Negotiating Key Terms

关键条款谈判

Both parties engage in intensive negotiations over critical aspects of the deal, such as pricing, earn-out clauses, retention agreements for key personnel, and post-merger integration plans.

双方就交易的关键方面进行紧张的谈判，例如价格、盈利性支付条款、核心人员的留任协议以及并购后的整合计划。

对话

聆听并跟进对话

Acquirer Representative (Male)

Alright, shifting our focus to the earn-out structure, we're proposing a 10% EBITDA-based earn-out over three years, contingent on achieving a 15% year-over-year growth target. What are your initial thoughts on that particular clause?

好的，我们把重心转移到盈利性支付结构上。我们提议一个基于EBITDA的10%盈利性支付，为期三年，但需以每年实现15%的增长目标为前提。您对这个条款的初步看法是什么？

Target Company CEO (Female)

Andrew, we appreciate the transparency, but a 15% year-over-year growth target is quite aggressive, especially considering the current market volatility. We'd prefer to see that closer to 10-12%, or perhaps a tiered structure that accounts for market shifts.

安德鲁，我们感谢您的坦诚，但每年15%的增长目标相当激进，特别是考虑到当前市场的不稳定性。我们更希望看到这个数字接近10-12%，或者采用一个分级结构来应对市场变化。

Acquirer Representative (Male)

I understand your concerns regarding market volatility. However, our valuation hinges on significant future growth. Perhaps we could offer a sweetener elsewhere, like a more favorable retention package for your key personnel, to mitigate some of that earn-out risk?

我理解您对市场波动的担忧。然而，我们的估值取决于未来的显著增长。也许我们可以在其他方面提供一些优惠，比如为您的关键人员提供更优厚的留任方案，以减轻部分盈利性支付风险？

Target Company CEO (Female)

That's an interesting proposition. Let's discuss retention agreements. Our core engineering team is indispensable. We need assurances that their roles, responsibilities, and, crucially, their cultural integration post-merger will be handled with utmost care. A five-year retention agreement with clear incentives would be essential for us.

那是一个有趣的提议。我们来讨论一下留任协议。我们的核心工程团队是不可或缺的。我们需要保证他们的角色、职责，更重要的是，他们并购后的文化融合将得到最妥善的处理。一份有明确激励的五年留任协议对我们来说至关重要。

Acquirer Representative (Male)

Five years for key personnel is certainly on the longer side for our standard agreements, but we recognize their value. We could consider that, provided we get closer on the earn-out percentage. As for cultural integration, our dedicated integration team would work closely with your leadership from day one.

对关键人员来说，五年确实比我们的标准协议要长，但我们认识到他们的价值。我们可以考虑，前提是我们能在盈利性支付百分比上达成共识。至于文化融合，我们专门的整合团队将从第一天起就与您的领导层紧密合作。

Target Company CEO (Female)

Let's put a pin in the earn-out for a moment and focus on the overall deal price. Our internal valuation puts us significantly higher than your initial offer. Could you elaborate on how you arrived at your current pricing structure, especially considering our unique intellectual property?

我们暂时搁置盈利性支付，专注于整体交易价格。我们的内部估值远高于您最初的报价。您能否详细说明您是如何得出当前定价结构的，特别是考虑到我们独特的知识产权？

Acquirer Representative (Male)

Certainly. Our valuation model incorporates your IP, but also factors in market comparable transactions and our projections for synergy realization. We believe the current offer reflects a fair premium, especially when considering the significant upfront investment required for post-merger integration.

当然。我们的估值模型包含了您的知识产权，但也考虑了市场可比交易以及我们对协同效应实现的预测。我们认为目前的报价反映了一个合理的溢价，特别是考虑到并购后整合所需的巨额前期投资。

Target Company CEO (Female)

Integration is key, and we agree it requires significant resources. However, from our perspective, your current offer doesn't fully capture the strategic value of our IP and market position. We need to bridge this price gap. Perhaps a combination of cash and equity could offer more flexibility?

整合是关键，我们也同意它需要大量资源。然而，从我们的角度来看，您目前的报价并未完全体现我们知识产权和市场地位的战略价值。我们需要缩小这个价格差距。也许现金和股权的组合能提供更大的灵活性？

词汇

对话中的必备词汇和短语

earn-out

A type of payment in business deals made after the acquisition, based on the future performance of the company, often to motivate sellers to help the business grow.

一种在收购后根据公司未来绩效进行的商业交易支付方式，通常用于激励卖方帮助企业增长。

EBITDA

An acronym for Earnings Before Interest, Taxes, Depreciation, and Amortization; it's a financial measure used to evaluate a company's operating profit without non-operating expenses.

利息、税项、折旧和摊销前的收益的缩写；它是用于评估公司不包括非经营性费用的经营利润的财务指标。

contingent

Depending on something else happening first; for example, a payment that is contingent on meeting sales targets.

