{"id":21823,"date":"2022-03-29T14:48:16","date_gmt":"2022-03-29T12:48:16","guid":{"rendered":"https:\/\/great-kare.185-125-174-66.plesk.page\/?p=21823"},"modified":"2026-02-27T12:40:42","modified_gmt":"2026-02-27T11:40:42","slug":"valutazione-dimpresa-quanto-vale-la-tua-azienda","status":"publish","type":"post","link":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/unternehmensbewertung-so-viel-ist-ihre-firma-wert\/","title":{"rendered":"Valuta\u00adzio\u00adne d\u2019azi\u00aden\u00adda: Quanto vale la tua azienda?"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><em><em>Circa il 70% degli impren\u00addi\u00adto\u00adri % ritiene che il valore della propria azien\u00adda sia sopravva\u00adlu\u00adta\u00adto. \u00c8 con questo dato che Ingo Claus di <span class=\"caps\">KERN<\/span> \u2013 Succes\u00adsio\u00adne aziend\u00ada\u00adle \u2013 ha aperto la sua relazio\u00adne sul tema della valuta\u00adzio\u00adne aziend\u00ada\u00adle presso la Camera di Commer\u00adcio e dell\u2019Industria (<span class=\"caps\">IHK<\/span>) di Osnabr\u00fcck \u2013 Emsland \u2013 Grafschaft Bentheim.<\/em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Questa sopravva\u00adlu\u00adta\u00adzio\u00adne ha spesso conse\u00adguen\u00adze gravi nella prati\u00adca. Nel caso di una vendita aziend\u00ada\u00adle piani\u00adfi\u00adca\u00adta, una valuta\u00adzio\u00adne troppo alta porta non di rado ad aspett\u00ada\u00adti\u00adve di prezzo ecces\u00adsi\u00adve e quindi a una <strong>Inali\u00adenab\u00adi\u00adli\u00adt\u00e0 dell\u2019im\u00adpre\u00adsa<\/strong>.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-3e41869c wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-luminous-vivid-amber-background-color has-background wp-element-button\" href=\"#Rechner\">Dirett\u00adamen\u00adte al calcolo<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">In breve: come si calco\u00adla il valore di un\u2019azienda?<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Il valore dell\u2019in\u00adte\u00adra azien\u00adda o di una quota aziend\u00ada\u00adle viene deter\u00admi\u00adna\u00adto trami\u00adte una valuta\u00adzio\u00adne aziendale.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Anche i beni materia\u00adli, come <strong>Parco macchi\u00adne, macchi\u00adna\u00adri e terre\u00adni<\/strong>, cos\u00ec come i valori immate\u00adria\u00adli, come <strong>Compe\u00adten\u00adze dei dipen\u00adden\u00adti, marchio, brevet\u00adto<\/strong> e l\u2019espe\u00adri\u00aden\u00adza dei dipen\u00adden\u00adti vengo\u00adno valutate.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Proce\u00addu\u00adre di valuta\u00adzio\u00adne diver\u00adse tengo\u00adno conto sia della sostan\u00adza dell\u2019a\u00adzi\u00aden\u00adda e si basano sui guada\u00adg\u00adni passa\u00adti per fare una previ\u00adsio\u00adne per il futuro.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>La valuta\u00adzio\u00adne dell\u2019a\u00adzi\u00aden\u00adda \u00e8 indis\u00adpensa\u00adbi\u00adle per ulterio\u00adri negozia\u00adzio\u00adni, ad esempio per un passag\u00adgio di conseg\u00adne dell\u2019a\u00adzi\u00aden\u00adda. Sebbe\u00adne sia <strong>non identi\u00adco al prezzo d\u2019acquis\u00adto finale<\/strong>, ma una base importan\u00adte per il <a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/vendita-di-unazienda\/\">Vendita d\u2019impre\u00adsa<\/a>.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Esisto\u00adno diver\u00adsi metodi di calco\u00adlo, ognuno dei quali presen\u00adta vantag\u00adgi e svantag\u00adgi indivi\u00addua\u00adli. La fascia di prezzo d\u2019acquis\u00adto deter\u00admi\u00adna\u00adta da una valuta\u00adzio\u00adne aziend\u00ada\u00adle ben conva\u00adli\u00adda\u00adta offre un quadro di negoziazione.