为什么管理层收购是接班方案之一？
当企业主希望退出，但外部买方不一定理解业务或无法保留团队时，管理层收购可能是现实选择。MBO可以保持业务连续性，但对融资、估值和治理要求较高。
估值重点
估值应关注正常化EBITDA、现金流、营运资金、客户集中度、管理团队能力、资本开支和债务承受能力。
交易结构
常见结构包括一次性付款、分期付款、卖方融资、银行贷款、PE联合投资和管理层滚存股权。
尽职调查重点
尽调应覆盖财务、税务、客户合同、员工、债务、股权结构、担保安排和交割后治理。
Lyndon如何协助
Lyndon可协助企业主、管理层和顾问评估MBO可行性、估值、融资结构和交易执行。
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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