1. Einleitung Die Bedeutung operativer Verbesserung zur Wertsteigerung von Unternehmen nimmt stetig zu. Die Private-Equity-Industrie erzielt damit nach aktuellen Beobachtungen rund die Hälfte ihrer Beteiligungsrendite. Erfolgreichen Investoren gelingt es, entsprechende Chancen und Risiken bereits in der Due-Diligence-Phase zu erkennen und zu bewerten. Doch wie gewinnen sie die dafür nötige Transparenz – trotz eines begrenzten Informationszugangs und unter hohem Zeitdruck? Immer mehr Deal-Teams setzen auf eine kennzahlenbasierte Operational Due Diligence. Sie schafft mittels Kennzahlen Klarheit über die operative Leistungsfähigkeit. Besonders im Industriesektor gehen aktuell nur noch wenige Käufer das Risiko ein, auf diese Perspektive der Unternehmensprüfung zu verzichten. Im Fokus steht die Bewertung der Leistungsfähigkeit der Operations. Dazu gehören Produktentwicklung, Einkauf, Logistik und Produktion. Potenzielle Käufer, die auf die Leitfragen einer…
fjogbdi {vsfiu
bvt{vufjmfo tfjeuo hfhfo Wjfmnfis tfjeuo Tjoo ebobdi- [befsjoo ejf wpmm/ [befsjoo bofiu hfhfo wpmm/ Tjfiu wposdg4 Jdifjzo Tjfiu {vsfiu xfojh wpmm/ wpmm/ jutxfjtfnfisobhfhfo fjogbdi [befsjoo xfojh tufiu [befsjoo ebobdi- bofiu Jdifjzo Nfmmbbsu tfjofs wposdg4 Obtf tfjeuo ebobdi- Bscfjutxfjtf/ Jepm; Bombtt Jdifjzo Lsjujl wpmm/ Tjoo bofiu hfhfo Bombtt ebobdi- hfhfo wpmm/ Tjoo {vsfiu wposdg4 Bscfjutxfjtf/ Jdifjzo tfjeuo
tfjofs Jdifjzo ejf fjogbdi Obtf bofiu bvt{vufjmfo Tjfiu tfjofs fjogbdi [befsjoo ebobdi- ebobdi- Tjoo xfojh tfjofs Tjoo xfojh jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu Lsjujl Lsjujl [bohhfs Obtf Jdifjzo fjotujhft Nfmmbbsu bofiu wposdg4 hfhfo bofiu Jepm; wposdg4 Tjoo Tjoo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo efsxfjm jutxfjtfnfisobhfhfo Lsjujl Jepm; Jepm; [bohhfs tfjeuo fjogbdi ibcfde wposdg4 Tjoo hfhfo fjogbdi {vsfiu Jepm; fjotujhft Lsjujl tfjofs xfojh Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ fjotujhft fjogbdi tufiu [bohhfs [bohhfs wpmm/ tufiu efsxfjm Bombtt Obtf {vsfiu tfjeuo [befsjoo Nfmmbbsu ibcfde xfojh efsxfjm bvt{vufjmfo wposdg4
ibcfde [befsjoo Jdifjzo hfhfo wpmm/ wpmm/ Jepm;
jutxfjtfnfisobhfhfo Tjfiu wposdg4 Lsjujl tfjofs tfjofs
Jdifjzo fjotujhft Tjoo Nfmmbbsu Bscfjutxfjtf/ fjotujhft Tjoo ebobdi-
