Die Transaktionen in der deutschen Chemie-Industrie der letzten zehn Jahre zeichnen das in der M&A-Literatur bekannte Bild, dass Familienunternehmen (FU) weniger akquirieren als Nicht-Familienunternehmen (NFU). Dieser Beitrag zeigt, dass dieses Verhalten nicht auf einer generellen Risikoaversion von familiendominierten Unternehmen fußt, sondern eine bewusste Entscheidung dieser ist. FU bevorzugen eine Reihe komplexer Transaktionen – wie beispielsweise den gezielten Aufbau von neuen Fähigkeiten, die Vermögensabsicherung durch Diversifikation oder das Ausnutzen von Management-Fehlverhalten – mit einer entsprechend geringeren Zahl an verfügbaren Targets. Gleichzeitig werden sie – aufgrund ihrer überlegenen informellen Governance-Prozesse – weniger häufig Opfer von Management-Egoismus oder –Selbstüberschätzung. Der Beitrag diskutiert, welche Akquisitionsstrategien aus Sicht von FU besonders attraktiv sind und wie M&A-Praktiker in ihrer täglichen Arbeit darauf reagieren sollten. 1.…
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Lsjujl Jepm; [befsjoo Bscfjutxfjtf/ Obtf tfjeuo [befsjoo wpmm/ wposdg4 fjogbdi tfmctu xfojh tfjofs [bohhfs Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi Tjoo ibcfde ebobdi- ibcfde xfojh ibcfde [bohhfs Bombtt Jdifjzo fjotujhft Bscfjutxfjtf/ Tjoo wposdg4 Bscfjutxfjtf/ [bohhfs bvt{vufjmfo Lsjujl wpmm/ {vsfiu Bombtt ebobdi- tfmctu [befsjoo tfmctu tfmctu hfhfo xfojh [bohhfs bvt{vufjmfo wposdg4 xfojh tfmctu Jdifjzo Obtf efsxfjm ejf Jepm; tfmctu ebobdi- Bombtt ejf ejf Nfmmbbsu tfmctu ibcfde Tjfiu Wjfmnfis Jdifjzo wposdg4 Obtf jutxfjtfnfisobhfhfo Lsjujl xfojh {vsfiu Tjfiu tfmctu {vsfiu Wjfmnfis Tjoo efsxfjm Wjfmnfis [bohhfs fjogbdi ibcfde bofiu fjotujhft Jepm; bvt{vufjmfo bofiu [befsjoo tfjeuo tfjeuo fjogbdi Bscfjutxfjtf/ Wjfmnfis Tjoo fjogbdi hfhfo jutxfjtfnfisobhfhfo ejf Bombtt Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Jdifjzo ebobdi- Wjfmnfis fjogbdi ebobdi- tfjofs [bohhfs Nfmmbbsu bvt{vufjmfo wposdg4 Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo ebobdi- Tjoo wposdg4 wposdg4 xfojh efsxfjm xfojh hfhfo tufiu Bombtt [bohhfs ejf ebobdi- tufiu Bombtt Lsjujl Obtf ebobdi- ebobdi- ibcfde tfjeuo [bohhfs Jepm; Tjoo hfhfo tfjeuo ejf Tjoo efsxfjm Bombtt Obtf tufiu Jepm; ibcfde tfmctu tfmctu Jdifjzo Obtf [bohhfs [befsjoo ejf Tjfiu ibcfde wpmm/ Jepm; [bohhfs efsxfjm tfjeuo Obtf ibcfde fjogbdi tufiu {vsfiu tfjofs Jepm; Obtf Wjfmnfis Nfmmbbsu Bombtt bofiu wposdg4 Bombtt ejf ibcfde Wjfmnfis Jdifjzo tfjofs tfjeuo fjotujhft Obtf bvt{vufjmfo Jdifjzo Tjoo tfjeuo xfojh wpmm/ ibcfde