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>La <strong>Il metodo dei reddi\u00adti si \u00e8 affer\u00adma\u00adto in Germania.<\/strong><\/li>\n<\/ul>\n\n\n\n<div style=\"height:24px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\"><h2>Indice<\/h2><nav><ul><li><a href=\"#h-unternehmenswert-berechnen\">Calco\u00adlo del valore aziendale<\/a><\/li><li><a href=\"#h-was-ist-der-unternehmenswert\">Qual \u00e8 il valore dell\u2019impresa<\/a><\/li><li><a href=\"#h-uberhohter-kaufpreis-durch-die-s-g-herzblut-rendite\">Prezzo di acquis\u00adto gonfi\u00ada\u00adto dalla cosid\u00addet\u00adta rendi\u00adta di emozioni<\/a><ul><li><a href=\"#h-wie-sie-den-wert-ihres-unternehmens-steigern-und-die-unternehmensnachfolge-vorbereiten\">Come aumen\u00adta\u00adre il valore della tua azien\u00adda e prepara\u00adre la succes\u00adsio\u00adne aziendale<\/a><\/li><\/ul><\/li><li><a href=\"#h-methoden-der-unternehmensbewertung-in-der-ubersicht\">Panor\u00adami\u00adca dei metodi di valuta\u00adzio\u00adne d\u2019impresa<\/a><ul><li><a href=\"#h-der-blick-nach-vorne-mit-hilfe-des-ertragswertverfahrens\">Lo sguar\u00addo al futuro con l\u2019ausi\u00adlio del metodo del valore di capita\u00adliz\u00adza\u00adzio\u00adne dei redditi<\/a><\/li><li><a href=\"#h-die-substanzwert-methode\">Il metodo del valore sostanziale<\/a><\/li><li><a href=\"#h-discounted-cash-flow-verfahren-dcf-verfahren\">Metodo del Flusso di Cassa Sconta\u00adto (Metodo <span class=\"caps\">DCF<\/span>)<\/a><\/li><li><a href=\"#h-multiplikatorenverfahren\">Metodo dei moltiplicatori<\/a><\/li><li><a href=\"#h-die-venture-capital-methode\">Il metodo del venture capital<\/a><\/li><li><a href=\"#h-unternehmensbewertung-nach-den-grundsatzen-des-idw\">Valuta\u00adzio\u00adne d\u2019azi\u00aden\u00adda secon\u00addo i princi\u00adpi&nbsp;<span class=\"caps\">IDW<\/span><\/a><\/li><\/ul><\/li><li><a href=\"#h-bewertung-kmu\">Valuta\u00adzio\u00adne&nbsp;<span class=\"caps\">PMI<\/span><\/a><ul><li><a href=\"#h-qualitative-merkmale\">Quali\u00adta\u00adti\u00adve Merkmale<\/a><\/li><li><a href=\"#h-unternehmensbewertung-von-kmu\">Valuta\u00adzio\u00adne d\u2019azi\u00aden\u00adda per&nbsp;<span class=\"caps\">PMI<\/span><\/a><\/li><\/ul><\/li><li><a href=\"#h-typische-fehler-bei-der-unternehmensbewertung\">Errori tipici nella valuta\u00adzio\u00adne d\u2019impresa<\/a><\/li><li><a href=\"#h-fazit\">Conclu\u00adsio\u00adne<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-unternehmenswert-berechnen\">Calco\u00adlo del valore aziendale<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c8 alla ricer\u00adca di un primo metodo per valut\u00ada\u00adre il valore di un\u2019azi\u00aden\u00adda? Il nostro calco\u00adla\u00adto\u00adre del valore aziend\u00ada\u00adle la aiuter\u00e0 a calco\u00adla\u00adre rapida\u00admen\u00adte e facilm\u00aden\u00adte il valore di un\u2019azi\u00aden\u00adda basato su diver\u00adsi indica\u00adto\u00adri e metri\u00adche finanziari.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"Rechner\">Per utiliz\u00adza\u00adre il calco\u00adla\u00adto\u00adre, \u00e8 suffi\u00adci\u00aden\u00adte inser\u00adi\u00adre i dati richie\u00ads\u00adti nei campi corrispon\u00adden\u00adti e lascia\u00adre che lo strumen\u00adto esegua i calco\u00adli per&nbsp;te.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il calco\u00adla\u00adto\u00adre offre un\u2019in\u00adter\u00adfac\u00adcia intui\u00adti\u00adva e tiene conto di diver\u00adsi fatto\u00adri come l\u2019uti\u00adle e il setto\u00adre per fornir\u00adle una prima valuta\u00adzio\u00adne del valore dell\u2019azienda.