Sie haben Ihr Unternehmen erfolgreich aufgebaut ? doch wie planen Sie Ihren Ausstieg? Eine durchdachte Exit-Strategie ist entscheidend, um Ihr Lebenswerk zu sichern und eine reibungslose Company succession zu gewährleisten. Ob Börsengang, Verkauf oder Übergabe an einen Investor ? eine klare Strategie schützt Ihre Interessen und schafft Orientierung.
Erfahren Sie, welche Exit-Optionen es gibt, worauf es bei der Wahl der richtigen Strategie ankommt und wie Sie Ihren Ausstieg optimal gestalten.
Planen Sie Ihren Ausstieg aus Ihrem Unternehmen?
Dieser bedeutende Schritt erfordert viel Fingerspitzengefühl und Erfahrung. Vertrauen Sie auf die Expertise von KERN ? mit unserer bewährten Erfolgsgarantie begleiten wir Sie sicher durch den gesamten Prozess und sorgen dafür, dass Ihr Lebenswerk in besten Händen bleibt.
Table of contents
What is an exit strategy?
Eine Exit-Strategie ist ein klarer Plan für den geordneten Ausstieg aus einem Unternehmen. Sie legt fest, wann, wie und unter welchen Bedingungen das Unternehmen verkauft oder übergeben wird. Ziel ist es, finanzielle und nicht-monetäre Interessen wie die Sicherung von Werten, die Nachfolgeplanung und den Fortbestand des Unternehmens zu wahren.
Für Start-ups dient die richtige Exit-Strategie oft der Rendite von Investoren wie Venture-Capital-Gesellschaften. In etablierten Unternehmen hilft sie, den Unternehmenswert zu optimieren und einen reibungslosen Übergang zu gewährleisten.
Gut geplante Exit-Strategien berücksichtigen Markttrends, Unternehmensphasen und Stakeholder-Interessen, um den optimalen Zeitpunkt und die beste Option für den Ausstieg zu finden.
The goals of an exit strategy
The goals of an exit strategy are as individual as the entrepreneurs themselves. While financial goals often take centre stage, non-monetary aspects also play an important role.
Non-monetary targets:
- Securing the life’s work: The entrepreneur wants to ensure that his company is in good hands and that his values and vision are continued.
- Succession planning: Planning a suitable successor is a critical aspect of the exit strategy, particularly in family-run or founder-managed companies. The aim is to leave the company in hands that will continue to run the business in the spirit of the founder.
- Protection of employees: A well-organised company succession guarantees the preservation of jobs and offers employees secure prospects.
- Organising your own retirement: The entrepreneur would like to withdraw from the operational business in good time and enjoy his retirement.
Financial targets:
- Maximising the sales price: Strategic planning and preparation can increase the value of the company and achieve an optimal sales price.
- Securing the standard of living: The proceeds from the sale are intended to secure the entrepreneur’s standard of living after the exit and ensure financial independence.
- Tax optimisation: Early planning makes it possible to take advantage of tax benefits and minimise the tax burden.
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When should I sell my company or start-up?
The right time to sell a company or start-up depends on various factors and is an individual decision. However, there are some situations in which an exit can make particular sense.
- Growth of the company: An ideal time for a sale is often when the company or start-up has reached a stable growth phase and can demonstrate positive development. During this phase, potential buyers are usually more interested and more attractive valuations can be achieved. If the company has continuously increasing sales and profits, a strong market position and a scalable business model, the conditions for a successful exit are often in place.
- Market conditions: The market and sector also play an important role in the decision to sell. If the demand for companies or start-ups in the respective sector is high and comparable transactions are achieving attractive valuations, this may be a good time for an exit. It is important to keep a close eye on market trends and plan the sale at the right time.
- Personal goals: Ein weiterer Auslöser für den Verkauf oder dem Start-Up Exit kann das Erreichen persönlicher Ziele oder Veränderungen im Leben der Gründer sein. Wenn die angestrebten Meilensteine erreicht sind, die Motivation nachlässt oder neue Herausforderungen anstehen, kann ein Exit eine Möglichkeit sein, das Erreichte zu sichern und neue Wege einzuschlagen.
- Strategic decisions: Strategic considerations can also influence the timing of the sale. If the company or start-up reaches a point where further growth is only possible through significant investment or a change in the business model, a sale to a strategic investor or a larger company may make sense. This allows new resources and synergies to be tapped in order to realise the company’s full potential.
- interests of the investors: Last but not least, the interests and plans of the investors also play a role. Venture capital companies and other financial investors often have a limited investment horizon and aim to exit within a certain period of time. In this case, it is important to coordinate the exit strategy with the investors at an early stage and to find the optimum time for the sale together.
Ultimately, the right time to sell a company or start-up is a combination of internal factors, market conditions and personal goals. Careful analysis of the situation, long-term planning and the involvement of experienced advisors can help to find the optimal time for an exit and successfully organise the sales process.
If you are an entrepreneur or founder planning to sell your company, a well-thought-out strategy can help you achieve the best possible price and ensure a smooth transition. Contact us for a no-obligation initial consultation.
What exit strategies are there?
