{"id":4008,"date":"2026-09-02T12:48:25","date_gmt":"2026-09-02T10:48:25","guid":{"rendered":"https:\/\/www.abacus-cf.com\/en\/?page_id=4008"},"modified":"2026-09-03T12:14:17","modified_gmt":"2026-09-03T10:14:17","slug":"faq","status":"publish","type":"page","link":"https:\/\/www.abacus-cf.com\/en\/faq\/","title":{"rendered":"FAQ"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"4008\" class=\"elementor elementor-4008\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fb2e78d page-title-inner e-flex e-con-boxed e-con e-parent\" data-id=\"fb2e78d\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f90047f elementor-widget elementor-widget-heading\" data-id=\"f90047f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">When it comes to your life's work, <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;every question deserves a clear answer.<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8334a51 e-flex e-con-boxed e-con e-parent\" data-id=\"8334a51\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-7b85338 e-con-full e-flex e-con e-child\" data-id=\"7b85338\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c41c6ec elementor-widget elementor-widget-text-editor\" data-id=\"c41c6ec\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4>Frequently Asked Questions About Our Services<\/h4><p>On this page, we answer frequently asked questions about our M&amp;A services for small and medium-sized businesses: business sales and succession planning, business acquisitions, fundraising, and transaction services.<br \/>If you have any further questions, please feel free to contact us directly at any time.<\/p><h4>Topics at a Glance<\/h4><ul><li><h5><a href=\"https:\/\/www.abacus-cf.com\/en\/m-a-sellers\/\" target=\"_blank\" rel=\"noopener\">M&amp;A Sellers &amp; Succession<\/a><\/h5><\/li><li><h5><a href=\"https:\/\/www.abacus-cf.com\/en\/m-a-buyers\/\" target=\"_blank\" rel=\"noopener\">M&amp;A Buyers<\/a><\/h5><\/li><li><h5><a href=\"https:\/\/www.abacus-cf.com\/en\/transaction-services\/\" target=\"_blank\" rel=\"noopener\">Transaction Services<\/a><\/h5><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5da1dbc e-con-full e-flex e-con e-child\" data-id=\"5da1dbc\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-62e1781 contact-box e-flex e-con-boxed e-con e-child\" data-id=\"62e1781\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9da319f contact-box-image elementor-widget elementor-widget-image\" data-id=\"9da319f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/www.abacus-cf.com\/en\/wp-content\/uploads\/sites\/3\/2026\/09\/ABACUS-089-300x300.jpg\" class=\"attachment-medium size-medium wp-image-4015\" alt=\"\" srcset=\"https:\/\/www.abacus-cf.com\/en\/wp-content\/uploads\/sites\/3\/2026\/09\/ABACUS-089-300x300.jpg 300w, https:\/\/www.abacus-cf.com\/en\/wp-content\/uploads\/sites\/3\/2026\/09\/ABACUS-089-150x150.jpg 150w, https:\/\/www.abacus-cf.com\/en\/wp-content\/uploads\/sites\/3\/2026\/09\/ABACUS-089.jpg 600w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f15a6a2 contact-box-title elementor-widget elementor-widget-heading\" data-id=\"f15a6a2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">FABIAN DURST<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-be84559 contact-box-content elementor-widget elementor-widget-text-editor\" data-id=\"be84559\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: center\"><span class=\"text-size-small\" style=\"color: #a9acae\">Bachelor of Business Administration and LL.M. (M&amp;A)<br \/><\/span><span class=\"text-size-small\">Managing Director of ABACUS Corporate Finance GmbH<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c302dcb contact-box-contact elementor-view-default elementor-position-top elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"c302dcb\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<a href=\"tel:+49020145554679\" class=\"elementor-icon\" tabindex=\"-1\" aria-label=\"+49 (0) 201 45 55 46 79\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-phone-alt\"><\/i>\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h5 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<a href=\"tel:+49020145554679\" >\n\t\t\t\t\t\t\t+49 (0) 201 45 55 46 79\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-93feccc contact-box-contact elementor-view-default elementor-position-top elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"93feccc\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<a href=\"mailto:durst@abacus-cf.com\" class=\"elementor-icon\" tabindex=\"-1\" aria-label=\"durst@abacus-cf.com\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-envelope\"><\/i>\t\t\t\t<\/a>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h5 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<a href=\"mailto:durst@abacus-cf.com\" >\n\t\t\t\t\t\t\tdurst@abacus-cf.com\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/h5>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9666d2c e-flex e-con-boxed e-con e-parent\" data-id=\"9666d2c\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-1acb62a e-con-full e-flex e-con e-child\" data-id=\"1acb62a\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-f9fdecf e-con-full e-flex e-con e-child\" data-id=\"f9fdecf\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7d07fdf elementor-widget elementor-widget-spacer\" data-id=\"7d07fdf\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fddc904 elementor-widget elementor-widget-heading\" data-id=\"fddc904\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">M&amp;A Sellers &amp; Succession<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78bc4a9 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"78bc4a9\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-44f26cb e-con-full e-flex e-con e-child\" data-id=\"44f26cb\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5e984d6 elementor-widget elementor-widget-text-editor\" data-id=\"5e984d6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4>FAQs on Selling a Business and Business Succession<\/h4><p>Many small and medium-sized businesses represent a family\u2019s hard work and life\u2019s work. Selling a business or planning for succession is therefore not only a financial decision but also a very personal one. Here, we answer common questions about the preparation, the process, and the general conditions involved in selling a business and planning for succession.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-75eaee8 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"75eaee8\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4fb4171 e-con-full e-flex e-con e-child\" data-id=\"4fb4171\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-b2df95e e-con-full e-flex e-con e-child\" data-id=\"b2df95e\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3ca055a elementor-widget elementor-widget-toggle\" data-id=\"3ca055a\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-6351\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-6351\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Why are companies sold?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6351\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-6351\"><p style=\"font-weight: 400\">In principle, there are personal and business reasons for selling a company. Personal reasons are regularly the retirement of a managing partner due to age or illness without a successor in the family. But also new life plans or the desire to diversify the assets (often bundled in the company) more broadly.<\/p><p style=\"font-weight: 400\">Operational reasons can be, for example, the strategic separation of a business or product area or the too small size of a business to be able to compete in a consolidating market.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-6352\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-6352\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How does a company sale work?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6352\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-6352\"><p style=\"font-weight: 400\">Within the framework of a structured M&amp;A process, the M&amp;A advisor will first define the documents necessary for the M&amp;A process together with the seller and &#8211; if desired &#8211; also assist in their preparation. In order to be able to handle these data clearly, they are already placed in an electronic data room at this point and presented by the M&amp;A advisor to potential buyers in the form of a detailed sales prospectus, also known as an information memorandum or fact book. In parallel, the M&amp;A advisor draws up a list of potential investors considering the client&#8217;s wishes (long list) and approaches them anonymously, if necessary, after the client has approved the long list and the other transaction documents. If there is interest in principle, the potential buyer will sign a confidentiality agreement and then receive the information memorandum or fact book. Should the interest continue, the potential buyers will submit indicative, non-binding offers to present their purchase price expectations and structural ideas. The interested parties whose indicative offers correspond to the seller&#8217;s ideas are then invited to examine the data room, including the opportunity to ask questions (&#8220;due diligence&#8221;). If the due diligence result is satisfactory for the potential buyer, the final step is to negotiate the purchase agreement. If a version acceptable to both buyer and seller can be developed, it must be signed in accordance with the formal requirements.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-6353\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-6353\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What happens when a company is sold?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6353\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-6353\"><p style=\"font-weight: 400\">When a company is sold via a share deal, only the owner or shareholder changes. Current contracts, such as with customers and suppliers, but in particular also employment contracts, remain unaffected by the sale of the company. An exception are possible contractual &#8220;change-of-control&#8221; provisions with customers or suppliers.<\/p><p style=\"font-weight: 400\">This logic only applies to the share deal; in the case of an asset deal, the contracts with customers and suppliers usually have to be concluded anew. Employment contracts in Germany, for example, remain in place with all rights even after an asset deal.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-6354\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-6354\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Who wants to buy a company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6354\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-6354\"><p style=\"font-weight: 400\">Basically, there are three groups of potential buyers.<\/p><p style=\"font-weight: 400\">Strategic buyers acquire companies in the same stage of the value chain (acquisition of market shares) or along their own value chain (suppliers or customers).<\/p><p style=\"font-weight: 400\">Private equity investors buy companies in order to develop their size or their portfolio of offerings. They also might sell the companies at a higher price with the debt relief effect (&#8220;leverage effect&#8221;) within 3-6 years.\u00a0<\/p><p style=\"font-weight: 400\">Family offices usually acquire companies in order to hold them permanently and to receive a continuous distribution as &#8220;interest&#8221;. Here, too, it cannot be ruled out that there will be a resale at some point &#8211; but this is usually not part of the strategy and the holding periods are significantly longer than for private equity investors.<\/p><p style=\"font-weight: 400\">Both types of financial investors (private equity and family office) are dependent on the existence of a functioning, industry-experienced management in the target company.\u00a0\u00a0\u00a0\u00a0\u00a0<\/p><p>Whether strategic buyers, family offices, or private equity investors: Selecting the right buyer is a central component of our sales strategy.