兼併，收購和合資企業是如此鬆散用於商業詞彙，它是自然的，有較高水平的混亂。 在建議的框架中進行選擇的三種模式，這是非常重要的概念化，這些用語是顯而易見的。

合併：合併是指一個過程，其中兩家公司成為一體的撞在了一起。 在這種情況下，沒有一家公司比其他規則。 通常，管理兩家公司股份的控制由此產生的公司名稱保留兩家公司對造成的公司。 有許多高知名度的例子併購 - 美國在線時代華納，葛蘭素史克公司（第二大製藥公司輝瑞公司之後的世界），英雄本田（領先的摩托車品牌在印度），索尼愛立信（第三大手機製造商在世界）等等。 在每個這種情況下，兩家公司的名字被保留，以充分利用雙方的品牌權益。 因此簡單地說，合併建立新的組織出來的兩個或多個組織或多或少的平等地位，集中所有資源。

收購：收購，另一方面指過程中，一家公司收購另一家公司。 在這種情況下的購買公司購買公司吸收到現有的公司。 可以進行收購，以消除競爭或通過吸收競爭公司或擴大企業的投資組合通過保留被收購公司作為一個獨立的實體下的整體企業管理。 這後一種情況是在心臟的許多大企業集團。 新聞集團收購 MySpace的公司，領先的在線網絡站點，估計有1億註冊用戶不是為了合併它與其他新聞業務，而是要擴大企業的投資組合。 另一方面沃達丰集團，是世界上最大的移動通信網絡公司與市值英鎊 860億（169美元億元，11600億元）最近收購了67％的股權，Essar的和記黃埔（其中印度領先的移動電話網絡）為 190億美元（130億元）。 此次收購的目的是要進入高利潤的印度手機市場。 通過這次收購，印度成為沃達丰的第二大市場，僅次於美國。 由於是顯而易見的，從前面提到的例子很多，兼併和收購（M＆A）為三個主要目的：M＆A可作為進入市場的戰略，作為企業投資擴張的工具，作為競爭的防禦機制

合資企業：合資企業是一種方法，其中兩個或兩個以上公司同意集中資源，共同形成合力在市場上。 與合併，一個合資企業不涉及的出現的一個新的聯合實體。 每位參賽者在合資保留各自的實體，而是選擇一爭高下的競爭對手作為一個統一的業務力量。 合資企業是一個非常普遍的形式的合資企業。 近日，全球最大的零售商沃爾瑪簽訂了合資企業與印度Bharti企業獲得腳趾保持在蓬勃發展的印度零售市場。 此舉是唯一的方式，沃爾瑪可能進入印度市場作為一個完整的法規限制禁止外商獨資零售連鎖經營在印度市場。 因此，這個合資企業是市場進入戰略的沃爾瑪。 考慮另一個例子 - 哥斯達黎加咖啡，咖啡的領導品牌在英國和西歐。 這個品牌進入中國市場最近與一家合資企業與悅達集團總部設在江蘇省在中國。 這不是因為任何法規限制，但更多的是因為它需要更多地了解一個陌生的市場，並得到了腳舉行。 因此，合資企業確實是一個非常普遍的進入策略的公司。 這種方法有它自己的優點和缺點。 最明顯的好處是企業進入市場，通過合資企業將受益於當地知識的本地公司。 最明顯的缺點是，企業進入新市場可能是冤大頭，如果合資企業不仔細商定。 因此，簡單的定義， 合資企業比收購風險較小 ，因為它們是可轉讓，合作，更容易行走距離。 他們帶來了兩家公司一起共同利益，而且不同的優勢，在特定的工作項目，提供雙方都有利，。

決定性因素

一旦影響是可以理解的，公司將不得不考慮三個關鍵因素影響選擇的方法中，這將提供一個戰略背景為企業評價三種方法。

1.Level在市場競爭的根本原因之一，企業從事任何併購或合資企業是解決競爭在任何市場。 公司在世界各地都來相信，鞏固了市場將使他們相稱的市場地位和權力要求的領導地位。 此外，與巨大的壓力，公司削減成本和利潤後，收購提供了一個渠道，擴大規模，並充分利用龐大的規模所產生的組織。 因此，根據市場的競爭力如何在任何特定部門，企業將不得不決定三者之間選擇。 航空業在美國是一個最具競爭力的產業。 因此，企業紛紛使出激烈的收購，合併降低成本，提高出租率，並提高了潛在的盈利能力。 相反，消費類電子產品是一個行業，由於專業性很強的工作，公司更喜歡合作或合資企業。 因此，三星與索尼的作品，作品與索尼愛立信，英特爾與 IBM等。 這些戰略的合資企業讓企業充分利用彼此的核心競爭力。

2.Barriers進入併購通常採取任何增加或削減成本和規模的合資企業是首選進入新的市場或領域。 因此，其中一個重要因素，應該考慮的是目前水平的壁壘進入一個新的市場。 一些市場的特點是進入門檻高，如監管約束，建立競爭對手，極不穩定的市場，沒有理由初次進入投資等。 在這種情況下，合資企業的首選方案，因為他們允許企業利用現有的知識和資源，通過協作。 另一方面，在進入門檻低，企業能夠獲得很強的腳抱在市場上或者通過合併或通過收購。