There are various exit options available to entrepreneurs and investors to sell their shares in a company or start-up. Each option has its own advantages and disadvantages and is suitable for different situations.
Sale to a strategic investor
The sale to a strategic investor, often an established company from the same or a related industry, is a common exit option. Strategic investors are interested in the company because it complements or expands their own business. They can utilise synergies, gain market share or gain access to new technologies and expertise. A strategic investor can open up new growth prospects for the sold company and improve access to resources and networks.
Sale to a financial investor
Another option is to sell the company to a financial investor, such as a private equity company or a venture capital fund. Financial investors are primarily interested in the financial return and support the company with capital and expertise in order to increase its value and later sell it at a profit. For entrepreneurs and founders, a financial investor can be an interesting opportunity to obtain growth capital and drive forward professionalisation without giving up control completely.
Initial Public Offering (IPO)
A Initial public offering or Initial Public Offering (IPO) is an exit variant in which the company is floated on the stock exchange and shares are publicly traded. An IPO makes it possible to raise significant capital and monetise the shares of the founders and investors. At the same time, an IPO increases the company’s visibility and reputation. However, an IPO is also associated with high costs, regulatory requirements and increased transparency obligations.
Management Buy Out (MBO)
At Management buy-out (MBO) the existing management team takes over the shares of the company, often with the support of external investors. This strategy offers continuity in management and enables the management to take control and develop the company further. However, an MBO also requires the provision of capital and the assumption of entrepreneurial risks by the management team.
Management Buy In (MBI)
In contrast to the MBO, the Management buy-in (MBI) the takeover of the company by an external management team. This brings in new impetus and expertise to further develop or restructure the company. An MBI can be an alternative if the existing management is unable or unwilling to take over the company or if fresh perspectives and changes are required.
Liquidation
Liquidation refers to the dissolution and winding up of a company in which the assets are sold and the proceeds distributed to the shareholders. Liquidation is usually the last option if other exit strategies cannot be realised or the company is no longer viable. The reasons for this can be persistent losses, insolvency or failed financing rounds. However, an early and orderly liquidation can also help to limit losses for all parties involved and enable a fresh start.
Are you considering which exit strategy is the right one for your company? Let us work together to find out which path best suits your goals and your individual situation. Arrange a free initial consultation with our company succession experts!
Key elements of an exit strategy
Successful exit strategies require careful planning and consideration of various factors. Here are the most important aspects you should consider:
Target definition
The first step is to clearly define your personal and business goals. What do you want to achieve with your exit or a partial exit? Are you primarily concerned with financial security, the continuation of your life’s work or the development of new growth potential? The goals should be realistic, measurable and defined in terms of time and serve as a guideline for all further decisions.
Timing
The right time is crucial for the success of an exit. It is important to consider the market conditions, the stage of the company and the personal goals of those involved. Carefully analysing market trends, the competitive situation and the company’s own key performance indicators can help to determine the optimal time for the sale. Coordination with investors and consideration of contractual obligations are also important factors in choosing the right timing.
Value maximisation
Value enhancement is about making the company as attractive as possible for potential buyers. The value of the company or start-up can be increased through targeted measures such as optimising processes, increasing turnover and profitability, opening up new markets or developing innovative products. This includes, in particular, the professional valuation of the company in order to achieve the best possible price.
An attractive equity story that emphasises the company’s potential and unique selling points can also help to arouse the interest of potential buyers and maximise the sales price.
Risk management
Jeder Exit birgt auch Risiken, die es zu identifizieren und zu managen gilt. Dazu gehören beispielsweise vertragliche Risiken, steuerliche Aspekte, Haftungsfragen oder mögliche Konflikte zwischen den Beteiligten. Eine sorgfältige Due Diligence, die Einbindung erfahrener Berater und eine klare vertragliche Regelung können dazu beitragen, Risiken zu minimieren und einen reibungslosen Ablauf des Exit-Prozesses zu gewährleisten.
Open communication and professional expectation management are also important for building trust and recognising and resolving potential conflicts at an early stage.
The exit process
| 1. preparation phase The preparation phase is the first step in the exit process. This phase is about preparing the company or start-up for sale and developing a clear strategy. This includes defining objectives, evaluating the company, identifying strengths and weaknesses and creating a company exposé. |
| 2. market sounding In the market sounding phase, the aim is to identify and approach potential buyers. Based on the defined objectives and criteria, these can be strategic investors, financial investors or even competitors. The search for suitable buyers often requires the support of M&A consultants who have the necessary networks and market knowledge. The interest of potential buyers should be aroused and a selection of promising candidates made through a targeted approach and the provision of meaningful information. |
| 3rd negotiation phase As soon as potential buyers have expressed their interest, the negotiation phase begins. The aim here is to negotiate the terms of the sale, carry out due diligence and draw up the contractual provisions. During this phase, the company must provide comprehensive information and respond to the buyer’s requirements without losing sight of its own interests. Negotiating skills, confidentiality and professional process support are crucial in this phase. |
| 4. finalisation phase In der Abschlussphase werden die finalen Verträge ausgehandelt und unterzeichnet. Dazu gehören typischerweise der Company purchase agreement, Garantien und Gewährleistungen sowie Vereinbarungen über die zukünftige Rolle der bisherigen Eigentümer und des Managements. Mit der Übertragung der Anteile und der Kaufpreiszahlung ist der Exit formal abgeschlossen. Eine sorgfältige Planung und Umsetzung der Post-merger integration, also der Eingliederung des Unternehmens in die Struktur des Käufers, trägt dazu bei, den Erfolg des Exits langfristig zu sichern. |
The KERN Company Exchange offers an effective platform for finding the ideal successor or buyer for a company. This renowned M&A portal brings together the key players ? buyers and sellers ? come together.