<\/p><p>Our <span style=\"color: #808285\"><a style=\"color: #808285\" href=\"https:\/\/www.abacus-cf.com\/en\/references\/\" target=\"_blank\" rel=\"noopener\">references<\/a><\/span> showcase examples of business sales we have facilitated to strategic buyers and investment firms across various industries:<\/p><p><span style=\"color: #808285\">\u2022 <a style=\"color: #808285\" href=\"https:\/\/www.abacus-cf.com\/en\/references-product-details-page-immokonzept-facility\/\" target=\"_blank\" rel=\"noopener\">Business succession in the real estate industry: ImmoKonzept Facility GmbH<\/a><\/span><br \/><span style=\"color: #808285\">\u2022 <a style=\"color: #808285\" href=\"https:\/\/www.abacus-cf.com\/en\/references-actum-product-details-page\/\" target=\"_blank\" rel=\"noopener\">Business sale in the software sector: actum consulting products GmbH<\/a><\/span><br \/><span style=\"color: #808285\">\u2022 <a style=\"color: #808285\" href=\"https:\/\/www.abacus-cf.com\/en\/references-busemann-product-details-page\/\" target=\"_blank\" rel=\"noopener\">Succession solution in the food retail sector: Busemann GmbH<\/a><\/span><br \/><span style=\"color: #808285\">\u2022 <a style=\"color: #808285\" href=\"https:\/\/www.abacus-cf.com\/en\/references-product-details-page-lubke-vogt\/\" target=\"_blank\" rel=\"noopener\">Sale of an industrial company: L\u00fcbke &amp; Vogt GmbH &amp; Co. KG<\/a><\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-6355\" class=\"elementor-tab-title\" data-tab=\"5\" role=\"button\" aria-controls=\"elementor-tab-content-6355\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How long does it take to sell a business?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6355\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"region\" aria-labelledby=\"elementor-tab-title-6355\"><p style=\"font-weight: 400\">The internal preparation of a company sale takes about 2 to 3 months depending on the complexity of the company structure and the information available in the company.<\/p><p style=\"font-weight: 400\">The actual M&amp;A transaction with discussions and negotiations with external interested parties as well as due diligence and purchase agreement negotiations takes about another 4 to 6 months, so that the entire M&amp;A transaction usually takes 7 to 9 months.<\/p><p style=\"font-weight: 400\">However, it is helpful and optimises the transaction value if the seller continues to advise the buyer for a transitional period of 12-24 months during familiarisation and later in the event of special challenges.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-6356\" class=\"elementor-tab-title\" data-tab=\"6\" role=\"button\" aria-controls=\"elementor-tab-content-6356\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How long does a business valuation take?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6356\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"region\" aria-labelledby=\"elementor-tab-title-6356\"><p style=\"font-weight: 400\">In most cases, a complete business valuation takes about 2-4 weeks. It should be taken into account that for a detailed business valuation an integrated business plan must be available, including profit and loss account, balance sheet and cash flow.\u00a0<\/p><p style=\"font-weight: 400\">Only when this detailed planning has been prepared together with the management can the M&amp;A advisor carry out the business valuation and subsequently document it, including explanations and comments.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-6357\" class=\"elementor-tab-title\" data-tab=\"7\" role=\"button\" aria-controls=\"elementor-tab-content-6357\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How much is my company worth?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6357\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"7\" role=\"region\" aria-labelledby=\"elementor-tab-title-6357\"><p style=\"font-weight: 400\">This cannot be answered in a general way.<\/p><p style=\"font-weight: 400\">There are different methods to determine the value of a company.<\/p><p style=\"font-weight: 400\">If a detailed business plan including profit and loss account, balance sheet and cash flow is available, a detailed discounted cash flow method (DCF for short) can be applied. Here, future financial surpluses in the form of cash flow are discounted to the valuation date.\u00a0<\/p><p style=\"font-weight: 400\">If there are comparable public company transactions or comparable listed companies, a multiples method is feasible with significantly fewer key figures of the company.\u00a0<\/p><p style=\"font-weight: 400\">For example, this simplified method uses the average EBIT (earnings before interest and taxes) of the last 3 years\u00a0<span style=\"font-size: 1rem\">multiplied by the relevant industry multiple (often between 4x and 8x) and the net financial liabilities subtracted.<\/span><\/p><p>If you\u2019d like to establish a solid basis for decision-making first, we can assist you with <a href=\"https:\/\/www.abacus-cf.com\/en\/transaction-services\/\" target=\"_blank\" rel=\"noopener\">business valuation<\/a> even if you\u2019re not planning to sell your company.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-6358\" class=\"elementor-tab-title\" data-tab=\"8\" role=\"button\" aria-controls=\"elementor-tab-content-6358\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Who determines the value of a company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6358\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"8\" role=\"region\" aria-labelledby=\"elementor-tab-title-6358\"><p style=\"font-weight: 400\">M&amp;A advisors, experienced tax advisors or auditors can provide a first rough estimate of the company value in a non-binding initial meeting. As a rule, all that is needed are the last two annual financial statements and the YTD results.<\/p><p style=\"font-weight: 400\">Then &#8211; to roughly determine the value of the company &#8211; the simplified multiples method can be used to multiply, for example, the average EBIT (earnings before interest &amp; taxes) of the last 3 years by the relevant industry multiple (often between 4x and 8x) and subtract the net financial liabilities.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-6359\" class=\"elementor-tab-title\" data-tab=\"9\" role=\"button\" aria-controls=\"elementor-tab-content-6359\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Who sets the selling price of the business?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-6359\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"9\" role=\"region\" aria-labelledby=\"elementor-tab-title-6359\"><p style=\"font-weight: 400\">Theoretically, every seller is free to define the price of his or her shares. The question is whether a buyer can be found at the desired conditions.<\/p><p style=\"font-weight: 400\">The realisable market value of a company depends &#8211; as with all other goods &#8211; on the relationship between the supply by the seller and the demand by the buyer.<\/p><p style=\"font-weight: 400\">For listed companies, this is easy to calculate, as the current value of the shares multiplied by the number of shares gives the market capitalisation and thus the market value of the company.<\/p><p style=\"font-weight: 400\">Finding the market value of unlisted companies is much more complex. Although the company valuation is a first indication for a market value, in the end the offers for the purchase of the company submitted by interested buyers within the framework of an M&amp;A process are the decisive market assessments. If one of these offers corresponds to the seller&#8217;s ideas and the M&amp;A transaction is implemented, this is also the market value of the company.\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-63510\" class=\"elementor-tab-title\" data-tab=\"10\" role=\"button\" aria-controls=\"elementor-tab-content-63510\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What needs to be considered when selling a company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-63510\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"10\" role=\"region\" aria-labelledby=\"elementor-tab-title-63510\"><p style=\"font-weight: 400\">It is important that communication is in one hand and centrally controlled. This applies both to communication with all potential buyers (everyone must always have the same level of information in order to be able to really compare the offers as the seller) and, at a later stage, with key employees within the company.<\/p><p style=\"font-weight: 400\">A well-established communication strategy increases the interest of potential buyers in the company during the M&amp;A process.<\/p><p style=\"font-weight: 400\">Another key success factor is choosing the right time for the sale. Is there already potential management among the staff? What is the state of the industry cycle? Are there incalculable (external) risks?<\/p><p>Early commercial preparation and well-organized documentation can significantly streamline the sales process. <span style=\"color: #808285\"><a style=\"color: #808285\" href=\"https:\/\/www.abacus-cf.com\/en\/transaction-services\/\" target=\"_blank\" rel=\"noopener\">Learn more about our Transaction Services, including business valuation, data room preparation, and due diligence.<\/a><\/span><\/p><p style=\"font-weight: 400\">The individual situation of a company can be discussed in advance with an experienced M&amp;A advisor &#8211; usually without obligation &#8211; in order to be made aware of the possible hurdles for a sale.\u00a0\u00a0\u00a0\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-63511\" class=\"elementor-tab-title\" data-tab=\"11\" role=\"button\" aria-controls=\"elementor-tab-content-63511\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Who helps with the sale of the company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-63511\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"11\" role=\"region\" aria-labelledby=\"elementor-tab-title-63511\"><p style=\"font-weight: 400\">Since most entrepreneurs sell a business only once or twice in a lifetime, they should seek professional advisors.<\/p><p style=\"font-weight: 400\">The corporate structure should be checked with the tax advisor at an early stage for possible transaction obstacles or tax risks.<\/p><p style=\"font-weight: 400\">If a structured M&amp;A process is to be implemented in order to come as close as possible to the personal wishes of the seller with regard to the successor philosophy and the transaction value, an M&amp;A advisor should also be mandated. This advisor relieves the seller through his\/her work during the entire M&amp;A process, so that the entrepreneur can concentrate on the operative day-to-day business.<\/p><p style=\"font-weight: 400\">In order to ensure that the legal due diligence can already be professionally accompanied, an experienced M&amp;A lawyer should not only be involved in the purchase agreement negotiations. At the latest when the indicative offers are received in the M&amp;A process, an experienced lawyer should be involved.\u00a0\u00a0\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-63512\" class=\"elementor-tab-title\" data-tab=\"12\" role=\"button\" aria-controls=\"elementor-tab-content-63512\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Can any (managing) partner sell his\/her company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-63512\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"12\" role=\"region\" aria-labelledby=\"elementor-tab-title-63512\"><p style=\"font-weight: 400\">In principle, each shareholder or owner of shares in a company can dispose of them freely and thus also sell them. However, this is often prevented by a pre-emptive right of the other shareholders, which is regulated separately in the shareholders&#8217; agreement.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-63513\" class=\"elementor-tab-title\" data-tab=\"13\" role=\"button\" aria-controls=\"elementor-tab-content-63513\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Under what conditions is a company considered particularly attractive to potential buyers?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-63513\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"13\" role=\"region\" aria-labelledby=\"elementor-tab-title-63513\"><p style=\"font-weight: 400\">It is ideal if there are already experienced employees in the company who can be described to the potential buyer as possible management successors.<\/p><p style=\"font-weight: 400\">It is also helpful if the company can show a relatively constant turnover or profit trend. However, since there are internal or external special factors in every company that continuously influence the development of turnover or profit over the years, it is particularly important to prepare and explain these in a comprehensible way for potential interested parties.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-63514\" class=\"elementor-tab-title\" data-tab=\"14\" role=\"button\" aria-controls=\"elementor-tab-content-63514\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is a sales and purchase agreement?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-63514\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"14\" role=\"region\" aria-labelledby=\"elementor-tab-title-63514\"><p style=\"font-weight: 400\">The sales and purchase agreement (also often abbreviated to &#8220;SPA&#8221;) obliges the seller to sell the company to the buyer. It usually includes not only the purchase price and the object of purchase, but also possible conditions, guarantees and regulations on legal consequences. The sale of companies is often subject to special formal requirements that must be taken into account in the company purchase agreement.