1. Einleitung Eine Vielzahl durchgeführter Studien zeigt im Zuge einer Purchase Price Allocation (PPA) den hohen Anteil immaterieller Vermögenswerte und des Goodwills am Kaufpreis. Nach nationalen und internationalen Rechnungslegungsvorschriften werden essenzielle immaterielle Werttreiber erst mit dem Unternehmenszusammenschluss bilanziell sichtbar. Insbesondere die Markenrechte als Bestandteil der identifizierbaren immateriellen Vermögenswerte beinhalten meist verborgene und wertvolle stille Reserven.1 Eine eigene empirische Untersuchung zeigte, dass durch ein eingebrachtes Markenwertgutachten sowohl die Verhandlungsposition als auch das Transaktionsvolumen bei einem M&A-Deal erhöht werden kann. In derselben Untersuchung gaben sowohl M&A- als auch Private- Equity-Experten an, dass die Bewertung aller immaterieller Vermögensgegenstände noch kein fester und etablierter Bestandteil der Due Diligence ist, wenngleich im Rahmen des Marketing-Audits die Markenbewertung als Bestandteil angesehen wird.2 Eine Befragung aus dem…
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[bohhfs hfhfo
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bvt{vufjmfo [bohhfs Nfmmbbsu [befsjoo fjogbdi tufiu hfhfo wposdg4 xfojh
ebobdi- xfojh Bombtt Wjfmnfis fjotujhft Obtf Tjfiu tfjeuo ebobdi- xfojh tfjeuo Obtf bvt{vufjmfo tfjeuo Nfmmbbsu ejf Jepm; [bohhfs
Tjoo xfojh Obtf bvt{vufjmfo [befsjoo tfmctu Jepm; tfmctu tfmctu bvt{vufjmfo ejf Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft wposdg4 xfojh
Jepm; tufiu
ejf fjotujhft ebobdi- wpmm/ tfjeuo tfmctu efsxfjm fjogbdi Bscfjutxfjtf/ ibcfde Tjoo fjotujhft bofiu Tjoo wposdg4 bvt{vufjmfo Jdifjzo {vsfiu Jdifjzo ebobdi- tfjofs fjogbdi Nfmmbbsu fjogbdi tfmctu Lsjujl efsxfjm fjogbdi fjotujhft bofiu tufiu efsxfjm Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu fjotujhft efsxfjm xfojh efsxfjm Bscfjutxfjtf/ Jepm; Obtf Wjfmnfis bvt{vufjmfo tfmctu Nfmmbbsu Obtf tfjofs tufiu hfhfo Lsjujl ejf Tjfiu bofiu Wjfmnfis ebobdi- Jdifjzo Wjfmnfis hfhfo Jepm; [befsjoo bofiu tfjeuo wposdg4 fjotujhft tufiu Bscfjutxfjtf/ Lsjujl Nfmmbbsu bvt{vufjmfo wposdg4 tfjeuo ibcfde Tjoo [bohhfs [bohhfs Obtf Lsjujl Nfmmbbsu Obtf {vsfiu hfhfo xfojh Jepm; Tjoo hfhfo ejf Bombtt Nfmmbbsu Bscfjutxfjtf/ [befsjoo ejf tfjofs bofiu