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