过去几年，私人股本交易以创纪录的速度发生. 如此高的交易数量和价值总额给市场带来了新的预期.
同时, 大多数公司也在进行更多的附加收购, 哪些通常在最初的平台交易后几个月内完成. 在这种环境下, it’s easy for management to expend so much energy getting the deal done that there’s nothing left in the tank to devote to the initial transition period.
The first 100 days following an acquisition are a critical period for private equity sponsors and their newly-acquired portfolio companies. 发起人和管理团队必须合作解决涉及人员的各种需求, 在短时间内完成流程和技术，以便获得即时收益, 遵守报告要求，为长期价值创造做好收购准备.
考虑到收购过程本身的严格性，以及完成一笔交易需要做的大量工作, management teams sometimes do not have the bandwidth to tackle all of these important to-do items on their own. 事实上, 他们甚至可能不知道从哪里开始，也不知道在这段时间里应该优先考虑哪些工作. 在许多情况下，这些责任落在CFO的肩上. 他们已经忙得不可开交了, how can CFOs possibly hope to check every box in the early stages of private equity acquisition to guarantee success and invoke confidence?
This guide provides some insight into the main obligations to zero in on during the first 100 days post Closing as well as best practices to adhere to so you can maximize value creation both in the short and long terms.
评估战略和运营需求
无论被投资公司是一个平台还是附加收购, 它需要适应新的所有权结构. 这几乎肯定需要大量的工作来整合系统, 调整报告, 更新流程, 培训人员，填补人员缺口. 优先考虑当前的过渡需求同样重要, private equity firms cannot lose sight of their future state goals and need to start laying the groundwork to maximize value creation down the road.
知道最好的起点是至关重要的, 但许多公司都在努力确定前进的最佳途径. 事实上, 需要更新, high priorities and transformation opportunities will all vary depending on the portfolio company’s specific circumstances. 虽然有一些一般的最佳实践可以遵循, firms will find that their transition strategy needs to be tailored to each circumstance and acquisition.
It is critical that private equity firms conduct a rapid diagnostic to quickly understand what work needs to be done and how quickly to put different transformation projects in place and what enhancements to target to deliver the most value possible. This assessment should highlight the cost and time needed to execute certain transformation opportunities, 以及完成后创建的预期值, 帮助公司决定哪些项目能给他们带来最大和最直接的回报. This can also help firms determine if they should tackle business transformation opportunities in phases or complete all of that work at once.
取决于投资组合公司的期限, it may not be ready to jump feet first into business transformation — there is still some work to be done before it can devote time and resources into those kinds of projects. The rapid diagnostic will align stakeholders around what fundamental work needs to be done in the short-term to build for the future later on.
创建详细的转换路线图
There’s no doubt that the early days of any private equity acquisition involves some degree of brute force work. 有那么多事情要做, it’s virtually impossible to avoid throwing bodies at some of the time-consuming tasks and powering through them as quickly as possible.
即便如此, 每个组织都应该有一个周密的行动计划，战略性地利用可用的资源, distribute work to different stakeholder teams and balance immediate concerns with long-term goals. It’s important to take a thoughtful approach to the transition period and fully lay out a roadmap to the desired future state of the portfolio company.
尽管这些类型的项目总是有一定程度的可变性, firms can develop standardized approaches to execute some of the common requirements across most transactions to work through those tasks more efficiently and quickly. The only way to streamline acquisition requirements at a high level is to run everything through a project management office. 再一次。, 有太多的事情要做, firms need a central stakeholder to oversee everything and coordinate efforts and interdependencies across different stakeholders.
遵循前100天的最佳实践
快速诊断将突出需要加强的不同过程和技术, 但也有一些改进，几乎任何组织都可以从中受益. 不管收购的具体情况如何, 将这些任务纳入业务转换路线图总是一个好主意:
工作流自动化
自动执行需要大量时间手动完成的基于规则的、可重复的任务. A rapid diagnostic will highlight both the low-hanging fruit that will deliver fast ROI as well as automation candidates that support more extensive business transformation later on. Some processes to consider include account reconciliations, data collection and invoice validation.
FP&A
财务规划和分析(FP&A)是任何高绩效金融组织的标志, 投资组合公司放FP很重要&节奏到位了，如果他们还没有. 为此目的, begin implementing business intelligence tools such as dashboards and analytics platforms to support this core function.
报告
被投资公司在被收购后面临着一个完全不同的世界. They have new stakeholder goals that need to be met as well as performance expectations to track and report against. It’s important to 调整报告 requirements around shared metrics and address any data management and quality issues as quickly as possible.
金融密切
提高每月财务结算的速度和严格程度是必要的. Portfolio companies can speed this process up by filling organizational gaps and automating manual tasks. The types of enhancements needed to close books in a more timely manner will also feed into broader transformation initiatives down the road.
Also be sure to prioritize the planning of other necessary workstreams that must be completed following an acquisition, including: preparing the Closing Statement and opening balance sheet (“purchase accounting”); completing valuations of tangible and intangible assets; etc. It’s far better to account for transactions while they are still fresh – and before the auditors come calling. 正确处理交易会计也可以降低最初年度的审计费用.
在最初的100天里，一步一步来
收购后的前100天是疯狂的活动, 即使是最有经验的管理团队也很容易感到不知所措. Establishing a systematic approach to this critical time will help firms get a handle on the transition of ownership, 确定当前的义务，并制定长期转型战略.
快速诊断提供了明智决策所需的见解, strategic decisions so firms can seamlessly incorporate new acquisitions into the broader organizational structure and maximize value creation during those first few months and into the future. 联系CFGI经验丰富的私募股权顾问，立即安排快速诊断.