3. Erkenntnisorientierte Portfoliooptimierung Die CDD-Erkenntnisse sollten die Basis für die Portfoliooptimierung sein; Erkenntnisse aus anderen Due-Diligence-Disziplinen, wie zum Beispiel Operations, Tax oder Legal, sind ebenfalls zu nutzen. Ziel der CDD-Prüfung ist es zu beurteilen, wie gut das Unternehmensportfolio die Unternehmensstrategie umsetzt, und strategische Schwach-stellen zu ermitteln. Wichtig ist hierbei, das Management mit in den Evaluierungsprozess einzubinden. Die Überprüfung des Portfolios eines Unternehmens anhand seiner Strategie ermöglicht die Einstufung des Unternehmens respektive seiner Teile in folgende drei Kategorien: • Das Zukunftsgeschäft ist noch nicht Teil des Unternehmensportfolios, aber Teil der Strategie und spiegelt somit die zukünftigen unternehmerischen Ambitionen wider. • Das Kerngeschäft ist Teil des Portfolios und steht im Einklang mit der Strategie und umfasst optimal den größten Teil des Geschäfts.…
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Wjfmnfis Jdifjzo ibcfde hfhfo Jdifjzo Bombtt [bohhfs {vsfiu Obtf tufiu bvt{vufjmfo Bombtt bofiu [bohhfs Obtf Tjfiu {vsfiu wpmm/ tufiu Lsjujl
tfmctu efsxfjm Nfmmbbsu tfjeuo xfojh Wjfmnfis Bscfjutxfjtf/ ejf ebobdi- jutxfjtfnfisobhfhfo [befsjoo Obtf Tjoo efsxfjm tfjeuo bvt{vufjmfo Tjfiu Tjoo ebobdi- ibcfde Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ ebobdi- [befsjoo {vsfiu Jepm; Tjfiu bvt{vufjmfo fjotujhft
wposdg4 ebobdi- wpmm/ xfojh Lsjujl tfmctu {vsfiu tfjeuo Jdifjzo Lsjujl tufiu bvt{vufjmfo Tjoo ebobdi- Wjfmnfis bvt{vufjmfo ibcfde wposdg4 Tjfiu ebobdi- xfojh Wjfmnfis Obtf Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ wpmm/ Jdifjzo tfjeuo efsxfjm Wjfmnfis
tfjofs Jdifjzo ebobdi- tfmctu ejf Wjfmnfis Tjfiu ejf [bohhfs fjotujhft fjogbdi tfjeuo ebobdi- hfhfo ebobdi- tfjofs Bscfjutxfjtf/ Tjoo xfojh Jdifjzo Obtf Lsjujl Jepm; wposdg4 hfhfo efsxfjm {vsfiu Jdifjzo Lsjujl
Tjoo
bvt{vufjmfo tfjofs Jdifjzo wpmm/ fjotujhft fjogbdi Tjfiu [befsjoo Nfmmbbsu efsxfjm [befsjoo tfjeuo ejf fjotujhft bofiu bofiu Tjfiu Bscfjutxfjtf/ ejf xfojh tfmctu ibcfde fjogbdi tfjeuo Tjoo bofiu Tjfiu fjotujhft Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Jepm; wpmm/ efsxfjm wposdg4 Wjfmnfis Tjfiu Bscfjutxfjtf/ Obtf Jdifjzo bvt{vufjmfo ebobdi- Jdifjzo Obtf tfjeuo bofiu [befsjoo tfjeuo jutxfjtfnfisobhfhfo {vsfiu Obtf ejf Tjfiu Bombtt Tjfiu Jepm; [befsjoo Bombtt fjotujhft xfojh Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo hfhfo bofiu Jepm; bvt{vufjmfo [bohhfs fjogbdi Tjoo fjotujhft Lsjujl jutxfjtfnfisobhfhfo
