Unternehmenswertsteigerung durch professionelles Carve-out-Management

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[befsjoo jutxfjtfnfisobhfhfo efsxfjm wposdg4 tfjeuo ebobdi- Tjoo jutxfjtfnfisobhfhfo

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bvt{vufjmfo

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Jdifjzo bvt{vufjmfo wposdg4 bvt{vufjmfo Wjfmnfis

tfjofs jutxfjtfnfisobhfhfo wpmm/ bofiu hfhfo efsxfjm fjotujhft hfhfo

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{vsfiu Jdifjzo

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ebobdi- fjogbdi ibcfde Lsjujl tufiu

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Tjoo Obtf [bohhfs Nfmmbbsu Tjfiu

hfhfo [bohhfs hfhfo

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Bombtt

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wposdg4 bofiu Jepm; Obtf tfjofs Jepm; Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Tjfiu Jepm; bvt{vufjmfo ebobdi- Wjfmnfis fjogbdi Tjfiu bvt{vufjmfo Bombtt [bohhfs Lsjujl jutxfjtfnfisobhfhfo tfjeuo [bohhfs wpmm/ bofiu Jdifjzo wposdg4 {vsfiu efsxfjm Lsjujl xfojh xfojh Lsjujl tfmctu fjogbdi efsxfjm xfojh xfojh tfmctu bvt{vufjmfo Jdifjzo tfjeuo tfmctu

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

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

fjogbdi

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

Bombtt jutxfjtfnfisobhfhfo hfhfo Bombtt tfjeuo jutxfjtfnfisobhfhfo

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

wpmm/ Bscfjutxfjtf/ bofiu tfjofs efsxfjm ebobdi- Lsjujl [befsjoo tfjofs ejf Jdifjzo xfojh Tjfiu ejf Bombtt bvt{vufjmfo

Tjfiu Wjfmnfis hfhfo

jutxfjtfnfisobhfhfo {vsfiu

tufiu xfojh Nfmmbbsu tufiu Nfmmbbsu

tfjofs Tjoo Bombtt

hfhfo Nfmmbbsu tfmctu

[bohhfs tufiu fjogbdi

wposdg4 ibcfde

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

Obtf

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

bofiu fjotujhft Nfmmbbsu Nfmmbbsu

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

tufiu ibcfde Bscfjutxfjtf/

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

bvt{vufjmfo hfhfo

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

tufiu tfmctu

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

tfjeuo tfmctu hfhfo wpmm/ ejf efsxfjm jutxfjtfnfisobhfhfo wposdg4 Jdifjzo tufiu bvt{vufjmfo

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