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Volledige samenvatting waardering en overdracht! geslaagd in eerste zit

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Volledige samenvatting waardering en overdracht! geslaagd in eerste zit. Dit is een samenvatting van 3KMO. Alle lessen, slides, notities en het boek zijn hierin verwerkt.

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  • Yes
  • December 10, 2021
  • 32
  • 2021/2022
  • Summary
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Waardering en overdracht


Inhoudsopgave

1 Denken aan de overdracht ..................................................................................................................... 4
1.1 Begin with the end in mind ................................................................................................................... 4
1.2 Reflectie, ambitie en motivatie............................................................................................................. 4
1.3 Informatie ............................................................................................................................................. 5
1.3.1 De onderneming .............................................................................................................................. 5
1.3.2 Heden en toekomst ......................................................................................................................... 5
1.3.3 Waarderingselementen ................................................................................................................... 5
1.3.4 Kopersmarkt .................................................................................................................................... 6
1.3.5 Procedure ........................................................................................................................................ 6
1.3.6 Contracten ....................................................................................................................................... 6
1.3.7 Prijs en betaling ............................................................................................................................... 6
1.4 Introductie tot waardering ................................................................................................................... 6
1.4.1 Waardering op basis van het vermogen (substantiële waarde (=SW)) ........................................... 6
1.4.2 Waardering op basis van het rendement (rendementswaarde (=RW)) .......................................... 6
1.4.3 Gemengde methode (combinatie SW + RW)................................................................................... 7
1.4.4 Marktwaarde benadering (=multiple methode).............................................................................. 7
1.5 Overname via…..................................................................................................................................... 7
1.6 Mogelijke financiering .......................................................................................................................... 7
1.7 Waardecoach ....................................................................................................................................... 7

2 Verkoopklaar? ....................................................................................................................................... 8
2.1 Kwaliteit van de voorbereiding............................................................................................................. 8
2.1.1 Intern voorbereidingsproces ........................................................................................................... 8
2.2 SWOT-analyse ...................................................................................................................................... 9
2.3 Share deal versus asset deal ............................................................................................................... 10

3 Vendor due diligence en SWOT-analyse ............................................................................................... 11
3.1 De vendor due dilligence .................................................................................................................... 11
3.1.1 Wat? .............................................................................................................................................. 11
3.1.2 Doel?.............................................................................................................................................. 11
3.1.3 Waar en wanneer? ........................................................................................................................ 11
3.2 Omvang, methodiek en opvolging...................................................................................................... 11
3.3 SWOT-analyse .................................................................................................................................... 12
3.4 Actieplan ............................................................................................................................................ 12

4 Ondernemingsplan .............................................................................................................................. 13
4.1 Wat is een ondernemingsplan ............................................................................................................ 13
4.1.1 Kenmerken .................................................................................................................................... 13
4.1.2 Inhoud ........................................................................................................................................... 13
4.2 Financieel plan.................................................................................................................................... 13
4.2.1 Winst ............................................................................................................................................. 14
4.2.2 EBIT en EBITDA .............................................................................................................................. 14
4.2.3 Cashflow ........................................................................................................................................ 15



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, 4.3 Management analyse......................................................................................................................... 15
4.4 Toekomst van de onderneming .......................................................................................................... 15
4.5 Vragen over een ondernemingsplan voor het examen ....................................................................... 15

5 Waardering van de onderneming ......................................................................................................... 16
5.1 Wat is de waarde van een bedrijf ....................................................................................................... 16
5.2 Enkele belangrijke concepten ............................................................................................................. 16
5.3 Rendementsverwachting .................................................................................................................... 17
5.4 WACC (weighted average cost of capital) .......................................................................................... 18
5.4.1 Wat? .............................................................................................................................................. 18
5.4.2 Hoe berekenen? ............................................................................................................................ 18
5.5 Waarderingsmethoden ...................................................................................................................... 19
5.5.1 Waardering op basis van het (gecorrigeerde) vermogen (SW) ..................................................... 19
5.5.2 Waardering op basis van het rendement (RW) ............................................................................. 20

6 Anoniem profiel ................................................................................................................................... 23
6.1 Anoniem profiel .................................................................................................................................. 23
6.2 Informatiememorandum .................................................................................................................... 23
6.3 Geheimhoudingsverklaring (=NDA (non-disclosure agreement)) ....................................................... 23

7 Potentiële kopers ................................................................................................................................ 24
7.1 Nadenken ........................................................................................................................................... 24
7.2 Soorten kopers.................................................................................................................................... 24
7.3 Zoekproces ......................................................................................................................................... 24

8 Benaderen kopers ................................................................................................................................ 25
8.1 Selectieprocedure ............................................................................................................................... 25
8.2 Contact ............................................................................................................................................... 25
8.3 Opvolging ........................................................................................................................................... 25
8.4 Voorbereiding volgende stap ............................................................................................................. 25

9 Onderhandelingsstrategie.................................................................................................................... 26
9.1 Actualisatie van de situatie ................................................................................................................ 26
9.2 Strategie naar de koper toe ................................................................................................................ 26
9.3 Bijzondere situaties ............................................................................................................................ 26

10 Onderhandeling ................................................................................................................................... 27
10.1 Omstandigheden ................................................................................................................................ 27
10.2 Onderwerpen...................................................................................................................................... 27
10.3 Overeenkomsten ................................................................................................................................ 28
10.4 Probleemsituaties ............................................................................................................................... 28

11 Intentieovereenkomst en due dilligence .............................................................................................. 29
11.1 Intentieverklaring ............................................................................................................................... 29



2

, 11.2 Geheimhoudingsovereenkomst .......................................................................................................... 29
11.3 Due dilligence (boekenonderzoek)...................................................................................................... 30

12 Eindovereenkomst ............................................................................................................................... 31
12.1 Verkoopovereenkomst ....................................................................................................................... 31
12.2 Aanbevelingen .................................................................................................................................... 31
12.3 Alternatieven ...................................................................................................................................... 32
12.4 Afscheid nemen .................................................................................................................................. 32




3

, 1 Denken aan de overdracht
1.1 Begin with the end in mind
à Vanaf dat je een onderneming start, moet je eigenlijk al weten wanneer je deze zal
verkopen
- Nadenken over het einde vraagt moed en is niet evident
- Stopzetten activiteit is vaak complex
o Controle en macht
o Angst voor verandering
o Loyaliteit voor anderen
- Bedrijfsoverdracht is voor 80% emotioneel, voor 20% zakelijk (technisch).
- Overlaten (negatief en passief) vs. overdragen (positief en actief)
o Alles verkopen (passief en actief)
o Enkel actief verkopen
- Goede inschatting van financiële situatie na verkoop
o Hoeveel geld heb ik nog nodig of wens ik na verkoop?
o Advies hierbij is altijd welkom

Waarom verkopen?
- Persoonlijke redenen
o Pensioen
o Nood aan verandering
o Ziekte
- Redenen verbonden aan het bedrijf
o Maximaal niveau is bereikt
o Gebrek aan opvolging
o Herstructurering

1.2 Reflectie, ambitie en motivatie
Eigen positie en de onderneming kennen en uitdrukken:
- Wat willen we juist verkopen?
- Wat gebeurt er met personeel?
- Kunnen we wel verkopen?
- Timing, pricing, …

Motivatie:
- Waarom verkopen?
- Verschillende betrokkenen (vaak complex)

Ambitie van de verkoop – overdracht
- Maximalisatie van de verkoopprijs
- Continuïteit van de onderneming
- Familiale opvolging
- Snelle verkoop




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