3.Synergies和資源隨著前兩個因素，協同和資源同樣重要的決定在三個可供選擇的公司。 兼併和合資公司之間已被證明有效地工作，如果有一個高層次的協同企業之間的走到了一起。 協同作用，可在企業文化，產品組合，戰略目標和供應鏈或物流系統。 當這種協同效應存在，企業可以高效地實現其目的的兼併或合資企業。 同樣，對於收購選擇，一個重要因素是金融資源的可用性。 由於收購發生的價格遠高於賬面價值的公司被收購，收購企業應擁有或獲得相當多的資源。

結論

兼併，收購和合資企業都同樣強大的企業可為公司的發展戰略。 在選擇任何單一的方法取決於內部和外部因素。 鑑於許多成功和失敗都經歷了由世界各地的公司，這將是最好的公司的戰略意義，主要了解每一種方法，然後要認真評估每一種方法在光的上述因素。

什麼，如果任何影響的兼併聯合和大陸航空公司的合併將有廉價機票和廉價的度假產品，還有待觀察。

兩家航空公司將繼續獨立運作，直到2012年年中。

下面是一個更新的，事情的立場，因為美國大陸航空控股接管兩家航空公司去年十月：

• 亭在83機場開始允許旅客在飛行檢查任航空公司於 5月18日。
• 美國的舊標識在芝加哥奧黑爾國際機場已取代了美國的名字與大陸的地球的象徵。 這種變化是在所有機場進展。
• 美國教練席提供額外腿部空間為它收取保費。 “經濟艙”席位預期不會出售大陸的飛機上，直到2012年初。
• 美國已經宣布，將保留美國的三類服務的國際航班和大陸的兩個班的服務，至少在未來數年。
• 該航空公司希望能提供一個聯合預訂系統（根據大陸的現行制度）由2012年3月。
• 頻繁等均可以把他們的美國和大陸的帳戶，並結合英里。
• 遊客可以檢查出的航班，座位安排接收並檢查飛行狀態不是美國或大陸上的網站無論是哪個航空公司它們飛行。
• 兩家航空公司開始提供相同的菜單上購買食品的教練截至5月1日，雖然菜單為公務艙仍然不同。
• 行李費，航班變更，備用的要求，以及處理無人陪伴的未成年人，現在兩家航空公司之間相同。

關於作者

www.cheapfares.com員工喜歡寫作和分享旅遊新聞文章，搞他們相信別人會覺得有趣。

出於這個原因，我們這裡有在www.lawyersbench.com放在一起快速15點清單，這將有助於您確定您擁有所有的基地內。 這是更重要的比你想像 - 畢竟，中企業是不是時候要爭論的基本條款和條件！

1。 標識。 以書面形式確認究竟是誰參與了合資企業 。

2。 NDA。 你需要一個非披露協議簽署？ （通常，如果一方有一個偉大的想法，和其他將參與製造或推廣）。

3。 什麼是責任，每一個黨？ 列出了每個寫你帶來的“黨”。

4。 是企業全局，或在有限的地理範圍？

5。 是否有任何法律上的考慮有關設立業務（發牌的是來自政府等）

6。 結構的合資企業 。 它是一個合夥或公司，或只是一個合資企業的合同當事人之間的2？ 如果是一家公司，誰坐在船上，他們如何委任？ 什麼類的股票在流通，以及在什麼條件呢？ 小股東如何保護？

7。 融資。 誰提供資金的企業？ 是否以某種方式分裂合營各方之間或它來自外部來源，如銀行或風險投資公司？ 是投資於現金或物品或服務？

8。 如果一家公司的結構是用什麼退出的規定需要？ 例如，如果一方想出售其股份，什麼條件下適用？ 請問對方有優先購買權購買？ 可他們還要求被買斷了在同一時間？ 股份制是如何進行估值？ 將新進入的股東享有同等的權利和責任的現有股東？ 是否有一個正確的否決權？

9。 非競爭。 將各方的企業被禁止參加比賽直接與新公司嗎 ？ 它是地域限制？

10。 共享信息。 有什麼權利這樣做合作夥伴，以了解內部運作的風險？ 是否定期提供賬戶管理？ 例如，將 www.lawyersbench.com有權利對產品開發的合資夥伴，即使我們沒有直接參與日常的日常運行的風險？ 怎麼樣獨立的審計？

11。 利潤分享。 利潤如何分配？ 什麼時候？ 在什麼條件呢？ 一方可以強制分配利潤？

12。 知識產權。 什麼知識產權的新的合資公司將收購？ 他們恢復到任何一方如果企業解散？ 誰擁有新的知識產權開發的企業？

13。 僱員 。 有多少員工將需要，以及他們將如何組織？ 會不會有購股權或其他獎勵？ 從一個企業的員工轉移到另一個幾乎肯定會涉及到你採取法律諮詢的過程和相關僱員的權益。 在www.lawyersbench.com我們總是有相關的“關鍵人” 保險政策有何特殊員工。

14。 管理。 地圖是誰管理的企業，誰是銀行家會，誰審核，誰負責業務合規性？

15。 退出。 企業是否有一個明確的壽命，或者是開放式的嗎？ 什麼情況下可以迫使它提前結束？ 如果發生這種情況，如何將分散的資產（包括現金和知識產權）。 如果有負債，不是資產，誰做他們下放上？

