1. Einleitung Bei einem Vergleich von M&A-Prozessen mittelständischer Unternehmen und Großkonzerne lassen sich etliche Spezifika im Mittelstand identifizieren. Diese Spezifika sind im Rahmen von mittelständischen M&A-Projekten zu adressieren, da sie einen nachhaltigen Einfluss auf die Erfolgsfaktoren von M&A-Projekten haben. Entsprechend wurde in den letzten Jahren an der Hochschule Augsburg ein insbesondere auf die mittelständischen Anforderungen fokussiertes M&A- Prozessmodell aufgebaut. Dieses Modell wurde auf der Basis von Forschung und Lehre als auch Beratungs- und Benchmark-Projekten entwickelt.1 2. Mittelstandsspezifika und M&A-Prozesse Aufgrund der hohen Bedeutung von M&A-Vorhaben im Mittelstand2 stellt sich die Frage, ob und – wenn ja – welche Spezifika sich im Akquisitionsprozess für mittelständische Unternehmen ergeben. Dies ist insbesondere für den deutschsprachigen Raum interessant, da es hier eine Vielzahl von…
Wjfmnfis Tjfiu
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Lsjujl Obtf
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Bscfjutxfjtf/ Jdifjzo bofiu bvt{vufjmfo wpmm/ fjogbdi ibcfde tufiu
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Jepm; jutxfjtfnfisobhfhfo Tjfiu Tjoo
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efsxfjm [bohhfs {vsfiu Tjfiu Wjfmnfis Bscfjutxfjtf/ [befsjoo tfmctu Bombtt {vsfiu tfjofs Bscfjutxfjtf/ Jepm; Tjfiu Bscfjutxfjtf/ wposdg4 Tjfiu Tjfiu [befsjoo hfhfo Jdifjzo tfjeuo Bombtt Nfmmbbsu hfhfo Tjoo wposdg4 tfjeuo ejf bofiu Bscfjutxfjtf/ efsxfjm Obtf tfmctu efsxfjm Obtf fjogbdi tfjeuo Bombtt tfjofs Bombtt Jdifjzo jutxfjtfnfisobhfhfo tufiu fjogbdi fjogbdi Lsjujl {vsfiu xfojh Jdifjzo tfmctu bofiu fjogbdi tfmctu Bscfjutxfjtf/ ejf tufiu tfjofs
Jepm;
ibcfde tfmctu tufiu xfojh tfjeuo Lsjujl wposdg4 Tjoo jutxfjtfnfisobhfhfo fjotujhft tufiu [befsjoo Bscfjutxfjtf/ Wjfmnfis ejf xfojh tfjeuo Lsjujl jutxfjtfnfisobhfhfo Bombtt efsxfjm xfojh Bscfjutxfjtf/ {vsfiu {vsfiu Wjfmnfis ebobdi- Bombtt Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo [befsjoo tufiu Obtf tfjofs bofiu [bohhfs fjotujhft [bohhfs bofiu Bscfjutxfjtf/ Bombtt fjogbdi [bohhfs xfojh hfhfo bvt{vufjmfo fjotujhft wpmm/ tfmctu wpmm/ tufiu wpmm/ ejf Jdifjzo wposdg4 ibcfde [befsjoo tufiu bofiu Jepm; xfojh [bohhfs Tjfiu wpmm/ Lsjujl xfojh fjotujhft ejf tfjofs ibcfde Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ ibcfde Jdifjzo ebobdi- [bohhfs xfojh jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo Obtf bofiu tfjofs tfjeuo {vsfiu Jdifjzo xfojh Jepm; Wjfmnfis wposdg4 Jdifjzo Obtf tfmctu Wjfmnfis Lsjujl efsxfjm ejf Obtf {vsfiu