<\/p><p style=\"font-weight: 400\">A distinction is made between purchase agreements for the sale of business shares (&#8220;share deal&#8221;) and partial businesses or assets (&#8220;asset deal&#8221;).\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-63515\" class=\"elementor-tab-title\" data-tab=\"15\" role=\"button\" aria-controls=\"elementor-tab-content-63515\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is capital gain?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-63515\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"15\" role=\"region\" aria-labelledby=\"elementor-tab-title-63515\"><p style=\"font-weight: 400\">If a company or an operation of a company that is managed as a separate entity is sold, this M&amp;A transaction is exempt from VAT pursuant to Section 1 (1a) UstG, as it is a sale of a business as a whole (according to German law).<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-63516\" class=\"elementor-tab-title\" data-tab=\"16\" role=\"button\" aria-controls=\"elementor-tab-content-63516\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Is the sale of a business subject to VAT?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-63516\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"16\" role=\"region\" aria-labelledby=\"elementor-tab-title-63516\"><p style=\"font-weight: 400\">If a company or an operation of a company that is managed as a separate entity is sold, this M&amp;A transaction is exempt from VAT pursuant to Section 1 (1a) UstG, as it is a sale of a business as a whole (according to German law).<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-63517\" class=\"elementor-tab-title\" data-tab=\"17\" role=\"button\" aria-controls=\"elementor-tab-content-63517\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What happens to the share capital when a company is sold?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-63517\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"17\" role=\"region\" aria-labelledby=\"elementor-tab-title-63517\"><p style=\"font-weight: 400\">The sale of a company does not affect the amount of share capital, which must always be at the required minimum level even after the M&amp;A transaction.<\/p><p style=\"font-weight: 400\">However, it is not uncommon for the new owner to make changes to the share capital &#8211; above the minimum amount &#8211; in the course of a company purchase.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why are companies sold?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">In principle, there are personal and business reasons for selling a company. Personal reasons are regularly the retirement of a managing partner due to age or illness without a successor in the family. But also new life plans or the desire to diversify the assets (often bundled in the company) more broadly.<\\\/p><p style=\\\"font-weight: 400\\\">Operational reasons can be, for example, the strategic separation of a business or product area or the too small size of a business to be able to compete in a consolidating market.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How does a company sale work?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">Within the framework of a structured M&amp;A process, the M&amp;A advisor will first define the documents necessary for the M&amp;A process together with the seller and &#8211; if desired &#8211; also assist in their preparation. In order to be able to handle these data clearly, they are already placed in an electronic data room at this point and presented by the M&amp;A advisor to potential buyers in the form of a detailed sales prospectus, also known as an information memorandum or fact book. In parallel, the M&amp;A advisor draws up a list of potential investors considering the client&#8217;s wishes (long list) and approaches them anonymously, if necessary, after the client has approved the long list and the other transaction documents. If there is interest in principle, the potential buyer will sign a confidentiality agreement and then receive the information memorandum or fact book. Should the interest continue, the potential buyers will submit indicative, non-binding offers to present their purchase price expectations and structural ideas. The interested parties whose indicative offers correspond to the seller&#8217;s ideas are then invited to examine the data room, including the opportunity to ask questions (&#8220;due diligence&#8221;). If the due diligence result is satisfactory for the potential buyer, the final step is to negotiate the purchase agreement. If a version acceptable to both buyer and seller can be developed, it must be signed in accordance with the formal requirements.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What happens when a company is sold?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">When a company is sold via a share deal, only the owner or shareholder changes. Current contracts, such as with customers and suppliers, but in particular also employment contracts, remain unaffected by the sale of the company. An exception are possible contractual &#8220;change-of-control&#8221; provisions with customers or suppliers.<\\\/p><p style=\\\"font-weight: 400\\\">This logic only applies to the share deal; in the case of an asset deal, the contracts with customers and suppliers usually have to be concluded anew. Employment contracts in Germany, for example, remain in place with all rights even after an asset deal.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Who wants to buy a company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">Basically, there are three groups of potential buyers.<\\\/p><p style=\\\"font-weight: 400\\\">Strategic buyers acquire companies in the same stage of the value chain (acquisition of market shares) or along their own value chain (suppliers or customers).<\\\/p><p style=\\\"font-weight: 400\\\">Private equity investors buy companies in order to develop their size or their portfolio of offerings. They also might sell the companies at a higher price with the debt relief effect (&#8220;leverage effect&#8221;) within 3-6 years.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">Family offices usually acquire companies in order to hold them permanently and to receive a continuous distribution as &#8220;interest&#8221;. Here, too, it cannot be ruled out that there will be a resale at some point &#8211; but this is usually not part of the strategy and the holding periods are significantly longer than for private equity investors.<\\\/p><p style=\\\"font-weight: 400\\\">Both types of financial investors (private equity and family office) are dependent on the existence of a functioning, industry-experienced management in the target company.\\u00a0\\u00a0\\u00a0\\u00a0\\u00a0<\\\/p><p>Whether strategic buyers, family offices, or private equity investors: Selecting the right buyer is a central component of our sales strategy.<\\\/p><p>Our <span style=\\\"color: #808285\\\"><a style=\\\"color: #808285\\\" href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/references\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">references<\\\/a><\\\/span> showcase examples of business sales we have facilitated to strategic buyers and investment firms across various industries:<\\\/p><p><span style=\\\"color: #808285\\\">\\u2022 <a style=\\\"color: #808285\\\" href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/references-product-details-page-immokonzept-facility\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Business succession in the real estate industry: ImmoKonzept Facility GmbH<\\\/a><\\\/span><br \\\/><span style=\\\"color: #808285\\\">\\u2022 <a style=\\\"color: #808285\\\" href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/references-actum-product-details-page\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Business sale in the software sector: actum consulting products GmbH<\\\/a><\\\/span><br \\\/><span style=\\\"color: #808285\\\">\\u2022 <a style=\\\"color: #808285\\\" href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/references-busemann-product-details-page\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Succession solution in the food retail sector: Busemann GmbH<\\\/a><\\\/span><br \\\/><span style=\\\"color: #808285\\\">\\u2022 <a style=\\\"color: #808285\\\" href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/references-product-details-page-lubke-vogt\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Sale of an industrial company: L\\u00fcbke &amp; Vogt GmbH &amp; Co. KG<\\\/a><\\\/span><\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How long does it take to sell a business?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The internal preparation of a company sale takes about 2 to 3 months depending on the complexity of the company structure and the information available in the company.<\\\/p><p style=\\\"font-weight: 400\\\">The actual M&amp;A transaction with discussions and negotiations with external interested parties as well as due diligence and purchase agreement negotiations takes about another 4 to 6 months, so that the entire M&amp;A transaction usually takes 7 to 9 months.<\\\/p><p style=\\\"font-weight: 400\\\">However, it is helpful and optimises the transaction value if the seller continues to advise the buyer for a transitional period of 12-24 months during familiarisation and later in the event of special challenges.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How long does a business valuation take?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">In most cases, a complete business valuation takes about 2-4 weeks. It should be taken into account that for a detailed business valuation an integrated business plan must be available, including profit and loss account, balance sheet and cash flow.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">Only when this detailed planning has been prepared together with the management can the M&amp;A advisor carry out the business valuation and subsequently document it, including explanations and comments.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How much is my company worth?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">This cannot be answered in a general way.<\\\/p><p style=\\\"font-weight: 400\\\">There are different methods to determine the value of a company.<\\\/p><p style=\\\"font-weight: 400\\\">If a detailed business plan including profit and loss account, balance sheet and cash flow is available, a detailed discounted cash flow method (DCF for short) can be applied. Here, future financial surpluses in the form of cash flow are discounted to the valuation date.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">If there are comparable public company transactions or comparable listed companies, a multiples method is feasible with significantly fewer key figures of the company.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">For example, this simplified method uses the average EBIT (earnings before interest and taxes) of the last 3 years\\u00a0<span style=\\\"font-size: 1rem\\\">multiplied by the relevant industry multiple (often between 4x and 8x) and the net financial liabilities subtracted.<\\\/span><\\\/p><p>If you\\u2019d like to establish a solid basis for decision-making first, we can assist you with <a href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/transaction-services\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">business valuation<\\\/a> even if you\\u2019re not planning to sell your company.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Who determines the value of a company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">M&amp;A advisors, experienced tax advisors or auditors can provide a first rough estimate of the company value in a non-binding initial meeting. As a rule, all that is needed are the last two annual financial statements and the YTD results.<\\\/p><p style=\\\"font-weight: 400\\\">Then &#8211; to roughly determine the value of the company &#8211; the simplified multiples method can be used to multiply, for example, the average EBIT (earnings before interest &amp; taxes) of the last 3 years by the relevant industry multiple (often between 4x and 8x) and subtract the net financial liabilities.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Who sets the selling price of the business?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">Theoretically, every seller is free to define the price of his or her shares. The question is whether a buyer can be found at the desired conditions.