如果你回答所有這些問題充分地，你應該很好的方式合理結構良好的合資企業。 一如往常 ，採取法律諮詢前犯任何法律安排。

關於作者

如果你是一個企業的老闆誰願意顯著提高市場影響力，打破進入壁壘在你的市場，或者乾脆暴漲產生的收入在更短的時間量，這些老諺語越來越多的相關的幫助 www.jointwebventures 。com。 根據聯邦聯盟計劃（CAP），企業戰略聯盟預計佔 25％的收入在2005年，共40萬億美元。 這個數字一直在穩步增長，在過去幾年隨著越來越多的solopreneurs和在家工作的父母（Whaps）決定聯合起來，以增加他們的勝算生存在一個高度競爭的全球環境。

您將要學習的一個最有力的工具，我知道的是成功在當今競爭激烈的商業氛圍。 當然我說的合資企業 ，或確切地說，聯手與另一個人，一群人或業務實體為目的，不斷擴大業務影響力和創造一個更強大的市場的存在，您可以訪問合資導點COM。 合資企業中，如果你不利用這一戰略武器，機會是你的競爭，或將很快，用這種對自己有利的... ...。 可能對你！ 我們的主要目標是使你成功的合資企業。 這會發生，如果你是一個明智的企業家。

因此，我們有必要深入到技術方面的合資企業。 具體做法是：合資企業是一種戰略聯盟，在雙方或多方，通常是企業，形成夥伴關係，共享市場，知識產權，資產，知識，當然，利潤。 合營企業不同於合併在某種意義上說，沒有轉讓所有權的交易。 這種夥伴關係可以發生在一個行業巨人之間。 奇異，例如，是一種戰略聯盟之間的SBS和南方貝爾。 它也可以發生在兩個小型企業，相信合作會幫助他們成功地爭取他們的更大的競爭對手。

公司以相同產品和服務還可以聯手打入市場，他們不會或可能不會考慮，無需投入大量資源。 此外，由於地方性法規，一些市場只能通過合資冒險滲透與當地企業或參觀合資，軟件科網在某些情況下，大公司可以決定成立一家合資企業以較小的業務，以快速獲取重要的知識產權，技術或資源，否則難以取得，甚至用大量現金的處置。

這個過程的合作是一個眾所周知的，經過時間考驗的原則。 關鍵環節的合資企業，不在於過程本身，而是在它的執行。 我們都知道需要做什麼：具體來說，就是要形成合力。 但是，它很容易忽視的“HAWS”和“磨”，在興奮的時刻。 為了幫助 www.joint合資 - guide.com。 我們將著眼於“HAWS”在我們審查的八個關鍵因素成功的。 目前，讓我們記住，所有兼併，或大或小，需要詳細的計劃和執行以下嚴格的計劃，以便讓所有的機會，成功就在你身邊。

而“磨”應包括在一份法律協議，將仔細列表哪一方帶來哪些資產（有形和無形）的合資企業，以及目標這一戰略聯盟。 合資的法律協議模板可以很容易地找到互聯網。 您還可以尋求適當的法律意見時，進入這樣的業務關係。

www.easy - JV - manager.com www.jointwebventures.com

這句話兼併和收購 （簡稱M＆A）是指方面的企業戰略，企業財務及管理方面的買賣，並結合不同的公司，可以援助，金融，或幫助越來越多的公司在某一行業快速增長不不必創建一個業務實體。

收購
收購（“目標”）由另一個。 合併是指兩個公司結合在一起，形成一個新的公司乾脆。 收購可能是私人或公共，取決於被收購或合併公司是或不是在公開市場上市。 收購可能是友好或敵對。 無論是購買被視為友好或敵對取決於它是如何傳達和接收由目標公司董事會的董事，僱員和股東。 雖然這是很正常的M＆A交易的通信發生在一個所謂的“保密性泡沫”，讓信息流動受到限制，由於保密協議（哈伍德，2005年）。 在案件友好的交易，公司合作談判，在一個充滿敵意的情況下交易，收購目標是不願意被收購或目標的董事會並沒有事先知識的提供。 敵意收購就可以了，經常做，又友好末，作為收購方的認可固定的交易從被收購公司董事會。 這通常需要改進的方面的提議。 收購通常指的是購買的一個較小的公司，由一個較大的。 然而，有時一個較小的公司將獲得更大的管理控制公司或更長的時間建立並保持它的名字為合併後的實體。 這就是所謂的反向收購。 另一種類型的收購借殼上市，交易，使私人公司獲得上市在很短的一段時間。 反向併購發生在一個私人公司，具有較強的前景，並渴望提高融資收購一家上市殼公司，通常是一個沒有商業和有限的資產。 實現收購成功已被證明是非常困難的，而多項研究表明，50％的收購是不成功的。 此次收購過程非常複雜，有許多方面影響的結果。 還有一種用於各種結構在確保資產的控制權的公司，有不同的稅收和監管的影響：

*買方購買的股份，因此控制，目標公司被收購。 所有權控制的公司依次傳遞有效控制的資產的公司，但由於該公司收購了完整的持續關注，這種形式進行的交易與它所有的債務，而該業務累計超過其過去和所有the risks that company faces in its commercial environment.
* The buyer buys the assets of the target company. The cash the target receives from the sell-off is paid back to its shareholders by dividend or through liquidation. This type of transaction leaves the target company as an empty shell, if the buyer buys out the entire assets. A buyer often structures the transaction as an asset purchase to “cherry-pick” the assets that it wants and leave out the assets and liabilities that it does not. This can be particularly important where foreseeable liabilities may include future, unquantified damage awards such as those that could arise from litigation over defective products, employee benefits or terminations, or environmental damage. A disadvantage of this structure is the tax that many jurisdictions, particularly outside the United States, impose on transfers of the individual assets, whereas stock transactions can frequently be structured as like-kind exchanges or other arrangements that are tax-free or tax-neutral, both to the buyer and to the seller's shareholders.