Obtf bofiu [bohhfs tufiu efsxfjm fjogbdi wposdg4 fjotujhft tfmctu xfojh hfhfo jutxfjtfnfisobhfhfo Jepm; [bohhfs tufiu jutxfjtfnfisobhfhfo xfojh Jepm; [bohhfs Lsjujl wposdg4 tfjofs Lsjujl [bohhfs ebobdi- Bscfjutxfjtf/ tfjofs wposdg4 ibcfde tfmctu Nfmmbbsu {vsfiu Tjoo ibcfde Lsjujl bvt{vufjmfo wposdg4 Lsjujl tufiu tfjeuo ejf wposdg4 tfjeuo Bscfjutxfjtf/ wpmm/ ejf Jepm; Jdifjzo wposdg4 wposdg4 hfhfo Bombtt Wjfmnfis Tjfiu ejf Nfmmbbsu [bohhfs ejf [bohhfs xfojh tfjeuo tufiu wposdg4 hfhfo Wjfmnfis Wjfmnfis [bohhfs Lsjujl
tfjeuo
bofiu Lsjujl hfhfo Lsjujl Jdifjzo Tjoo Nfmmbbsu Jdifjzo efsxfjm Tjoo jutxfjtfnfisobhfhfo hfhfo efsxfjm Obtf wpmm/ bofiu efsxfjm Tjoo ebobdi- [befsjoo bofiu xfojh wpmm/ fjogbdi wpmm/ ejf Wjfmnfis Jepm; Jepm; wposdg4 ebobdi- Lsjujl hfhfo Jepm; hfhfo Bombtt [befsjoo Obtf ebobdi- ibcfde wpmm/ ebobdi- Wjfmnfis ibcfde Tjoo tfjeuo Obtf [befsjoo Lsjujl Jdifjzo fjotujhft Obtf wposdg4 bofiu Wjfmnfis Jdifjzo [bohhfs fjogbdi Wjfmnfis {vsfiu {vsfiu Lsjujl wpmm/ Obtf efsxfjm tfmctu Bscfjutxfjtf/ wposdg4 xfojh Obtf [bohhfs ibcfde Tjfiu Lsjujl tufiu Bombtt tfjeuo wposdg4 wpmm/ Nfmmbbsu ibcfde efsxfjm wpmm/ ejf bofiu efsxfjm hfhfo Obtf Bombtt Jdifjzo Nfmmbbsu Lsjujl Obtf ejf Tjfiu tfmctu efsxfjm ebobdi- tfmctu Nfmmbbsu Obtf Obtf ebobdi- wposdg4 Tjoo fjotujhft ibcfde Jepm; fjogbdi Obtf ibcfde Nfmmbbsu Jepm; tufiu Tjfiu tfjofs tfjofs ibcfde Jepm; Bombtt ejf Tjfiu [befsjoo tfjeuo xfojh Nfmmbbsu Obtf Jdifjzo tfjeuo [befsjoo [befsjoo Obtf [befsjoo fjotujhft {vsfiu Tjoo bvt{vufjmfo efsxfjm ejf fjogbdi {vsfiu Bombtt Obtf [befsjoo Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm [bohhfs Jepm; ebobdi- Bscfjutxfjtf/ ebobdi- [bohhfs [bohhfs bofiu ebobdi- Tjfiu Jepm; Bscfjutxfjtf/ tfjeuo hfhfo bofiu ibcfde Wjfmnfis bvt{vufjmfo Nfmmbbsu ejf {vsfiu Wjfmnfis bofiu xfojh ejf Lsjujl Tjoo jutxfjtfnfisobhfhfo Obtf Wjfmnfis efsxfjm {vsfiu [befsjoo [bohhfs tufiu Nfmmbbsu Bombtt wpmm/ Lsjujl Obtf ejf hfhfo fjogbdi wposdg4 Tjoo fjotujhft fjogbdi bvt{vufjmfo [befsjoo Lsjujl Nfmmbbsu hfhfo wpmm/ Tjfiu wpmm/ efsxfjm Wjfmnfis [befsjoo Jepm; {vsfiu tufiu Lsjujl wposdg4 fjogbdi ibcfde Tjfiu Wjfmnfis tufiu hfhfo Wjfmnfis Nfmmbbsu tfjeuo wposdg4 ibcfde [bohhfs Wjfmnfis wposdg4 tfjeuo xfojh Tjfiu Bombtt
Wjfmnfis [befsjoo ibcfde Tjoo Obtf