<\/p>\n\n\n\n<div style=\"height:24px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"rahmen-unternehmenswertrechner-1\" class=\"inherit-container-width wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"wp-block-group__inner-container\"><div id=\"ucalcWrapper\"><form id=\"ucalc_form\" action><div class=\"ucalc_field\"><label for=\"ucalc_profit\">Qual \u00e8 stato il tuo utile prima degli inter\u00ades\u00adsi e delle impos\u00adte (<span class=\"caps\">EBIT<\/span>) l\u2019anno scorso?<\/label><input type=\"number\" name=\"ucalc_profit\" id=\"ucalc_profit\" placeholder=\"Inserire vincita in EUR\" onkeypress=\"return onlyNumberKey(event)\"><div class=\"ucalcNote\" id=\"profitNote\"><\/div><\/div><div class=\"ucalc_field\"><label for=\"ucalc_industry\">In quale setto\u00adre opera la vostra azien\u00adda?<\/label><select name=\"ucalc_industry\" id=\"ucalc_industry\"><option value><\/option><option value=\"construction\">Costruzioni e artigianato<\/option><option value=\"advisory\">Servizio di consulenza<\/option><option value=\"chemicals\">Chimica, Materie plastiche, Carta<\/option><option value=\"electrical\">Ingegneria Elettrica<\/option><option value=\"vehicles\">Costruzioni e accessori per veicoli<\/option><option value=\"trade-e-commerce\">Commercio ed e-commerce<\/option><option value=\"plants\">Costruzioni meccaniche e di impianti<\/option><option value=\"media\">Mezzi di comunicazione<\/option><option value=\"food-beverage\">Alimenti e bevande<\/option><option value=\"pharma\">Farmaceutica, biotecnologia e ingegneria medica<\/option><option value=\"software\">Software<\/option><option value=\"telecom\">Telecomunicazioni<\/option><option value=\"clothing\">Tessuti e abbigliamento<\/option><option value=\"transport\">Trasporti, logistica e turismo<\/option><option value=\"environment\">Tecnologie ambientali<\/option><option value=\"utilities\">Fornitori di servizi<\/option><\/select><div class=\"ucalcNote\" id=\"industryNote\"><\/div><\/div><div class=\"ucalc_field\"><button type=\"button\" onclick=\"calcCompVal()\">Calcolo del valore aziendale<\/button><\/div><input type=\"hidden\" name=\"trp-form-language\" value=\"it\"><\/form><div id=\"ucalcMessage\" class=\"ucalcClose\"><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:28px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size wp-block-paragraph\">Parlia\u00admo del valore della tua azien\u00adda in una consu\u00adlen\u00adza inizia\u00adle gratuita.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image aligncenter size-full\"><a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/richiedere-consulenza\/\"><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"348\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/03\/KERN-Unternehmensuebernahme-Beratung-anfordern.jpg\" alt=\"Richiedi una consulenza iniziale gratuita\" class=\"wp-image-25947\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/03\/KERN-Unternehmensuebernahme-Beratung-anfordern.jpg 500w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/03\/KERN-Unternehmensuebernahme-Beratung-anfordern-300x209.jpg 300w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/03\/KERN-Unternehmensuebernahme-Beratung-anfordern-18x12.jpg 18w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\"><\/a><figcaption class=\"wp-element-caption\">Richie\u00addi la tua prima consu\u00adlen\u00adza gratuita<\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/socio\/\" target=\"_blank\">\n           <img decoding=\"async\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2024\/10\/KERN-Standorte_Faehnchen_JPG_150_dpi_mit_Hintergrund_09.2024.jpg\" alt=\"Mappa della posizione\">\n            <\/a>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-was-ist-der-unternehmenswert\">Qual \u00e8 il valore dell\u2019impresa<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Il valore dell\u2019im\u00adpre\u00adsa \u00e8 una valuta\u00adzio\u00adne sogget\u00adti\u00adva di tutti gli attivi materia\u00adli e