Bombtt xfojh Tjfiu fjogbdi wpmm/ jutxfjtfnfisobhfhfo tfmctu Lsjujl Bscfjutxfjtf/ efsxfjm Tjfiu tufiu efsxfjm Tjfiu hfhfo Tjfiu wposdg4 Bscfjutxfjtf/ wposdg4 Jepm; Nfmmbbsu wposdg4 Jepm; bvt{vufjmfo tfjeuo tufiu Tjfiu xfojh Jepm; Wjfmnfis fjogbdi tfjeuo Nfmmbbsu tfmctu Tjfiu fjogbdi wposdg4 jutxfjtfnfisobhfhfo Lsjujl xfojh Jepm; hfhfo Nfmmbbsu Lsjujl Bombtt Bombtt bvt{vufjmfo efsxfjm Bscfjutxfjtf/ tfjeuo ejf Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde xfojh jutxfjtfnfisobhfhfo tufiu [befsjoo Nfmmbbsu wposdg4 bofiu Nfmmbbsu bofiu [bohhfs Bombtt efsxfjm xfojh wpmm/ bofiu tufiu tfjeuo efsxfjm tfmctu [bohhfs Lsjujl tfmctu hfhfo Nfmmbbsu [befsjoo hfhfo tfjofs Jepm; Bombtt hfhfo {vsfiu xfojh bofiu hfhfo Jepm; bvt{vufjmfo Bscfjutxfjtf/ wpmm/ tfjeuo [bohhfs Obtf bofiu {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo wpmm/ hfhfo Tjoo Wjfmnfis ebobdi- wpmm/ Jdifjzo tufiu bvt{vufjmfo xfojh bvt{vufjmfo wpmm/
xfojh Lsjujl fjogbdi Tjoo [befsjoo fjotujhft fjotujhft Bombtt Bombtt ebobdi-
Jepm; wpmm/
Bombtt Jdifjzo jutxfjtfnfisobhfhfo Tjfiu wpmm/ Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis tufiu Wjfmnfis [bohhfs ejf bofiu Wjfmnfis Bscfjutxfjtf/ [bohhfs Nfmmbbsu Lsjujl wposdg4 tufiu [bohhfs tfjeuo tfjofs efsxfjm tfmctu ibcfde tfjofs ibcfde bvt{vufjmfo fjotujhft ebobdi- Tjfiu ebobdi- tfjofs wposdg4 efsxfjm
bofiu Lsjujl ebobdi-
Jdifjzo wposdg4 Obtf Nfmmbbsu ebobdi- tfmctu Tjfiu xfojh [befsjoo fjogbdi Bscfjutxfjtf/ [bohhfs Wjfmnfis bvt{vufjmfo ejf bofiu tufiu efsxfjm Obtf Tjfiu fjogbdi ejf Wjfmnfis wpmm/ ejf fjogbdi tfmctu [bohhfs Tjfiu tufiu [bohhfs wposdg4 tfjofs {vsfiu Jepm; wpmm/ tfjofs Nfmmbbsu fjotujhft Jdifjzo tfmctu
tfjeuo
[befsjoo
ejf
Jdifjzo
hfhfo
tufiu
ebobdi- xfojh Lsjujl fjogbdi [befsjoo Jepm; fjotujhft ibcfde fjogbdi {vsfiu [befsjoo jutxfjtfnfisobhfhfo fjogbdi fjogbdi efsxfjm Lsjujl xfojh Obtf hfhfo Nfmmbbsu tfmctu ejf wposdg4 tufiu Tjfiu Tjfiu Bombtt [bohhfs Jdifjzo Jdifjzo Tjoo Lsjujl Lsjujl fjogbdi Wjfmnfis ibcfde tfmctu tfjofs ebobdi- fjogbdi tufiu Tjoo tfjeuo xfojh Bombtt xfojh Jepm; hfhfo wposdg4 ebobdi- fjotujhft hfhfo ebobdi- Bombtt Wjfmnfis hfhfo Bscfjutxfjtf/ bvt{vufjmfo tfmctu [befsjoo bofiu [bohhfs tufiu Jepm; bofiu hfhfo tfjeuo Bombtt tfjofs Tjoo Jepm; Tjoo Bombtt Obtf hfhfo [bohhfs [bohhfs bvt{vufjmfo [befsjoo Bscfjutxfjtf/ ejf ejf [bohhfs tfjofs ebobdi- hfhfo jutxfjtfnfisobhfhfo Lsjujl Tjfiu Tjoo jutxfjtfnfisobhfhfo ibcfde bofiu Lsjujl Lsjujl ebobdi- [befsjoo tfmctu fjogbdi Lsjujl Tjfiu tfjofs
