Ablauf

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Detailed Course of Action

Move the mouse over bar 1 to 14 to follow the course of action step by step.

1. Business Analysis

The purchase price essentially depends on the financial results and on the assets of the business as well as on the so-called value drivers: USPs (unique selling propositions), position in the market, number of customers, dependency on customers / suppliers, technological advantages, advantages of products or product line et al. These value drivers have to be identified during the business analysis.

2. Valuation / Purchase Price

The purchase price normally bases on the EBIT (Earnings Before Interest and Tax). The values shown in the financial statements have to be adjusted by exceptional and aperiodic positions and - if applicabel - by positions that are typical for an owner-managed business.

3. Preparation of the Sale Brochure

Content and scope of the brochure depend on the company size and growth potential and thus on the target group to be contacted. An indication: If a business with a staff of 100 is being sold inside the branch environment, no extensive exposé is required. If there is a high growth potential included or if the market position of the business allows for a controlled auction, the preparation of detailes sales documents is mandatory.

4. Buyer Selection

Based on the business analysis and your guidelines, we search for suitable prospective buyer candidates and we clarify with you, who of them to be contacted and in which sequence.

5. Addressing Prospective Buyers

Depending on the number, the size and the location of the preselected prospective buyers, a first contact is made via mail or phone. Prospective buyers contacted this way as a first information receive an anonymized concise profile of the company offered.

6. Non-disclosure-agreement (NDA) and Creditworthiness

We keep you informed about the feedback of the contacted prospective buyers, and among others, about their motivation to buy, and their financing options. If you want to get into negotiations with this prospective buyer, initially the buyer has to sign an NDA (non-disclosure agreement) and has to provide evidence of creditworthiness.

7. Information Exchange and First Meetings

After the NDA is signed, the prospective buyer receives the prepared sales documents. Depending on the level of details in the sales documents, the prospective buyer may request more information and, finally, first meetings with the seller. The more detailed the sales documents are, the shorter the phase of information will be.

8. Offer of the Buyers

The prospective buyers must at an early stage, even before they could evaluate all relevant information in detail, submit a written offer - otherwise the negotioations may last without end. Subsequently to the first offer, price negotiations follow until an acceptable written offer of the buyer has been submitted.

9. Letter of Intend (LOI)

After the preliminary negotiations for the range of the sale price have led to an agreement, an LOI that includes the guidelines of the transaction will be set up an mutually signed. Minimum content of an LOI are: Sale price - terms of payment - time schedule until closing.

10. Due Diligence (DD)

This is the detailed examination of the object of purchase by the buyer. All relevant documents (financial statements, contracts, internal evaluations, plans, etc) will be made available to the examination team of the prospective buyer in a physical or virtuel data room. The DD lasts 1 to 5 days in situ and in total, including subsequent work, approx. 4 weeks. According to the results, the buying price will be renegotiated or confirmed.

11. Preparation of the Sales Contract

Naturally, during the preparation of the sales contract, further details emerge that need to be negotiated. Taking all clarifications and corrections, this phase lasts approx. 4 weeks.

12. Contract Signing

After guaranteeing the sale price payment, buyer and seller sign the sales contract in the presence of a notary.

13. Implementation of the Closing Conditions

Usually, buyer and seller have to implement some conditions, that have been defined in the sales contract in order to let the ownership of the business as well as the payment be transferred. Typical is the release from personal liability of the seller, separation of company pension benefit plans for the seller or carving out of assets not being sold etc. Duration 1 day up to approx. 4 weeks.

14. Closing

Only after all closing conditions have been implemented, the registration in the commercial register and the payment of the sale price to the seller take place.

Ihr Zeitbedarf während der Analyse

In der Analysephase sind Sie relativ stark eingebunden, um Ihr Unternehmen seinem Wert entsprechend darstellen zu können.

Ihr Zeitbedarf während der Käuferauswahl

Während der Käuferauswahl werden Sie ständig am Laufenden gehalten, Ihr effektiver Zeiteinsatz ist marginal.

Ihr Zeitbedarf während der Verhandlungen

Mit Fortschreiten der Verhandlungen werden auch Sie vermehrt zeitlich eingebunden; viele Detailaspekte werden telefonisch abgehandelt, doch bei gewissen Punkten ist eine Einigung nur in einem Treffen mit dem Käufer möglich.

Ihr Zeitbedarf während der Abschluss Phase

Je nach Inhalt der Abschlussbedingungen ist Ihr Zeitbedarf nur mehr punktuell erforderlich.