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Earnout-Ansatz

Earnout-Ansatz


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About the Book

Diplomarbeit aus dem Jahr 2005 im Fachbereich BWL - Investition und Finanzierung, Note: 1,1, Universität Ulm, Sprache: Deutsch, Abstract: Unternehmenskäufe gewannen in den letzten zwei Jahrzehnten zunehmend an Attraktivität, da sie schnelle Möglichkeit darstellen, um neue Märkte zu erschließen. Doch obwohl ein Unternehmenszusammenschluss schon allein aufgrund der damit verbundenen Synergieeffekte meist sinnvoll erscheint, können sich Käufer und Verkäufer häufig nicht auf einen einvernehmlichen Transaktionspreis einigen. Die höheren Kaufpreisvorstellungen des Verkäufers basieren in der Regel auf einer optimistischeren Zukunftseinschätzung. Beispielsweise ist er von der erfolgreichen Markteinführung eines neuen Produktes überzeugt. Für den Käufer zählen dagegen in erster Linie die zukünftig zu erwartenden Zahlungsströme des Unternehmens. Diese hängen neben der Entwicklung des Unternehmens u.a. auch von der Finanzierung des Kaufpreises ab. Somit entsteht zwischen dem für den Verkäufer gerade noch akzeptablen Transaktionspreis und der maximalen Zahlungsbereitschaft des Käufers eine z.T. erhebliche Spanne, die es zu überwinden gilt. In einer solchen Situation stellt die Earnout-Methode ein interessantes Instrument dar, welches zahlreiche Übernahmen überhaupt erst möglich macht. Die Idee einer Earnout-Konstruktion ist einfach. Der dabei vereinbarte Kaufpreis besteht aus zwei Komponenten. Zum Zeitpunkt der Vertragsunterzeichnung ist nur ein Teil des Kaufpreises genau festgelegt und umgehend fällig. Der zweite Teil ist abhängig von der zukünftigen Entwicklung des verkauften Unternehmens, meist festgemacht an einer Erfolgskennzahl wie z.B. Gewinn oder Cashflow. Dadurch erhält ein mittels Earnout abgewickelter Kauf eine Art Wettcharakter, denn der endgültige Preis steht erst nach Ablauf der Earnout-Periode fest. Allerdings gibt es bei dieser "Wette" nicht zwangsläufig einen Sieger und einen Verlierer. Im Gegenteil, im Idealfall soll sich eine sog. Win/Win Situation einstellen


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Product Details
  • ISBN-13: 9783640235827
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 7 mm
  • Weight: 204 gr
  • ISBN-10: 3640235827
  • Publisher Date: 19 Jan 2009
  • Height: 210 mm
  • No of Pages: 112
  • Series Title: German
  • Sub Title: Überwindung unterschiedlicher Preisvorstellungen bei M&A-Transaktionen
  • Width: 148 mm


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