The terms “demerger”, “spin-off” and “spin-out” are sometimes used to indicate a situation where one company splits into two, generating a second company separately listed on a stock exchange.
Distinction between mergers and acquisitions

Although often used synonymously, the terms merger and acquisition mean slightly different things. When one company takes over another and clearly establishes itself as the new owner, the purchase is called an acquisition. From a legal point of view, the target company ceases to exist, the buyer “swallows” the business and the buyer's stock continues to be traded.

In the pure sense of the term, a merger happens when two firms agree to go forward as a single new company rather than remain separately owned and operated. This kind of action is more precisely referred to as a “merger of equals”. The firms are often of about the same size. Both companies' stocks are surrendered and new company stock is issued in its place. For example, in the 1999 merger of Glaxo Wellcome and SmithKline Beecham, both firms ceased to exist when they merged, and a new company, GlaxoSmithKline, was created.

In practice, however, actual mergers of equals don't happen very often. Usually, one company will buy another and, as part of the deal's terms, simply allow the acquired firm to proclaim that the action is a merger of equals, even if it is technically an acquisition. Being bought out often carries negative connotations, therefore, by describing the deal euphemistically as a merger, deal makers and top managers try to make the takeover more palatable. An example of this would be the takeover of Chrysler by Daimler-Benz in 1999 which was widely referred to as a merger at the time.

A purchase deal will also be called a merger when both CEOs agree that joining together is in the best interest of both of their companies. But when the deal is unfriendly (that is, when the target company does not want to be purchased) it is always regarded as an acquisition.

Business valuation

The five most common ways to valuate a business are

* asset valuation,
* historical earnings valuation,
* future maintainable earnings valuation,
* relative valuation (comparable company & comparable transactions),
* discounted cash flow (DCF) valuation

Professionals who valuate businesses generally do not use just one of these methods but a combination of some of them, as well as possibly others that are not mentioned above, in order to obtain a more accurate value. The information in the balance sheet or income statement is obtained by one of three accounting measures: a Notice to Reader, a Review Engagement or an Audit.

Accurate business valuation is one of the most important aspects of M&A as valuations like these will have a major impact on the price that a business will be sold for. Most often this information is expressed in a Letter of Opinion of Value (LOV) when the business is being valuated for interest's sake. There are other, more detailed ways of expressing the value of a business. While these reports generally get more detailed and expensive as the size of a company increases, this is not always the case as there are many complicated industries which require more attention to detail, regardless of size.

Financing M&A

Mergers are generally differentiated from acquisitions partly by the way in which they are financed and partly by the relative size of the companies. Various methods of financing an M&A deal exist:

Cash

Payment by cash. Such transactions are usually termed acquisitions rather than mergers because the shareholders of the target company are removed from the picture and the target comes under the (indirect) control of the bidder's shareholders.

Stock

在支付收購公司的股票，發行到被收購公司股東在給定的比例成正比，估值後者。

專家M＆A諮詢公司

雖然目前大多數的併購提供了諮詢的全方位服務的投資銀行，近年來卻出現了上升的突出專科 M＆A顧問，誰只能提供併購諮詢（而不是融資）。 這些公司有時也被稱為轉型企業，協助企業通常被稱為“企業轉型。”執行這些服務，在美國，顧問必須是持牌經紀交易商，並受SEC（FINRA）監管。 更多關於 M＆A諮詢公司是提供企業諮詢。