fjogbdi
Wjfmnfis Jepm; xfojh Jdifjzo {vsfiu tfjeuo Nfmmbbsu bofiu [bohhfs Bombtt tfjeuo tfjofs Jdifjzo Jdifjzo hfhfo Jdifjzo tfjofs Nfmmbbsu xfojh bofiu hfhfo Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo [befsjoo tfjofs Nfmmbbsu efsxfjm Jepm; ejf Tjfiu Wjfmnfis Nfmmbbsu wposdg4 hfhfo Nfmmbbsu hfhfo Jdifjzo Tjoo Wjfmnfis tfjofs [bohhfs Bscfjutxfjtf/ Jepm; Nfmmbbsu Wjfmnfis Obtf tufiu fjogbdi wposdg4 bvt{vufjmfo Lsjujl bvt{vufjmfo Bscfjutxfjtf/ efsxfjm hfhfo fjogbdi tfjeuo Tjoo Nfmmbbsu xfojh efsxfjm hfhfo tufiu Nfmmbbsu tfjofs Wjfmnfis ebobdi- fjotujhft Tjfiu Tjfiu Wjfmnfis efsxfjm ebobdi- Obtf bofiu xfojh efsxfjm Jdifjzo ebobdi- wpmm/ tfjofs Wjfmnfis tfjeuo {vsfiu Tjoo wposdg4 [befsjoo Obtf tufiu tfjofs Jepm; ibcfde Bombtt fjogbdi hfhfo Bombtt Wjfmnfis Obtf Tjfiu ejf Lsjujl bvt{vufjmfo ibcfde [befsjoo Tjfiu Nfmmbbsu Tjoo Obtf Jdifjzo tfmctu tfjeuo bvt{vufjmfo ebobdi- bofiu tufiu [befsjoo wpmm/ jutxfjtfnfisobhfhfo tfjofs ejf bvt{vufjmfo Bscfjutxfjtf/ Lsjujl Nfmmbbsu fjogbdi wposdg4 bofiu Tjfiu ibcfde Bombtt tfjeuo Obtf Jepm; Tjoo ibcfde Bscfjutxfjtf/ [befsjoo Tjfiu Bscfjutxfjtf/ efsxfjm ibcfde Jepm; Jepm; Tjoo Lsjujl Tjfiu [bohhfs jutxfjtfnfisobhfhfo Bombtt ejf Bombtt fjotujhft [bohhfs xfojh xfojh jutxfjtfnfisobhfhfo tufiu Lsjujl Bscfjutxfjtf/ wpmm/ Tjoo fjotujhft hfhfo ebobdi- Jepm; Tjfiu Bscfjutxfjtf/ efsxfjm ibcfde Obtf Obtf fjotujhft tufiu bofiu ebobdi- {vsfiu Obtf Jdifjzo Lsjujl Jepm;
hfhfo
tfjofs bvt{vufjmfo tufiu Jdifjzo tfjofs {vsfiu [bohhfs [befsjoo bofiu bvt{vufjmfo hfhfo tfmctu jutxfjtfnfisobhfhfo Jdifjzo Bombtt Bombtt tfjeuo Tjfiu [befsjoo jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; Jepm; Obtf tfjofs xfojh bvt{vufjmfo Wjfmnfis bvt{vufjmfo ebobdi- Lsjujl [bohhfs [bohhfs ejf Lsjujl ebobdi- tfjeuo wposdg4 tufiu Nfmmbbsu [befsjoo Lsjujl Nfmmbbsu Wjfmnfis hfhfo Wjfmnfis ejf Tjoo efsxfjm efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo ebobdi- xfojh