Summary
Samenvatting Waardering & overdracht
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Samenvatting van 30 pagina's voor het vak Waardering En Overdracht Van Bedrijven aan de Artevelde (Samenvatting W&O)
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WAARDERING & OVERDRACHTInhoud
Stap 1: Denken aan overdracht.................................................................................................................................3
Begin with the end in mind...................................................................................................................................3
Reflectie, ambitie en motivatie.............................................................................................................................3
Informatie..............................................................................................................................................................4
Introductie tot waardering....................................................................................................................................4
Chronologie overnameproces...............................................................................................................................5
Overname via… (verdere informatie, zie aparte hand-outs canvas)....................................................................5
Mogelijke financiering...........................................................................................................................................5
Stap 2: Verkoopklaar?...............................................................................................................................................7
Kwaliteit van de voorbereiding.............................................................................................................................7
Swot-analyse.........................................................................................................................................................7
Share deal versus asset deal.................................................................................................................................9
Stap 3: Vendor due dilligance en SWOT analyse....................................................................................................11
Vendor due diligence..........................................................................................................................................11
Wanneer een vendor due diligence....................................................................................................................11
Omvang, methodiek en opvolging......................................................................................................................11
Swot analyse........................................................................................................................................................11
Actieplan..............................................................................................................................................................12
Stap 4: Ondernemingsplan......................................................................................................................................13
Wat is een ondernemingsplan?..........................................................................................................................13
Financieel plan.....................................................................................................................................................13
Management-analyse..........................................................................................................................................14
Toekomst van de onderneming..........................................................................................................................14
Een voorbeeld.....................................................................................................................................................14
Stap 5: Waardering van de onderneming...............................................................................................................15
Wat is de waarde van een bedrijf?.....................................................................................................................15
Enkele belangrijke concepten.............................................................................................................................15
Rendementsverwachting....................................................................................................................................16
WACC...................................................................................................................................................................16
Waarderingsmethoden.......................................................................................................................................17
Stap 6: Anoniem Profiel ‘teaser’.............................................................................................................................19
Anoniem profile...................................................................................................................................................19
Informatiememorandum....................................................................................................................................19
, Geheimhoudingsverklaring.................................................................................................................................20
Stap 7: Potentiële kopers........................................................................................................................................21
Nadenken over de potentiële kopers..................................................................................................................21
Soorten kopers....................................................................................................................................................21
Zoekproces..........................................................................................................................................................21
Stap 8: Benaderen kopers.......................................................................................................................................22
Selectieprocedure...............................................................................................................................................22
Contact................................................................................................................................................................22
Opvolging.............................................................................................................................................................22
Voorbereiding volgende stap..............................................................................................................................22
Stap 9: Onderhandelingsstrategie...........................................................................................................................23
Actualisatie van de situatie.................................................................................................................................23
Strategie naar de koper toe................................................................................................................................23
Bijzondere situaties.............................................................................................................................................23
Stap 10: Onderhandeling.........................................................................................................................................24
Omstandigheden.................................................................................................................................................24
Onderwerpen......................................................................................................................................................24
Overeenkomsten.................................................................................................................................................25
Probleemsituaties................................................................................................................................................25
Stap 11: Intentieovereenkomst en due diligence...................................................................................................26
De intentieverklaring...........................................................................................................................................26
Geheimhoudingsovereenkomst (NDA)...............................................................................................................27
Due Diligence.......................................................................................................................................................28
Stap 12: Eindovereenkomst....................................................................................................................................29
Verkoopovereenkomst........................................................................................................................................29
Aanbevelingen.....................................................................................................................................................29
Alternatieven.......................................................................................................................................................29
Afscheid nemen...................................................................................................................................................30
, STAP 1: DENKEN AAN OVERDRACHT
BEGIN WITH THE END IN MIND
Wanneer je een onderneming start moet je eigenlijk ook al bezig zijn met het einde van uw onderneming.
Nadenken over het einde vraagt moed
Stopzetten is vaak heel complex
Bedrijfsoverdracht is voor 80% emotioneel en 20% zakelijk
Overlaten (passief) vs. Overdragen (actief)
· Je kan een bedrijf volledig verkopen, zowel activa als passiva
· Je kan ook enkel activa verkopen
Goede inschatting van financiële situatie na verkoop (advies)
Waarom uw bedrijf verkopen?
Persoonlijke redenen Redenen verbonden aan het bedrijf
· Pensioen · Maximaal niveau is bereikt
· Nood aan verandering · Gebrek aan opvolging
· Ziekte · Herstructurering
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
Slechts 30% gaat over tot een 2de generatie
Slechts 10% gaat over tot een 3de generatie
· Snelle verkoop
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