1 membeli perniagaan sediaada untuk dijual. 2 persoalan sebelum membeli perniagaan sediaada n adakah...

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Membeli Perniagaan Sediaada

Membeli Perniagaan Sediaada

Untuk Dijual

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Persoalan Sebelum Membeli Persoalan Sebelum Membeli Perniagaan SediaadaPerniagaan Sediaada

Adakah ianya jenis perniagaan yang ingin anda miliki?Adakah ianya jenis perniagaan yang ingin anda miliki? Apakah pengalaman yang anda miliki untuk menjalankan Apakah pengalaman yang anda miliki untuk menjalankan

perniagaan?perniagaan? Bagaimana pengalaman dapat memberikan kejayaan Bagaimana pengalaman dapat memberikan kejayaan

perniagaan?perniagaan? Apakah harga dan cara pembayaran kepada penjual?Apakah harga dan cara pembayaran kepada penjual? Patutkah anda mulakan perniagaan sendiri dan maju langkah Patutkah anda mulakan perniagaan sendiri dan maju langkah

demi langkah dari membeli perniagaan sediaada?demi langkah dari membeli perniagaan sediaada? Apakah potensi kejayaan bagi perniagaan sediaada?Apakah potensi kejayaan bagi perniagaan sediaada? Apakah perubahan yang perlu anda lakukan?Apakah perubahan yang perlu anda lakukan? Bolehkan perniagaan sediaada menghasilkan keuntungan dan Bolehkan perniagaan sediaada menghasilkan keuntungan dan

pulangan pelaburan?pulangan pelaburan?

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Kelebihan MembeliKelebihan MembeliPerniagaan SediaadaPerniagaan Sediaada

Kejayaan yang berterusanKejayaan yang berterusan Berada di lokasi yang baikBerada di lokasi yang baik Pekerja dan pembekal yang sediaadaPekerja dan pembekal yang sediaada Peralatan yang lengkapPeralatan yang lengkap Inventori dan dagangan kredit sediaadaInventori dan dagangan kredit sediaada Terlibat secara terus dengan aktiviti Terlibat secara terus dengan aktiviti

perniagaanperniagaan Boleh menggunakan pengalaman pemilikBoleh menggunakan pengalaman pemilik Kemudahan pinjamanKemudahan pinjaman Peluang keemasanPeluang keemasan

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Keburukan MembeliKeburukan MembeliPerniagaan SediaadaPerniagaan Sediaada

Membeli perniagaan yang “gagal”Membeli perniagaan yang “gagal” Pemilik dahulu mengwujudkan masalahPemilik dahulu mengwujudkan masalah Mewarisi pekerja yang tidak sesuaiMewarisi pekerja yang tidak sesuai Lokasi tidak sesuaiLokasi tidak sesuai Peralatan yang lamaPeralatan yang lama Perubahan sukar dilaksanakanPerubahan sukar dilaksanakan Inventori tiada permintaan atau lapukInventori tiada permintaan atau lapuk Akaun penerimaan kurang nilai sebenar dari Akaun penerimaan kurang nilai sebenar dari

nilai mukanilai muka Membeli pada harga yang tinggiMembeli pada harga yang tinggi

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Memiliki PerniagaanMemiliki Perniagaan

Analisa kebolehan, keupayaan, dan minat.Analisa kebolehan, keupayaan, dan minat. Senaraikan sasaran pelanggan.Senaraikan sasaran pelanggan. Siasat dan nilai peluang perniagaan dan Siasat dan nilai peluang perniagaan dan

pilih yang terbaik.pilih yang terbaik. Tinjau peluang pinjaman perniagaan.Tinjau peluang pinjaman perniagaan. Pastikan pindahan milik yangPastikan pindahan milik yang

sempurna.sempurna.Kedai NiagaSegera

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Persoalan Kritikal – Menganalisa Persoalan Kritikal – Menganalisa Perniagaan SediaadaPerniagaan Sediaada

1.1. Kenapa pemilik ingin menjual?Kenapa pemilik ingin menjual?

2.2. Apakah keadaan fizikal perniagaan?Apakah keadaan fizikal perniagaan?

3.3. Apakah potensi perniagaan?Apakah potensi perniagaan? Ciri-ciri dan komposisi pelanggan.Ciri-ciri dan komposisi pelanggan. Analisis pesaing.Analisis pesaing.