<\\\/p><p style=\\\"font-weight: 400\\\">The realisable market value of a company depends &#8211; as with all other goods &#8211; on the relationship between the supply by the seller and the demand by the buyer.<\\\/p><p style=\\\"font-weight: 400\\\">For listed companies, this is easy to calculate, as the current value of the shares multiplied by the number of shares gives the market capitalisation and thus the market value of the company.<\\\/p><p style=\\\"font-weight: 400\\\">Finding the market value of unlisted companies is much more complex. Although the company valuation is a first indication for a market value, in the end the offers for the purchase of the company submitted by interested buyers within the framework of an M&amp;A process are the decisive market assessments. If one of these offers corresponds to the seller&#8217;s ideas and the M&amp;A transaction is implemented, this is also the market value of the company.\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What needs to be considered when selling a company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">It is important that communication is in one hand and centrally controlled. This applies both to communication with all potential buyers (everyone must always have the same level of information in order to be able to really compare the offers as the seller) and, at a later stage, with key employees within the company.<\\\/p><p style=\\\"font-weight: 400\\\">A well-established communication strategy increases the interest of potential buyers in the company during the M&amp;A process.<\\\/p><p style=\\\"font-weight: 400\\\">Another key success factor is choosing the right time for the sale. Is there already potential management among the staff? What is the state of the industry cycle? Are there incalculable (external) risks?<\\\/p><p>Early commercial preparation and well-organized documentation can significantly streamline the sales process. <span style=\\\"color: #808285\\\"><a style=\\\"color: #808285\\\" href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/transaction-services\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Learn more about our Transaction Services, including business valuation, data room preparation, and due diligence.<\\\/a><\\\/span><\\\/p><p style=\\\"font-weight: 400\\\">The individual situation of a company can be discussed in advance with an experienced M&amp;A advisor &#8211; usually without obligation &#8211; in order to be made aware of the possible hurdles for a sale.\\u00a0\\u00a0\\u00a0\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Who helps with the sale of the company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">Since most entrepreneurs sell a business only once or twice in a lifetime, they should seek professional advisors.<\\\/p><p style=\\\"font-weight: 400\\\">The corporate structure should be checked with the tax advisor at an early stage for possible transaction obstacles or tax risks.<\\\/p><p style=\\\"font-weight: 400\\\">If a structured M&amp;A process is to be implemented in order to come as close as possible to the personal wishes of the seller with regard to the successor philosophy and the transaction value, an M&amp;A advisor should also be mandated. This advisor relieves the seller through his\\\/her work during the entire M&amp;A process, so that the entrepreneur can concentrate on the operative day-to-day business.<\\\/p><p style=\\\"font-weight: 400\\\">In order to ensure that the legal due diligence can already be professionally accompanied, an experienced M&amp;A lawyer should not only be involved in the purchase agreement negotiations. At the latest when the indicative offers are received in the M&amp;A process, an experienced lawyer should be involved.\\u00a0\\u00a0\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Can any (managing) partner sell his\\\/her company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">In principle, each shareholder or owner of shares in a company can dispose of them freely and thus also sell them. However, this is often prevented by a pre-emptive right of the other shareholders, which is regulated separately in the shareholders&#8217; agreement.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Under what conditions is a company considered particularly attractive to potential buyers?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">It is ideal if there are already experienced employees in the company who can be described to the potential buyer as possible management successors.<\\\/p><p style=\\\"font-weight: 400\\\">It is also helpful if the company can show a relatively constant turnover or profit trend. However, since there are internal or external special factors in every company that continuously influence the development of turnover or profit over the years, it is particularly important to prepare and explain these in a comprehensible way for potential interested parties.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What is a sales and purchase agreement?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The sales and purchase agreement (also often abbreviated to &#8220;SPA&#8221;) obliges the seller to sell the company to the buyer. It usually includes not only the purchase price and the object of purchase, but also possible conditions, guarantees and regulations on legal consequences. The sale of companies is often subject to special formal requirements that must be taken into account in the company purchase agreement.<\\\/p><p style=\\\"font-weight: 400\\\">A distinction is made between purchase agreements for the sale of business shares (&#8220;share deal&#8221;) and partial businesses or assets (&#8220;asset deal&#8221;).\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What is capital gain?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">If a company or an operation of a company that is managed as a separate entity is sold, this M&amp;A transaction is exempt from VAT pursuant to Section 1 (1a) UstG, as it is a sale of a business as a whole (according to German law).<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Is the sale of a business subject to VAT?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">If a company or an operation of a company that is managed as a separate entity is sold, this M&amp;A transaction is exempt from VAT pursuant to Section 1 (1a) UstG, as it is a sale of a business as a whole (according to German law).<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What happens to the share capital when a company is sold?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The sale of a company does not affect the amount of share capital, which must always be at the required minimum level even after the M&amp;A transaction.<\\\/p><p style=\\\"font-weight: 400\\\">However, it is not uncommon for the new owner to make changes to the share capital &#8211; above the minimum amount &#8211; in the course of a company purchase.<\\\/p>\"}}]}<\/script>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a22d885 e-flex e-con-boxed e-con e-parent\" data-id=\"a22d885\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-afd4813 e-con-full e-flex e-con e-child\" data-id=\"afd4813\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-93abae2 e-con-full e-flex e-con e-child\" data-id=\"93abae2\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-040a99e elementor-widget elementor-widget-spacer\" data-id=\"040a99e\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3eb0614 elementor-widget elementor-widget-heading\" data-id=\"3eb0614\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">M&amp;A Buyers<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-47857ac elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"47857ac\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6471a75 e-con-full e-flex e-con e-child\" data-id=\"6471a75\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ff0739d elementor-widget elementor-widget-text-editor\" data-id=\"ff0739d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4>FAQ on Acquiring a Company<\/h4><p>When acquiring a company, strategic objectives, risks, and the appropriate structure are key considerations. In this section, buyers will find answers to frequently asked questions about identifying suitable targets, conducting due diligence, and financing and contract structuring.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea6ea28 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"ea6ea28\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d6a1d29 e-con-full e-flex e-con e-child\" data-id=\"d6a1d29\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-5261f10 e-con-full e-flex e-con e-child\" data-id=\"5261f10\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-31ec69c elementor-widget elementor-widget-toggle\" data-id=\"31ec69c\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-5231\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-5231\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">When can a company purchase make sense?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-5231\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-5231\"><p style=\"font-weight: 400\">There are different reasons for buying a company.<\/p><p style=\"font-weight: 400\">Through non-family succession in the SME sector, an experienced manager can take the step into self-employment by buying a company.<\/p><p style=\"font-weight: 400\">However, there are also regular strategic company acquisitions with the aim of acquiring market competitors or companies along one&#8217;s own value chain within the framework of M&amp;A transactions in order to expand one&#8217;s own business model or to gain market share or grow faster through these company acquisitions.<\/p><p>A clearly defined acquisition process is crucial, especially for strategic corporate acquisitions and buy-and-build strategies. You can find examples of buyer mandates and succession planning solutions we have supported in our <span style=\"color: #808285\"><a style=\"color: #808285\" href=\"https:\/\/www.abacus-cf.com\/en\/references\/\" target=\"_blank\" rel=\"noopener\">references.<\/a><\/span><\/p><p><span style=\"color: #808285\"><a style=\"color: #808285\" href=\"https:\/\/www.abacus-cf.com\/en\/references-product-details-page-grun-arv\/\" target=\"_blank\" rel=\"noopener\">In the software and technology sector, for example, we advised the GR\u00dcN Software Group on a strategic acquisition.<\/a> <a style=\"color: #808285\" href=\"https:\/\/www.abacus-cf.com\/en\/references-product-details-page-enercity\/\" target=\"_blank\" rel=\"noopener\">As part of its \u201cbuy-and-build\u201d strategy, enercity AG acquired 100% of the shares in Elektroanlagenbau Kammeyer, a company specializing in energy plant construction and traffic control technology.<\/a> <a style=\"color: #808285\" href=\"https:\/\/www.abacus-cf.com\/en\/references-product-details-page-grun-cash-control\/\" target=\"_blank\" rel=\"noopener\">ABACUS also advised the GR\u00dcN Software Group on another acquisition in the point-of-sale systems sector.<\/a><\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-5232\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-5232\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is a company purchase?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-5232\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-5232\"><p style=\"font-weight: 400\">A company purchase is usually referred to when a clear majority (often &gt;75%) of the shares in a company are acquired. The purchase of company shares is also referred to as a share deal.\u00a0<\/p><p style=\"font-weight: 400\">An asset deal is the purchase of assets, divisions or business units as part of an M&amp;A transaction. In this case, it is not the legal entity that is acquired, but separate assets that must be precisely named or listed.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-5233\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-5233\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is a share deal?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-5233\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-5233\"><p style=\"font-weight: 400\">In a share deal, the shares in the company are taken over by the acquirer. Only the owner or shareholder of the company changes. Since the company is retained and transferred with the sale of shares, the buyer also takes over all contractual obligations and rights in relation to customers, suppliers and financing partners as well as all assets.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-5234\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-5234\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is an asset deal?