为什么家族企业接班常转化为并购问题？
许多中国家族企业现金流稳定、客户关系深厚，但第二代未必愿意或适合接班。此时，企业主需要在内部传承、管理层收购、引入投资者和出售企业之间做选择。
并购不是唯一答案，但它可以为家族实现流动性、降低经营风险，并让企业进入新的发展阶段。
常见路径
常见安排包括内部接班、职业经理人接班、管理层收购、出售少数股权、出售控股权和整体出售。
估值重点
估值应关注正常化EBITDA、客户关系可转移性、管理层独立性、亲属岗位安排、应收账款、税务风险和业务连续性。
尽职调查重点
尽调应覆盖股权结构、财务、税务、客户合同、员工、亲属关联交易、知识产权、土地房产和历史纠纷。
Lyndon如何协助
Lyndon可协助家族企业主和顾问评估出售、融资、管理层收购和分阶段退出方案。
About the Author
Daniel Bae
Co-founder & CEO, Lyndon Advisory
Daniel is an investment banker with 15+ years of experience in M&A, having advised on deals worth over US$30 billion. His career spans Citi, Moelis, Nomura, and ANZ across London, Hong Kong, and Sydney. He holds a combined Commerce/Law degree from the University of New South Wales. Daniel founded Lyndon Advisory to solve the pain points in M&A, enabling bankers to focus on what matters most — delivering trusted advice to clients.
About Lyndon Advisory
Lyndon Advisory is an M&A advisory firm built for Asia Pacific. We help business owners sell their companies and investors make strategic acquisitions with senior-led execution, disciplined process management, and AI-supported buyer intelligence.
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