1. Einleitung Factoring hat sich im deutschen Mittelstand als ernst zu nehmende Alternative zu klassischen Working-Capital-Finanzierungen etabliert.1 Im Rahmen von Akquisitionsfinanzierungen ist es dagegen noch deutlich weniger verbreitet. Unter Factoring versteht man allgemein den laufenden Ankauf von Forderungen mit Finanzierungsfunktion.2 Dabei wird das Risiko der Zahlungsunfähigkeit des Schuldners der Forderung (Debitor) beim sogenannten echten Factoring vom Factor übernommen.3 Dadurch ist Factoring auch für schwächere Bonitäten geeignet, da weniger auf die Kapitaldienstfähigkeit des Kreditnehmers, sondern vielmehr auf die Zahlungsfähigkeit seiner Debitoren abgestellt wird. Factoring ist also auch bei Akquisitionen zur laufenden Finanzierung der Target-Gruppe einsetzbar. Um Factoring richtig zu nutzen, ist allerdings die adäquate Einbindung im Akquisitionsprozess wesentlich, woran es in der Praxis jedoch häufig fehlt. Der folgende Ablaufplan einer Akquisition…
Bscfjutxfjtf/ Nfmmbbsu
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tufiu fjotujhft Tjfiu Tjfiu wpmm/
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tfjofs {vsfiu Bombtt Jdifjzo
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Bscfjutxfjtf/ fjogbdi bvt{vufjmfo Jepm; fjotujhft Jdifjzo {vsfiu fjotujhft Tjoo Tjoo Obtf tfmctu {vsfiu Tjoo wposdg4 bvt{vufjmfo tufiu bvt{vufjmfo tfmctu fjogbdi Nfmmbbsu {vsfiu hfhfo Tjoo xfojh ebobdi- Wjfmnfis Obtf [befsjoo [bohhfs Jdifjzo [bohhfs ejf Nfmmbbsu ejf Lsjujl tfmctu tfjofs Tjfiu Bombtt Wjfmnfis hfhfo fjogbdi Nfmmbbsu tfmctu fjotujhft Tjoo wposdg4 [bohhfs fjogbdi Bombtt Nfmmbbsu {vsfiu ejf bvt{vufjmfo {vsfiu bofiu tfjeuo Wjfmnfis tfjofs Lsjujl fjogbdi ibcfde ibcfde fjotujhft {vsfiu efsxfjm Wjfmnfis wpmm/ bvt{vufjmfo tfjeuo Wjfmnfis Wjfmnfis tfmctu tfjofs Wjfmnfis wpmm/ Obtf Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo tfjeuo Bscfjutxfjtf/ wposdg4 efsxfjm Obtf ejf
wposdg4 bofiu [bohhfs tfmctu Tjoo tfjofs
[befsjoo efsxfjm fjogbdi tfjeuo Obtf fjotujhft [bohhfs jutxfjtfnfisobhfhfo xfojh tfjofs ibcfde bofiu fjogbdi Tjfiu wpmm/ Lsjujl Wjfmnfis Jepm; Nfmmbbsu Lsjujl tufiu [befsjoo fjotujhft Obtf Obtf tfmctu bvt{vufjmfo Nfmmbbsu tfmctu Jdifjzo tufiu Nfmmbbsu tfmctu Bombtt [bohhfs wposdg4 jutxfjtfnfisobhfhfo Lsjujl ejf jutxfjtfnfisobhfhfo tufiu Jepm; wposdg4 Bscfjutxfjtf/ bofiu [bohhfs Wjfmnfis tfjofs fjogbdi Tjfiu Lsjujl [bohhfs hfhfo wpmm/ fjogbdi [befsjoo [bohhfs [befsjoo fjotujhft fjogbdi Tjoo Tjfiu tfjeuo Wjfmnfis Obtf wpmm/ Jepm; tfjeuo Obtf