Pitfalls and challenges in exits
Although a well-planned and executed strategy offers many opportunities, there are also a number of pitfalls and challenges that can jeopardise success. Below we look at some typical mistakes that companies and investors should avoid when planning and implementing an exit strategy.
- Lack of preparation: A common mistake is to plan the exit process too late or inadequately. Successful exit strategies require careful preparation, which can often take several years. This includes optimising the company, streamlining contracts and structures and developing a convincing equity story. If this preparatory work is neglected, it can lead to a lower sales price, delays or even the failure of the exit.
- Unrealistic expectations: Überzogene Vorstellungen hinsichtlich des Verkaufspreises oder der Konditionen können den Exit-Prozess erschweren. Es ist wichtig, eine realistische Business valuation durchzuführen und die Marktbedingungen sowie die Erwartungen potenzieller Käufer zu berücksichtigen. Auch die Einschätzung des zeitlichen Rahmens sollte realistisch sein, da M&A-Transaktionen oft mehrere Monate oder sogar Jahre in Anspruch nehmen können.
- Lack of coordination between the parties involved: Differences in objectives or conflicts between founders, investors and management can jeopardise the exit process. It is important to reach a consensus on the objectives and modalities of the exit at an early stage and to define a clear division of roles. The involvement of experienced advisors who act as neutral intermediaries or mediators can also help to avoid conflicts and steer the process.
- Neglect of confidentiality: A lack of confidentiality can jeopardise the exit process and damage the company. Information about a planned sale should only be accessible to a very limited circle in order to avoid uncertainty among employees, customers and partners. When dealing with potential buyers, confidential information should also only be disclosed gradually and after signing non-disclosure agreements.
- Underestimation of the time required and the complexity: The exit process requires considerable time and human resources, which can easily be underestimated. In addition to day-to-day operations, due diligence requirements must be fulfilled, negotiations conducted and contractual arrangements drawn up. Inadequate resource planning can lead to management overload and neglect of the core business.
- Emotional attachment and decisions: The sale of a company can be a major emotional challenge, especially for founders and long-standing owners. The close ties to the company can lead to conflicts of interest and make rational decisions more difficult. It is important to consider the emotional aspects and, if necessary, to obtain external perspectives in order to act objectively and in the best interests of the company.
KERN expert tip: Avoiding these typical pitfalls requires careful preparation, a realistic assessment of the situation and close coordination between all parties involved. The early involvement of experienced advisors and professional process management can overcome many challenges and maximise the chances of a successful exit.
Case studies: KERN supports founders with their exit
Successful exit: the strategic sale of LightPartner Lichtsysteme
Ein bemerkenswertes Beispiel für eine effektive Exit-Strategie zeigt der Verkauf von LightPartner Lichtsysteme GmbH & Co. KG, der durch KERN – Unternehmensnachfolge professionell begleitet wurde. Dieses Unternehmen, spezialisiert auf maritime Lichtsysteme, wurde erfolgreich an die Mition GmbH verkauft, welche in mittelständische Technologieunternehmen investiert. Der Fall illustriert, wie durch gezielte Vorbereitung und die Auswahl des richtigen Partners, ein Company sale sowohl strategisch als auch finanziell optimiert werden kann.
Strategic expansion: Café Kraft changes hands
Café Kraft, a leading bouldering centre in Nuremberg, was recently successfully acquired by Steinbock Climbing Sports GmbH. This step, which was brokered by KERN - Unternehmensnachfolge, shows how targeted acquisitions make it possible to take a dominant position in a growing market segment.
Future-orientated company handover: FREQCON GmbH finds strong partner
FREQCON GmbH, a leading German manufacturer of frequency converters and control systems for renewable energies, has been successfully sold to Premium Equity Partners as part of a succession plan. This transaction, orchestrated by KERN - Unternehmensnachfolge, enables FREQCON to continue its growth with increased capital strength and strategic support.
Fazit: Warum eine Exit-Strategie unverzichtbar ist
Eine durchdachte Exit-Strategie sichert den erfolgreichen Unternehmensverkauf, maximiert den Wert und schafft Zukunftsperspektiven. Sorgfältige Planung, realistisches Timing und professionelle Beratung sind dabei entscheidend.
KERN Unternehmensnachfolge unterstützt Unternehmer mit Erfahrung, einem starken Netzwerk und maßgeschneiderten Lösungen ? von der Strategieentwicklung bis zur Vertragsverhandlung.