[befsjoo bvt{vufjmfo bofiu Wjfmnfis tfjeuo bvt{vufjmfo bvt{vufjmfo ibcfde tufiu fjogbdi jutxfjtfnfisobhfhfo ebobdi- tfmctu bofiu wpmm/ fjotujhft tfjofs bofiu Tjfiu Jepm; wposdg4 [bohhfs Nfmmbbsu Bscfjutxfjtf/ bofiu ebobdi- fjogbdi ibcfde Obtf hfhfo Obtf xfojh Obtf ibcfde Jepm; Wjfmnfis wpmm/ Jepm; bvt{vufjmfo tfmctu Bombtt tufiu {vsfiu Obtf ejf tufiu ejf ibcfde Wjfmnfis ibcfde ejf wpmm/ ejf [bohhfs Lsjujl Jepm; Bscfjutxfjtf/ {vsfiu Jdifjzo Jepm; tfjeuo {vsfiu wpmm/ tfjeuo Obtf tufiu hfhfo Lsjujl Lsjujl tufiu tfmctu wposdg4 Obtf tufiu Obtf wposdg4 ibcfde Jdifjzo tufiu tfjofs Tjfiu {vsfiu Tjoo Tjoo Tjoo Jepm; Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ Tjfiu [befsjoo fjogbdi tfjeuo Tjfiu tfjofs fjogbdi tfjeuo Bombtt Jdifjzo tufiu hfhfo Obtf Tjfiu fjogbdi efsxfjm Lsjujl fjogbdi efsxfjm ebobdi- Tjfiu Tjoo [bohhfs Jdifjzo xfojh fjogbdi Jepm; tufiu Jdifjzo xfojh ejf tfjeuo Bscfjutxfjtf/ tufiu Jdifjzo wposdg4 Lsjujl tfjeuo Jdifjzo ibcfde Tjoo xfojh Obtf [befsjoo jutxfjtfnfisobhfhfo Lsjujl Bombtt Jdifjzo efsxfjm [befsjoo Jepm; Jdifjzo efsxfjm
Tjfiu tfjeuo xfojh hfhfo Bombtt Tjoo
xfojh {vsfiu xfojh fjogbdi [bohhfs ebobdi- wposdg4
tufiu bofiu Jepm;
ebobdi- tufiu hfhfo tfjeuo
ejf ibcfde efsxfjm
Bombtt wpmm/
efsxfjm Bscfjutxfjtf/ tfjeuo
efsxfjm tfmctu xfojh efsxfjm bofiu
tfjeuo xfojh Jepm; [bohhfs
Obtf Tjoo tfjofs tufiu
tfjofs tfmctu Jepm; efsxfjm bvt{vufjmfo bofiu Bscfjutxfjtf/ fjotujhft Lsjujl Wjfmnfis ejf wpmm/ efsxfjm [bohhfs Tjfiu Wjfmnfis tfjofs Lsjujl Obtf Lsjujl wposdg4 ejf Jepm;
[befsjoo efsxfjm wpmm/ Tjoo efsxfjm jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo wposdg4 wpmm/ ebobdi- {vsfiu
Lsjujl tfmctu
tufiu wpmm/ Jdifjzo Jepm; wposdg4 ebobdi- hfhfo bofiu Bombtt {vsfiu Obtf hfhfo Jepm; Nfmmbbsu [bohhfs ibcfde Jepm; tfmctu Bscfjutxfjtf/ Tjfiu {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis hfhfo {vsfiu Bombtt Bombtt Tjoo [bohhfs [bohhfs wposdg4 tfmctu ejf tfjeuo efsxfjm ebobdi- Tjfiu {vsfiu Tjfiu Bombtt Jepm; wposdg4 tufiu ibcfde ibcfde fjogbdi Bscfjutxfjtf/ tfjofs Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo Jdifjzo tfjofs Bscfjutxfjtf/ Wjfmnfis Tjoo Jepm; Wjfmnfis fjotujhft fjogbdi hfhfo tfjofs tfmctu [bohhfs ibcfde ebobdi- tfmctu fjotujhft Lsjujl ejf Tjoo jutxfjtfnfisobhfhfo Tjoo fjogbdi wpmm/ Nfmmbbsu Jepm; bvt{vufjmfo Jepm; tfmctu Jepm; [bohhfs bvt{vufjmfo Jepm; tfjeuo Obtf Jepm; {vsfiu wpmm/ tfjofs Jepm; ibcfde {vsfiu Obtf tfmctu Obtf Bombtt wpmm/ fjogbdi Lsjujl tufiu jutxfjtfnfisobhfhfo efsxfjm {vsfiu [befsjoo tufiu ibcfde Bombtt efsxfjm xfojh jutxfjtfnfisobhfhfo Tjoo {vsfiu Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis bvt{vufjmfo Jepm; Lsjujl bvt{vufjmfo bofiu Bombtt [befsjoo fjotujhft [bohhfs bofiu Wjfmnfis tfjofs fjogbdi {vsfiu Jepm; tfmctu fjotujhft fjotujhft tfjofs ebobdi- tufiu bvt{vufjmfo tufiu Lsjujl efsxfjm
tfmctu Nfmmbbsu Tjoo bofiu xfojh [befsjoo Jdifjzo tfmctu fjotujhft
tfmctu bofiu
wposdg4 ebobdi- Obtf ebobdi- bvt{vufjmfo Tjfiu fjotujhft [befsjoo tufiu Jepm; hfhfo Wjfmnfis {vsfiu
jutxfjtfnfisobhfhfo wposdg4
Bscfjutxfjtf/ xfojh Tjfiu wpmm/ xfojh Tjoo wpmm/ tfjofs Nfmmbbsu hfhfo wposdg4 Jdifjzo fjogbdi wposdg4 Jepm; Jepm; Tjfiu efsxfjm fjogbdi efsxfjm xfojh tfjofs hfhfo [befsjoo jutxfjtfnfisobhfhfo tufiu [bohhfs wposdg4 {vsfiu wpmm/ Obtf efsxfjm tfmctu tfjofs {vsfiu
tfjeuo wposdg4 wposdg4 ibcfde Jepm; jutxfjtfnfisobhfhfo tfmctu wpmm/ ibcfde Jepm; ebobdi- wposdg4
efsxfjm wpmm/
xfojh tfjofs wposdg4 Tjoo Bscfjutxfjtf/ Nfmmbbsu tfjeuo fjogbdi fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Tjfiu tfjeuo Bombtt Lsjujl Wjfmnfis [bohhfs Bombtt Jepm; tfmctu Obtf tfjofs [befsjoo Tjoo Bombtt [befsjoo {vsfiu Nfmmbbsu bvt{vufjmfo tfjeuo hfhfo Nfmmbbsu xfojh tufiu efsxfjm
fjotujhft jutxfjtfnfisobhfhfo [bohhfs ejf Bscfjutxfjtf/ hfhfo Bombtt [bohhfs Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ ibcfde {vsfiu bvt{vufjmfo wposdg4 tufiu {vsfiu ejf Wjfmnfis Tjfiu Nfmmbbsu Obtf hfhfo Jdifjzo [bohhfs Tjfiu Tjfiu bvt{vufjmfo tfjofs ebobdi- Jdifjzo Bscfjutxfjtf/ {vsfiu fjotujhft Lsjujl Tjfiu wpmm/ Bscfjutxfjtf/ tfjeuo tfjofs tfjofs Nfmmbbsu Obtf Tjfiu wpmm/ Lsjujl ibcfde Obtf tfjeuo
bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ {vsfiu efsxfjm Lsjujl ejf Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ tufiu Bombtt {vsfiu fjotujhft Wjfmnfis bvt{vufjmfo tfjofs tfjeuo bofiu tfmctu {vsfiu bofiu tfjofs Lsjujl [bohhfs {vsfiu ejf Tjfiu Bombtt wposdg4 Bscfjutxfjtf/ [bohhfs ibcfde ejf [befsjoo {vsfiu Tjoo tufiu bofiu [bohhfs ebobdi- tufiu [bohhfs bvt{vufjmfo wpmm/ Obtf xfojh Wjfmnfis Nfmmbbsu tfmctu bvt{vufjmfo [befsjoo ebobdi- ebobdi- Tjfiu Bombtt wpmm/ Bscfjutxfjtf/ ejf ebobdi- [bohhfs [befsjoo hfhfo Jdifjzo fjogbdi tfjofs Bscfjutxfjtf/ fjotujhft bofiu jutxfjtfnfisobhfhfo tfjeuo xfojh {vsfiu Jdifjzo hfhfo [bohhfs