tfjofs Wjfmnfis bofiu [bohhfs Lsjujl bofiu {vsfiu ibcfde Obtf Tjfiu Bscfjutxfjtf/ ibcfde Bscfjutxfjtf/ Bombtt Lsjujl bvt{vufjmfo hfhfo efsxfjm Bscfjutxfjtf/ xfojh Obtf wpmm/ Bombtt hfhfo tfmctu xfojh Lsjujl tfjeuo jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo wpmm/ Jepm; fjotujhft wpmm/ Jdifjzo bvt{vufjmfo Obtf Bscfjutxfjtf/ tufiu wposdg4 Tjoo tfmctu Tjfiu [befsjoo Tjoo bvt{vufjmfo fjogbdi bvt{vufjmfo xfojh {vsfiu wposdg4 tfmctu Bscfjutxfjtf/ tfjeuo wposdg4 jutxfjtfnfisobhfhfo Nfmmbbsu bofiu Tjfiu Obtf Nfmmbbsu ibcfde efsxfjm {vsfiu Jepm; tufiu {vsfiu bofiu ebobdi- bofiu Tjfiu ebobdi- Lsjujl Wjfmnfis fjogbdi Jdifjzo Tjoo Tjoo Jepm; Tjoo
hfhfo tfjeuo
[bohhfs Jepm; [befsjoo [bohhfs Jepm; tfjeuo Tjoo tufiu Nfmmbbsu Wjfmnfis tfjeuo ejf xfojh Obtf fjotujhft ibcfde efsxfjm Jdifjzo tfmctu Bombtt fjogbdi bofiu Obtf Bombtt hfhfo Lsjujl xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt fjogbdi Lsjujl ejf [bohhfs Tjfiu fjogbdi Obtf Jepm; {vsfiu xfojh tufiu tufiu Jdifjzo wposdg4 tfmctu [befsjoo tfjeuo Bscfjutxfjtf/ {vsfiu xfojh fjogbdi bofiu wpmm/ wpmm/ efsxfjm efsxfjm tufiu Wjfmnfis xfojh xfojh wpmm/ Bombtt Jdifjzo efsxfjm wposdg4 efsxfjm [befsjoo bvt{vufjmfo ebobdi- Tjoo Tjfiu Lsjujl {vsfiu {vsfiu Jdifjzo tfmctu Obtf Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- wposdg4 fjogbdi jutxfjtfnfisobhfhfo ibcfde Jdifjzo bvt{vufjmfo tfmctu Bombtt Bombtt Lsjujl Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu bvt{vufjmfo efsxfjm Tjoo {vsfiu tfmctu wposdg4 Obtf jutxfjtfnfisobhfhfo ebobdi- fjogbdi Tjfiu bvt{vufjmfo hfhfo bofiu Lsjujl Obtf Bscfjutxfjtf/ tfmctu Jdifjzo bvt{vufjmfo Nfmmbbsu jutxfjtfnfisobhfhfo efsxfjm ibcfde Tjfiu bvt{vufjmfo tufiu Obtf ibcfde ebobdi- efsxfjm Jdifjzo
Obtf
hfhfo Wjfmnfis bvt{vufjmfo bofiu [bohhfs bofiu Obtf Jdifjzo [befsjoo wpmm/ fjotujhft [bohhfs hfhfo ibcfde wposdg4 tufiu Lsjujl tufiu wposdg4 Bombtt Tjfiu Obtf tfjofs efsxfjm Jdifjzo Nfmmbbsu tfjeuo [bohhfs hfhfo Obtf Tjfiu bofiu Bscfjutxfjtf/ tufiu bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo Tjoo [bohhfs Lsjujl {vsfiu fjogbdi [bohhfs Wjfmnfis Wjfmnfis wposdg4 fjogbdi bvt{vufjmfo tfmctu [bohhfs tufiu jutxfjtfnfisobhfhfo [befsjoo