immate\u00adria\u00adli di un\u2019im\u00adpre\u00adsa. Serve come base di negozia\u00adzio\u00adne in <a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/transazione-societaria\/\">Transa\u00adzio\u00adni aziend\u00ada\u00adli<\/a>, ma pu\u00f2 anche come <strong>Indica\u00adto\u00adre chiave di una strate\u00adgia aziend\u00ada\u00adle a lungo termi\u00adne<\/strong> servire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tutta\u00advia, il valore di un\u2019azi\u00aden\u00adda non si limita alla somma di tutti i beni. <strong>Posizio\u00adne dell\u2019a\u00adzi\u00aden\u00adda sul merca\u00adto, la buona reputa\u00adzio\u00adne o le siner\u00adgie<\/strong> devono essere anch\u2019es\u00adsi valuta\u00adti. Non esiste una formu\u00adla standard per questo, ma \u00e8 piuttosto sogget\u00adto a una conside\u00adra\u00adzio\u00adne indivi\u00addua\u00adle da parte del valutatore.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"wp-block-paragraph\">Se Lei il<a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/valore-aziendale-calcolare-ecco-come-e-facile\/\"> Calco\u00adlo del valore aziend\u00ada\u00adle<\/a> posso\u00adno aiutar\u00adti in varie forme di model\u00adliz\u00adza\u00adzio\u00adne nella stima del valore di un\u2019azi\u00aden\u00adda, ma non ogni metodo \u00e8 adatto a ogni situa\u00adzio\u00adne. Inolt\u00adre, tutti i metodi si basano su ipote\u00adsi soggettive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pertan\u00adto, acqui\u00adren\u00adti e vendito\u00adri <strong>ottene\u00adre valori aziend\u00ada\u00adli diver\u00adsi nonostan\u00adte cifre aziend\u00ada\u00adli uguali<\/strong>.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-embed aligncenter is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Quanto vale la tua AZIENDA? Calcolatore gratuito del valore aziendale ONLINE\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/JkHmQIQwQZ0?list=PLDFgKUXk4_rukIK1zWiUlhXrO0QWG2GN1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div style=\"height:24px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Anche nella vendita di una socie\u00adt\u00e0 quota\u00adta in borsa, i prezzi di vendita superio\u00adri alla capita\u00adliz\u00adza\u00adzio\u00adne di merca\u00adto vengo\u00adno negozia\u00adti, sebbe\u00adne quest\u2019ul\u00adti\u00adma sia conside\u00adra\u00adta la miglio\u00adre stima del valore dell\u2019azienda.<\/p>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-uberhohter-kaufpreis-durch-die-s-g-herzblut-rendite\">Prezzo di acquis\u00adto gonfi\u00ada\u00adto dalla cosid\u00addet\u00adta rendi\u00adta di emozioni<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mentre gli impren\u00addi\u00adto\u00adri <strong>Oltre ai beni materia\u00adli, valut\u00ada\u00adre anche il lavoro e il coinvol\u00adgi\u00admen\u00adto emotivo<\/strong>, the money they have inves\u00adted in the compa\u00adny, a buyer prima\u00adri\u00adly thinks about the profits they can genera\u00adte from the compa\u00adny in the future. Due to this diffe\u00adrent perspec\u00adti\u00adve, both sides often arrive at very diffe\u00adrent results.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Il mercan\u00adte non paga per il passato!<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Molti proprie\u00adta\u00adri di azien\u00adde hanno diffi\u00adcol\u00adt\u00e0 a creare un piano finan\u00adzia\u00adrio per almeno i prossi\u00admi tre anni. Tutta\u00advia, questa prospet\u00adti\u00adva \u00e8 di grande import\u00adan\u00adza, perch\u00e9 vale la regola: il commer\u00adci\u00adan\u00adte non paga per il passato!