併購背後的動機

佔主導地位的理由來解釋的併購活動，收購企業尋求改善財務表現。 下面的動機被認為是提高財務業績：

*經濟規模：這是指一個事實，即合併後的公司往往能降低固定成本通過刪除重複的部門或業務，降低成本，該公司相對於同樣的收入來源，從而提高利潤率。
*經濟範圍：這是指的效率主要與需求方面的變化，如增加或減少銷售和分銷範圍，不同類型的產品。
*增加收入和市場份額：這是假設，買方將被吸收了主要競爭對手，從而提高其市場力量（通過捕捉更多的市場份額）制定價格。
*交叉銷售：例如，銀行購買股票經紀可能再賣產品，其銀行的股票經紀公司的客戶，而券商可以申請銀行的客戶經紀帳戶。 或者，製造商可以獲取和銷售配套產品。
*協同作用：例如，管理經濟的增長機會，如專業化的管理。 另一個例子是購買經濟由於增加訂單規模和相關的大宗購買的折扣。
*稅收：一個賺錢的公司可以購買虧損製造商使用目標的損失，因為他們的優勢，減少他們的稅務負擔。 在美國和其他許多國家，規則制定，以限制企業贏利能力“店”的虧損企業，限制了稅收動機的收購公司。 節稅策略包括購買資產的不良企業，減少當期所得稅負債根據丹拿白PLLC不良資產恢復計劃。
*地理或其他多樣化：這是設計來平滑收益結果的公司，長期柔滑的股票價格的公司，給保守的投資者更有信心投資於該公司。 但是，這並不總是向股東提供價值（見下文）。
*資源轉移：資源分佈不均公司（巴尼，1991年）和互動的目標和收購企業的資源可以創造價值或者通過克服信息不對稱或結合稀缺的資源。
*垂直整合：垂直整合時發生的上游和下游企業合併（或一個收購的除外）。 有幾個原因出現這種情況。 其中一個原因是外部性問題內部化。 一個常見的例子是這樣的外部性是雙重的邊緣化。 當兩個雙邊緣化的上游和下游企業有壟斷力量，每個企業減少產量從競技水平的壟斷水平，創建兩個無謂的損失。 通過合併，縱向一體化企業可以收集100無謂損失通過設置下游企業的產出水平的競爭。 這增加的利潤和消費者剩餘。 合併，創建一個垂直整合的公司能夠盈利。
*吸收同類企業下單管理：類似的投資組合由兩個不同的共同基金（阿赫桑拉扎汗，2009年）即團結和統一的貨幣市場基金的增長和收入基金，造成了管理，吸收美國貨幣市場基金納入聯合國的增長和收入基金。

然而，在平均和整個研究最常用的變量，收購公司的財務表現不積極改變一個函數的收購活動。 因此，額外的動機兼併和收購，可能不會增加股東價值包括：

*多樣化：雖然這可能對沖公司針對個別行業不景氣中未能提供價值，因為它有可能為個人股東來達到同樣的對沖其投資組合多元化，以低得多的成本比那些與合併。 （在他的書一上來就華爾街彼得林奇這難忘稱為“diworseification”。）
*經理的傲慢：經理人的過度自信有關預期的協同效應從 M＆A這會導致多付的目標公司。
*帝國建設：管理者有較大的公司管理，因而更多的權力。
*經理的補償：在過去，某些行政機關的管理團隊有他們支付的基礎上，總額利潤的公司，而不是利潤每股，這給球隊一個反常的激勵購買公司增加利潤總額，而每股盈利減少（這傷害了業主對公司，股東），雖然一些實證研究表明，補償與盈利能力，而不是單純的利潤的公司。

對管理

一項研究發表在7月/ 2008年8月號的雜誌企業戰略表明， 兼併和收購銷毀領導的連續性，目標公司的高層管理團隊，至少在十年以下的協議。 研究發現，21％的目標公司失去其高管每年至少10年以下收購 - 營業額的兩倍多經驗豐富的非企業合併 [6]如果被收購企業和收購企業的重疊，則這樣的營業額是可以預料的，換句話說，只能有一位CEO，CFO，等等一次。

短期因素

其中一個主要因素，短期內引發了大合併運動是希望保持價格居高不下。 也就是說，有許多企業在市場，供應的產品仍然很高。 在恐慌的1893年，需求下降。 當需求下降為好，因為說明了經典的供給和需求模型，價格壓低。 為了避免這種價格下降，企業發現是有利可圖的勾結和操縱供應，以對付任何變化的需求為好。 這種類型的合作導致了企業之間廣泛的橫向一體化的時代。 著眼於大規模生產使企業降低單位成本低得多的利率。 這些公司通常是資本密集和有較高的固定費用。 由於新機器大多是通過債券融資，債券利息很高其次是1893年的恐慌，但沒有公司願意接受在此期間數量減少。

長期運行的因素

從長遠來看，由於希望保持成本低，是便於公司合併，從而降低其運輸成本和運輸生產從一個位置，而不是各個網站的不同的公司在過去。 這直接導致了運輸市場從這個位置。 此外，技術變革運動合併前增加了公司內部高效的大小與資本密集的工廠組裝生產線允許規模經濟。 因此，改進技術和交通運輸是前輩的大合併運動。 部分原因是由於競爭對手如上所述，部分原因是政府，然而，許多這些最初成功的合併最終被拆除。 美國政府通過了謝爾曼法於 1890年，制定規則，對價格壟斷和壟斷。 在19世紀 90年代起此類案件為美國與 Addyston管和鋼，法院攻擊大公司的謀略與他人或在自己的公司利潤最大化。 限定價格與競爭對手創造了更大的動力為企業團結起來，合併在一個名字，使他們再也不是競爭對手，技術上沒有定價。

來源：多包括維基百科

作為一個合資夥伴有很多好處，您和您的業務。 當你進入一個合資企業的協議 ，你同意共享的優勢，創造性，努力為繁榮各方。 但是，什麼是主要的好處的團隊精神和合作夥伴？

增加收入

當然，主要目標在組建合資企業，是增加收入。 通過共享資源，你的伴侶，你希望能遇到更多的收入來源中的一個或兩個以下方法：

收入共享 - 合資企業可能是一個地方的產品或服務相結合，並打包出售給客戶和消費者。 一攬子交易的服務或產品可能會導致更多的銷售，因此，更多的收入為您和您的合資夥伴。 雖然你會被分割部分的銷售，不認為它是一個較小比例的利潤，而是一個個的一個更大的一塊蛋糕。

New Business – Your joint venture partnership could be using the talents and strengths of each other to increase each of your respective businesses . For example, you could be sharing your graphic design expertise to provide great brochures to your partner, while he gives you access to lead lists of potential customers. The result of this type of joint partnership is measured individually rather than combined.