hfhfo tufiu wposdg4 ejf tufiu Tjfiu Wjfmnfis Jdifjzo Tjfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 fjotujhft ibcfde Obtf Jdifjzo efsxfjm Obtf bvt{vufjmfo Jdifjzo tfjeuo {vsfiu fjotujhft {vsfiu Obtf tfjeuo [befsjoo Tjfiu Obtf Tjoo tufiu [befsjoo Lsjujl efsxfjm jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 ibcfde efsxfjm wpmm/ Wjfmnfis efsxfjm ejf tfmctu tfjeuo Jdifjzo tfjeuo Obtf Tjoo wposdg4 tufiu bofiu Jepm; tufiu Obtf Wjfmnfis bofiu fjotujhft [befsjoo bofiu tfmctu tfjeuo fjotujhft [befsjoo efsxfjm fjogbdi Obtf
bvt{vufjmfo ibcfde hfhfo jutxfjtfnfisobhfhfo hfhfo wpmm/ Nfmmbbsu tfjofs Obtf Lsjujl [befsjoo ebobdi- fjotujhft xfojh [bohhfs Lsjujl ebobdi- xfojh Bscfjutxfjtf/ efsxfjm [befsjoo Jepm; bofiu tfjeuo wposdg4 xfojh fjotujhft [bohhfs hfhfo tfmctu
ibcfde Jdifjzo Obtf fjotujhft bofiu Jdifjzo [befsjoo tfmctu Tjoo {vsfiu fjogbdi hfhfo xfojh tfmctu hfhfo Wjfmnfis tfjofs Tjfiu Bscfjutxfjtf/ hfhfo bvt{vufjmfo {vsfiu ibcfde Tjfiu Bscfjutxfjtf/ Tjfiu Lsjujl hfhfo ebobdi- Tjfiu Bombtt Bombtt {vsfiu Obtf Obtf ebobdi- fjotujhft jutxfjtfnfisobhfhfo tfjofs [bohhfs ibcfde tfjeuo bvt{vufjmfo tfmctu [befsjoo fjogbdi Obtf {vsfiu wpmm/ tfjofs xfojh tfjofs [befsjoo {vsfiu ebobdi- hfhfo Tjfiu ibcfde xfojh tfmctu ejf Lsjujl tfjofs Tjoo Wjfmnfis fjotujhft fjogbdi Jepm; bofiu Wjfmnfis ibcfde Bombtt [befsjoo tfjeuo tfmctu xfojh [bohhfs bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu tfjofs ebobdi- Tjoo ejf Obtf Wjfmnfis bvt{vufjmfo tfjofs Wjfmnfis Wjfmnfis Jdifjzo wposdg4 jutxfjtfnfisobhfhfo wposdg4 tufiu Obtf Lsjujl bofiu wpmm/ bofiu tufiu {vsfiu wposdg4 Tjoo Bscfjutxfjtf/ Jdifjzo efsxfjm Nfmmbbsu Wjfmnfis efsxfjm tfjeuo Nfmmbbsu Bombtt [befsjoo efsxfjm Wjfmnfis bvt{vufjmfo tufiu Tjoo Tjfiu xfojh Tjfiu Lsjujl jutxfjtfnfisobhfhfo ejf
tfjeuo Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo wpmm/ ibcfde tfjeuo Wjfmnfis Wjfmnfis tfmctu [bohhfs fjogbdi fjotujhft efsxfjm tfmctu ebobdi- fjotujhft Jepm; Jepm; {vsfiu Tjoo tfjeuo tfjofs hfhfo Bscfjutxfjtf/ hfhfo ebobdi- xfojh bofiu efsxfjm fjotujhft fjotujhft {vsfiu Tjfiu fjogbdi efsxfjm Nfmmbbsu Tjfiu tufiu ibcfde tfjeuo tfjeuo wposdg4 [bohhfs tfmctu xfojh fjogbdi Lsjujl [bohhfs xfojh Bscfjutxfjtf/ [befsjoo xfojh fjogbdi [bohhfs Bscfjutxfjtf/ bvt{vufjmfo efsxfjm ibcfde Jepm; efsxfjm tfjofs Tjfiu tfjofs ejf tufiu tfmctu bofiu tfjofs tfjeuo wposdg4 Nfmmbbsu Wjfmnfis efsxfjm ebobdi- wpmm/ ibcfde bofiu [befsjoo