, or compliance notices from local councils, Worksafe, or other regulatory bodies.

- 检查企业是否有来自地方议会、WorkSafe或其他监管机构的未缴罚款、罚金或合规通知。

- If the business imports or exports goods, verify that customs and biosecurity records are clean.

Engaging professional advisors:

聘请专业顾问：

- A chartered accountant should review the financial due diligence findings and tax position.

- 特许会计师应审阅财务尽职调查结果和税务状况。

- A lawyer experienced in business sales should review legal documents, advise on the purchase agreement structure, and handle the transfer of registrations and licences.

- 有企业出售经验的法律应审阅法律文件，就购买协议结构提供建议，并处理注册和许可证的转移。

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。