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