4.4. Apakah aspek perundangan yang terlibat?Apakah aspek perundangan yang terlibat?

5.5. Adakah perniagaan sediaada akan Adakah perniagaan sediaada akan memberikan keuntungan?memberikan keuntungan?

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Aspek Perundangan Pembelian Aspek Perundangan Pembelian Perniagaan SediaadaPerniagaan Sediaada

Cagaran peniagaan kepada institusi tertentu; seterusnya Cagaran peniagaan kepada institusi tertentu; seterusnya berhak menuntut pembayaran balik pinjaman.berhak menuntut pembayaran balik pinjaman.

Pembelian kredit yang belum dijelaskan, di mana penjual Pembelian kredit yang belum dijelaskan, di mana penjual berhak menuntut pembayaran.berhak menuntut pembayaran.

Kontrak pembekalan peniaga asal yang perlu dipenuhi Kontrak pembekalan peniaga asal yang perlu dipenuhi jika mengambilalih perniagaan.jika mengambilalih perniagaan.

Sebarang perjanjian yang tidak bersaing dengan pesaing Sebarang perjanjian yang tidak bersaing dengan pesaing lain; pembahagian kawasan perniagaan.lain; pembahagian kawasan perniagaan.

Keadaan fizikal perniagaan, liabiliti produk, dan Keadaan fizikal perniagaan, liabiliti produk, dan perhubungan industri.perhubungan industri.

Figure 5.1 The Acquisition Process [Proses Pengambilalihan Perniagaan Sediaada]Figure 5.1 The Acquisition Process [Proses Pengambilalihan Perniagaan Sediaada]

Negotiations

1. Kenalpasti 1. Kenalpasti dan temui dan temui penjual penjual

2. Tandatangan 2. Tandatangan kenyataan tidak kenyataan tidak mendedahkan mendedahkan maklumatmaklumat

3. 3. Tandatangan Tandatangan surat surat keinginankeinginan

4. Analisa 4. Analisa perniagaanperniagaan

5. Deraf 5. Deraf perjanjian perjanjian jual-belijual-beli

6. Persetujuan 6. Persetujuan pembelianpembelian

7. Mula 7. Mula PengambilalihanPengambilalihan

1. Approach the candidate. If abusiness is advertised for sale, theproper approach is through the channel defined in the ad.Sometimes, buyers will contact business brokers to help them locate potential target companies.If you have targeted a company inthe “hidden market,” an introduction from a banker,accountant, or lawyer often is thebest approach. During this phase,the seller checks out the buyer’s qualifications, and the buyer beginsto judge the quality of the company.2. Sign a nondisclosure document. If the buyer and the seller are satisfiedwith the results of their preliminaryresearch, they are ready to beginserious negotiations. Throughout thenegotiation process, the seller expectsthe buyer to maintain strict confidentiality of all of the records,

documents, and information he receives during the investigation andnegotiation process. The nondisclosure document is a legally binding contract that ensures the secrecy of the parties’ negotiations.3. Sign a letter of intent. Before a buyermakes a legal offer to buy the company, he typically will ask the seller to sign a letter of intent. The letter of intent is a non-binding document that says that the buyer and the seller have reached asufficient “meeting of the minds” to justify the time and expense of negotiatinga final agreement. The letter should state clearly that it is non-binding, giving eitherparty the right to walk away from the deal. It should also contain a clause calling for“good faith negotiations” between theparties. A typical letter of intent addressesterms such as price, payment terms, categories of assets to be sold, and a deadlinefor closing the final deal.

4. Buyer’s Due Diligence. Whilenegotiations are continuing, the buyeris busy studying the business and evaluating its strengths and weaknesses.In short, the buyer must “do his homework”to make sure that the business is a goodvalue. 5. Draft the Purchase Agreement. Thepurchase agreement spells out the parties’final deal! It sets forth all of of the details of the agreement and is the final product of thenegotiation process.6. Close the final deal. Once the parties havedrafted the purchase agreement, all that remains to making the deal “official” is theclosing. Both buyer and seller sign the necessary documents to make the sale final.The buyer delivers the required money, and the seller turns the company over to the buyer.7. Begin the Transition. For the buyer, the realchallenge now begins: Making the transitionto a successful business owner!

