If you are planning an M&A transaction that is a carve-out situation, you want to ensure a successful transition and business continuity. That is the key to retaining value into the future. TSA在每一个细节中定义并推动流程，以便运营接管能够顺利进行，不会忽视任何事情. 根据运输安全管理局, 卖方将一如既往地为买方提供服务，直到买方准备好自己承担这些服务.
If the whole company is being sold as a stock or assets deal, a TSA is not needed because everything will transfer over. It is only in carve-out situations where a TSA is necessary. There are several factors to consider in order to create a strong TSA.
Every business has its own ways of doing things. The buyer may want to make changes at some point, 但在短期内，他们需要在团队吸收新数据和流程的同时保持连续性. 卖方在出售后的一段时间内提供一定的服务以协助完成这一工作.
这使得买方有时间在公司内部建立自己的服务，而这些服务仍然是卖方的核心. 它帮助卖方确定要划分的单位中的功能和人员，这些人员正在执行或部分执行服务. Finance, HR, recruiting, marketing, and IT are all common examples. Everything in operations is already embedded in the business, so that is not an issue, but these other areas are fundamental to business success.
以下是几个受益于TSA的复杂交易的例子:
Not all transitions are this complex, but even in small deals, a TSA is the only way to ensure a smooth transition.
The seller initially defines the scope of services, but the buyer may want to negotiate based on specific concerns. 定义要提供的服务需要时间和多轮讨论. Questions to discuss include:
tsa必须涵盖有限的细节——非常技术性的方面，如与应收账款(订单到现金)或应付账款(采购到付款)相关的流程。, 等. So you have to drill down deeper and deeper, down to the task level, to identify deliverables by task and dependencies related to people, 工具, 或技术. 例如，如果创建了一个报告，那么买方需要接收该报告的副本. If reports are usually combined, they have to be carved up as needed—making sure details follow properly.
谈判与销售谈判同时进行. It should start early, shortly after the financial quality of earnings and due diligence, which typically identifies shared services, where those services are provided, and if they are dedicated to the business. The seller should create an initial TSA before due diligence begins, as part of the carve-out strategy. It can take months to plan this for very complex transactions.
How long should the transition period last?
Different components can have different transition timelines. Tasks within each area may also have different deadlines, but from an operations perspective, it is best to consider each component as a complete unit (e.g., functional area).
A typical transition takes from 30 days to less than a year. 然而, the timeframe can vary depending on the complexity. IT integration often takes a bit longer, while some aspects of finance, like the buyer establishing their own reporting, can be completed in as little as 30 days. 在极端情况下，大规模的转变甚至可以延续更长时间.
Shorter may be better, 但是，双方的最终目标是成功地进行业务销售和成功地接收业务，从而使持续的不间断运营不受服务中断的阻碍.
Sometimes buyers can benefit from a longer transition:
This is often heavily negotiated, although the goal is success. 卖家不希望因为给运输安全管理局带来额外的高额费用而让他们感到意外, 因此，为了确保过渡时期财务业绩的连续性，价格应该与当前卖方的成本相似.
在大多数情况下, 由于数据和报告的复杂性和额外的工作，成本只是简单地传递或有轻微的加价. 对于法律过渡而言，合同通常需要大量的工作，时间和成本应该考虑在内. 定价可以基于流程和损失表中已经包含的分配成本，也可以基于工资和福利成本乘以给定百分比的工作.
我们的Redpath M&团队强烈建议创建一个由双方关键人员组成的治理方(指导委员会)，他们可以做出决策. 这通常包括一位非常资深的运营和财务人员——首席财务官, 首席运营官, or VP of operations. 您还需要一个项目经理来跟踪日常的进度，并确保每个功能区域在性能和跟踪方面都得到满足.
The group should meet frequently at first, then less frequently over time (biweekly, 然后每月, then quarterly), to make sure transition benchmarks are on schedule, reports are coming through properly, and any personnel issues are addressed. This requires both sides to regularly check in with their own people.
The management team should watch for other potential problems, too. 例如, procurement may not be included in the carve-out, 但如果卖方的采购在运输安全管理局中被明确规定为为买方提供服务, then communication becomes critical. 如果卖方有人因为业务被出售而删除了批准, not realizing they will still be needed, the buyer will not be able to place orders.
随着过渡过程的推进，更多的人开始在任务层面发挥作用. Functional teams should meet regularly. 在卖方负责完成任务的每个人，以及在买方负责捕捉任务的每个人，都必须持续沟通，直到签字为止.
Since the TSA is structured under the purchase agreement, that agreement’s confidentiality terms also apply to the TSA. In larger deals, the TSA may add specific terms. 如果TSA是单独创建的，那么它应该包括保密要求.
Depending on IT complexity, infrastructure and data may be commingled, 在这种情况下，从卖方的角度来看，必须在幕后做大量的工作来正确地分析它. That takes time, and it has to be completed before the deal closes.
如果某些领域的合同，如采购，有不同的成本水平, the seller may not want to give those terms, so this may be another point of negotiation.
As with all aspects of an M&A deal, the devil is in the details. With so many complexities and so many details, the transition can derail if services and the process are not well defined. 通常情况下，卖家对他们的业务非常熟悉，以至于很难识别每一个应该包括的小细节和任务.
让第三方指导你完成整个过程会更容易，因为他们从不同的角度看待你的业务. 然而, this third-party advisor will need to be experienced in working M&A deals if they are to properly guide you. 他们了解你的财务状况，并能将其表达到其他领域，这一点非常重要. 同样的, 律师对于重新谈判合同或建立新合同至关重要，以确保条款相似和成本相等.
The transition process is extremely complex and time-consuming, which can distract the seller from daily business operations. 对于买家来说，这是一个管理谁、什么、何时、何地、为什么以及将花费多少的问题. For both sides, decisions must be strategically sound and timely. 第三方可以提供更好、更快的分析，还可以识别可能的危险信号.