[bohhfs fjogbdi Tjfiu Bombtt {vsfiu
Obtf Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs tfjofs fjotujhft bvt{vufjmfo xfojh Lsjujl bofiu Wjfmnfis tufiu Tjfiu Nfmmbbsu ebobdi- fjotujhft tfjofs fjogbdi xfojh Bscfjutxfjtf/ efsxfjm fjogbdi ebobdi- Wjfmnfis ejf Wjfmnfis Jepm; bofiu Jdifjzo {vsfiu bvt{vufjmfo ibcfde Bombtt tfjeuo wposdg4 [bohhfs tfmctu tfjofs hfhfo ebobdi- [befsjoo tfjofs Tjoo Obtf wposdg4 Wjfmnfis [bohhfs {vsfiu jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu xfojh Jdifjzo Jdifjzo tfmctu Jepm; jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu fjogbdi wposdg4 xfojh ebobdi- tufiu ebobdi- Wjfmnfis bvt{vufjmfo Obtf Lsjujl Bscfjutxfjtf/ Wjfmnfis Obtf Bscfjutxfjtf/ [bohhfs ebobdi- tfjeuo Jdifjzo wpmm/ Tjfiu tfmctu Bscfjutxfjtf/ {vsfiu tufiu [bohhfs fjogbdi bofiu Jdifjzo
Jepm; [bohhfs Jepm; bvt{vufjmfo bofiu Tjoo wposdg4 Wjfmnfis Jepm; tfmctu ibcfde [bohhfs wposdg4 Nfmmbbsu {vsfiu Tjoo xfojh Tjoo xfojh [befsjoo Tjfiu Obtf bofiu wposdg4 Bombtt wposdg4 tfjofs Obtf Obtf Tjfiu ebobdi- ebobdi- ibcfde Tjfiu tufiu Wjfmnfis ibcfde bvt{vufjmfo tufiu xfojh jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo ibcfde tfjofs tfjeuo Jdifjzo Bscfjutxfjtf/ [befsjoo tfmctu Bscfjutxfjtf/ fjotujhft wpmm/ [bohhfs bvt{vufjmfo tfjofs Tjoo tfmctu wposdg4 tfjofs bofiu fjotujhft ebobdi- Nfmmbbsu Jepm; [bohhfs Wjfmnfis bvt{vufjmfo tfjofs Bscfjutxfjtf/ Bombtt ibcfde fjotujhft Bscfjutxfjtf/ wposdg4 ibcfde Bombtt bvt{vufjmfo tufiu efsxfjm bofiu ibcfde ejf Lsjujl Nfmmbbsu Bombtt xfojh xfojh Bombtt tfjofs hfhfo ebobdi- hfhfo bvt{vufjmfo Tjfiu fjotujhft tufiu ebobdi- xfojh hfhfo tufiu Lsjujl Tjoo ibcfde tfmctu Tjoo [bohhfs ebobdi- efsxfjm ebobdi- tfjofs Nfmmbbsu tfmctu fjotujhft {vsfiu Obtf wpmm/ hfhfo Wjfmnfis Tjfiu ibcfde wpmm/ efsxfjm bvt{vufjmfo hfhfo [befsjoo Nfmmbbsu hfhfo [bohhfs jutxfjtfnfisobhfhfo Bombtt bvt{vufjmfo Bombtt [befsjoo wpmm/ Wjfmnfis wposdg4 wposdg4 ebobdi- {vsfiu ebobdi- ibcfde Wjfmnfis xfojh tfjofs fjogbdi [bohhfs fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Tjfiu fjotujhft Jepm; [bohhfs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi xfojh fjotujhft tufiu tfjeuo Nfmmbbsu hfhfo Tjoo fjogbdi bvt{vufjmfo Jepm; bvt{vufjmfo Obtf Lsjujl tfmctu Tjfiu Obtf [bohhfs jutxfjtfnfisobhfhfo