取决于先发生其他事情；例如，一笔取决于达到销售目标的付款。

aggressive

Very ambitious or bold, often implying high risk; in negotiations, it describes targets that are challenging to achieve.

非常雄心勃勃或大胆，通常暗示高风险；在谈判中，它描述了难以实现的目标。

volatility

Unpredictable changes or instability, like in stock markets where prices fluctuate a lot.

不可预测的变化或不稳定性，例如在股票市场中价格大幅波动的情况。

sweetener

Something extra added to a deal to make it more attractive, like bonuses or better terms, to help close the agreement.

添加到交易中的额外元素，以使其更具吸引力，例如奖金或更好的条款，从而帮助达成协议。

retention

The act of keeping employees or staff in a company after a merger, often through agreements with incentives.

在合并后将员工或工作人员留在公司内的行为，通常通过带有激励措施的协议。

valuation

The estimated monetary worth of a company or asset, calculated based on financial data and market factors.

公司或资产的估计货币价值，根据财务数据和市场因素计算得出。

synergy

The combined benefits or increased value created when two companies merge, like cost savings or new opportunities.

当两家公司合并时产生的综合益处或增加的价值，例如成本节省或新机会。

premium

An extra amount paid above the normal price, often in deals to reflect added value or to make an offer more appealing.

高于正常价格支付的额外金额，通常在交易中用于反映附加价值或使报价更具吸引力。

关键句型

需要记住和练习的重要短语

What are your initial thoughts on that particular clause?

This sentence asks for someone's first opinion on a specific part of an agreement. It's useful in negotiations to invite feedback politely. Note the use of 'initial thoughts' for preliminary ideas and 'clause' for a section in a contract.

这个句子是在询问某人对协议特定部分的第一个意见。它在谈判中很有用，可以礼貌地邀请反馈。请注意使用 'initial thoughts' 表示初步想法，以及 'clause' 表示合同中的一个部分。

We appreciate the transparency, but a 15% year-over-year growth target is quite aggressive.

This shows polite agreement followed by a counterpoint using 'but' to contrast ideas. 'Year-over-year' means compared to the previous year. Useful for business discussions to acknowledge positives while raising concerns; 'aggressive' highlights ambition.

这展示了礼貌的同意，随后使用'但是'来对比观点的反驳。'Year-over-year'意为与前一年相比。在商业讨论中，用于承认积极方面同时提出担忧；'aggressive'突出了雄心。

I understand your concerns regarding market volatility.

A empathetic response to show you get the other side's worries. 'Regarding' means 'about'; useful in negotiations to build rapport before suggesting alternatives. Grammar: Simple present tense for stating understanding.

一个共情的回应，以显示您理解对方的担忧。'Regarding' 意思是 'about'；在谈判中用于在建议替代方案之前建立 rapport。语法：用于陈述理解的简单现在时。

That's an interesting proposition.

A neutral way to respond positively to a suggestion without full commitment. 'Proposition' means proposal. Great for keeping talks open; use it when evaluating ideas in meetings.

一种中性方式，积极回应建议而不完全承诺。「Proposition」意为提案。非常适合保持对话开放；在会议中评估想法时使用。

Let's put a pin in the earn-out for a moment and focus on the overall deal price.

Idiom 'put a pin in it' means to pause or set aside a topic temporarily. Useful for shifting discussion smoothly in negotiations. 'For a moment' adds a sense of brevity; helps manage conversation flow.

习语'put a pin in it'的意思是暂时暂停或搁置一个话题。在谈判中用于顺利转移讨论很有用。'For a moment'增添了短暂感；有助于管理对话流程。

Could you elaborate on how you arrived at your current pricing structure?

Politely asks for more details on a decision process. 'Elaborate on' means explain in more detail; 'arrived at' means reached or calculated. Essential for clarifying terms in business talks.

礼貌地询问决策过程的更多细节。'Elaborate on' 表示更详细地解释；'arrived at' 表示达到或计算得出。在商业谈判中澄清条款至关重要。

We need to bridge this price gap.

Means to close or reduce the difference between two prices. 'Bridge the gap' is a common idiom for resolving differences. Useful in deal-making to emphasize compromise; imperative tone shows urgency.

指缩小或消除两个价格之间的差异。'Bridge the gap' 是解决差异的常见习语。在交易中用于强调妥协；命令语气显示出紧迫性。

Our valuation model incorporates your IP, but also factors in market comparable transactions.

Explains how a calculation includes certain elements. 'Incorporates' means includes; 'factors in' means considers. Helpful for justifying business decisions; shows logical structure in arguments.

解释计算如何包含某些元素。'Incorporates' 意思是包含；'factors in' 意思是考虑。有助于证明商业决策；显示论证的逻辑结构。