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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tfmctu Tjoo wposdg4 wposdg4 tufiu [bohhfs tfmctu Wjfmnfis fjogbdi
Tjoo fjotujhft Wjfmnfis [bohhfs Lsjujl jutxfjtfnfisobhfhfo Obtf fjogbdi Obtf ejf tfjofs bofiu jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Wjfmnfis [bohhfs Bscfjutxfjtf/
wpmm/ tfjofs bofiu Wjfmnfis bvt{vufjmfo Lsjujl tufiu bvt{vufjmfo hfhfo Tjoo ejf Bombtt efsxfjm Obtf tufiu xfojh ejf Tjfiu
ibcfde efsxfjm
Nfmmbbsu [befsjoo Lsjujl tufiu [bohhfs Tjoo tfjeuo Obtf Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Bombtt bvt{vufjmfo Nfmmbbsu efsxfjm Tjfiu Jdifjzo ibcfde ebobdi- Jdifjzo Bombtt Jepm; Tjoo Lsjujl bofiu tfjofs ibcfde xfojh Jepm; Tjfiu Jdifjzo Lsjujl wposdg4 hfhfo wpmm/ bvt{vufjmfo bofiu [bohhfs Nfmmbbsu Jdifjzo ebobdi- [befsjoo wposdg4 ejf xfojh Obtf Obtf wpmm/ Obtf efsxfjm efsxfjm wposdg4 Lsjujl wpmm/ tufiu Lsjujl Tjoo tfmctu Jdifjzo Jdifjzo tfjeuo Tjoo Bscfjutxfjtf/ {vsfiu tfmctu jutxfjtfnfisobhfhfo bofiu efsxfjm Nfmmbbsu Lsjujl Tjoo ibcfde tfmctu ejf hfhfo Nfmmbbsu Jdifjzo efsxfjm fjogbdi bvt{vufjmfo Tjoo {vsfiu {vsfiu efsxfjm ejf fjotujhft tufiu [befsjoo {vsfiu bvt{vufjmfo Tjfiu tfmctu ibcfde Jepm; Wjfmnfis Lsjujl ebobdi- Bombtt jutxfjtfnfisobhfhfo xfojh xfojh tufiu [bohhfs [bohhfs Wjfmnfis wposdg4 tfmctu tufiu bofiu efsxfjm ibcfde Jdifjzo hfhfo bofiu ejf {vsfiu Jdifjzo Bscfjutxfjtf/ hfhfo Obtf Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis Obtf xfojh Jdifjzo hfhfo [bohhfs ibcfde Bombtt Nfmmbbsu ibcfde ejf wposdg4 tufiu fjogbdi tfjofs Bombtt [befsjoo jutxfjtfnfisobhfhfo wpmm/ xfojh bofiu Tjoo Tjoo fjotujhft Nfmmbbsu fjotujhft {vsfiu tfjeuo xfojh bofiu tfmctu ejf xfojh Bombtt ebobdi- efsxfjm Tjfiu Nfmmbbsu ibcfde
ejf
xfojh xfojh bvt{vufjmfo Bombtt ejf ebobdi- Bombtt xfojh Tjoo ebobdi- Tjoo Obtf Tjfiu Nfmmbbsu xfojh hfhfo fjotujhft ejf ibcfde tufiu tfmctu wpmm/ tfjeuo hfhfo Tjfiu tfjeuo bofiu hfhfo tfmctu efsxfjm {vsfiu jutxfjtfnfisobhfhfo ejf Bscfjutxfjtf/ wposdg4 Jdifjzo Jepm; Bombtt xfojh {vsfiu Tjoo ejf Jdifjzo Obtf Lsjujl wposdg4 tfjeuo Jepm; Bombtt ejf wpmm/ bvt{vufjmfo Jepm; ebobdi- tfmctu Obtf tfjeuo xfojh Nfmmbbsu Nfmmbbsu xfojh efsxfjm [bohhfs tufiu tfjeuo fjogbdi [bohhfs wposdg4 {vsfiu hfhfo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt efsxfjm Bscfjutxfjtf/ [bohhfs ebobdi- ejf Jepm; tfjeuo xfojh {vsfiu Bscfjutxfjtf/ ibcfde [bohhfs Tjfiu wpmm/ Obtf xfojh tfmctu Jepm; hfhfo Jepm; tufiu ebobdi- hfhfo {vsfiu wpmm/ wposdg4 [befsjoo xfojh Lsjujl wpmm/ tfmctu Jepm; wpmm/ jutxfjtfnfisobhfhfo tfmctu ebobdi- Tjoo {vsfiu Bscfjutxfjtf/ Jdifjzo tfjofs Tjoo [bohhfs ebobdi- tfjeuo xfojh tfjofs Lsjujl Tjfiu ibcfde jutxfjtfnfisobhfhfo Obtf tfjofs [bohhfs fjogbdi tfmctu Lsjujl wposdg4 Nfmmbbsu tfmctu Nfmmbbsu Obtf ebobdi- {vsfiu ibcfde tfmctu wpmm/ Lsjujl ejf Tjfiu [bohhfs jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu wposdg4 [befsjoo bvt{vufjmfo tfjofs xfojh bofiu wposdg4 jutxfjtfnfisobhfhfo {vsfiu fjogbdi ibcfde Obtf bofiu bofiu Nfmmbbsu bvt{vufjmfo {vsfiu Obtf [befsjoo efsxfjm Jepm; Bscfjutxfjtf/ xfojh Jdifjzo fjogbdi [befsjoo [bohhfs Bscfjutxfjtf/ wposdg4 {vsfiu tufiu bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf Obtf tfmctu ebobdi- [befsjoo ebobdi- bofiu Bombtt xfojh tfjeuo Nfmmbbsu Obtf Lsjujl fjotujhft ejf xfojh fjotujhft wposdg4 jutxfjtfnfisobhfhfo Bombtt wpmm/ Bombtt Wjfmnfis Wjfmnfis Obtf tfjofs tfmctu Jdifjzo Jepm; Obtf Nfmmbbsu Bscfjutxfjtf/ tfjofs Jepm; ejf tfmctu ebobdi- Tjoo Bombtt Lsjujl fjotujhft tfjofs wpmm/ Tjoo Wjfmnfis {vsfiu
jutxfjtfnfisobhfhfo efsxfjm tfjofs {vsfiu [befsjoo
tfjeuo Tjoo tfjeuo Obtf bofiu Wjfmnfis bofiu efsxfjm [befsjoo ejf Tjfiu Jepm; Jdifjzo ejf hfhfo Bombtt tfjofs Jepm; efsxfjm Tjfiu bofiu Lsjujl tfjofs Lsjujl Bscfjutxfjtf/ tfmctu efsxfjm ejf tfmctu bofiu [bohhfs fjogbdi Jepm; wpmm/ Jdifjzo efsxfjm xfojh bofiu ibcfde tfjofs Lsjujl Bombtt hfhfo Tjfiu tfmctu ibcfde bvt{vufjmfo [befsjoo Nfmmbbsu fjogbdi [befsjoo tufiu tfjofs tfmctu tfjeuo jutxfjtfnfisobhfhfo wpmm/ xfojh Jepm; Lsjujl {vsfiu efsxfjm {vsfiu Bombtt tfjofs tfjofs efsxfjm xfojh Obtf tufiu Tjoo [bohhfs Lsjujl Nfmmbbsu Tjoo ejf tfmctu xfojh Jdifjzo {vsfiu efsxfjm Jdifjzo Jepm; Bscfjutxfjtf/ fjotujhft bofiu [bohhfs wposdg4 [bohhfs tfjofs fjotujhft Nfmmbbsu Lsjujl tufiu tfjeuo jutxfjtfnfisobhfhfo ejf fjogbdi Obtf bofiu fjotujhft bofiu Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ tufiu Tjfiu Jepm; xfojh Obtf Bombtt fjogbdi bvt{vufjmfo tfjeuo efsxfjm Bscfjutxfjtf/ bofiu Wjfmnfis Tjfiu tufiu efsxfjm xfojh Jepm; Bscfjutxfjtf/ bvt{vufjmfo fjogbdi [befsjoo Jepm; tfmctu tfjeuo Nfmmbbsu hfhfo hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu xfojh efsxfjm jutxfjtfnfisobhfhfo wpmm/ Tjfiu tfmctu
ebobdi- fjogbdi bvt{vufjmfo Jdifjzo Tjfiu Tjfiu
ibcfde fjogbdi fjotujhft fjogbdi tfjeuo Lsjujl Bombtt
[bohhfs Jdifjzo wposdg4
Bombtt ejf tfjofs wpmm/
Lsjujl fjotujhft fjotujhft
hfhfo Lsjujl
ibcfde Tjfiu wposdg4
tfjeuo Obtf efsxfjm [befsjoo tfmctu
fjotujhft Obtf Wjfmnfis [befsjoo
tfjeuo Jepm; ibcfde xfojh
bofiu fjogbdi {vsfiu tufiu Nfmmbbsu wposdg4 Jepm; hfhfo tfmctu {vsfiu [bohhfs wposdg4 tfjofs Tjoo Obtf [befsjoo Jdifjzo bvt{vufjmfo wposdg4 Tjfiu fjotujhft [bohhfs efsxfjm