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-5234\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-5234\"><p style=\"font-weight: 400\">An asset deal is the acquisition of parts of a company or business assets from an existing company that is not itself a separate legal entity. These assets are usually acquired by a company in which they are newly merged as an operational unit or business division. In order for all operationally necessary assets to be transferred, they must be individually defined and transferred. As a rule, all contracts with customers, suppliers and financing partners must be redrafted by the buyer, as these were concluded with the selling legal entity. An exception is made for employment contracts, which are transferred with all rights to the acquirer in the context of the asset deal.\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-5235\" class=\"elementor-tab-title\" data-tab=\"5\" role=\"button\" aria-controls=\"elementor-tab-content-5235\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Which one is better: Share or Asset Deal?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-5235\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"region\" aria-labelledby=\"elementor-tab-title-5235\"><p style=\"font-weight: 400\">The share deal is usually much simpler and faster to implement than the asset deal, as all contracts with customers and suppliers remain in place for the time being (if there is no &#8220;change of control&#8221; provision) and the individual, operationally essential assets do not have to be defined separately &#8211; as is the case with an asset deal.<\/p><p style=\"font-weight: 400\">Of course, tax or accounting policy reasons may also speak in favour of an asset deal; this must be examined in each individual case.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-5236\" class=\"elementor-tab-title\" data-tab=\"6\" role=\"button\" aria-controls=\"elementor-tab-content-5236\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How does a company acquisition work?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-5236\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"region\" aria-labelledby=\"elementor-tab-title-5236\"><p style=\"font-weight: 400\">First, the buyer should be clear about the strategy or investment idea underlying the purchase. Once this is defined, possible target companies can be identified, if necessary with the help of an M&amp;A consultant, and prioritised in internal discussions. In the next step, the decision-makers of the possible target companies are approached (anonymously if desired) and their basic willingness to sell is checked. If there is an interest in entering into sales talks, the next step is to request the necessary documents for the due diligence and to develop a joint timetable. Parallel to the due diligence and the subsequent negotiation of the purchase agreement, often defined key persons get to know each other in order to work together on the implementation of the M&amp;A transaction and to develop a strategy for the joint future. A tour of the target company is also part of this phase of the M&amp;A process.\u00a0<\/p><p style=\"font-weight: 400\">After an agreement on the purchase contract, the company purchase is carried out in accordance with the necessary formal requirements (for example, by notarisation with the notary).<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-5237\" class=\"elementor-tab-title\" data-tab=\"7\" role=\"button\" aria-controls=\"elementor-tab-content-5237\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What costs are incurred when buying a company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-5237\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"7\" role=\"region\" aria-labelledby=\"elementor-tab-title-5237\"><p style=\"font-weight: 400\">The costs of a company acquisition are usually between 5% and 10% of the transaction value, depending on the size and complexity of the target company. These costs include legal and tax advice, M&amp;A advice and notarisation\/execution costs.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-5238\" class=\"elementor-tab-title\" data-tab=\"8\" role=\"button\" aria-controls=\"elementor-tab-content-5238\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How do you determine the purchase price of a company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-5238\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"8\" role=\"region\" aria-labelledby=\"elementor-tab-title-5238\"><p style=\"font-weight: 400\">There are different methods to determine the value of a company.<\/p><p style=\"font-weight: 400\">If the buyer has a detailed business plan or is in a position to draw up such a plan for the target company on the basis of his knowledge, a detailed discounted cash flow method (DCF for short) can be applied.\u00a0 In this method, future financial surpluses in the form of cash flows are discounted to the valuation date.<\/p><p style=\"font-weight: 400\">If there are comparable public company transactions or comparable listed companies, a multiples method is feasible with significantly fewer key figures of the target company.\u00a0<\/p><p style=\"font-weight: 400\">For example, this simplified method uses the average EBIT (earnings before interest and taxes) of the last 3 years multiplied by the relevant industry multiple (often between 4x and 8x) and the net financial liabilities subtracted.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-5239\" class=\"elementor-tab-title\" data-tab=\"9\" role=\"button\" aria-controls=\"elementor-tab-content-5239\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What needs to be considered when buying a company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-5239\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"9\" role=\"region\" aria-labelledby=\"elementor-tab-title-5239\"><p style=\"font-weight: 400\">A company is a very complex object to buy, not least because the buyer has to be aware of the interpersonal peculiarities among employees and with customers and suppliers.<\/p><p style=\"font-weight: 400\">This is certainly one of the most difficult parts of a due diligence &#8211; along with the technical examination of finances, taxes, environmental regulations, the operational business, IP situation, legal peculiarities and the state of the current industry cycle.<\/p><p style=\"font-weight: 400\">In addition, the financing of the company acquisition must be calculated, structured and clarified with the financing partners. Enough financial resources should always be available to be able to cope with economic fluctuations or operational challenges.\u00a0<\/p><p>Once a suitable target company has been identified, additional equity capital may be required to complete the transaction. <a href=\"https:\/\/www.abacus-cf.com\/en\/fundraising\/\" target=\"_blank\" rel=\"noopener\">Through our fundraising services, we help you approach suitable investors and family offices.<\/a><\/p><p style=\"font-weight: 400\">Another major complex is the regulation of responsibilities and capacities. Is the new management able to take over the management in the short term? Are their capacities and know-how sufficient? Is it possible and does it make sense to involve the \u00a0seller in the management for a while longer? Or are there suitable employees for new management functions within the acquired organisation?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-52310\" class=\"elementor-tab-title\" data-tab=\"10\" role=\"button\" aria-controls=\"elementor-tab-content-52310\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How long does it take to buy a company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-52310\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"10\" role=\"region\" aria-labelledby=\"elementor-tab-title-52310\"><p style=\"font-weight: 400\">The duration of the purchase of a company depends on whether the seller has prepared for this M&amp;A transaction and whether all relevant information has already been gathered in advance.<\/p><p style=\"font-weight: 400\">If this is the case, due diligence, structuring and application for debt capital and purchase agreement negotiations are possible in 3-6 months.<\/p><p style=\"font-weight: 400\">If all relevant documents and information are only compiled by the seller during the due diligence process upon request (this is regularly the case in transactions without an M&amp;A advisor), the acquisition process is more likely to take 8-12 months.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-52311\" class=\"elementor-tab-title\" data-tab=\"11\" role=\"button\" aria-controls=\"elementor-tab-content-52311\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is the market value of a company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-52311\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"11\" role=\"region\" aria-labelledby=\"elementor-tab-title-52311\"><p style=\"font-weight: 400\">The market value of a company &#8211; as with all other goods &#8211; depends on the relationship between the supply by the seller and the demand by the buyer.<\/p><p style=\"font-weight: 400\">For listed companies, this is easy to calculate, as the current value of the shares multiplied by the number of shares gives the market capitalisation and thus the market value of a company.<\/p><p style=\"font-weight: 400\">For unlisted companies, the determination of the market price is much more complex. Although the company valuation is a first indication for a market price, in the end the offers for the purchase of the company submitted by interested buyers within the framework of an M&amp;A process are the decisive market assessments. If one of these offers corresponds to the seller&#8217;s ideas and the M&amp;A transaction is implemented, this will also be the market price of the company.\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-52312\" class=\"elementor-tab-title\" data-tab=\"12\" role=\"button\" aria-controls=\"elementor-tab-content-52312\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Does the balance sheet total correspond to the value of the company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-52312\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"12\" role=\"region\" aria-labelledby=\"elementor-tab-title-52312\"><p style=\"font-weight: 400\">The balance sheet total is suitable for getting an idea of the size of a company in relation to other companies within the respective industry. However, the company value cannot be derived from the balance sheet. The company value depends on the long-term profitability and the associated cash flow.\u00a0\u00a0\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-52313\" class=\"elementor-tab-title\" data-tab=\"13\" role=\"button\" aria-controls=\"elementor-tab-content-52313\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How long does a business valuation take?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-52313\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"13\" role=\"region\" aria-labelledby=\"elementor-tab-title-52313\"><p style=\"font-weight: 400\">In most cases, a complete business valuation takes about 2 to 4 weeks. It is important to bear in mind that a detailed business valuation requires an integrated business plan that includes profit and loss account, balance sheet and cash flow.\u00a0<\/p><p style=\"font-weight: 400\">Only when this detailed planning has been prepared together with the management, the M&amp;A advisor can carry out the business valuation and subsequently document it, including explanations and comments.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-52314\" class=\"elementor-tab-title\" data-tab=\"14\" role=\"button\" aria-controls=\"elementor-tab-content-52314\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How does the M&amp;A advisor help with the acquisition of a company?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-52314\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"14\" role=\"region\" aria-labelledby=\"elementor-tab-title-52314\"><p style=\"font-weight: 400\">The M&amp;A advisor first helps the interested buyer to define the investment focus. Exactly what kind of company is being sought, in what region and of what size? Once the focus is clear, the M&amp;A advisor can research a list of possible target companies (long list) and filter it together with the prospective buyer according to individual specifications. The resulting list of suitable target companies (short list) can be used by the M&amp;A advisor for an anonymous initial contact with the target companies. Once a shareholder willing to sell has been found from the group of target companies, the M&amp;A advisor defines the documents necessary for the due diligence with the seller. The advisor helps the buyer to set up and implement the due diligence and to determine the appropriate company value and, if necessary, the necessary financing structure. The M&amp;A advisor also assists in negotiating the economic terms of the M&amp;A transaction. It is not uncommon for an experienced M&amp;A advisor to be the &#8220;bridge builder&#8221; who develops a solution to combine the different economic interests of the buyer and seller, thus making a transaction possible in the first place.