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