Sources: Adapted from Buying and Selling: A Company Handbook, Price Waterhouse,( New York: 1993) pp.38-42;Charles F. Claeys, “The Intent to Buy,” Small Business Reports, May 1994, pp.44-47.

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Menentukan NilaiMenentukan NilaiPerniagaan SediaadaPerniagaan Sediaada

Teknik Kunci Kira-KiraTeknik Kunci Kira-Kira Pendekatan perolehanPendekatan perolehan Pendekatan pasaranPendekatan pasaran

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Teknik Kunci Kira-KiraTeknik Kunci Kira-KiraBalance Sheet TechniquesBalance Sheet Techniques

Book Value of Net Worth = Total Assets - Total Book Value of Net Worth = Total Assets - Total LiabilitiesLiabilities

= $266,091 - $114,325= $266,091 - $114,325

= = $151,766$151,766

Variation: Adjusted Balance Sheet Technique:Variation: Adjusted Balance Sheet Technique:

Adjusted Net Worth = $274,638 - Adjusted Net Worth = $274,638 -

$114,325$114,325

= = $160,313$160,313

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Pendekatan Perolehan: Cara 1Pendekatan Perolehan: Cara 1

Variation 1: Excess Earnings MethodVariation 1: Excess Earnings Method

Step 1Step 1: Compute adjusted tangible net worth:: Compute adjusted tangible net worth:

Adjusted Net Worth = $274,638 - $114,325 = Adjusted Net Worth = $274,638 - $114,325 = $160,313$160,313

Step 2Step 2: Calculate opportunity costs of investing:: Calculate opportunity costs of investing:

Investment $160,313 x 25% = $40,078Investment $160,313 x 25% = $40,078

Salary Salary + + $25,000$25,000

Total $65,078Total $65,078

Step 3Step 3: Project earnings for next year:: Project earnings for next year:

$74,000$74,000

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Step 4Step 4: Compute extra earning power (EEP):: Compute extra earning power (EEP):

EEP = Projected Net Earnings - Total Opportunity CostsEEP = Projected Net Earnings - Total Opportunity Costs

= $74,000 - 65,078 = $8,922= $74,000 - 65,078 = $8,922

Step 5Step 5: Estimate the value of the intangibles : Estimate the value of the intangibles (“goodwill”):(“goodwill”):

Intangibles = Extra Earning Power x “Years of Profit” Intangibles = Extra Earning Power x “Years of Profit” Figure*Figure*

= 8,922 x 3 = = 8,922 x 3 = $26,766$26,766

* Years of Profit Figure ranges from 1 to 7; for a normal * Years of Profit Figure ranges from 1 to 7; for a normal risk business, it is 3 or 4.risk business, it is 3 or 4.

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Step 6Step 6: Determine the value of the business:: Determine the value of the business:

Value = Tangible Net Worth + Value of Value = Tangible Net Worth + Value of IntangiblesIntangibles

= $160,313 + 26,766 = = $160,313 + 26,766 = $187,079$187,079

Estimated Value of the Business = $187,079Estimated Value of the Business = $187,079

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Variation 2: Capitalized Earnings Method:Variation 2: Capitalized Earnings Method:

Value = Value = Net Earnings (Net Earnings (AfterAfter Deducting Deducting Owner's Salary)Owner's Salary)

Rate of Return*Rate of Return*

* Rate of return reflects what could be earned * Rate of return reflects what could be earned on a similar-risk investment.on a similar-risk investment.