\u00a0\u00a0\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-52315\" class=\"elementor-tab-title\" data-tab=\"15\" role=\"button\" aria-controls=\"elementor-tab-content-52315\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Does the acquisition of the company affect other contractual relationships?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-52315\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"15\" role=\"region\" aria-labelledby=\"elementor-tab-title-52315\"><p style=\"font-weight: 400\">When a company is purchased via share deal, only the owner or shareholder changes. Current contracts, such as with customers and suppliers, but in particular also employment contracts, remain unaffected by the sale of the company. An exception are possible contractual &#8220;change-of-control&#8221; provisions with customers or suppliers.<\/p><p style=\"font-weight: 400\">This logic only applies to the share deal; in the case of an asset deal, the contracts with customers and suppliers usually have to be concluded anew. Employment contracts in Germany, for example, remain in place with all rights even after an asset deal.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-52316\" class=\"elementor-tab-title\" data-tab=\"16\" role=\"button\" aria-controls=\"elementor-tab-content-52316\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">Where are companies offered for sale?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-52316\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"16\" role=\"region\" aria-labelledby=\"elementor-tab-title-52316\"><p style=\"font-weight: 400\">Of course, the entrepreneurs who are willing to sell place their offers themselves and therefore there is only a small selection of companies looking for buyers on each platform.\u00a0 Companies are often sold without being publicly advertised on virtual platforms. This is where the personal network of an M&amp;A consultant is worthwhile. He\/she is constantly offered new transaction opportunities, often even before they come onto the market.<\/p><p style=\"font-weight: 400\">If you have a specific focus and are looking for a company from a certain sector, region and\/or size, it is also advisable to proactively and, if necessary, anonymously get in touch with suitable companies with the help of an M&amp;A advisor.\u00a0<\/p><p>There are now a large number of platforms on which companies for sale are listed. For example, many chambers of commerce and industry or chambers of trade offer their own virtual platforms or solutions in a network via Nexxt-Change, while other private providers such as the Deutsche Unternehmerb\u00f6rse (DUB), DealCircle or Dealsuite complement the offer.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"When can a company purchase make sense?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">There are different reasons for buying a company.<\\\/p><p style=\\\"font-weight: 400\\\">Through non-family succession in the SME sector, an experienced manager can take the step into self-employment by buying a company.<\\\/p><p style=\\\"font-weight: 400\\\">However, there are also regular strategic company acquisitions with the aim of acquiring market competitors or companies along one&#8217;s own value chain within the framework of M&amp;A transactions in order to expand one&#8217;s own business model or to gain market share or grow faster through these company acquisitions.<\\\/p><p>A clearly defined acquisition process is crucial, especially for strategic corporate acquisitions and buy-and-build strategies. You can find examples of buyer mandates and succession planning solutions we have supported in our <span style=\\\"color: #808285\\\"><a style=\\\"color: #808285\\\" href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/references\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">references.<\\\/a><\\\/span><\\\/p><p><span style=\\\"color: #808285\\\"><a style=\\\"color: #808285\\\" href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/references-product-details-page-grun-arv\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">In the software and technology sector, for example, we advised the GR\\u00dcN Software Group on a strategic acquisition.<\\\/a> <a style=\\\"color: #808285\\\" href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/references-product-details-page-enercity\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">As part of its \\u201cbuy-and-build\\u201d strategy, enercity AG acquired 100% of the shares in Elektroanlagenbau Kammeyer, a company specializing in energy plant construction and traffic control technology.<\\\/a> <a style=\\\"color: #808285\\\" href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/references-product-details-page-grun-cash-control\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">ABACUS also advised the GR\\u00dcN Software Group on another acquisition in the point-of-sale systems sector.<\\\/a><\\\/span><\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What is a company purchase?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">A company purchase is usually referred to when a clear majority (often &gt;75%) of the shares in a company are acquired. The purchase of company shares is also referred to as a share deal.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">An asset deal is the purchase of assets, divisions or business units as part of an M&amp;A transaction. In this case, it is not the legal entity that is acquired, but separate assets that must be precisely named or listed.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What is a share deal?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">In a share deal, the shares in the company are taken over by the acquirer. Only the owner or shareholder of the company changes. Since the company is retained and transferred with the sale of shares, the buyer also takes over all contractual obligations and rights in relation to customers, suppliers and financing partners as well as all assets.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What is an asset deal?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">An asset deal is the acquisition of parts of a company or business assets from an existing company that is not itself a separate legal entity. These assets are usually acquired by a company in which they are newly merged as an operational unit or business division. In order for all operationally necessary assets to be transferred, they must be individually defined and transferred. As a rule, all contracts with customers, suppliers and financing partners must be redrafted by the buyer, as these were concluded with the selling legal entity. An exception is made for employment contracts, which are transferred with all rights to the acquirer in the context of the asset deal.\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Which one is better: Share or Asset Deal?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The share deal is usually much simpler and faster to implement than the asset deal, as all contracts with customers and suppliers remain in place for the time being (if there is no &#8220;change of control&#8221; provision) and the individual, operationally essential assets do not have to be defined separately &#8211; as is the case with an asset deal.<\\\/p><p style=\\\"font-weight: 400\\\">Of course, tax or accounting policy reasons may also speak in favour of an asset deal; this must be examined in each individual case.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How does a company acquisition work?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">First, the buyer should be clear about the strategy or investment idea underlying the purchase. Once this is defined, possible target companies can be identified, if necessary with the help of an M&amp;A consultant, and prioritised in internal discussions. In the next step, the decision-makers of the possible target companies are approached (anonymously if desired) and their basic willingness to sell is checked. If there is an interest in entering into sales talks, the next step is to request the necessary documents for the due diligence and to develop a joint timetable. Parallel to the due diligence and the subsequent negotiation of the purchase agreement, often defined key persons get to know each other in order to work together on the implementation of the M&amp;A transaction and to develop a strategy for the joint future. A tour of the target company is also part of this phase of the M&amp;A process.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">After an agreement on the purchase contract, the company purchase is carried out in accordance with the necessary formal requirements (for example, by notarisation with the notary).<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What costs are incurred when buying a company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The costs of a company acquisition are usually between 5% and 10% of the transaction value, depending on the size and complexity of the target company. These costs include legal and tax advice, M&amp;A advice and notarisation\\\/execution costs.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How do you determine the purchase price of a company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">There are different methods to determine the value of a company.<\\\/p><p style=\\\"font-weight: 400\\\">If the buyer has a detailed business plan or is in a position to draw up such a plan for the target company on the basis of his knowledge, a detailed discounted cash flow method (DCF for short) can be applied.\\u00a0 In this method, future financial surpluses in the form of cash flows are discounted to the valuation date.<\\\/p><p style=\\\"font-weight: 400\\\">If there are comparable public company transactions or comparable listed companies, a multiples method is feasible with significantly fewer key figures of the target company.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">For example, this simplified method uses the average EBIT (earnings before interest and taxes) of the last 3 years multiplied by the relevant industry multiple (often between 4x and 8x) and the net financial liabilities subtracted.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What needs to be considered when buying a company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">A company is a very complex object to buy, not least because the buyer has to be aware of the interpersonal peculiarities among employees and with customers and suppliers.<\\\/p><p style=\\\"font-weight: 400\\\">This is certainly one of the most difficult parts of a due diligence &#8211; along with the technical examination of finances, taxes, environmental regulations, the operational business, IP situation, legal peculiarities and the state of the current industry cycle.<\\\/p><p style=\\\"font-weight: 400\\\">In addition, the financing of the company acquisition must be calculated, structured and clarified with the financing partners. Enough financial resources should always be available to be able to cope with economic fluctuations or operational challenges.\\u00a0<\\\/p><p>Once a suitable target company has been identified, additional equity capital may be required to complete the transaction. <a href=\\\"https:\\\/\\\/www.abacus-cf.com\\\/en\\\/fundraising\\\/\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\">Through our fundraising services, we help you approach suitable investors and family offices.<\\\/a><\\\/p><p style=\\\"font-weight: 400\\\">Another major complex is the regulation of responsibilities and capacities. Is the new management able to take over the management in the short term? Are their capacities and know-how sufficient? Is it possible and does it make sense to involve the \\u00a0seller in the management for a while longer? Or are there suitable employees for new management functions within the acquired organisation?\\u00a0\\u00a0\\u00a0\\u00a0\\u00a0\\u00a0\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How long does it take to buy a company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The duration of the purchase of a company depends on whether the seller has prepared for this M&amp;A transaction and whether all relevant information has already been gathered in advance.<\\\/p><p style=\\\"font-weight: 400\\\">If this is the case, due diligence, structuring and application for debt capital and purchase agreement negotiations are possible in 3-6 months.