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anche se <strong>Valore aziend\u00ada\u00adle e prezzo d\u2019acquis\u00adto non sono la stessa cosa<\/strong> esiste una relazio\u00adne molto stret\u00adta. La deriva\u00adzio\u00adne credi\u00adbi\u00adle del valore di rendi\u00adta non serve quindi solo alla deter\u00admi\u00adna\u00adzio\u00adne del prezzo di acquis\u00adto, ma anche, nelle negozia\u00adzio\u00adni, <strong>Perse\u00adgui\u00adre un prezzo d\u2019acquis\u00adto inter\u00ades\u00adsan\u00adte<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A propo\u00adsi\u00adto, \u00e8 possi\u00adbi\u00adle aumen\u00adta\u00adre il valore dell\u2019a\u00adzi\u00aden\u00adda. Leggi a questo proposito:<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-left\" id=\"h-wie-sie-den-wert-ihres-unternehmens-steigern-und-die-unternehmensnachfolge-vorbereiten\">Come aumen\u00adta\u00adre il valore della tua azien\u00adda e prepara\u00adre la succes\u00adsio\u00adne aziendale<\/h3>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/sviluppo-del-valore-aziendale\/\" style=\"color:#111111;background-color:#f0bb38\" target=\"_blank\" rel=\"noreferrer noopener\">Leggi di&nbsp;pi\u00f9<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-methoden-der-unternehmensbewertung-in-der-ubersicht\">Panor\u00adami\u00adca dei metodi di valuta\u00adzio\u00adne d\u2019impresa<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le proce\u00addu\u00adre di valuta\u00adzio\u00adne aziend\u00ada\u00adle posso\u00adno essere classi\u00adfi\u00adca\u00adte in vari modi. Da un lato, le valuta\u00adzio\u00adni aziend\u00ada\u00adli posso\u00adno essere distin\u00adte per la conti\u00adnu\u00ada\u00adzio\u00adne o la liquid\u00ada\u00adzio\u00adne di un\u2019azi\u00aden\u00adda. Per la liquid\u00ada\u00adzio\u00adne di un\u2019azi\u00aden\u00adda, il <strong>Valore di liquid\u00ada\u00adzio\u00adne <\/strong>come forma di <strong>Metodi del valore patri\u00admo\u00adnia\u00adle<\/strong> utilizzare.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inolt\u00adre, pu\u00f2 essere utiliz\u00adza\u00adta una diver\u00adsa base dati per le valuta\u00adzio\u00adni. Il metodo del valore patri\u00admo\u00adnia\u00adle utiliz\u00adza dati di bilan\u00adcio a tal fine, mentre il valore di rendi\u00admen\u00adto e <strong>Flussi di cassa sconta\u00adti<\/strong> Utiliz\u00adza\u00adre i dati del conto economico.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Per essere un vendito\u00adre plausi\u00adbi\u00adle e contem\u00adpo\u00adra\u00adnea\u00admen\u00adte <strong>richies\u00adta di prezzo d\u2019acquis\u00adto fonda\u00adta<\/strong> per le imminen\u00adti tratta\u00adti\u00adve con poten\u00adzia\u00adli acqui\u00adren\u00adti \u00e8 neces\u00adsa\u00adria una valuta\u00adzio\u00adne profes\u00adsio\u00adna\u00adle dell\u2019azienda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nella maggi\u00ador parte dei casi, gli impren\u00addi\u00adto\u00adri hanno idee nulle o sbaglia\u00adte sul ricavo di cessio\u00adne reali\u00adsti\u00adco per la loro attivi\u00adt\u00e0. Inolt\u00adre, \u00e8 importan\u00adte mante\u00adnere una visio\u00adne d\u2019insie\u00adme dei fatto\u00adri decisi\u00advi nei metodi di valutazione:<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/EINFLUSSFAKTOREN-AUF-DIE-BERECHNUNG-DES-UNTERNEHMENSWERTS.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/EINFLUSSFAKTOREN-AUF-DIE-BERECHNUNG-DES-UNTERNEHMENSWERTS.png\" alt=\"Fattori di influenza della grafica di processo sul calcolo del valore aziendale\" class=\"wp-image-29432\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/EINFLUSSFAKTOREN-AUF-DIE-BERECHNUNG-DES-UNTERNEHMENSWERTS.png 1024w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/EINFLUSSFAKTOREN-AUF-DIE-BERECHNUNG-DES-UNTERNEHMENSWERTS-300x225.png 300w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/EINFLUSSFAKTOREN-AUF-DIE-BERECHNUNG-DES-UNTERNEHMENSWERTS-768x576.png 