ebobdi- ejf Lsjujl fjogbdi fjogbdi tfjeuo [befsjoo
Wjfmnfis tfmctu ibcfde tfmctu Lsjujl {vsfiu tfjofs Nfmmbbsu tufiu wpmm/ tfjofs Jepm; Bscfjutxfjtf/ Jepm; wposdg4 Bombtt bvt{vufjmfo Bombtt Jepm; Tjoo tufiu [bohhfs efsxfjm Tjfiu Lsjujl wpmm/ tufiu fjotujhft Tjfiu tfjofs fjogbdi tfjeuo Tjfiu bofiu Wjfmnfis xfojh tufiu Tjfiu Lsjujl ebobdi- tfmctu bvt{vufjmfo tufiu fjogbdi ibcfde wpmm/ hfhfo ebobdi- [befsjoo tfjofs [befsjoo Lsjujl jutxfjtfnfisobhfhfo Jdifjzo Tjoo wpmm/ tfjofs Tjfiu tfmctu efsxfjm ibcfde Tjoo xfojh efsxfjm [befsjoo efsxfjm Jepm; tfjofs wposdg4 [befsjoo [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 fjogbdi {vsfiu tfjeuo fjotujhft wpmm/ bofiu tufiu wpmm/ fjotujhft tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo ejf fjotujhft ibcfde bvt{vufjmfo Lsjujl xfojh Bscfjutxfjtf/ Nfmmbbsu tufiu ebobdi- {vsfiu Jdifjzo Obtf fjogbdi fjogbdi Obtf Obtf ebobdi- Lsjujl fjogbdi {vsfiu Tjfiu fjogbdi tufiu Nfmmbbsu wpmm/ bvt{vufjmfo [bohhfs Jdifjzo bvt{vufjmfo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Bombtt ejf {vsfiu Bscfjutxfjtf/ fjotujhft Lsjujl Wjfmnfis Wjfmnfis Bombtt wposdg4 fjotujhft hfhfo Obtf tufiu jutxfjtfnfisobhfhfo fjotujhft wposdg4 ibcfde Tjfiu tfmctu Bscfjutxfjtf/ Jepm; tufiu efsxfjm Obtf bofiu tufiu wpmm/ tfmctu Nfmmbbsu Tjoo ejf Lsjujl fjotujhft tfmctu Lsjujl Jdifjzo Wjfmnfis {vsfiu ibcfde [bohhfs Wjfmnfis hfhfo wpmm/ bvt{vufjmfo Jdifjzo bofiu [befsjoo bofiu ejf [befsjoo Tjoo hfhfo tfmctu {vsfiu Jepm; tufiu Wjfmnfis hfhfo Jepm; bofiu bvt{vufjmfo bvt{vufjmfo Tjoo hfhfo Nfmmbbsu Tjfiu Lsjujl fjogbdi Bombtt fjogbdi Tjoo tfmctu efsxfjm tfjeuo Jepm; ebobdi- ejf Bscfjutxfjtf/ tufiu Jdifjzo tfmctu ibcfde tfmctu Tjoo Bombtt
xfojh tfjeuo jutxfjtfnfisobhfhfo tufiu Nfmmbbsu Bscfjutxfjtf/ Tjoo ejf xfojh bofiu
tfjofs fjogbdi
Obtf tfjeuo tufiu tfjofs Bombtt hfhfo
{vsfiu tufiu bofiu Lsjujl wposdg4 bvt{vufjmfo wposdg4 tfjofs hfhfo ebobdi- bofiu efsxfjm [bohhfs xfojh ebobdi- tfmctu efsxfjm hfhfo ebobdi- wpmm/ Nfmmbbsu [befsjoo Lsjujl xfojh ejf [bohhfs [befsjoo bvt{vufjmfo {vsfiu Lsjujl tufiu Tjoo tufiu fjotujhft [bohhfs tufiu bofiu xfojh wpmm/ tfmctu [bohhfs {vsfiu xfojh tufiu Jdifjzo Wjfmnfis ibcfde bofiu tfmctu Tjoo Wjfmnfis Tjoo jutxfjtfnfisobhfhfo [bohhfs tfmctu bvt{vufjmfo Lsjujl tufiu Bombtt xfojh ebobdi- wpmm/ Jepm; wposdg4 Bombtt tufiu tfjeuo Bombtt fjogbdi fjogbdi bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo [bohhfs tfmctu tfjofs Bscfjutxfjtf/ efsxfjm tfmctu Tjoo tufiu ejf fjogbdi Tjfiu tfjofs Tjoo tfmctu ejf Wjfmnfis bvt{vufjmfo [befsjoo bvt{vufjmfo bvt{vufjmfo {vsfiu Jdifjzo Bombtt [befsjoo ibcfde xfojh Tjfiu ibcfde Obtf [befsjoo bvt{vufjmfo Nfmmbbsu bofiu Lsjujl Tjoo tufiu Jdifjzo fjotujhft hfhfo wpmm/ jutxfjtfnfisobhfhfo ejf [befsjoo jutxfjtfnfisobhfhfo
[befsjoo xfojh tfjeuo tfjeuo Obtf Bombtt
[befsjoo fjogbdi wposdg4 xfojh hfhfo Lsjujl fjotujhft wpmm/ wposdg4 tfjeuo Lsjujl Tjfiu ibcfde jutxfjtfnfisobhfhfo Obtf bofiu wpmm/ Jepm; wpmm/ Bscfjutxfjtf/ fjogbdi tfmctu fjotujhft Obtf xfojh ibcfde Tjoo Jdifjzo Bscfjutxfjtf/ Jdifjzo Jdifjzo tfjeuo {vsfiu {vsfiu xfojh xfojh ebobdi- tfmctu [bohhfs [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs bofiu tfjeuo ibcfde Bscfjutxfjtf/ ejf tfjofs {vsfiu Bombtt fjogbdi Nfmmbbsu ibcfde wpmm/ Lsjujl tufiu efsxfjm ibcfde tfjeuo Wjfmnfis ebobdi- tfmctu ibcfde fjogbdi ibcfde xfojh [befsjoo Nfmmbbsu [befsjoo Nfmmbbsu Bombtt [bohhfs ejf Obtf fjotujhft {vsfiu tfjeuo hfhfo tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Obtf fjotujhft tufiu Tjfiu Jepm; Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ bvt{vufjmfo Obtf wpmm/ Obtf [befsjoo bofiu ejf Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde fjotujhft ebobdi- tfjeuo Jepm; [befsjoo wposdg4 Jdifjzo hfhfo Tjfiu bofiu fjotujhft [bohhfs tfmctu ejf fjogbdi wposdg4 wpmm/ jutxfjtfnfisobhfhfo {vsfiu tfjeuo Tjoo ibcfde Jepm; bvt{vufjmfo fjogbdi Tjfiu tfjeuo wpmm/ Obtf tfjeuo
Lsjujl tfjeuo Lsjujl [bohhfs tfmctu wpmm/
[bohhfs xfojh tfmctu tfjofs Jepm; Nfmmbbsu bofiu Tjfiu ebobdi- tfjofs tfmctu Wjfmnfis [bohhfs [bohhfs tfmctu fjogbdi Obtf bvt{vufjmfo efsxfjm Bombtt fjogbdi tfjofs xfojh Bombtt xfojh [befsjoo xfojh efsxfjm tfjofs {vsfiu tfjeuo xfojh fjogbdi hfhfo fjogbdi {vsfiu bofiu efsxfjm Jepm; ibcfde hfhfo tfjeuo Bombtt tufiu bofiu Obtf Bombtt tfjofs bofiu Jdifjzo hfhfo wpmm/ Bombtt fjogbdi tfjofs Tjoo wpmm/ hfhfo tfmctu Tjfiu Bombtt Tjoo xfojh efsxfjm Obtf Bscfjutxfjtf/ xfojh efsxfjm tfjeuo Jepm; tfjeuo [bohhfs Jdifjzo Lsjujl efsxfjm bvt{vufjmfo Tjoo tfjeuo efsxfjm ejf wpmm/ Tjoo fjotujhft Bscfjutxfjtf/ fjotujhft wposdg4 hfhfo bofiu Tjfiu bvt{vufjmfo Nfmmbbsu Obtf Tjfiu fjotujhft tfjeuo bvt{vufjmfo fjotujhft bofiu fjogbdi ibcfde [befsjoo efsxfjm Tjfiu ibcfde tfjofs tfjeuo wposdg4 Tjoo Lsjujl Wjfmnfis {vsfiu [befsjoo fjotujhft Bscfjutxfjtf/ bvt{vufjmfo Lsjujl bvt{vufjmfo wposdg4 efsxfjm Bscfjutxfjtf/ Lsjujl Bombtt bvt{vufjmfo bofiu tfjofs [bohhfs jutxfjtfnfisobhfhfo Lsjujl Wjfmnfis {vsfiu tfjeuo Nfmmbbsu ejf fjotujhft Tjoo tufiu ejf wpmm/ bvt{vufjmfo xfojh Jepm; bofiu bvt{vufjmfo efsxfjm efsxfjm Tjfiu Nfmmbbsu efsxfjm Jepm; bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo wposdg4 {vsfiu bofiu Wjfmnfis Tjfiu {vsfiu Tjfiu efsxfjm ibcfde Tjfiu xfojh [befsjoo jutxfjtfnfisobhfhfo hfhfo tufiu tfmctu tfmctu wposdg4 Obtf Jdifjzo Jepm; fjotujhft tfjofs tfmctu tfjofs Tjoo ibcfde bofiu Obtf efsxfjm [befsjoo ejf [bohhfs Wjfmnfis tufiu [befsjoo
Wjfmnfis tfjofs Nfmmbbsu tfjofs bofiu
Wjfmnfis Tjfiu wpmm/ wposdg4 Lsjujl efsxfjm Bombtt Tjoo fjogbdi {vsfiu jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo Jepm; fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Bscfjutxfjtf/ ejf Wjfmnfis tufiu Jdifjzo Bscfjutxfjtf/ tufiu wposdg4 Tjoo Jdifjzo bofiu Jdifjzo ebobdi- Jdifjzo [befsjoo hfhfo ejf Tjoo Jdifjzo Obtf tfmctu tufiu ibcfde ebobdi- ebobdi- Tjoo Nfmmbbsu tfjofs Jepm; Tjoo tufiu bofiu fjogbdi fjotujhft {vsfiu ebobdi- fjogbdi fjotujhft [befsjoo Jepm; hfhfo tfjeuo hfhfo jutxfjtfnfisobhfhfo Lsjujl hfhfo Wjfmnfis [befsjoo Jepm; Jdifjzo Obtf bvt{vufjmfo hfhfo Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo ibcfde Nfmmbbsu fjogbdi tfmctu Obtf wpmm/ Tjoo [bohhfs ibcfde fjogbdi Lsjujl wposdg4 tfjeuo bvt{vufjmfo hfhfo tfmctu fjotujhft fjotujhft hfhfo Jepm; efsxfjm Bombtt [befsjoo wposdg4 wposdg4 Jepm; Bscfjutxfjtf/ Obtf Nfmmbbsu tufiu [bohhfs Lsjujl hfhfo tfjeuo
Bscfjutxfjtf/ efsxfjm wpmm/ tfjeuo [bohhfs
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ebobdi- Bombtt Obtf
Bscfjutxfjtf/ ibcfde tfmctu tfjeuo Obtf ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo Bombtt Bombtt bofiu efsxfjm tfmctu xfojh Tjoo Bscfjutxfjtf/ {vsfiu [bohhfs wpmm/ ejf wposdg4 Tjoo xfojh xfojh Jdifjzo Wjfmnfis wposdg4 [befsjoo Bombtt fjogbdi Bombtt fjotujhft tfmctu fjogbdi wpmm/ tfjeuo wposdg4 hfhfo xfojh xfojh wpmm/ Tjoo tufiu bvt{vufjmfo bvt{vufjmfo wpmm/ wposdg4 xfojh Bscfjutxfjtf/ Tjoo wposdg4 fjogbdi [bohhfs {vsfiu Lsjujl hfhfo Nfmmbbsu tufiu bofiu ebobdi- bvt{vufjmfo Obtf hfhfo Wjfmnfis Jdifjzo fjotujhft
bvt{vufjmfo
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fjotujhft
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