<\\\/p><p style=\\\"font-weight: 400\\\">If all relevant documents and information are only compiled by the seller during the due diligence process upon request (this is regularly the case in transactions without an M&amp;A advisor), the acquisition process is more likely to take 8-12 months.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What is the market value of a company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The market value of a company &#8211; as with all other goods &#8211; depends on the relationship between the supply by the seller and the demand by the buyer.<\\\/p><p style=\\\"font-weight: 400\\\">For listed companies, this is easy to calculate, as the current value of the shares multiplied by the number of shares gives the market capitalisation and thus the market value of a company.<\\\/p><p style=\\\"font-weight: 400\\\">For unlisted companies, the determination of the market price is much more complex. Although the company valuation is a first indication for a market price, in the end the offers for the purchase of the company submitted by interested buyers within the framework of an M&amp;A process are the decisive market assessments. If one of these offers corresponds to the seller&#8217;s ideas and the M&amp;A transaction is implemented, this will also be the market price of the company.\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Does the balance sheet total correspond to the value of the company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The balance sheet total is suitable for getting an idea of the size of a company in relation to other companies within the respective industry. However, the company value cannot be derived from the balance sheet. The company value depends on the long-term profitability and the associated cash flow.\\u00a0\\u00a0\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How long does a business valuation take?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">In most cases, a complete business valuation takes about 2 to 4 weeks. It is important to bear in mind that a detailed business valuation requires an integrated business plan that includes profit and loss account, balance sheet and cash flow.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">Only when this detailed planning has been prepared together with the management, the M&amp;A advisor can carry out the business valuation and subsequently document it, including explanations and comments.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How does the M&amp;A advisor help with the acquisition of a company?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The M&amp;A advisor first helps the interested buyer to define the investment focus. Exactly what kind of company is being sought, in what region and of what size? Once the focus is clear, the M&amp;A advisor can research a list of possible target companies (long list) and filter it together with the prospective buyer according to individual specifications. The resulting list of suitable target companies (short list) can be used by the M&amp;A advisor for an anonymous initial contact with the target companies. Once a shareholder willing to sell has been found from the group of target companies, the M&amp;A advisor defines the documents necessary for the due diligence with the seller. The advisor helps the buyer to set up and implement the due diligence and to determine the appropriate company value and, if necessary, the necessary financing structure. The M&amp;A advisor also assists in negotiating the economic terms of the M&amp;A transaction. It is not uncommon for an experienced M&amp;A advisor to be the &#8220;bridge builder&#8221; who develops a solution to combine the different economic interests of the buyer and seller, thus making a transaction possible in the first place.\\u00a0\\u00a0\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Does the acquisition of the company affect other contractual relationships?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">When a company is purchased via share deal, only the owner or shareholder changes. Current contracts, such as with customers and suppliers, but in particular also employment contracts, remain unaffected by the sale of the company. An exception are possible contractual &#8220;change-of-control&#8221; provisions with customers or suppliers.<\\\/p><p style=\\\"font-weight: 400\\\">This logic only applies to the share deal; in the case of an asset deal, the contracts with customers and suppliers usually have to be concluded anew. Employment contracts in Germany, for example, remain in place with all rights even after an asset deal.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"Where are companies offered for sale?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">Of course, the entrepreneurs who are willing to sell place their offers themselves and therefore there is only a small selection of companies looking for buyers on each platform.\\u00a0 Companies are often sold without being publicly advertised on virtual platforms. This is where the personal network of an M&amp;A consultant is worthwhile. He\\\/she is constantly offered new transaction opportunities, often even before they come onto the market.<\\\/p><p style=\\\"font-weight: 400\\\">If you have a specific focus and are looking for a company from a certain sector, region and\\\/or size, it is also advisable to proactively and, if necessary, anonymously get in touch with suitable companies with the help of an M&amp;A advisor.\\u00a0<\\\/p><p>There are now a large number of platforms on which companies for sale are listed. For example, many chambers of commerce and industry or chambers of trade offer their own virtual platforms or solutions in a network via Nexxt-Change, while other private providers such as the Deutsche Unternehmerb\\u00f6rse (DUB), DealCircle or Dealsuite complement the offer.<\\\/p>\"}}]}<\/script>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9ad6c69 e-flex e-con-boxed e-con e-parent\" data-id=\"9ad6c69\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-5dad744 e-con-full e-flex e-con e-child\" data-id=\"5dad744\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-3c24971 e-con-full e-flex e-con e-child\" data-id=\"3c24971\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a767ab7 elementor-widget elementor-widget-spacer\" data-id=\"a767ab7\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd7c7eb elementor-widget elementor-widget-heading\" data-id=\"fd7c7eb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Transaction Services<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a025a36 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"a025a36\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-45c46cc e-con-full e-flex e-con e-child\" data-id=\"45c46cc\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-577b064 elementor-widget elementor-widget-text-editor\" data-id=\"577b064\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4>FAQs on Transaction Services<\/h4><p>Some clients do not require comprehensive support, but rather specific services\u2014such as valuation, negotiations, or assistance with individual project phases. In this section, we address common questions regarding individual transaction services.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5aee702 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"5aee702\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-23347eb e-con-full e-flex e-con e-child\" data-id=\"23347eb\" data-element_type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-fad77ca e-con-full e-flex e-con e-child\" data-id=\"fad77ca\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1958d10 elementor-widget elementor-widget-toggle\" data-id=\"1958d10\" data-element_type=\"widget\" data-widget_type=\"toggle.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle\">\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-2651\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"button\" aria-controls=\"elementor-tab-content-2651\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is Transaction Service?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2651\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"region\" aria-labelledby=\"elementor-tab-title-2651\"><p style=\"font-weight: 400\">Transaction services include all services required for M&amp;A transactions or corporate finance advisory.<\/p><p style=\"font-weight: 400\">We are also happy to provide support with individual transaction components such as company valuations, financial due diligence or advice on purchase price structuring.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-2652\" class=\"elementor-tab-title\" data-tab=\"2\" role=\"button\" aria-controls=\"elementor-tab-content-2652\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is transaction or M&amp;A advisory?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2652\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"2\" role=\"region\" aria-labelledby=\"elementor-tab-title-2652\"><p style=\"font-weight: 400\">Transaction or M&amp;A advice is understood to mean advice to entrepreneurs or investors before, during and after acquisitions or sales of companies or shares in companies.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-2653\" class=\"elementor-tab-title\" data-tab=\"3\" role=\"button\" aria-controls=\"elementor-tab-content-2653\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is a Due Diligence Report?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2653\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"3\" role=\"region\" aria-labelledby=\"elementor-tab-title-2653\"><p style=\"font-weight: 400\">The results of the due diligence are summarised and documented in a report &#8211; the due diligence report. Often, the audit results are also used to define necessary actions for the time after the M&amp;A transaction in order to revise critical processes or weak points for the future.\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-2654\" class=\"elementor-tab-title\" data-tab=\"4\" role=\"button\" aria-controls=\"elementor-tab-content-2654\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What belongs in a due diligence?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2654\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"4\" role=\"region\" aria-labelledby=\"elementor-tab-title-2654\"><p style=\"font-weight: 400\">In due diligence, various areas of the company to be acquired are examined in detail. Tax, legal, financial, ESG and commercial are the minimum scope of a due diligence today. Company-specific topics are often additionally examined depending on the risk profile. ABACUS will be happy to support you together with our network partners in carrying out your due diligence.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-2655\" class=\"elementor-tab-title\" data-tab=\"5\" role=\"button\" aria-controls=\"elementor-tab-content-2655\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How much does due diligence cost?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2655\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"5\" role=\"region\" aria-labelledby=\"elementor-tab-title-2655\"><p style=\"font-weight: 400\">Due diligence is usually charged at hourly or daily rates. In many cases, commercial and ESG due diligence is performed by the buyer; tax, legal and financial due diligence is usually performed by external due diligence consultants.<\/p><p style=\"font-weight: 400\">The costs of this external due diligence package are usually between 100T\u20ac and 300T\u20ac for medium-sized companies.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-2656\" class=\"elementor-tab-title\" data-tab=\"6\" role=\"button\" aria-controls=\"elementor-tab-content-2656\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How long does due diligence take?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2656\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"6\" role=\"region\" aria-labelledby=\"elementor-tab-title-2656\"><p style=\"font-weight: 400\">The effort required for due diligence depends on the complexity of the corporate structure and the quality and quantity of the documents prepared for review in the data room.<\/p><p style=\"font-weight: 400\">Typically, due diligence takes 4 to 12 weeks with a prepared data room, but if no data room is prepared and all information has to be requested separately from the seller, due diligence can take 4 to 6 months.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-2657\" class=\"elementor-tab-title\" data-tab=\"7\" role=\"button\" aria-controls=\"elementor-tab-content-2657\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What comes after due diligence?