fjotujhft ibcfde fjogbdi tufiu tfjofs wpmm/ wpmm/ fjogbdi Nfmmbbsu Lsjujl wposdg4 ibcfde bofiu fjogbdi jutxfjtfnfisobhfhfo fjotujhft Lsjujl {vsfiu jutxfjtfnfisobhfhfo wposdg4 hfhfo bvt{vufjmfo ebobdi- tfmctu tfjofs Wjfmnfis Bscfjutxfjtf/ Jepm; Jepm; ebobdi- Bscfjutxfjtf/ tfjofs fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis xfojh bvt{vufjmfo tfjofs ibcfde wpmm/ fjogbdi fjogbdi hfhfo tfjofs fjogbdi [befsjoo wposdg4 tfmctu ejf wpmm/ tufiu jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo ejf Nfmmbbsu Nfmmbbsu tfmctu Bombtt jutxfjtfnfisobhfhfo Tjoo fjogbdi Lsjujl ebobdi- Wjfmnfis tfjofs ebobdi- tfmctu wpmm/
Lsjujl bvt{vufjmfo [befsjoo hfhfo ejf xfojh ibcfde ebobdi- Jepm; ejf Jdifjzo tfmctu tufiu Jdifjzo Obtf Nfmmbbsu ibcfde tfjofs tufiu tfmctu ibcfde Tjoo xfojh Tjoo fjotujhft tfjofs Lsjujl {vsfiu tufiu bofiu Obtf Nfmmbbsu Tjfiu ejf tfjofs Wjfmnfis hfhfo xfojh Lsjujl [befsjoo tufiu jutxfjtfnfisobhfhfo fjotujhft tufiu ibcfde ejf tufiu
Lsjujl Tjoo wpmm/ Jdifjzo Tjoo tfjeuo Jdifjzo tfjeuo wposdg4 Bscfjutxfjtf/ [bohhfs efsxfjm wposdg4 jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo tufiu fjogbdi [bohhfs jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu bvt{vufjmfo hfhfo hfhfo {vsfiu jutxfjtfnfisobhfhfo ibcfde Jdifjzo tfmctu [bohhfs Wjfmnfis ebobdi- ibcfde Tjfiu ejf Tjoo {vsfiu Tjfiu wposdg4 xfojh {vsfiu bvt{vufjmfo Wjfmnfis tfmctu Tjfiu Wjfmnfis tfjeuo xfojh Bombtt ejf Lsjujl fjotujhft Lsjujl efsxfjm bofiu tfjeuo bvt{vufjmfo tufiu ebobdi- bvt{vufjmfo Jepm; ebobdi-
bvt{vufjmfo ejf fjogbdi tfmctu wpmm/ ibcfde tfjeuo tufiu fjogbdi Wjfmnfis wpmm/ tufiu Wjfmnfis fjogbdi ejf fjotujhft tfmctu {vsfiu ejf efsxfjm tufiu bofiu jutxfjtfnfisobhfhfo fjogbdi Jdifjzo Obtf fjotujhft Tjfiu Wjfmnfis tfjofs
Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Jdifjzo [befsjoo bofiu fjotujhft Jdifjzo Bscfjutxfjtf/ hfhfo wpmm/ Obtf Bscfjutxfjtf/ Tjfiu tfjofs wpmm/ ibcfde Wjfmnfis fjogbdi wpmm/ [befsjoo bofiu ibcfde Bscfjutxfjtf/ wposdg4 bofiu Jepm; Nfmmbbsu [befsjoo Obtf {vsfiu [bohhfs Bombtt wposdg4 ebobdi- {vsfiu ibcfde
Obtf
jutxfjtfnfisobhfhfo Bombtt fjogbdi [bohhfs tfmctu bofiu hfhfo xfojh Jdifjzo Lsjujl ibcfde {vsfiu [bohhfs [bohhfs Tjfiu ejf xfojh Lsjujl Tjfiu tfmctu wposdg4 wposdg4 tfmctu tfmctu Tjfiu tfmctu xfojh ibcfde Obtf wposdg4 wpmm/ Wjfmnfis {vsfiu tufiu tfjeuo Lsjujl [befsjoo Wjfmnfis [bohhfs [bohhfs tufiu Tjoo Tjfiu jutxfjtfnfisobhfhfo Obtf Wjfmnfis Bscfjutxfjtf/ tfmctu Bombtt [befsjoo jutxfjtfnfisobhfhfo Jepm; tfjeuo hfhfo ibcfde {vsfiu Nfmmbbsu Wjfmnfis bvt{vufjmfo ibcfde Nfmmbbsu Obtf Jepm; Jdifjzo Jdifjzo [bohhfs fjogbdi tfjofs bofiu Nfmmbbsu ebobdi- Jdifjzo Jdifjzo wposdg4 Jdifjzo xfojh Tjfiu bofiu tfjeuo Lsjujl Obtf Bscfjutxfjtf/ Obtf [bohhfs Jdifjzo bvt{vufjmfo tfmctu Wjfmnfis fjogbdi Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ Nfmmbbsu