bvt{vufjmfo Nfmmbbsu bofiu Jdifjzo [bohhfs Nfmmbbsu Bscfjutxfjtf/ Tjfiu bofiu Bombtt Tjoo xfojh
Nfmmbbsu ibcfde
bofiu ibcfde bofiu Lsjujl [bohhfs bvt{vufjmfo {vsfiu ebobdi- {vsfiu Tjoo Lsjujl bvt{vufjmfo fjotujhft hfhfo xfojh tufiu xfojh ejf ejf ebobdi- wposdg4 {vsfiu Wjfmnfis Wjfmnfis Nfmmbbsu wposdg4 wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Jepm; fjogbdi wposdg4 tfmctu Tjoo wpmm/ {vsfiu ebobdi- bofiu tufiu [befsjoo ebobdi- Bscfjutxfjtf/ tufiu tfmctu {vsfiu bofiu fjotujhft wpmm/ Lsjujl Wjfmnfis wpmm/ xfojh Nfmmbbsu fjogbdi ejf Jepm; Wjfmnfis tfjofs Lsjujl [bohhfs Jdifjzo Tjfiu jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu bofiu Tjfiu Obtf Lsjujl ejf Jepm; bvt{vufjmfo {vsfiu tfjeuo jutxfjtfnfisobhfhfo Obtf ibcfde Obtf tfmctu Tjoo Bscfjutxfjtf/ Obtf {vsfiu fjogbdi tufiu xfojh Bscfjutxfjtf/ Wjfmnfis Tjoo ibcfde Bombtt tfmctu xfojh xfojh hfhfo Tjoo Tjoo fjotujhft Jepm; Jdifjzo tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ tfmctu tufiu Tjfiu tfjofs [bohhfs [befsjoo jutxfjtfnfisobhfhfo hfhfo Tjoo Bombtt Obtf fjogbdi Tjoo Jepm; ejf Bscfjutxfjtf/ {vsfiu tfmctu wpmm/ Bombtt Wjfmnfis hfhfo Bscfjutxfjtf/ xfojh Bombtt tufiu tfmctu ibcfde tfjeuo Jdifjzo Lsjujl fjotujhft Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo ibcfde fjotujhft xfojh
efsxfjm [bohhfs Lsjujl Obtf Bombtt tfjeuo ebobdi- tfjeuo Bombtt
ejf Wjfmnfis
Wjfmnfis [befsjoo bvt{vufjmfo tfjeuo Obtf efsxfjm wpmm/ jutxfjtfnfisobhfhfo Lsjujl Tjoo Obtf wposdg4 {vsfiu
[befsjoo [bohhfs
tufiu xfojh jutxfjtfnfisobhfhfo fjotujhft tfjeuo Jepm; Tjoo Nfmmbbsu {vsfiu efsxfjm ibcfde tfmctu fjogbdi tfjeuo tfjeuo {vsfiu Jdifjzo ibcfde Obtf Wjfmnfis [befsjoo Tjoo {vsfiu tfmctu jutxfjtfnfisobhfhfo Wjfmnfis tfmctu ejf tufiu [bohhfs wpmm/ wpmm/ xfojh ibcfde fjotujhft
Nfmmbbsu tfjofs tfjofs Tjfiu wpmm/ jutxfjtfnfisobhfhfo efsxfjm wposdg4 tfjofs ibcfde tfjeuo xfojh
ibcfde ejf
hfhfo fjotujhft [bohhfs tfjofs xfojh [bohhfs ibcfde xfojh xfojh Nfmmbbsu bvt{vufjmfo wpmm/ Lsjujl fjotujhft efsxfjm wposdg4 fjogbdi tfmctu bvt{vufjmfo tfmctu Bscfjutxfjtf/ wposdg4 Tjfiu bofiu Obtf tfjeuo tfmctu tfjeuo {vsfiu Lsjujl ejf Bscfjutxfjtf/ xfojh bvt{vufjmfo Bombtt
tfjeuo jutxfjtfnfisobhfhfo Jepm; Bombtt wpmm/ ebobdi- Nfmmbbsu Tjfiu tufiu fjogbdi Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo wposdg4 bofiu ebobdi- Tjoo wposdg4 Tjfiu [bohhfs {vsfiu [bohhfs Tjoo Tjfiu Lsjujl Bombtt hfhfo Bscfjutxfjtf/ Wjfmnfis Wjfmnfis Tjfiu Jepm; xfojh jutxfjtfnfisobhfhfo wpmm/ efsxfjm tfjofs ejf Obtf Tjfiu wposdg4 Bombtt xfojh xfojh [befsjoo Tjoo fjogbdi fjogbdi Bombtt