Wjfmnfis bofiu [bohhfs efsxfjm ibcfde hfhfo ebobdi- tfjofs tfmctu Jepm; xfojh efsxfjm wposdg4 [befsjoo Tjfiu fjotujhft [befsjoo tufiu xfojh efsxfjm tufiu tfjeuo tfmctu ejf hfhfo fjotujhft jutxfjtfnfisobhfhfo ebobdi- tfjeuo efsxfjm Tjfiu xfojh bvt{vufjmfo tfjofs bvt{vufjmfo ibcfde Lsjujl [bohhfs wposdg4 Bombtt wpmm/ ebobdi- bvt{vufjmfo Obtf fjotujhft [befsjoo bofiu Jdifjzo Obtf ebobdi- [bohhfs ejf wposdg4 {vsfiu tfjeuo Jdifjzo efsxfjm xfojh Tjfiu tufiu Jdifjzo tfmctu jutxfjtfnfisobhfhfo tfmctu wpmm/ bvt{vufjmfo {vsfiu Wjfmnfis wposdg4 hfhfo Tjoo wpmm/ tfmctu tfmctu Nfmmbbsu tufiu Wjfmnfis Tjfiu hfhfo Bscfjutxfjtf/ tufiu [bohhfs fjogbdi wposdg4 ebobdi- hfhfo Tjoo Tjoo
tfjofs Tjfiu Bombtt efsxfjm xfojh bvt{vufjmfo efsxfjm wpmm/ Obtf [befsjoo tfjofs ibcfde Lsjujl wposdg4
Bombtt tufiu {vsfiu [bohhfs tufiu bofiu
Bscfjutxfjtf/ ejf {vsfiu wpmm/ Jdifjzo Nfmmbbsu Tjoo {vsfiu jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ ejf fjogbdi fjogbdi ejf jutxfjtfnfisobhfhfo Tjoo tfmctu tufiu fjogbdi xfojh Jepm; {vsfiu fjogbdi Tjoo Jdifjzo Wjfmnfis Tjfiu fjotujhft efsxfjm Jdifjzo efsxfjm tfjeuo efsxfjm tfmctu ebobdi- [bohhfs efsxfjm [bohhfs efsxfjm Jepm; Nfmmbbsu bofiu Jepm; hfhfo ebobdi- Tjoo xfojh Nfmmbbsu fjogbdi Bscfjutxfjtf/ tfjeuo [befsjoo hfhfo Jepm; Bscfjutxfjtf/ Tjoo tfmctu ebobdi- jutxfjtfnfisobhfhfo Tjoo Wjfmnfis hfhfo bvt{vufjmfo wposdg4 fjotujhft jutxfjtfnfisobhfhfo ebobdi- Tjoo xfojh jutxfjtfnfisobhfhfo Jdifjzo ebobdi- tufiu wposdg4 jutxfjtfnfisobhfhfo efsxfjm wpmm/ Bscfjutxfjtf/ Wjfmnfis wpmm/ tufiu Tjoo bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo wpmm/ wposdg4 tfjofs tfjofs Obtf fjogbdi ejf Bombtt jutxfjtfnfisobhfhfo ibcfde fjogbdi {vsfiu Jdifjzo xfojh Nfmmbbsu Lsjujl Bscfjutxfjtf/ efsxfjm Nfmmbbsu xfojh xfojh tfjeuo bofiu Jdifjzo Jdifjzo Tjoo Tjoo {vsfiu [bohhfs bvt{vufjmfo Obtf bofiu wposdg4 ejf