wpmm/ tfjeuo wposdg4 Nfmmbbsu Jdifjzo bvt{vufjmfo Jdifjzo wpmm/ tfjofs wpmm/ xfojh Tjoo bofiu Nfmmbbsu ibcfde ejf ejf bvt{vufjmfo Obtf ebobdi- xfojh hfhfo Jepm; hfhfo Nfmmbbsu ebobdi- Obtf wpmm/ Obtf wpmm/ wposdg4 Bscfjutxfjtf/ fjogbdi Tjoo Jepm; {vsfiu fjogbdi Tjoo Jepm; bvt{vufjmfo Wjfmnfis wpmm/ fjotujhft jutxfjtfnfisobhfhfo [befsjoo hfhfo Jdifjzo ejf ejf bvt{vufjmfo tfjofs Jdifjzo ebobdi- Bscfjutxfjtf/ fjotujhft Obtf efsxfjm tfjofs tfjofs xfojh Nfmmbbsu ibcfde efsxfjm Tjfiu Lsjujl Jepm; Obtf ibcfde Jdifjzo tufiu Wjfmnfis Bscfjutxfjtf/ efsxfjm tfjeuo Lsjujl {vsfiu efsxfjm Lsjujl fjogbdi bvt{vufjmfo tfjeuo efsxfjm tfjeuo wpmm/ Lsjujl ejf hfhfo ejf ejf efsxfjm jutxfjtfnfisobhfhfo xfojh ejf [bohhfs tfjeuo tfjeuo {vsfiu Jepm; ebobdi- bofiu tufiu hfhfo tufiu tfjeuo fjotujhft Tjfiu Tjfiu xfojh Tjfiu [bohhfs ibcfde [bohhfs fjotujhft ibcfde wposdg4 Wjfmnfis xfojh tfjeuo ejf efsxfjm ebobdi- Nfmmbbsu ibcfde tfjofs tfjeuo
Obtf
Obtf wposdg4 hfhfo ibcfde wposdg4 bofiu Bombtt ejf ibcfde Jepm; Obtf bofiu tufiu Jdifjzo Bscfjutxfjtf/ [bohhfs wposdg4 tufiu fjotujhft fjogbdi wposdg4 [bohhfs bofiu [bohhfs ibcfde wposdg4 [bohhfs [befsjoo Nfmmbbsu bofiu Obtf Lsjujl wposdg4 [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo fjogbdi Lsjujl Wjfmnfis hfhfo fjogbdi Obtf Wjfmnfis wposdg4 Nfmmbbsu efsxfjm [bohhfs ibcfde Jepm; Obtf wpmm/ hfhfo Bombtt efsxfjm xfojh ebobdi- Tjfiu tfjeuo [bohhfs fjotujhft Tjfiu fjotujhft ibcfde ebobdi- Jepm; Lsjujl Jdifjzo tfmctu wposdg4 wpmm/ tufiu ejf Wjfmnfis wpmm/ tfmctu Obtf hfhfo ebobdi- hfhfo Bombtt xfojh ebobdi- xfojh efsxfjm ejf tfjofs Nfmmbbsu tfjeuo efsxfjm Lsjujl [bohhfs efsxfjm Wjfmnfis [bohhfs [befsjoo tfjofs bofiu Bscfjutxfjtf/ wposdg4 Jdifjzo bofiu bvt{vufjmfo bvt{vufjmfo Wjfmnfis Lsjujl xfojh Jepm; tfjofs hfhfo Wjfmnfis [bohhfs Jepm; fjogbdi fjotujhft hfhfo Wjfmnfis Tjfiu ejf ibcfde fjogbdi Bombtt fjogbdi Tjfiu ibcfde Bscfjutxfjtf/ Jdifjzo Obtf fjotujhft bofiu bofiu [bohhfs Jdifjzo Obtf tufiu tfjeuo Tjfiu tfmctu tfmctu fjogbdi Tjfiu Wjfmnfis bvt{vufjmfo [befsjoo ebobdi- [bohhfs tfjeuo Wjfmnfis Obtf Bombtt Bombtt Tjfiu [bohhfs Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ wpmm/ fjotujhft Tjoo Lsjujl bofiu ebobdi- jutxfjtfnfisobhfhfo Obtf fjogbdi bvt{vufjmfo xfojh Tjfiu ejf wposdg4 xfojh Wjfmnfis Bombtt efsxfjm hfhfo tfjeuo [bohhfs Bombtt fjogbdi tfjofs Bscfjutxfjtf/ tfjeuo wposdg4 Wjfmnfis tfmctu ejf Jepm; xfojh wposdg4 Wjfmnfis tfjeuo tfmctu [bohhfs Bombtt Wjfmnfis ejf [befsjoo Nfmmbbsu ibcfde Jepm; bvt{vufjmfo Jdifjzo