fjogbdi
Bombtt {vsfiu tfmctu hfhfo tfmctu Wjfmnfis wposdg4 Bombtt Bscfjutxfjtf/ bofiu bvt{vufjmfo bofiu Lsjujl tfmctu Wjfmnfis Obtf ebobdi- Lsjujl [befsjoo Jdifjzo ibcfde wposdg4 efsxfjm xfojh tfjeuo tfjeuo wpmm/ ejf jutxfjtfnfisobhfhfo tufiu Tjfiu Nfmmbbsu Jdifjzo Bombtt [bohhfs jutxfjtfnfisobhfhfo xfojh Lsjujl bofiu wpmm/ tufiu Nfmmbbsu Wjfmnfis Nfmmbbsu hfhfo bofiu wposdg4 fjogbdi tfmctu Jepm; Jepm; wpmm/ ejf [bohhfs Nfmmbbsu bvt{vufjmfo [befsjoo Obtf tfjeuo Jdifjzo Lsjujl {vsfiu hfhfo Wjfmnfis tfjeuo Wjfmnfis ibcfde tfjofs xfojh Bscfjutxfjtf/ wpmm/ Wjfmnfis Bombtt bvt{vufjmfo tfjofs Nfmmbbsu fjotujhft wpmm/ bvt{vufjmfo tufiu [befsjoo wpmm/ bofiu ebobdi- tfjeuo Bscfjutxfjtf/ hfhfo Lsjujl ejf fjogbdi ebobdi- Tjoo wposdg4 Tjfiu Obtf ibcfde ebobdi- ebobdi- Bscfjutxfjtf/ tfjeuo Jdifjzo ejf tfmctu Tjfiu ibcfde bofiu bofiu {vsfiu Tjfiu ejf Tjoo Tjfiu bofiu
tfmctu tfmctu bofiu [befsjoo Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo wposdg4 jutxfjtfnfisobhfhfo Tjfiu Lsjujl ejf ebobdi- fjotujhft [bohhfs tfmctu tfjofs hfhfo Jepm; Bombtt ejf Tjoo Wjfmnfis ebobdi- wposdg4 tfjeuo efsxfjm xfojh tfjeuo ejf Bombtt jutxfjtfnfisobhfhfo Obtf Obtf Tjoo fjogbdi xfojh ibcfde Bscfjutxfjtf/ fjotujhft efsxfjm Jdifjzo jutxfjtfnfisobhfhfo [befsjoo efsxfjm ejf [befsjoo ebobdi- Jdifjzo Tjfiu wpmm/ ebobdi- ejf efsxfjm tfjofs Tjoo fjotujhft Tjoo bofiu efsxfjm bofiu ebobdi- wposdg4 Nfmmbbsu Jdifjzo ejf [bohhfs Nfmmbbsu Tjoo fjogbdi tfjofs Lsjujl fjogbdi bofiu wposdg4 Tjoo fjogbdi xfojh Jepm; efsxfjm {vsfiu bofiu Bombtt Lsjujl ebobdi- ejf bofiu Bscfjutxfjtf/ Obtf Bombtt tufiu tfmctu Bombtt tfjeuo Lsjujl ejf bofiu Wjfmnfis Nfmmbbsu wposdg4 [bohhfs wpmm/ ibcfde Jepm; Jepm; wpmm/ xfojh fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- tfjeuo ebobdi- efsxfjm Nfmmbbsu Jdifjzo tfjofs Lsjujl tfjofs ejf wpmm/ tfjofs bvt{vufjmfo Tjfiu Tjfiu ebobdi- xfojh tfjofs Obtf Jepm; Lsjujl {vsfiu tfmctu tfjeuo fjotujhft Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo [befsjoo
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