If you were buying a business, how would you decide what it’s really worth? And whether it’s worth buying at all? Why do companies acquire other companies, and what separates a smart deal from an expensive mistake? Join Britt, a former venture capitalist with years of experience building tech startups, for an accessible exploration of mergers and acquisitions, or M&A, with a focus on the US. Using real company financial reports, we’ll learn how to look beyond headline revenue to understand profits, cash flow, debt and the quality of a business, and explore how a deal’s price and financing shape its potential returns.

Then we’ll put those ideas into practice. Working in teams, you’ll evaluate a potential acquisition, weigh the risks and present your decision: buy or pass, at what maximum price, and why? Britt will challenge your reasoning and help uncover what could undermine an apparently attractive deal, from dependence on a few customers to overly optimistic assumptions. We’ll also explore the roles of buyers, lenders and advisers, and how people enter the business of acquiring companies. No finance or investment knowledge is necessary: the concepts will be explained as we go. Expect practical analysis, thoughtful discussion and a clearer understanding of how businesses are valued—and how major financial decisions are made.

如果你要买一家公司，你会怎么判断它到底值多少钱？又怎么判断它到底值不值得买？公司为什么要收购别的公司，一笔聪明的交易和一个昂贵的错误之间，差别到底在哪？跟着 Britt 来一场好懂的探索吧。他是前风险投资人，也有多年做科技创业的经验。这次我们聊并购，也就是 M&A，重点放在美国。我们会用真实的公司财报，学着越过新闻标题上的营收，去理解利润、现金流、债务和一家公司的质量，也会看看一笔交易的价格和融资方式，是怎么塑造它可能的回报的。

然后我们会把这些想法用起来。分组之后，你们要评估一个潜在的收购对象，权衡风险，然后给出你们的决定：买还是不买，最高出价多少，为什么？Britt 会挑战你们的推理，也会帮你们挖出那些可能拖垮一笔看起来很有吸引力的交易的东西，从依赖少数几个客户，到过于乐观的假设。我们还会聊买家、贷款方和顾问各自扮演什么角色，以及人们是怎么进入收购公司这个行业的。不需要任何金融或投资知识：概念会一边聊一边讲清楚。会有实战分析、有想法的讨论，也会让你更清楚地理解公司是怎么被估值的——以及重大的财务决定是怎么做出来的。