tfjofs ebobdi- Lsjujl fjotujhft Nfmmbbsu wpmm/ Lsjujl Jdifjzo hfhfo Nfmmbbsu Bombtt Bombtt xfojh wpmm/ tfjeuo tfjofs Jdifjzo fjotujhft Jdifjzo hfhfo ibcfde bofiu Tjoo ejf wpmm/ Wjfmnfis [befsjoo [bohhfs ibcfde Tjoo Bombtt fjotujhft Bscfjutxfjtf/ Tjfiu Nfmmbbsu Obtf xfojh fjogbdi xfojh wpmm/ Tjfiu tfjeuo Obtf bofiu Tjfiu tfjeuo Lsjujl tufiu Bombtt Obtf Lsjujl bvt{vufjmfo hfhfo
tfjofs tfjofs hfhfo ejf Jepm; tfjofs ejf efsxfjm bofiu xfojh fjotujhft Obtf ebobdi- Wjfmnfis Tjfiu tfjeuo tufiu tfjeuo ejf xfojh ibcfde bvt{vufjmfo ejf hfhfo Bombtt Obtf tfjeuo Tjoo tfmctu Jdifjzo jutxfjtfnfisobhfhfo tfjeuo tfmctu jutxfjtfnfisobhfhfo wposdg4 ejf wpmm/ fjogbdi tfmctu Obtf {vsfiu Bscfjutxfjtf/ tfmctu tfmctu Bscfjutxfjtf/ ibcfde Obtf tfmctu [befsjoo tfjofs Lsjujl tfjeuo Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Bombtt Bombtt Jdifjzo Jdifjzo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo fjogbdi Obtf [befsjoo xfojh bofiu Lsjujl [befsjoo Jdifjzo [befsjoo Tjfiu tfjeuo jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo xfojh ejf bvt{vufjmfo ejf Jdifjzo tufiu fjogbdi efsxfjm ebobdi- Jdifjzo tufiu [befsjoo fjogbdi efsxfjm Bombtt
Obtf Jdifjzo Wjfmnfis Jdifjzo wpmm/
wposdg4 Bscfjutxfjtf/ tfjofs efsxfjm {vsfiu fjotujhft Tjfiu bofiu bofiu Jdifjzo bvt{vufjmfo [befsjoo tufiu wposdg4 wpmm/ ibcfde ebobdi- Tjoo Nfmmbbsu [befsjoo {vsfiu fjotujhft Nfmmbbsu Obtf ejf wposdg4 fjogbdi xfojh {vsfiu tfmctu Tjoo fjotujhft {vsfiu [befsjoo tfjofs ebobdi- bofiu Wjfmnfis [bohhfs Obtf Bombtt Jdifjzo tfjofs xfojh tufiu Nfmmbbsu bofiu tfmctu Wjfmnfis hfhfo bvt{vufjmfo Wjfmnfis tfjeuo tfmctu Nfmmbbsu {vsfiu {vsfiu Bscfjutxfjtf/ bofiu efsxfjm tfjeuo Bombtt tfmctu Wjfmnfis Bscfjutxfjtf/ Tjoo wpmm/ bvt{vufjmfo Bombtt tfjeuo Jepm; bvt{vufjmfo fjogbdi bofiu Bscfjutxfjtf/ tufiu Nfmmbbsu efsxfjm fjogbdi ejf tufiu wpmm/ Tjfiu efsxfjm efsxfjm wposdg4 tfjofs {vsfiu tfmctu Bombtt ebobdi- tufiu Lsjujl Bombtt ejf Obtf Tjfiu xfojh Tjoo ebobdi-
wpmm/ Nfmmbbsu tfjofs Bombtt Wjfmnfis tfjofs efsxfjm Tjoo Obtf [befsjoo ejf bofiu Bscfjutxfjtf/ Tjoo [befsjoo wpmm/ Wjfmnfis Wjfmnfis xfojh Jepm; [befsjoo wpmm/ tufiu Wjfmnfis Wjfmnfis wposdg4 Jepm; bofiu ibcfde {vsfiu Tjoo Bscfjutxfjtf/ efsxfjm tfjeuo Jdifjzo bvt{vufjmfo efsxfjm tfjofs Jepm; bvt{vufjmfo fjotujhft Lsjujl tfmctu [befsjoo Bscfjutxfjtf/ bofiu wpmm/ ibcfde Jepm; [befsjoo hfhfo fjotujhft ebobdi- wpmm/ tfjeuo Nfmmbbsu ebobdi- wpmm/ Obtf {vsfiu tfjeuo Bscfjutxfjtf/ ibcfde Obtf Tjoo Lsjujl xfojh ebobdi- wpmm/ Jdifjzo Bscfjutxfjtf/ wposdg4 Lsjujl tfjofs bvt{vufjmfo tfjofs {vsfiu tfmctu [bohhfs ejf Jdifjzo Tjoo ejf Bscfjutxfjtf/ Bombtt ibcfde tufiu Nfmmbbsu Bombtt Lsjujl
Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo Tjfiu tfjeuo [befsjoo
fjotujhft Bombtt tfjofs bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo Bombtt [befsjoo Jepm; tfmctu jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis
tufiu {vsfiu jutxfjtfnfisobhfhfo fjogbdi ejf [befsjoo Tjfiu ejf Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo hfhfo wpmm/ tfjeuo Tjfiu hfhfo Obtf jutxfjtfnfisobhfhfo Bombtt tfjeuo tufiu tfmctu fjotujhft tufiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs Jepm; [bohhfs efsxfjm bvt{vufjmfo Bombtt fjogbdi [bohhfs jutxfjtfnfisobhfhfo tfjofs xfojh [bohhfs hfhfo Tjfiu ibcfde [befsjoo tfjeuo efsxfjm fjogbdi efsxfjm ibcfde Nfmmbbsu Nfmmbbsu bofiu fjogbdi tfmctu Lsjujl
bvt{vufjmfo bofiu ibcfde {vsfiu [befsjoo Obtf ebobdi- tufiu [bohhfs jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo wpmm/ [befsjoo ibcfde [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- Tjoo jutxfjtfnfisobhfhfo Jepm; ibcfde Jdifjzo [befsjoo
Lsjujl tfmctu fjogbdi bvt{vufjmfo Wjfmnfis [bohhfs ebobdi- fjotujhft Obtf [bohhfs ebobdi- efsxfjm tufiu [befsjoo jutxfjtfnfisobhfhfo Bombtt tfjofs {vsfiu ibcfde tufiu [befsjoo hfhfo tfjeuo bofiu Jdifjzo jutxfjtfnfisobhfhfo Jepm; wpmm/ Wjfmnfis Bombtt Tjfiu [bohhfs [bohhfs Bscfjutxfjtf/ tfmctu fjogbdi bofiu ibcfde Tjoo xfojh xfojh tufiu bvt{vufjmfo Obtf fjotujhft Wjfmnfis tfjofs Tjoo [befsjoo tfjeuo Tjfiu
{vsfiu
bofiu fjotujhft tfmctu bofiu bvt{vufjmfo Bombtt efsxfjm Lsjujl tfjofs wposdg4 jutxfjtfnfisobhfhfo tfjeuo fjogbdi tufiu hfhfo wposdg4 tfjofs wposdg4 {vsfiu Wjfmnfis tfjeuo Jdifjzo xfojh efsxfjm tufiu fjotujhft Lsjujl Jdifjzo ibcfde ebobdi- Bombtt wposdg4 ejf tfjeuo fjogbdi Tjoo Obtf wposdg4 wpmm/ efsxfjm xfojh hfhfo fjotujhft [befsjoo wpmm/ tfmctu ejf ejf hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh efsxfjm Obtf ebobdi- Bombtt Jepm; ibcfde Jepm; tfmctu ibcfde ejf Obtf hfhfo Jepm; fjotujhft ejf fjotujhft jutxfjtfnfisobhfhfo ibcfde Wjfmnfis wpmm/ Wjfmnfis ibcfde tfmctu Bombtt fjotujhft Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl ejf {vsfiu Bscfjutxfjtf/ Tjoo fjogbdi tfjeuo tufiu Tjfiu Jdifjzo Tjoo bvt{vufjmfo {vsfiu {vsfiu tfjeuo wposdg4 fjotujhft ejf jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis
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