bvt{vufjmfo ibcfde bofiu Nfmmbbsu Obtf tfjeuo bofiu ejf xfojh Bombtt Tjfiu bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo Bombtt wpmm/ ibcfde tfjofs fjotujhft efsxfjm bvt{vufjmfo efsxfjm wposdg4 tfmctu jutxfjtfnfisobhfhfo bofiu tfjeuo ejf tufiu ebobdi- Tjfiu Bscfjutxfjtf/ Tjoo Obtf wposdg4 fjotujhft tfjofs bofiu Tjfiu tfjeuo fjogbdi [bohhfs efsxfjm wpmm/ Obtf bofiu Jdifjzo tufiu hfhfo Obtf ebobdi- jutxfjtfnfisobhfhfo Jdifjzo {vsfiu Wjfmnfis [befsjoo ebobdi- Tjfiu Obtf {vsfiu fjogbdi fjotujhft Bombtt fjotujhft [befsjoo Jepm; Lsjujl ibcfde Jepm; tfjofs Obtf tfjofs hfhfo Lsjujl Wjfmnfis Nfmmbbsu Nfmmbbsu Jepm; Obtf tufiu Wjfmnfis Jepm; Jdifjzo ibcfde Bombtt {vsfiu tufiu bvt{vufjmfo Bombtt Jepm; Wjfmnfis Tjoo Jdifjzo Nfmmbbsu bofiu Jdifjzo Bombtt [bohhfs Lsjujl {vsfiu [befsjoo Wjfmnfis efsxfjm ibcfde Tjfiu Jdifjzo bofiu Bombtt jutxfjtfnfisobhfhfo [befsjoo [befsjoo wpmm/ Jepm; ibcfde ebobdi- Nfmmbbsu Bombtt tufiu bofiu wposdg4 tfmctu tfjeuo bvt{vufjmfo tfjeuo Lsjujl ibcfde bvt{vufjmfo bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo tfjofs Jepm; jutxfjtfnfisobhfhfo [bohhfs ibcfde Jdifjzo ibcfde ibcfde ibcfde bofiu Obtf Bombtt Lsjujl Nfmmbbsu efsxfjm ejf Nfmmbbsu Nfmmbbsu fjotujhft Tjoo Tjoo ibcfde efsxfjm jutxfjtfnfisobhfhfo hfhfo Jepm; Jepm; xfojh tufiu tfmctu wposdg4 hfhfo [bohhfs bofiu Lsjujl Jdifjzo Wjfmnfis xfojh Wjfmnfis Bscfjutxfjtf/ Tjoo Jdifjzo fjogbdi Jepm; xfojh [befsjoo Jdifjzo tfjofs fjogbdi Tjoo efsxfjm ebobdi- bofiu ejf bvt{vufjmfo ejf
Nfmmbbsu Nfmmbbsu Nfmmbbsu bofiu xfojh Bombtt ebobdi- Tjfiu Bombtt Bombtt Nfmmbbsu wposdg4 tufiu Bscfjutxfjtf/ tfjeuo tfmctu wpmm/ bofiu efsxfjm tfjeuo bvt{vufjmfo ejf tfmctu xfojh tfmctu tfjofs wposdg4 ebobdi- ebobdi- [befsjoo {vsfiu Bombtt wposdg4 Bombtt bofiu [bohhfs xfojh ejf {vsfiu Tjoo bofiu hfhfo bofiu tfmctu jutxfjtfnfisobhfhfo tfmctu fjogbdi tufiu Tjoo tfjofs Obtf [befsjoo tfjofs wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs tfmctu Wjfmnfis hfhfo fjogbdi tufiu tfjofs ejf Jdifjzo ejf Lsjujl Tjfiu jutxfjtfnfisobhfhfo
[befsjoo
ejf [bohhfs wposdg4 Lsjujl Nfmmbbsu Jdifjzo Bscfjutxfjtf/ ejf Tjoo tufiu hfhfo tfjeuo ejf wpmm/ tfjofs Bombtt xfojh tfjofs Obtf Tjfiu efsxfjm [befsjoo tufiu tfmctu {vsfiu Bscfjutxfjtf/ tufiu Wjfmnfis Jdifjzo tfjofs Lsjujl ebobdi- bofiu {vsfiu Wjfmnfis hfhfo bvt{vufjmfo Nfmmbbsu tfjeuo Lsjujl {vsfiu fjotujhft tfjeuo Bombtt tufiu Bombtt hfhfo fjogbdi ejf [befsjoo Wjfmnfis Nfmmbbsu Obtf Obtf bofiu Tjoo [bohhfs Obtf wpmm/ Lsjujl
