为什么美国专业服务交易要看人和客户？
咨询、会计、工程顾问、IT服务和企业服务机构的核心资产是客户关系、专业人员和交付流程。中国买方若希望建立美国平台，必须确保客户和团队稳定。
固定资产通常不是估值核心。
估值重点
买方应关注重复性收入、客户留存、员工利用率、收费率、客户集中、应收账款、服务线毛利和创始人依赖。
如果客户关系集中在少数合伙人，估值和结构应体现留任风险。
尽职调查重点
尽调应覆盖客户合同、员工、合伙人协议、保险、投诉、诉讼、应收账款、数据安全、税务和客户交接计划。
Lyndon如何协助
Lyndon可协助中国买方、美国专业服务企业和顾问准备估值、资料室、留任安排和交易执行。
About the Author
Daniel Bae
Co-founder & CEO, Lyndon Advisory
Daniel is an investment banker with 15+ years of experience in M&A, having advised on deals worth over US$30 billion. His career spans Citi, Moelis, Nomura, and ANZ across London, Hong Kong, and Sydney. He holds a combined Commerce/Law degree from the University of New South Wales. Daniel founded Lyndon Advisory to solve the pain points in M&A, enabling bankers to focus on what matters most — delivering trusted advice to clients.
About Lyndon Advisory
Lyndon Advisory is an M&A advisory firm built for Asia Pacific. We help business owners sell their companies and investors make strategic acquisitions with senior-led execution, disciplined process management, and AI-supported buyer intelligence.
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