There are no "winners" in family disputes. Conflicts in business succession can destroy relationships for generations. Litigation is also costly. Therefore, this path should be the last resort. Here, mediation can lead to consensus and thus success through the structured procedure and the use of a neutral "third party". The report presents the process of mediation and the development of possible solutions.Download »
Despite the Corona crisis, there were more corporate transactions in the first quarter of 2021 than in the same period in 2020 and 2019. Risk provisioning and opportunity taking play a significant role in transactions and have an impact on the content of corporate sale and purchase agreements. These are highlighted in the article by Mark Niggemann.Download »
Tips for presenting a company in the sales process
Companies present themselves constantly: on the internet with their own homepage, in social media or through company brochures. If a company is to be sold, it is important to consider how the company is presented to potential buyers. This article shows which means companies can use to positively influence the decision of prospective buyers.ch company brochures. If a company is to be sold, it is important to consider how the company is presented to potential buyers. This article shows which means companies can use to positively influence the decision of prospective buyers.Download »
M&A as a Means of Turnaround - Economic and Legal Aspects - Part 2
The M&A process for companies in crisis takes place under changed legal conditions. Transactions in such situations place special demands on the parties involved, as they regularly take place under considerable time pressure. The special time pressure arises from the legally defined deadlines of the Insolvency Code as well as the intention to keep the reduction of the company value associated with the continuation of the crisis as low as possible. The possible solutions for companies in crisis situations are manifold and depend on the timing of the M&A transaction (before or after insolvency), the choice of transaction model (share deal, asset deal, capital increase or debt-to-equity) and the liability and insolvency law protection of the contracting parties. This article deals with the aspects that need to be taken into account.Download »
M&A as a Means of Turnaround - economic and legal aspects - Part 1
The pace of vaccination will determine pandemic developments and the economic cycle in 2021. The majority opinion seems to be that vaccinations in the summer will lead to a sustainable containment of the pandemic. This implies that the economy will pick up speed from the second quarter of 2021 - after a decline of 5.4% in 2020, the pre-Corona level is not expected to be reached again until 2023. The Corona crisis has accelerated structural change. New technologies are displacing structures that are no longer sustainable - faster than they would have been without the crisis situation. There is speculation in the media about the "bankruptcy year 2021".
However: On January 1, 2021, the Act on the Further Development of Restructuring and Insolvency Law (SanInsFoG) will come into force. For the first time, there will be a legal framework for pre-insolvency restructuring projects in Germany. Companies in crisis have the opportunity to negotiate with their creditors themselves and restructure on the basis of a restructuring plan. This article deals with both the economic and legal aspects of crisis companies.Download »
Execution of wills: risk provision for entrepreneurial families
More than two thirds of Germans do not leave a will and thus rely on the legal regulations. The goal of a fair and dispute-free succession of assets is thus often missed. An executor, who takes over the distribution and administration of the estate in the spirit of the testator, can make a significant contribution to avoiding disputes.
For entrepreneurial families, the arrangement of an executor is a good idea if the heirs are not in a position to handle the inheritance or administer the estate, e.g. in the case of minor heirs. Our report deals with the execution of wills.Download »
How companies emerge stronger from crises
Interlocutors of entrepreneurs often use the slogan "Use crises as opportunities". In this context, it is surprising that there are many entrepreneurs who see future opportunities in the current crisis situation. Responding flexibly to current developments and adapting the business model quickly has always been an important skill for entrepreneurs, and one that has gained enormous importance in the Corona crisis. The instruments for crisis management have never been as diverse and promising as they are today. The global networking made possible by the Internet and other technological developments allows international cooperation on an unprecedented scale. We are witnessing the creativity with which companies are preparing for the future - also by buying other companies to strengthen their competencies. Others are taking on equity partners whose capital, networks and know-how will enable them to meet future challenges. The report provides arguments why our economy will emerge stronger from the Corona crisis.Download »
Execution of wills - risk provision for entrepreneurial families
More than two thirds of Germans do not leave a will and thus rely on the legal regulations. The analysis of unsuccessful succession arrangements - including those of entrepreneurial families - should be suitable for raising awareness of the problem. Fair and dispute-free asset succession arrangements - without avoidable asset losses - can ensure that satisfied heirs jointly commemorate their far-sighted testator. Our article deals with the aspects of an execution of a will.Download »
Family business succession - from an economic and tax point of view
One goal of entrepreneurial families in the context of business succession - in addition to the desire for business continuity - is also to ensure the economic provision of the entrepreneur and his or her partner. Another very important goal is the consideration of distributive justice. If a business succession is planned, it makes sense to gain an overview through a careful economic analysis. This article deals with both the economic and tax aspects and liquidity implications that need to be considered.Download »
Zur Umsetzung der Unternehmensstrategie setzen viele Unternehmen bewusst auf den zielgerichteten Kauf von Unternehmen. Diese Kompetenz wird immer mehr zum strategischen Wettbewerbsvorteil auch für kleine und mittelständische Unternehmen.
Der Beitrag zeigt auf, wie eine M&A-Strategie entwickelt und erfolgreich umgesetzt werden kann.Download »
Immer häufiger werden bei M&A-Transaktionen sogenannte „Warranty & Indemnity-Versicherungen“ (W&I-Versicherungen) eingesetzt. Mit dieser Versicherung werden Haftungsrisiken aus abzugebenden Garantien („Warranties“) und Freistellungen („Indemnities“) gegen eine Prämie von einem Versicherer übernommen. Mit den Aspekten für den Abschluss einer W&I-Versicherung beschäftigt sich unser Artikel.Download »
Analysiert man durchgeführte Unternehmensverkäufe, stellt man oft fest, dass die für Unternehmen gezahlten Kaufpreise mit den im Rahmen einer Unternehmensbewertung ermittelten Ertragswerten nichts zu tun haben. Warum das so ist analysiert unser Bericht.Download »
Der Kauf eines Unternehmens an sich ist schon sehr komplex. Dieser Prozess wird noch komplexer, wenn sich mehrere Käufer zusammenschließen, um ein Erwerberkonsortium zu bilden. Dann sind nämlich parallel zu den Verhandlungen mit dem Verkäufer auch Vereinbarungen zwischen den kaufenden Parteien zu treffen. Ein Erwerberkonsortium entsteht z. B. bei Management Buy-ins (MBI) oder Management Buy-outs (MBO), bei denen sich neben dem Management Private-Equity-Gesellschafter beteiligen. Die typischen Problembereiche behandelt unser Aufsatz.
Die Bedeutung von Corporate Venture Capital (CVC) – Unternehmen stellen Startups neben Kapital auch Zugänge zu Vertrieb, Produktion, Forschung und Entwicklung sowie dem eigenen Netzwerk zur Verfügung – gewinnt bei kleinen und mittleren Unternehmen (KMU) zunehmend an Bedeutung. Dabei bewegen sich Mittelständler und Startups oftmals in zwei verschiedenen Welten.Download »