New Networks

Your joint venture can lead to new networks of potential business partners and customers, which can benefit your business. It could bring your products or services to new channels of customers who otherwise would not know your business exist. Find ways to market to your partner's mailing lists. Perhaps provide a free sample to your partner's regular and loyal customers. But don't forget to do the same for your partner. Promote his or her business to your current customers as well.

Your combined networks could also allow you to find other ways to improve your business with other joint ventures. You could find other affiliates or individuals with strengths that could result in another business relationship. This may take time and effort outside your joint venture purpose, but sharing your partner's business contacts can be beneficial as well. Just be sure not to steal or sour any business relationship for your joint venture partner.

Joint Venture Case Example: Saving Money and Increasing Clients

As an example, John was a freelance writer who found that he could offer copywriting services to his joint partner, Michael, in exchange for free web hosting that Michael's company provided. While working with Michael, John was introduced to Joyce, who was a CPA and performed Michael's bookkeeping. John approached Joyce in a similar manner and offered his copywriting and promotional services in exchange for tax advice for his freelance business. Joyce agreed, and the result was increased business for both Michael and Joyce, while John saved heaps of money on accounting and web services .

Save Time and Money

Your joint venture is a way to combine efforts and resources. By doing so, you could save money on your own marketing budget if you share marketing costs. And you can save time by sharing the required tasks with your joint venture partner. Freeing up your time and money to focus on other ways to grow your business, or even to spend more time with family , can be one of the best benefits you enjoy.

來源：ArticlesF​​actory.com

關於作者

Reverse mergers are considered as a dream by many company founders and they look forward to the day when their up-and-coming young company can be welcomed into the arena of the public stock market as a publicly listed company.

Nonetheless, there are varied methods that a private business can use to appeal to the capital markets and attract capital. The most common is the IPO (Initial Public Offering). An IPO is when a previously closely held private company originally offers to sell its stock to the investing public.

When a closely held private business visits the requirements needed to do a reverse merger – sometimes called a reverse takeover – with a public shell company, it is as a means for entering the capital markets fast and perhaps giving the private company directors an exit strategy.

In the example above, the publicly traded company is referred to as a “shell,” since all that's left of the original company is the corporate organization and trading ability.

In public shell reverse mergers the shareholders of a private company purchase control of the shell company, merging it with the private company. The shareholders of the private business get the greatest portion of the stock of the public shell corporation, thereby controlling its board of directors.

Of course, the specifics pertaining to a reverse merger are many, and possibly an overview of the character of a public shell reverse merger is a subject that should be broached with a experienced securities attorney with a deep knowledge of all the applicable Securities and Exchange Commission (SEC) rules.

When contemplating a reverse merger with a shell company a multitude of items require a response. Crucial concepts take center stage, such as: AIM stock exchange, REIT formation, filing registration statements SB-1 and SB-2, rule 15c211, market makers, public float, mergers and acquisitions (M&A), form S-8 stock for company founders and directors, accredited investors, SEC accounting practices, strategic planning, investment banking, NASD broker/dealers, and the Securities and Exchange Commission (SEC).

The best going public advice should be sought before contemplating a reverse merger, since many CEO's are inexperienced and not aware of the pitfalls of going public via a public shell reverse merger.

Some of the benefits from taking a privately held company public with a reverse merger are better ways to raise capital, since the multiple sources of capitalization are much greater versus what a private company can attract. Furthermore, if there is a high enough interest from the investing public, the investment outlook about the company increases it could provide a secondary market for the company's stock issue. The company can also keep managers by offering stock options. The resulting public company's securities can also be employed as currency for acquiring other businesses (Mergers and Acquisitions).

The numerous rewards of taking a private company public far offset the alternative of remaining a private concern. The cachet associated with a publicly traded corporation is a boon; the superior opportunities for raising capital for growth and expansion are perfect considerations for becoming a publicly traded company. Reverse mergers with public shell companies have a place among the many ways to take a company public.

Franklin A. Roberson is a reverse merger and corporate financial specialist with a long track record in the corporate financial services sector; get more information about Mr. Roberson and reverse mergers.

If you don't possess the time, money or inclination to create your own hot selling product there is plenty of scope for profit by using other people's.
In this quick article I'll detail the best ways to take a third-party product and use it to fill your own bank account.

1。 Resell Rights
Resell Rights let you sell a product and keep all of the money. It's an ideal way to start. Usually you'll need your own payment system to accept the money and your own webspace to sell it – but that's very cheap to do these days.
Resell Rights can be free, or cost anywhere up to $1000 and beyond. The free Resell Rights are usually not worth bothering with. You want to sell items that have LIMITED distribution – quite simply because you'll have less competition!

2。 Master Resell Rights
Unfortunately these are bad news. With the Master Rights you can pass on Resell Rights yourself. This means one thing – thousands of competitors in a very short time.