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2657\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"7\" role=\"region\" aria-labelledby=\"elementor-tab-title-2657\"><p style=\"font-weight: 400\">After due diligence, the audit results are incorporated into the purchase contract negotiations (e.g. in the catalogue of guarantees). Often part of the purchase price is financed by external financing partners such as banks, in which case they also expect the due diligence report as part of their own review before a commitment.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-2658\" class=\"elementor-tab-title\" data-tab=\"8\" role=\"button\" aria-controls=\"elementor-tab-content-2658\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is Vendor Due Diligence?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2658\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"8\" role=\"region\" aria-labelledby=\"elementor-tab-title-2658\"><p style=\"font-weight: 400\">Vendor due diligence (VDD for short) is commissioned by the seller before approaching investors in order to have the actual state of his company examined and presented by external, neutral due diligence consultants. The reputation that these consultants enjoy in the market leads to investors starting their own due diligence with a certain advantage in terms of confidence, and possible focal points of the audit are already apparent from the vendor due diligence. The preliminary work done with vendor due diligence significantly shortens the M&amp;A process in the phase of external communication with potential investors.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-2659\" class=\"elementor-tab-title\" data-tab=\"9\" role=\"button\" aria-controls=\"elementor-tab-content-2659\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">What is meant by M&amp;A controlling?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-2659\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"9\" role=\"region\" aria-labelledby=\"elementor-tab-title-2659\"><p style=\"font-weight: 400\">M&amp;A transactions with a strategic rationale are often analysed and permanently controlled by the controlling department of the acquiring company during and after the M&amp;A process with regard to the attainability of the strategic goals. Thus, controlling is often already involved in the financial due diligence and the preparation of the internal business plan and thus also in the valuation of the company (part) to be acquired.<\/p><p style=\"font-weight: 400\"><span style=\"font-weight: 400\">After the acquisition, controlling works on the development and implementation of the integration strategy and checks the fulfilment of the business plan<\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-26510\" class=\"elementor-tab-title\" data-tab=\"10\" role=\"button\" aria-controls=\"elementor-tab-content-26510\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How is a company valued?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-26510\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"10\" role=\"region\" aria-labelledby=\"elementor-tab-title-26510\"><p style=\"font-weight: 400\">There are various methods to determine the value of a company.<\/p><p style=\"font-weight: 400\">If a detailed business plan including profit and loss account, balance sheet and cash flow is available, a detailed discounted cash flow method (DCF for short) can be applied. Here, future financial surpluses in the form of cash flows are discounted to the valuation date.\u00a0<\/p><p style=\"font-weight: 400\">If there are comparable public company transactions or comparable listed companies, a multiples method is feasible with significantly fewer key figures of the company.\u00a0<\/p><p style=\"font-weight: 400\">For example, this simplified method uses the average EBIT (earnings before interest and taxes) of the last 3 years\u00a0<span style=\"font-size: 1rem\">multiplied by the relevant industry multiple (often between 4x and 8x) and the net financial liabilities subtracted.<\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-toggle-item\">\n\t\t\t\t\t<h4 id=\"elementor-tab-title-26511\" class=\"elementor-tab-title\" data-tab=\"11\" role=\"button\" aria-controls=\"elementor-tab-content-26511\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon elementor-toggle-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-closed\"><i class=\"fas fa-angle-right\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-toggle-icon-opened\"><i class=\"elementor-toggle-icon-opened fas fa-angle-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-toggle-title\" tabindex=\"0\">How long does a business valuation take?<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t<div id=\"elementor-tab-content-26511\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"11\" role=\"region\" aria-labelledby=\"elementor-tab-title-26511\"><p style=\"font-weight: 400\">In most cases, a complete business valuation takes about 2 to 4 weeks. It is important to bear in mind that a detailed business valuation requires an integrated business plan that includes profit and loss account, balance sheet and cash flow.\u00a0<\/p><p style=\"font-weight: 400\">Only when this detailed planning has been prepared together with the management can the M&amp;A advisor carry out the business valuation and subsequently document it, including explanations and comments.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is Transaction Service?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">Transaction services include all services required for M&amp;A transactions or corporate finance advisory.<\\\/p><p style=\\\"font-weight: 400\\\">We are also happy to provide support with individual transaction components such as company valuations, financial due diligence or advice on purchase price structuring.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What is transaction or M&amp;A advisory?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">Transaction or M&amp;A advice is understood to mean advice to entrepreneurs or investors before, during and after acquisitions or sales of companies or shares in companies.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What is a Due Diligence Report?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The results of the due diligence are summarised and documented in a report &#8211; the due diligence report. Often, the audit results are also used to define necessary actions for the time after the M&amp;A transaction in order to revise critical processes or weak points for the future.\\u00a0<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What belongs in a due diligence?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">In due diligence, various areas of the company to be acquired are examined in detail. Tax, legal, financial, ESG and commercial are the minimum scope of a due diligence today. Company-specific topics are often additionally examined depending on the risk profile. ABACUS will be happy to support you together with our network partners in carrying out your due diligence.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How much does due diligence cost?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">Due diligence is usually charged at hourly or daily rates. In many cases, commercial and ESG due diligence is performed by the buyer; tax, legal and financial due diligence is usually performed by external due diligence consultants.<\\\/p><p style=\\\"font-weight: 400\\\">The costs of this external due diligence package are usually between 100T\\u20ac and 300T\\u20ac for medium-sized companies.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How long does due diligence take?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">The effort required for due diligence depends on the complexity of the corporate structure and the quality and quantity of the documents prepared for review in the data room.<\\\/p><p style=\\\"font-weight: 400\\\">Typically, due diligence takes 4 to 12 weeks with a prepared data room, but if no data room is prepared and all information has to be requested separately from the seller, due diligence can take 4 to 6 months.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What comes after due diligence?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">After due diligence, the audit results are incorporated into the purchase contract negotiations (e.g. in the catalogue of guarantees). Often part of the purchase price is financed by external financing partners such as banks, in which case they also expect the due diligence report as part of their own review before a commitment.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What is Vendor Due Diligence?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">Vendor due diligence (VDD for short) is commissioned by the seller before approaching investors in order to have the actual state of his company examined and presented by external, neutral due diligence consultants. The reputation that these consultants enjoy in the market leads to investors starting their own due diligence with a certain advantage in terms of confidence, and possible focal points of the audit are already apparent from the vendor due diligence. The preliminary work done with vendor due diligence significantly shortens the M&amp;A process in the phase of external communication with potential investors.<\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"What is meant by M&amp;A controlling?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">M&amp;A transactions with a strategic rationale are often analysed and permanently controlled by the controlling department of the acquiring company during and after the M&amp;A process with regard to the attainability of the strategic goals. Thus, controlling is often already involved in the financial due diligence and the preparation of the internal business plan and thus also in the valuation of the company (part) to be acquired.<\\\/p><p style=\\\"font-weight: 400\\\"><span style=\\\"font-weight: 400\\\">After the acquisition, controlling works on the development and implementation of the integration strategy and checks the fulfilment of the business plan<\\\/span><\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How is a company valued?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">There are various methods to determine the value of a company.<\\\/p><p style=\\\"font-weight: 400\\\">If a detailed business plan including profit and loss account, balance sheet and cash flow is available, a detailed discounted cash flow method (DCF for short) can be applied. Here, future financial surpluses in the form of cash flows are discounted to the valuation date.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">If there are comparable public company transactions or comparable listed companies, a multiples method is feasible with significantly fewer key figures of the company.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">For example, this simplified method uses the average EBIT (earnings before interest and taxes) of the last 3 years\\u00a0<span style=\\\"font-size: 1rem\\\">multiplied by the relevant industry multiple (often between 4x and 8x) and the net financial liabilities subtracted.<\\\/span><\\\/p>\"}},{\"@type\":\"Question\",\"name\":\"How long does a business valuation take?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"<p style=\\\"font-weight: 400\\\">In most cases, a complete business valuation takes about 2 to 4 weeks. It is important to bear in mind that a detailed business valuation requires an integrated business plan that includes profit and loss account, balance sheet and cash flow.\\u00a0<\\\/p><p style=\\\"font-weight: 400\\\">Only when this detailed planning has been prepared together with the management can the M&amp;A advisor carry out the business valuation and subsequently document it, including explanations and comments.<\\\/p>\"}}]}<\/script>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0fede4b e-flex e-con-boxed e-con e-parent\" data-id=\"0fede4b\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fb5d2c9 elementor-widget elementor-widget-spacer\" data-id=\"fb5d2c9\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>When it comes to your life&#8217;s work, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;every question deserves a clear answer. Frequently Asked Questions About Our Services On this page, we answer frequently asked questions about our M&amp;A services for small and medium-sized businesses: business sales and succession planning, business acquisitions, fundraising, and transaction services.If you have any further questions, please feel free [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2236,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-4008","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FAQ on Business Sales, Succession, and M&amp;A | ABACUS<\/title>\n<meta name=\"description\" content=\"We coordinate with you every step of the way on the way to selling your company. 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