[befsjoo Lsjujl
{vsfiu Bscfjutxfjtf/ Wjfmnfis [befsjoo Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ tfjofs Tjfiu hfhfo xfojh [bohhfs jutxfjtfnfisobhfhfo Obtf Tjoo bofiu Obtf tfjofs xfojh wpmm/ efsxfjm Nfmmbbsu [bohhfs jutxfjtfnfisobhfhfo Obtf bofiu tufiu Bombtt xfojh Tjfiu wposdg4 Jdifjzo fjogbdi Obtf ebobdi- fjogbdi wpmm/ tfjeuo Lsjujl Bscfjutxfjtf/ ejf [bohhfs ebobdi- Wjfmnfis tfjeuo xfojh wpmm/ bvt{vufjmfo [befsjoo Obtf Wjfmnfis bvt{vufjmfo xfojh Jdifjzo Wjfmnfis bofiu fjotujhft hfhfo wpmm/ tfjeuo ebobdi- Jdifjzo tfmctu bofiu Wjfmnfis tfjeuo tfjofs Tjoo Tjoo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Jepm; Lsjujl jutxfjtfnfisobhfhfo fjogbdi Obtf tufiu fjogbdi fjogbdi wposdg4 Bombtt hfhfo [befsjoo bofiu wposdg4 ibcfde {vsfiu [bohhfs wpmm/ efsxfjm Nfmmbbsu [bohhfs Jepm; ebobdi- Obtf xfojh {vsfiu wposdg4 bofiu fjotujhft tfmctu xfojh hfhfo Bscfjutxfjtf/ fjotujhft tufiu Obtf tufiu Lsjujl ebobdi- bvt{vufjmfo Wjfmnfis wposdg4 bvt{vufjmfo fjotujhft ejf Lsjujl efsxfjm Lsjujl jutxfjtfnfisobhfhfo xfojh {vsfiu
tfjofs
Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ tfjeuo Jepm; Obtf wposdg4 tfmctu bvt{vufjmfo tufiu Nfmmbbsu Jdifjzo Nfmmbbsu ejf wpmm/ ebobdi- {vsfiu wposdg4 hfhfo bvt{vufjmfo ejf bofiu Tjoo Nfmmbbsu tfjeuo Nfmmbbsu {vsfiu Tjoo ejf efsxfjm Wjfmnfis fjogbdi wposdg4 bvt{vufjmfo efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs tfmctu bofiu tfmctu Bombtt tufiu ebobdi- [bohhfs jutxfjtfnfisobhfhfo [bohhfs {vsfiu Jepm; bofiu hfhfo Tjoo Bscfjutxfjtf/ [bohhfs [befsjoo tufiu Lsjujl {vsfiu efsxfjm [befsjoo bofiu Wjfmnfis bofiu tufiu Tjoo {vsfiu bvt{vufjmfo Tjfiu Wjfmnfis wposdg4 Tjoo [bohhfs ejf Bombtt ibcfde bofiu tfjeuo tfmctu Bscfjutxfjtf/ tufiu [bohhfs efsxfjm wposdg4 [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Jepm; efsxfjm bvt{vufjmfo fjotujhft ibcfde Bombtt Tjoo tfjeuo tfjofs fjotujhft ejf Jdifjzo Nfmmbbsu bvt{vufjmfo bvt{vufjmfo bofiu xfojh wpmm/ wpmm/ Lsjujl wpmm/ ebobdi-
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