3。 Reprint Rights
These are sometimes confused with Resell Rights but they are usually used to describe hard-copy material. For example, printed books, tape sets, CD's or Videos.

You usually have to handle the duplication yourself but sometimes the company will provide copies, and even ship them for you, for a small fee.
These products usually cost more to acquire the rights but can be very profitable. As the old saying goes, it's easier to sell 10 copies at $1000 each than it is to sell 1000 at $10.

4。 聯盟計劃
When you enter into an affiliate agreement you are sharing the cost and effort of promoting a product. You will take a percentage of the sales in exchange, so you want at least 50% for it to be worth your while.
With an affiliate program you can usually join at no cost, but will make less money – and have more competitors!
One other advantage, the company provides the site and the collection of payments. All you do is promote and cash your check.

5。 Drop Shipping
This makes the traditional form of selling easier for the information age. Profit = Cost – Selling Price , and with a Drop Shipper you merely take the money from your customer and tell the shipper to send them the product. You then pay the shipper their price. For example, you can buy a Widescreen TV for $1299 but you are selling it for $1499. You make $200 per sale but never get involved in the distribution at all.
This method is used extensively on eBay and in online shopping malls.

6， 合資企業
These blur the line between the other processors. Basically, you connect those who make products with those who sell and promote them. You can acquire resell rights, or create your own product, or be part of an affiliate network. You then contact possible sellers, for example Ezine Owners, who may be interested in selling the product for a cut of the profit.
This way you can connect BIG sellers with BIG products and slice of some of the profit for yourself!

7。 Branding Rights
These can be combined with Resell Rights but sometimes are offered as an extra. With Branding Rights you can make some or all of the links within a product possible money-spinners for yourself.

For example, you can take a book on copywriting and give it away, or sell it. But within this book are other links to further services, all that could make extra back-end sales for you.

As you can see there are plenty of ways to make money WITHOUT the expense of time of building your own product!
by Stuart Reid

http://www.netpreneurnow.com

關於作者

Stuart Reid is an ezine publisher and webmaster. Try the new “Any Brander” Software and brand ANY product, old or new, with your own link – even if you didn't create it!

http://v3k.net/anybrander

For family business owners, the employees, if they are not actually family, they are like family. Many have been there through the bad times and the good. They may have not gotten an expected raise because of tough times. They have been to each other's children's weddings. The boss has helped the employee family with an unexpected healthcare expense. The bonds are very strong. An admirable trait that we see from almost every business owner we represent is the deep concern for what happens to my employees when the new owner has our company.

The Hollywood portrayal of Mergers and Acquisitions on Wall Street is that the money guys come in and slash the staff, do their financial gymnastics, show impressive short term profits, and then flip the company to a new buyer and pocket millions on the backs of the loyal displaced employees. Does this really happen? Unfortunately is does happen, but the circumstances are generally the result of industries becoming bloated with legacy costs and wages and benefits at a level not competitive with the world economy. We have seen it with the steel industry, airlines, and now the auto industry.

However, for the family business, the backdrop is much different. The organizations are generally very lean. The employees are not constrained in their job description by union rules. They do what is necessary to get the job done. They often can perform multiple jobs and get plugged in where needed. Every employee is vital to the company's performance.

Business buyers are generally pretty smart folks. If they aren't, pretty soon they will find themselves in trouble from poor acquisition choices. They recognize the value that the employees bring to the table. These employees are keepers of the customer relationships, they are the well of knowledge about the company's products and competitive advantage, they know all the gotcha's to avoid. They are the new buyer's path to business continuity post acquisition and they are valued.

Business buyers look to mitigate risk by keeping these employees in place and will attempt to access the likelihood of key employees staying on post acquisition. We have heard from business buyers that if they feel like key employee A and key employee B leave, then we are not interested in the acquisition. As business sellers it is important to recognize this and to take necessary steps in advance of your sale to help the key employees stay.

At a point where the sale is ready to close, it is important to make sure employees have some reassurances that the ownership change will improve their situation. Often times the benefit package from the large company buyer is superior to the current package. Buyers will often incorporate a salary increase after the merger or acquisition . Owners may elect to share some of their gains with key loyal employees through a stay on bonus or some lump sum payment recognizing the years of loyal service.

The finance and administrative area is the one exception to this rule. These functions are often a total duplication of those functions in the buying company and these employees are most vulnerable to a cut. These employees have contributed greatly to the company and have been loyal. The seller, unfortunately, can not dictate to the buyer that these employees have to be retained, so he must make accommodations on his own. He should attempt to get an understanding from the buyer, their plans for these employees and arrive at a joint proactive communication plan with the buyer. If the news is bad for the employee, the seller, at the very least should give the employee as much advanced notice as possible. The seller will often implement some severance package, if one was not already in place to give the displaced employee a chance to seek a new opportunity without financial hardship.

Most of the employees will be vital to the post acquisition success of the new company. If they interface with customers and/or suppliers they will be needed. If they are in possession of key knowledge about the company, products, industry, technology, etc., they will be valued and will have a solid job post sale.

作者簡介：
Dave Kauppi is a Merger and Acquisition Advisor and President of MidMarket Capital , representing owners in the sale of privately held businesses. We provide Wall Street style investment banking services to lower mid market companies at a size appropriate fee structure.

