什么是卖方融资?

杰弗瑞巴克斯特

卖家 卖方的文章 卖家常见问题解答

If you're like most sellers, your gut instinct is to shy away from seller financing. 当你听到你可能不得不“卖方融资”出售你的企业, 它会造成困惑和怀疑.

你的第一反应很可能是“它是怎么工作的??和“我为什么要这么做??” 

在你职业生涯的这个阶段, 你可能已经准备好卖掉你的betway必威沙巴体育了, 将操作转移到新所有者, 然后开始你人生的下一个阶段. 那你为什么还要跟我扯上关系? 

We have counseled hundreds of business owners through selling their business and getting the highest value for it. 我们在某些情况下见过, seller financing a portion of your sale can help you get the best deal for your business. 

In order to best help you (whether you work with us or not) we created this article to go over what seller financing is and why it may be required in the sale of your business. 在阅读这篇文章之后, you will have a clearer idea of whether you will or will not need to seller finance a portion of your sale. 

让我们开始. 

什么是卖方融资?

Seller financing is when a business owner acts as the lender for all or a portion of the sale of their business. The buyer will be responsible for paying them back in the same way that they would pay a traditional lender. 

Most sellers will try to avoid seller financing because they want the sale proceeds immediately. However, that is not always possible depending on the buyers interested in your business.

根据Guidant Financial, 60% - 90%的小企业销售涉及某种形式的卖方融资. 

卖方融资可以以多种方式参考: 

  • 卖家注意
  • 卖方携带
  • 购货钞票
  • 业主融资 

通过提供一部分销售资金, you can attract more buyers and increase your chance of selling for the price you want.  

虽然卖方融资有其优点,但它也有其缺点. 你应该咨询并购betway必威沙巴体育(M&在考虑为你的企业提供报价之前,建议或交易律师. 

卖方融资的两个主要例子

We’ll go through two examples of seller financing to show how it is used in a transaction. Don’t worry if your business is smaller or larger than the example - the fundamentals of how seller financing works will be the same.

1. 融资购买价格的大部分 

适用于那些太小而不能使用SBA 7(a)贷款计划的企业, 财务状况非常糟糕, 否则就没有资格申请银行贷款, 买家通常会试图让卖家支付全部的购买价格.

假设你是ABCbetway必威沙巴体育的老板. 你们经营多年,收入一直在50万美元左右. Your profit margins have been solid at 20% and you worked with a business 代理 who valued your business at around $300,000.

你收到的第一个报价是300美元,但买家希望你提供全额货款.

一个例子,一个卖方注意与每月支付的复合年.

想用这个计算器计算你自己的卖主笔记?

在这里下载我们的卖方通知摊销时间表制造者:

This means the buyer will pay you a down payment at closing and you’ll “carry” the rest as a promissory note. A typical down payment might be 25% to 50% depending on the size of the transaction.

This promissory note will usually have an interest rate associated with it in the range of 4% to 8%. Seller notes are typically over 3 - 6 years but it is also common to have a balloon payment,  很像商业房地产贷款. 

在这笔交易中,你同意5年的期限,没有气球付款.

在我们的例子中, 你和你的经纪人协商出90美元,首付款为30%,年利率为6%, 年利息. It is not uncommon for the interest rate to compound monthly like a home mortgage but it is open to negotiation.

那么,你会在口袋里放多少钱,什么时候放?

在交易结束时,你将收到90美元,000首付,然后5年之后,你每月会收到4美元,154.

2. 作为银行贷款的补充 

The most common use for seller financing is as a supplement to an SBA 7(a) bank loan. 在这种情况下, the buyer will get a bank loan for the majority of the purchase price and a smaller note from the business owner. 对于这一点,一个典型的卖家可能是总购买价的5% - 15%.

In most cases, the SBA lender will want the business owner to offer some form of seller financing. 利用卖方融资有助于提高偿债覆盖率, 或者说是企业收入与贷款支付的比率, 这使得融资变得更容易.

假设你现在是DEFbetway必威沙巴体育的老板. 你开始和经纪人合作出售betway必威沙巴体育. DEF的收入约为370万美元,收入为50万美元 卖方自由支配收益(SDE). The 代理 you’re working with suggested a list price of $1,750,000 to leave room to negotiate.

在一些来回之后, 你和买家以1美元成交,600,000的买价加上160美元的卖方通知单,000 (10%). 买家将通过SBA 7(a)贷款获得购买价格的剩余部分.

Example of a seller note in a business sale with monthly payments that compounds annually with a balloon payment.

You also agree that the seller note will be amortized over 7 years with a balloon payment in 5 years. This means the buyer will pay you the outstanding balance of the loan at the end of the 5th year.

At closing, you’ll receive $1,440,000 and have an outstanding seller note of $160,000. 对于这个贷款, 你将收到2美元的付款,每月388美元,持续5年,一次性付清52美元,第5年结束时的548个.

卖方在出售业务中融资的目的

买方从卖方融资中获得的利益

卖方融资对买方极为有利. 以下是最重要的好处: 

  • 这样就更容易获得小企业管理局的贷款
  • 它可以作为小企业管理局融资的替代方案 
  • It can help strengthen your offer or allow you to do deals you otherwise couldn’t

卖方从卖方融资中获得的利益

Just like seller financing can benefit the buyer, it can also benefit the seller by: 

  • 通过分摊你收到的款项来提供税收优惠
  • 允许潜在的有吸引力的利率
  • 让交易成为可能或者帮助你得到你想要的价格

Business owners who are willing to seller finance all or a portion of the sale show the buyer that they are confident in the company’s current state and future. 

卖方融资在商业销售中的缺点

Although there are benefits to both the buyer and seller when it comes to seller financing, 也有缺点: 

  • The risk for the seller increases when they sell completely through seller financing
  • It can put the long-term relationship of the buyer and seller in jeopardy if it goes awry
  • 卖家要在出售后数年才能收到收益

If you are the seller, you should consider a few things before accepting an offer with a seller note. 

Always do your due diligence on the buyer - including a credit check and background check. 你还应该打电话询问他们的性格.

卖家 who finance the entire sale will be the only lender and will be in the first position if the buyer defaults on the loan. 因为卖家在第一个位置, 卖方将需要提交UCC对所有资产的留置权,以保护他们. 

如果贷方参与了销售, the lender will be in the first position and the seller will be in the second position. In this case, the lender will file a UCC on assets since they are in first position. 

If you are a seller considering seller financing, you should consult with a trusted 代理 或米&A advisor to learn how to do it in a way that protects you and the business if the buyer defaults.

确定你是否想要卖方资助你的生意 

最终, it is up to you whether you will seller finance all or a portion of the sale price when selling your company. 

You will need to consider the value and structure of your business to see if seller financing would help you get the best deal when selling. 

Business 代理s and merger and acquisitions advisors are the best professionals to consult with when determining if you should seller finance because they have experience with structuring business sales. 

要了解更多关于卖方融资工作,请查看我们的页面 卖方融资 or 给我们打电话 今天就来看看它是否是您出售企业的最佳选择. 

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