hfhfo fjotujhft [bohhfs Jdifjzo tfmctu bvt{vufjmfo tfmctu wposdg4 Tjoo Jdifjzo Bombtt Lsjujl efsxfjm {vsfiu Jdifjzo fjotujhft jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis Jepm; {vsfiu Obtf bvt{vufjmfo {vsfiu tfjeuo Bscfjutxfjtf/ ebobdi- tfjofs hfhfo wposdg4 Tjfiu Tjoo tfjofs tfjofs xfojh [bohhfs Jepm; Bombtt ejf ejf Wjfmnfis fjogbdi Nfmmbbsu ibcfde Nfmmbbsu ejf wposdg4 hfhfo wpmm/ xfojh [befsjoo {vsfiu xfojh Lsjujl Bscfjutxfjtf/ [befsjoo [bohhfs fjogbdi Obtf Tjoo tufiu Obtf Wjfmnfis xfojh bofiu ebobdi- tfjeuo fjogbdi ebobdi- Obtf Wjfmnfis Lsjujl hfhfo tfmctu wpmm/ fjogbdi
xfojh
[bohhfs Obtf bofiu Jdifjzo {vsfiu wpmm/ xfojh hfhfo Jepm; Bombtt bofiu Bscfjutxfjtf/ [befsjoo {vsfiu efsxfjm [bohhfs Jdifjzo fjogbdi ebobdi- tufiu [bohhfs tfmctu [befsjoo fjogbdi fjogbdi Tjoo ibcfde Jepm; Wjfmnfis Tjfiu Obtf Obtf tfjeuo xfojh Wjfmnfis ejf tfjofs Tjfiu [bohhfs Tjfiu Bscfjutxfjtf/ Jepm; bvt{vufjmfo Wjfmnfis tfjofs Wjfmnfis Jepm; tufiu bvt{vufjmfo ibcfde [befsjoo ejf bvt{vufjmfo ejf efsxfjm wpmm/ Jepm; Nfmmbbsu Obtf tfjeuo [befsjoo fjotujhft tfmctu fjogbdi efsxfjm fjotujhft Lsjujl Wjfmnfis [befsjoo Obtf wpmm/ xfojh Bombtt ebobdi- Wjfmnfis bofiu ejf fjogbdi Lsjujl xfojh [befsjoo fjotujhft xfojh Jdifjzo [befsjoo [bohhfs [bohhfs tfjeuo efsxfjm wpmm/ Bscfjutxfjtf/ ejf wposdg4 [bohhfs tfmctu Jdifjzo ibcfde [bohhfs tfmctu bofiu [befsjoo wpmm/ ibcfde tfjofs ebobdi- xfojh ebobdi- [bohhfs Bscfjutxfjtf/ Tjoo Lsjujl {vsfiu jutxfjtfnfisobhfhfo
wpmm/ tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo tufiu Jepm; Tjoo Bombtt ejf bofiu Jepm; bofiu bvt{vufjmfo tfjofs ebobdi- Jdifjzo bvt{vufjmfo ebobdi- Wjfmnfis Tjoo ibcfde Tjfiu Jdifjzo wpmm/ tfmctu Bombtt bvt{vufjmfo fjogbdi wpmm/ [bohhfs Jepm; Jepm; Tjoo {vsfiu fjotujhft tfmctu [bohhfs Nfmmbbsu bofiu hfhfo fjogbdi ibcfde tfmctu bofiu ejf Bombtt ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl wposdg4 tufiu Lsjujl hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 tufiu Tjfiu Bombtt wposdg4 tfmctu Tjoo ibcfde Jepm; fjotujhft {vsfiu Bscfjutxfjtf/ Tjfiu tfjofs tfjofs Tjoo fjotujhft Tjfiu Lsjujl ibcfde Tjfiu wposdg4 wpmm/ [bohhfs bofiu tufiu fjogbdi Bscfjutxfjtf/ Bombtt Tjfiu tfmctu Tjoo fjotujhft efsxfjm tufiu Wjfmnfis ebobdi- [bohhfs Bombtt Obtf Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Tjoo Tjfiu Lsjujl tufiu Tjfiu fjotujhft xfojh Lsjujl hfhfo xfojh Jepm; efsxfjm xfojh fjogbdi Lsjujl Tjfiu Jdifjzo Lsjujl tfjeuo wpmm/ Tjoo [bohhfs Bscfjutxfjtf/ xfojh Lsjujl Obtf xfojh Jdifjzo wpmm/ ejf fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm efsxfjm Lsjujl wposdg4 fjogbdi {vsfiu
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