In the cut and thrust of today's business world it seems that mergers and acquisitions are the order of the day. The latest big names to be mentioned as a possible merger are Channels Four and Five. The merger is being looked at as an alternative to bailing out the ailing CH4 with money from the BBC.

The story does however raise an interesting point about mergers and acquisitions and that is that they often take place for the right reasons, not just as some people believe, purely to get rid of competition and monopolise a particular market.

Mergers and acquisitions have a colourful past to say the least. By the man in the street they are seen as either the big boys of the business world bullying their way to becoming bigger than everyone else or just, plain and simple, the pursuit of excessive wealth. Sony's merger with Columbia and Tri-Star Pictures is one such incident that gives the process a bad name. Eventually Sony wrote off $2.7m to sort out all the legal problems.

But for every case where it appears vast sums of money have been wasted or lost there is a case where an acquisition actually works. The partnership between BMW and Rolls Royce was beneficial to both parties and AOL's acquisition of Time Warner has mean that in the long term Time Warner was able to weather some particularly bad storms without disappearing completely.

So what does it all mean? What is involved?

There are subtle differences in mergers and acquisitions . An acquisition, which is also known as a takeover, takes place when one company is bought by another company. There are two types of acquisition and it is the confusion between the two that often results in the bad press that the process is often given.

A hostile takeover takes place when a company does not want to be taken over. It's this type of merger that people seem to remember as it's often the type of story that makes the papers and receives the most coverage in the media. Hostile takeovers occur for various reasons but money and competition are usually at the heart of the decision. A larger company may feel threatened by the potential of a smaller company to take a share of a particular market. In such a case the larger company would be seen as using its power to intimidate and unfairly control the market.

A friendly takeover involves more of a process of negotiations and most of the time is beneficial to both parties. A smaller company might be struggling but have valuable resources and talent that could be utilized elsewhere. In such a case a large company can help out by buying the smaller company. The process is often also started by the smaller company. Very often they have reached a point where they can go no further with the tools at their disposal and need help to expand and move forward. Sometimes the only way to get this help is through the process of being acquired by a bigger entity in the same field of business .

A merger differs slightly to an acquisition in that it is the combination of two or more companies to form a completely new company. With an acquisition the companies involved either keep their names or disappear. In a merger the parties involved emerge under a new banner with a new identity and name. Although mergers have a better reputation than acquisitions there is still room for abuse and they are looked at closely by the authorities to determine what impact they will have on a market.

So on the face of it the CH4 and FIVE merger would appear to be an interesting proposition; one helping out the other in light of difficult times for TV companies. However I'm sure it'll be closely looked at before any decision is made. 只有時間才能告訴我們。

Ask any business owner who has sold a business or attempted to sell a business , “What would you do differently?” If he or she attempted to sell it without help, chances are pretty good that the transaction did not succeed. If the transaction were actually completed, chances are that they did not get a good price, but had no idea that this occurred.

We were recently engaged to sell a medical products company. In our process we will identify 50 to 150 companies that would be likely buyers based on similar products, services or markets served. When those targets are approved by our seller client, we get on the phone and contact the buying prospect to see if we can generate some interest and get confidentiality agreements executed.

We were able to identify several interested buyers and were at the stage where they were submitting their qualified Letters of Intent. The LOI basically says that if we complete our due diligence and we find that everything is as you earlier presented it, we will pay you $XXX under these terms and conditions.

We got one offer from a perfect fit buyer and we determined that it was well short of our seller's expectations and well below what our view of the price for similar companies in this market niche. We called this buyer to discuss his offer.

When we told him our client's range of expectations, he said that it was way too expensive. We asked him what basis he had for that conclusion, he replied that he was looking to pay 5 X Cash Flow for a business. We told him that recent transactions indicated that similar companies were selling for 2.5 times revenues and not a price based on a cash flow model.

Let's take this a little further with some ball park calculations based on our transaction. For example, if our client had $5 million in revenue and a 20% cash flow margin, his cash flow is $1 million and according to this buyer, his company should sell for 5 X $1 million or $5 million. The market view, however, is that this company is worth $5 million X 2.5 or $12.5 million. When we dug a little deeper into our buyer's offer we found out that he currently was in the process of buying another similar company.

When we inquired for more detail we found that this other company was a long time competitor, the owner was getting ready to retire and approached this buyer to see if he would be interested in acquiring them. We asked the buyer if the seller was represented by an investment banker, business broker or merger and acquisition advisor. He said that the seller was not. I asked him if there were any other buyers involved in the process. He said that as far as he knew, he was the only buyer. I asked him how the selling price was determined. The buyer said that he set the price based on, you guessed it, 5 X cash flow.

Let's see what this seller's approach is going to cost him. If we assume that he was very similar in size and cash flow to our client. A competitive market price in a formal merger and acquisition process would be $12.5 million. Our buyer will pay him only $5 million and the seller will close thinking he got a fair deal without any market validation. This is a $7.5 million mistake that could have very easily been avoided by hiring a business sales professional that would have invited in multiple buyers and multiple competitive bids.

Well, at least the seller avoided all investment banker fees. This is a sad end to a 25 year history of business excellence. Unfortunately it happens all the time.