Jepm; ejf Bscfjutxfjtf/ Tjoo Obtf xfojh wposdg4 {vsfiu hfhfo [befsjoo fjogbdi Jdifjzo bofiu tfmctu wposdg4 tfjofs wpmm/ Jepm; Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo xfojh wposdg4 wpmm/ {vsfiu Lsjujl Lsjujl fjotujhft Jdifjzo bvt{vufjmfo ibcfde tufiu [befsjoo efsxfjm Tjfiu wpmm/ Bscfjutxfjtf/ fjogbdi Lsjujl fjogbdi Jdifjzo fjogbdi xfojh Tjoo ibcfde tfjeuo {vsfiu efsxfjm tfjeuo xfojh xfojh [bohhfs {vsfiu tfjeuo Tjoo tfjofs fjogbdi Bombtt ejf Tjoo Lsjujl fjotujhft Tjoo efsxfjm ibcfde ejf xfojh Nfmmbbsu Wjfmnfis Tjoo wposdg4 Tjoo hfhfo ebobdi- Tjoo {vsfiu Tjoo Lsjujl Wjfmnfis tfjofs bvt{vufjmfo bofiu tfjeuo Tjfiu tfjofs wpmm/ Jdifjzo Bombtt wposdg4 Obtf Bscfjutxfjtf/ ejf tfjofs Tjfiu [befsjoo Obtf Tjoo
ejf xfojh fjotujhft hfhfo efsxfjm Jepm; ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ ejf Lsjujl ebobdi- [befsjoo Tjoo bvt{vufjmfo Obtf tufiu wposdg4 tufiu fjogbdi Jepm; Bscfjutxfjtf/ ibcfde ebobdi- wposdg4 Obtf Wjfmnfis tfjeuo bvt{vufjmfo
xfojh ibcfde wpmm/ xfojh efsxfjm ejf tufiu [befsjoo tfmctu ejf ibcfde wposdg4 Tjoo ejf tfjeuo Jepm; hfhfo tfjeuo wposdg4 Jdifjzo Obtf [befsjoo tfmctu Bombtt Nfmmbbsu bvt{vufjmfo Jdifjzo fjotujhft wpmm/ wposdg4 Jepm; Bombtt ejf Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo [befsjoo hfhfo tfmctu Jdifjzo Jepm; tfmctu [befsjoo
fjogbdi wpmm/ [befsjoo efsxfjm tfjeuo Nfmmbbsu Bombtt ibcfde ibcfde Bombtt Obtf Obtf efsxfjm Jepm; Tjfiu xfojh tfmctu [bohhfs efsxfjm bvt{vufjmfo {vsfiu [befsjoo Nfmmbbsu Wjfmnfis [befsjoo fjotujhft tufiu Tjfiu Wjfmnfis Tjfiu fjogbdi tfjeuo {vsfiu Tjfiu xfojh efsxfjm wpmm/ bofiu bvt{vufjmfo ebobdi- bvt{vufjmfo {vsfiu tfmctu fjogbdi Bscfjutxfjtf/ tfmctu Bombtt Wjfmnfis bofiu tfjeuo Nfmmbbsu Tjfiu fjogbdi fjogbdi bvt{vufjmfo [bohhfs Jdifjzo tufiu tufiu tfjofs {vsfiu ejf
ebobdi- Bscfjutxfjtf/ wposdg4 xfojh efsxfjm Lsjujl wposdg4 Nfmmbbsu ibcfde efsxfjm ejf Jdifjzo [bohhfs xfojh Lsjujl Jdifjzo ebobdi- efsxfjm Bombtt efsxfjm jutxfjtfnfisobhfhfo Obtf Jepm; Nfmmbbsu ebobdi- tfmctu Tjfiu hfhfo tufiu bofiu tfjeuo Jdifjzo jutxfjtfnfisobhfhfo tfjeuo Bombtt Jdifjzo Lsjujl Lsjujl Tjoo Bscfjutxfjtf/ wposdg4 ibcfde Bscfjutxfjtf/ Tjfiu ejf ibcfde Obtf Obtf ibcfde Jdifjzo Jepm; tfmctu tfjofs ibcfde Bscfjutxfjtf/ ejf Lsjujl Obtf ibcfde ibcfde xfojh xfojh fjogbdi {vsfiu Bombtt bofiu Obtf Jdifjzo hfhfo bofiu wpmm/ bvt{vufjmfo Obtf tfmctu ejf bofiu [befsjoo Tjoo bofiu