Value = Value = $74,000 - $25,000 $74,000 - $25,000 = = $196,000$196,000

25%25%

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Variation 3: Discounted Future Earnings Variation 3: Discounted Future Earnings Method:Method:

Compute a Compute a weighted averageweighted average of the of the earnings:earnings:

Step 1Step 1: Project earnings five years into the : Project earnings five years into the future:future:

Pessimistic + (4 x Most Likely) + Pessimistic + (4 x Most Likely) + OptimisticOptimistic 6

$$

3 Forecasts:PessimisticMost LikelyOptimistic


Step 1Step 1: Project earnings five years into the : Project earnings five years into the future:future:

Year Pess ML Opt Year Pess ML Opt Weighted AverageWeighted Average$65,00$65,00

00

$74,00$74,0000

$82,00$82,0000

$88,00$88,0000

$88,00$88,0000

$74,00$74,0000

$90,00$90,0000

$100,0$100,00000

$109,0$109,00000

$115,0$115,00000

$92,00$92,0000

$101,0$101,00000

$112,0$112,00000

$120,0$120,00000

$122,0$122,00000

$75,50$75,5000

$89,16$89,1677

$99,00$99,0000

$107,3$107,33333

$111,6$111,66767

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22

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Step 2Step 2: Discount weighted average of future : Discount weighted average of future earnings at the appropriate present value earnings at the appropriate present value rate:rate:

Present Value Present Value Factor = Factor = (1 +k) (1 +k)

ttwhere...where...

k = Rate of return on a similar risk k = Rate of return on a similar risk investmentinvestment

t = Time period (Year - 1, 2, 3...n)t = Time period (Year - 1, 2, 3...n)

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Year Weighted Average x PV Factor = Present Value Year Weighted Average x PV Factor = Present Value

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22

33

44

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.8000.8000

.6400.6400

.5120.5120

.4096.4096

.3277.3277

$75,500$75,500

$89,167$89,167

$99,000$99,000

$107,333$107,333

$111,667$111,667

Step 2Step 2: Discount weighted average of future : Discount weighted average of future earnings at the appropriate present value earnings at the appropriate present value rate:rate:

$60,400$60,400

$57,067$57,067

$50,688$50,688

$43,964$43,964

$36,593$36,593

Total Total $248,712$248,712

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Step 3Step 3: Estimate the earnings stream beyond five : Estimate the earnings stream beyond five years:years:

Weighted Average Earnings in Year 5 x Weighted Average Earnings in Year 5 x 1 1

Rate of Return Rate of Return

= $111,667 x = $111,667 x 1 1 25% 25%

Step 4Step 4: Discount this estimate using the present : Discount this estimate using the present value factor for year 6:value factor for year 6:

$446,668 x .2622 = $446,668 x .2622 = $117,116$117,116

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Step 5Step 5: Compute the value of the business:: Compute the value of the business:

= $248,712 + $117,116 = = $248,712 + $117,116 = $365,828$365,828

Estimated Value of Business = Estimated Value of Business = $365,828$365,828

Value Value ==

Discounted Discounted earnings in earnings in years 1 years 1 through 5through 5

++ Discounted Discounted

earnings in earnings in years 6 years 6 through ?through ?

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Pendekatan PasaranPendekatan Pasaran

Step 1Step 1: Compute the average Price-Earnings (P-E) : Compute the average Price-Earnings (P-E) Ratio for as many similar businesses as possible:Ratio for as many similar businesses as possible:

Company P-E RatioCompany P-E Ratio11 3.3 3.3 22 3.83.8 Average P-E Ratio = 3.975Average P-E Ratio = 3.97533 4.74.744 4.14.1

Step 2:Step 2: Multiply the average P-E Ratio by next Multiply the average P-E Ratio by next year’s forecasted earnings:year’s forecasted earnings:

Estimated Value = 3.975 x $74,000 = Estimated Value = 3.975 x $74,000 = $294,150$294,150

The Five P’s of NegotiatingThe Five P’s of Negotiating

Preparation - Examine the needsof both parties and all of the

relevant external factors affectingthe negotiation before you sit

down to talk.

Poise - Remain calm during thenegotiation. Never raise your voice

or lose your temper, even if the situation gets difficult or emotional.It’s better to walk away and calm down than to blow up and blow

the deal.

Persuasiveness - Know whatyour most important positions are,articulate them, and offer support

for your position.

Persistence - Don’t give in at thefirst sign of resistance to your

position, especially if it is an issue that ranks high in your list of priorities.

Patience - Don’t be in sucha hurry to close the deal that

you end up giving up much of what you hoped to get. Impatience is

a major weakness in a negotiation.

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