Reports

S-Firmenberatung 11/2021

Suddenly and unexpectedly widowed - and then?

The report deals with the question of what measures entrepreneurial families should take to make provisions in the event of the sudden and unexpected death of the entrepreneurial managing director. The report shows how continuity of management can nevertheless be ensured, e.g. through a succession advisory board. Furthermore, the report deals with the possibilities of making a will and planning the succession of assets.

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S-Firmenberatung 10/2021

Financing company acquisitions - overview of instruments

The term acquisition financing is understood in the broadest sense to mean the raising of debt financing for the purchase of a company. The range of instruments used in connection with the financing of a company acquisition extends from so-called senior loans to unitranche loans, mezzanine loans, and shareholder and vendor loans. The paper provides an overview of the financing instruments.

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09/2021

Reasons for Company Acquisitions

Increasingly, medium-sized companies are also acting as buyers in order to strengthen their competitiveness through the acquisition of companies. Reasons given by our clients are:

  • Entry into new markets
  • Expansion of the product range
  • Access to new technologies
  • Increasing market share in consolidated markets
  • Achieving critical mass
  • Bargaining power of suppliers and customers
  • Limit danger from substitute products
  • Cost reduction
  • Risk reduction
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S-Firmenberatung 06/2021

Company succession without conflicts thanks to mediation

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.

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S-Firmenberatung 05/2021

Corona crisis influences SPAs

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.

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S-Firmenberatung - 01/2021

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.

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S-Firmenberatung - 01/2021

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.

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Handelsblatt DUB - 12/2020

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.

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S-Firmenberatung – 11/2020

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.

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Kreditwesen – 06/2020

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.

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Sparkassen-Zeitung - 04/2020

M&A-Strategie: Wie findet man interessante Unternehmen?

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.

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Handelsblatt DUB - 04/2020

Absicherung bei M&A-Transaktionen

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.

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Private - Das Geld-Magazin - 01/2020

Unternehmensverkauf: Bewertung versus Kaufpreis

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.

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Private – Das Geld-Magazin – 12/2019

Mittelstand Venturing – Strategische Investitionen in Startups als Frischzellenkur

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.

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