buyer-list
替賣方併購建立潛在買家名單，分策略型與財務型並排優先順序
中文翻譯
--- name: buyer-list description: 為賣方併購（sell-side M&A）流程建立並整理潛在收購者名單。找出策略型與財務型買家、評估適配度，並排定接洽的優先順序。準備賣方委任、建立買家名單，或評估潛在合作夥伴時使用。觸發詞包含「buyer list」、「buyer universe」、「potential acquirers」、「who would buy this」、「strategic buyers」或「financial sponsors」。 --- # 買家名單 ## 工作流程 ### 步驟 1：了解標的 - 公司描述、產業和商業模式 - 營收、EBITDA 和成長概況 - 關鍵資產與能力（IP、客戶關係、地理足跡、團隊） - 預期的估值區間 - 賣方的偏好（策略型 vs. 財務型、管理層是否延續、時程） ### 步驟 2：策略型買家 找出各類別的策略型收購者： **直接競爭對手** - 同一個領域、能藉此取得市占率的公司 - 理由：營收綜效、消滅競爭者、規模 **相鄰領域的業者** - 在相鄰市場、可以擴張進標的領域的公司 - 理由：產品延伸、交叉銷售、進入新市場 **垂直整合者** - 可以做垂直整合的客戶或供應商 - 理由：掌控供應鏈、取得利潤、策略鎖定 **平台建構者** - 透過併購在這個領域建構平台的大型公司 - 理由：小型併購（tuck-in）、補足能力缺口 每個策略型買家都要評估： | 買家 | 產業 | 營收 | 策略適配度 | 財務能力 | 併購實績 | 可能性 | 優先順序 | |-------|--------|---------|--------------|-------------------|------------------|------------|----------| | | | | High/Med/Low | | Active/Moderate/None | | A/B/C | ### 步驟 3：財務型買家（Financial Sponsor） 找出 PE/財務型買家： **平台投資人** - 想在這個產業找新平台的 sponsor - 條件：基金規模、產業聚焦、交易規模區間 **附加併購（Add-on）買家** - 旗下已有投資組合公司，可以把標的當作 bolt-on 收購的 sponsor - 指出具體是哪家投資組合公司，以及綜效的理由 **成長型股權（Growth Equity）** - 針對較早期或高成長的標的 - 偏好少數股權還是多數股權 每個 sponsor 都要列出： | Sponsor | 基金規模 | 產業聚焦 | 投資組合重疊 | 近期動態 | 優先順序 | |---------|-----------|-------------|-------------------|-----------------|----------| | | | | | | A/B/C | ### 步驟 4：排定優先順序 把買家名單分層： - **第 1 層（5-10 家）**：策略適配度最高、有實績的收購者、理由明確，優先接洽 - **第 2 層（10-15 家）**：適配度不錯但沒那麼明顯，第二波接洽 - **第 3 層（10-20 家）**：有可能但機率較低，流程需要擴大時才接洽 ### 步驟 5：聯絡人對應 對每個第 1 層買家： - 關鍵決策者（CEO、企業發展主管、合夥人） - 關係狀態（既有關係、陌生開發、需要引薦） - 已知的偏好或限制（規模、地理、交易結構） - 最佳的接洽管道 ### 步驟 6：輸出 - Excel 活頁簿，包含： - 策略型買家分頁（依層級排序） - 財務型 sponsor 分頁（依層級排序） - 第 1 層的聯絡人對應 - 摘要統計（依層級、依類型的買家總數） - 給委任書（engagement letter）或 pitch 用的一頁買家名單摘要 ## 重要注意事項 - 品質比數量重要：30-40 家研究透徹、聚焦的買家，勝過 200 個名字的清單 - 研究近期的併購活動：剛在這個領域完成一筆交易的買家，不是還很想要更多，就是已經沒子彈了 - 檢查跟直接競爭對手有沒有反壟斷疑慮：標記可能面臨監管問題的買家 - 財務型 sponsor：檢查基金的成立年份和投資進度，投資期接近尾聲的基金，動機可能更強 - 一定要問賣方，有沒有他們想納入或排除的買家 - 隨著流程進展更新名單：根據回饋，把買家在各層級之間移動
英文原文
--- name: buyer-list description: Build and organize a universe of potential acquirers for sell-side M&A processes. Identifies strategic and financial buyers, assesses fit, and prioritizes outreach. Use when preparing for a sell-side mandate, building a buyer universe, or evaluating potential partners. Triggers on "buyer list", "buyer universe", "potential acquirers", "who would buy this", "strategic buyers", or "financial sponsors". --- # Buyer List ## Workflow ### Step 1: Understand the Target - Company description, sector, and business model - Revenue, EBITDA, and growth profile - Key assets and capabilities (IP, customer relationships, geographic footprint, team) - Expected valuation range - Seller preferences (strategic vs. financial, management continuity, timeline) ### Step 2: Strategic Buyers Identify strategic acquirers across categories: **Direct Competitors** - Companies in the same space that would gain market share - Rationale: Revenue synergies, eliminate competitor, scale **Adjacent Players** - Companies in adjacent markets that could expand into the target's space - Rationale: Product extension, cross-sell, new market entry **Vertical Integrators** - Customers or suppliers that could integrate vertically - Rationale: Supply chain control, margin capture, strategic lock-in **Platform Builders** - Large companies building a platform in the space through M&A - Rationale: Tuck-in acquisition, fill capability gap For each strategic buyer, assess: | Buyer | Sector | Revenue | Strategic Fit | Financial Capacity | M&A Track Record | Likelihood | Priority | |-------|--------|---------|--------------|-------------------|------------------|------------|----------| | | | | High/Med/Low | | Active/Moderate/None | | A/B/C | ### Step 3: Financial Sponsors Identify PE/financial buyers: **Platform Investors** - Sponsors looking for a new platform in this sector - Criteria: Fund size, sector focus, deal size range **Add-on Buyers** - Sponsors with existing portfolio companies that could acquire the target as a bolt-on - Identify the specific portfolio company and synergy rationale **Growth Equity** - For earlier-stage or high-growth targets - Minority vs. majority preference For each sponsor: | Sponsor | Fund Size | Sector Focus | Portfolio Overlap | Recent Activity | Priority | |---------|-----------|-------------|-------------------|-----------------|----------| | | | | | | A/B/C | ### Step 4: Prioritization Tier the buyer list: - **Tier 1 (5-10)**: Highest strategic fit, proven acquirers, clear rationale — contact first - **Tier 2 (10-15)**: Good fit but less obvious — contact in second wave - **Tier 3 (10-20)**: Possible but lower probability — contact if process needs broadening ### Step 5: Contact Mapping For each Tier 1 buyer: - Key decision maker (CEO, Corp Dev head, Partner) - Relationship status (existing relationship, cold outreach, need introduction) - Known preferences or constraints (size, geography, structure) - Best approach channel ### Step 6: Output - Excel workbook with: - Strategic buyers tab (sorted by tier) - Financial sponsors tab (sorted by tier) - Contact mapping for Tier 1 - Summary statistics (total buyers by tier, by type) - One-page buyer universe summary for the engagement letter or pitch ## Important Notes - Quality over quantity — a focused list of 30-40 well-researched buyers beats a list of 200 names - Research recent M&A activity — buyers who just did a deal in the space are either hungry for more or tapped out - Check for antitrust concerns with direct competitors — flag any that might face regulatory issues - Financial sponsors: check fund vintage and deployment pace — a fund nearing end of investment period may be more motivated - Always ask the seller if there are buyers they want included or excluded - Update the list as the process progresses — move buyers between tiers based on feedback