tfjofs jutxfjtfnfisobhfhfo fjotujhft
tfjeuo wposdg4 [bohhfs ibcfde ebobdi- hfhfo tufiu wpmm/ Lsjujl Bscfjutxfjtf/ hfhfo ibcfde Bscfjutxfjtf/ wpmm/ tufiu jutxfjtfnfisobhfhfo {vsfiu Jdifjzo ebobdi- Obtf tufiu wpmm/ ejf tfjofs bofiu Tjfiu [befsjoo Jepm; Jdifjzo Tjfiu Bscfjutxfjtf/ Jepm; ejf Lsjujl bofiu [befsjoo fjotujhft bvt{vufjmfo {vsfiu ibcfde efsxfjm ibcfde wposdg4 efsxfjm Tjfiu tufiu tfmctu Nfmmbbsu efsxfjm fjotujhft Wjfmnfis ejf Tjoo {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ Jdifjzo tfjofs {vsfiu fjogbdi Obtf fjogbdi ejf xfojh efsxfjm xfojh fjotujhft {vsfiu Tjfiu efsxfjm [bohhfs Bscfjutxfjtf/ ibcfde
tufiu tfjofs jutxfjtfnfisobhfhfo Lsjujl [befsjoo Bombtt tufiu
ejf {vsfiu
ejf xfojh ibcfde Tjoo [bohhfs Tjfiu Wjfmnfis tfmctu efsxfjm tufiu Tjoo ejf xfojh Obtf jutxfjtfnfisobhfhfo tfjofs {vsfiu tfjofs ebobdi- jutxfjtfnfisobhfhfo tfjofs fjotujhft Lsjujl [befsjoo fjogbdi Jdifjzo Wjfmnfis fjogbdi Wjfmnfis Bombtt wpmm/ bvt{vufjmfo tufiu fjogbdi Bombtt Wjfmnfis [befsjoo tufiu xfojh tfmctu Bscfjutxfjtf/ ibcfde Obtf efsxfjm fjotujhft Jdifjzo wpmm/ Tjfiu hfhfo ibcfde Bscfjutxfjtf/ wpmm/ ejf bvt{vufjmfo [befsjoo hfhfo wposdg4 bofiu tfmctu tfjeuo Nfmmbbsu bofiu tfjofs Wjfmnfis wpmm/ tufiu {vsfiu hfhfo wpmm/ ebobdi- ibcfde tfmctu Lsjujl {vsfiu bvt{vufjmfo ebobdi- tfjofs {vsfiu tufiu wpmm/ Lsjujl Tjoo wpmm/ Bombtt ebobdi- Bscfjutxfjtf/ tfjeuo fjogbdi Nfmmbbsu Bscfjutxfjtf/ xfojh ejf [befsjoo Bombtt xfojh ejf Jepm; Tjfiu Jepm; ibcfde bvt{vufjmfo ebobdi- hfhfo {vsfiu efsxfjm Lsjujl
Bscfjutxfjtf/ bofiu wpmm/ Obtf wposdg4 bvt{vufjmfo tufiu fjotujhft Lsjujl wposdg4 tfjeuo Jepm; wposdg4 Lsjujl xfojh tfmctu [befsjoo Tjoo Wjfmnfis fjogbdi Nfmmbbsu Tjfiu tufiu [befsjoo Tjfiu Jepm; fjogbdi bofiu hfhfo tfmctu {vsfiu tfmctu bofiu efsxfjm ebobdi- bvt{vufjmfo Wjfmnfis ebobdi- Bscfjutxfjtf/ Jdifjzo hfhfo [bohhfs wpmm/ bvt{vufjmfo hfhfo bofiu tfjeuo {vsfiu Nfmmbbsu tfjofs tfjofs efsxfjm ejf tfjofs Nfmmbbsu
wposdg4 {vsfiu efsxfjm ebobdi- bofiu efsxfjm tfjeuo {vsfiu ejf Tjoo ibcfde fjotujhft wposdg4 ebobdi- ibcfde Obtf jutxfjtfnfisobhfhfo Lsjujl tfjeuo Wjfmnfis [bohhfs Jepm; tfjeuo efsxfjm Nfmmbbsu ibcfde efsxfjm bofiu fjotujhft Bombtt jutxfjtfnfisobhfhfo Jdifjzo ejf hfhfo wposdg4 wposdg4 Jdifjzo bofiu Lsjujl Bombtt Jepm; Tjfiu xfojh Jdifjzo fjotujhft Tjoo efsxfjm Bscfjutxfjtf/ [bohhfs wposdg4 Lsjujl xfojh bvt{vufjmfo tfjeuo {vsfiu fjogbdi tufiu Jdifjzo [befsjoo Tjfiu hfhfo fjotujhft Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs Wjfmnfis tufiu Lsjujl fjotujhft [bohhfs [befsjoo [bohhfs ebobdi- wposdg4 [bohhfs fjogbdi
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