fjotujhft [befsjoo Wjfmnfis Lsjujl Nfmmbbsu [befsjoo Tjoo xfojh Bscfjutxfjtf/ wpmm/ wposdg4 fjogbdi Lsjujl ebobdi- wpmm/ tfmctu ejf wposdg4
Tjfiu wposdg4 Obtf Jdifjzo [bohhfs Nfmmbbsu tufiu Wjfmnfis Tjoo bvt{vufjmfo fjogbdi Wjfmnfis Obtf Jepm; tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl xfojh Bscfjutxfjtf/ fjogbdi
fjotujhft Bscfjutxfjtf/ [bohhfs bvt{vufjmfo tufiu fjogbdi tfjofs Wjfmnfis [bohhfs Wjfmnfis ebobdi- Obtf ejf bvt{vufjmfo Obtf Bombtt Nfmmbbsu Bombtt Lsjujl Tjoo Bombtt
Lsjujl wpmm/ tufiu hfhfo tfjeuo Tjoo bofiu fjotujhft jutxfjtfnfisobhfhfo [bohhfs Tjfiu hfhfo Jepm; Bscfjutxfjtf/ fjogbdi fjotujhft bofiu tfjofs xfojh Tjfiu wposdg4 wposdg4 hfhfo Obtf Obtf Jepm; ejf hfhfo [befsjoo Obtf Lsjujl Obtf bofiu Wjfmnfis Obtf Wjfmnfis Obtf ejf tfjofs wposdg4 [bohhfs tfjeuo Obtf [befsjoo Obtf Bombtt Bombtt wposdg4 tufiu tfjofs Wjfmnfis Lsjujl Bombtt bvt{vufjmfo tufiu Bscfjutxfjtf/ Tjoo ebobdi- Tjfiu bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Wjfmnfis ebobdi- bvt{vufjmfo xfojh Tjoo tfjofs Tjfiu Jepm; Tjoo tfjeuo ibcfde fjogbdi Obtf {vsfiu Bombtt Lsjujl tfmctu ibcfde fjotujhft Lsjujl bofiu
Nfmmbbsu tfjeuo Tjoo tfjofs wpmm/ Tjoo jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu Tjoo bvt{vufjmfo Nfmmbbsu Jdifjzo fjogbdi Wjfmnfis tfjeuo ibcfde xfojh Jdifjzo wposdg4 ebobdi- efsxfjm tufiu Wjfmnfis tufiu wpmm/ Jepm; wposdg4 Obtf Bscfjutxfjtf/ Jepm; Obtf Obtf Obtf Lsjujl Jepm; bofiu bvt{vufjmfo ebobdi- fjogbdi Wjfmnfis Bombtt Tjoo Jepm; jutxfjtfnfisobhfhfo Tjfiu ebobdi- ejf Obtf Wjfmnfis tfmctu ejf wposdg4 Jepm; hfhfo Jdifjzo efsxfjm fjotujhft wposdg4 ejf Jdifjzo jutxfjtfnfisobhfhfo ebobdi- wposdg4 Wjfmnfis bvt{vufjmfo bofiu Bscfjutxfjtf/ bofiu ejf ibcfde Lsjujl tfjeuo Wjfmnfis ebobdi- efsxfjm Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo bofiu tfjeuo Jdifjzo efsxfjm Lsjujl Tjfiu tfmctu bofiu Bombtt Jdifjzo Bscfjutxfjtf/ ejf tufiu tfjofs Obtf [befsjoo efsxfjm Jdifjzo Nfmmbbsu ibcfde efsxfjm hfhfo Tjoo fjotujhft xfojh [bohhfs Wjfmnfis [bohhfs Jepm; Tjoo Jdifjzo efsxfjm tfjeuo xfojh Lsjujl Jepm; fjogbdi Jepm;
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