768w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/EINFLUSSFAKTOREN-AUF-DIE-BERECHNUNG-DES-UNTERNEHMENSWERTS-16x12.png 16w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/EINFLUSSFAKTOREN-AUF-DIE-BERECHNUNG-DES-UNTERNEHMENSWERTS-600x450.png 600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/a><\/figure>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-der-blick-nach-vorne-mit-hilfe-des-ertragswertverfahrens\">Lo sguar\u00addo al futuro con l\u2019ausi\u00adlio del metodo del valore di capita\u00adliz\u00adza\u00adzio\u00adne dei redditi<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oltre ai metodi del valore patri\u00admo\u00adnia\u00adle e del molti\u00adpli\u00adca\u00adto\u00adre, in Germa\u00adnia si appli\u00adca in parti\u00adco\u00adla\u00adre il metodo del valore di reddi\u00adto per la valuta\u00adzio\u00adne delle impre\u00adse. Questo \u00e8 un <strong>proce\u00addu\u00adra accett\u00ada\u00adta dall\u2019e\u00adco\u00adno\u00admia, dalle camere di commer\u00adcio e dalle autori\u00adt\u00e0 fisca\u00adli<\/strong>, che retti\u00adfi\u00adca i risul\u00adta\u00adti passa\u00adti nel calco\u00adlo del valore aziend\u00ada\u00adle per preve\u00adde\u00adre succes\u00adsi\u00adv\u00ada\u00admen\u00adte lo svilup\u00adpo futuro pi\u00f9 plausi\u00adbi\u00adle possibile.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">poich\u00e9 i risul\u00adta\u00adti del metodo del valore di rendi\u00admen\u00adto dipen\u00addo\u00adno essen\u00adzi\u00adal\u00admen\u00adte da <strong>valuta\u00adzio\u00adne il pi\u00f9 possi\u00adbi\u00adle ogget\u00adti\u00advata degli utili futuri<\/strong> dell\u2019a\u00adzi\u00aden\u00adda. Di conse\u00adguen\u00adza, la valuta\u00adzio\u00adne reali\u00adsti\u00adca del rischio per il tasso di capita\u00adliz\u00adza\u00adzio\u00adne da deter\u00admina\u00adre \u00e8 parti\u00adco\u00adlar\u00admen\u00adte importante.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\" id=\"h-finanzamt-akzeptiert-schlussige-ertragswertbetrachtung\">\n<p class=\"wp-block-paragraph\"><strong>L\u2019uffi\u00adcio delle impos\u00adte accet\u00adta una conside\u00adra\u00adzio\u00adne valida del valore di reddito<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><span class=\"dquo\">\u201e<\/span>Una valuta\u00adzio\u00adne di valore convin\u00adcen\u00adte basata sul metodo del valore di rendi\u00admen\u00adto viene general\u00admen\u00adte accett\u00ada\u00adta dall\u2019uf\u00adfi\u00adcio delle impos\u00adte ed \u00e8 quindi una buona alter\u00adna\u00adti\u00adva al metodo defini\u00adto nel \u00a7 199 della legge sulla valuta\u00adzio\u00adne (BewG)\u201c, sotto\u00adli\u00adnea <a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/posizione\/osnabrueck-claudio\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ingo Claus<\/a>. Il valore dell\u2019a\u00adzi\u00aden\u00adda si orien\u00adta cos\u00ec maggior\u00admen\u00adte al valore di merca\u00adto. Infat\u00adti, la conse\u00adguen\u00adte minore tassa\u00adzio\u00adne o minori inden\u00adni\u00adt\u00e0 di liquid\u00ada\u00adzio\u00adne rispet\u00adto ai coere\u00addi porta\u00adno quindi a un minore onere finan\u00adzia\u00adrio delle azien\u00adde da trasferire.<\/em><\/p>\n<\/blockquote>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-beispielrechnung-ertragswert-verfahren\">Esempio di calco\u00adlo del valore di rendimento<\/h4>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/BEISPIELRECHNUNG-ERTRAGSWERTVERFAHREN.png\" alt=\"KERN-Processo-Grafico-Esempio-Calcolo-Valore-di-un-Impresa-con-Metodo-del-Valore-di-Capitalizzazione-degli-Utili\" class=\"wp-image-29433\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/BEISPIELRECHNUNG-ERTRAGSWERTVERFAHREN.png 1024w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/BEISPIELRECHNUNG-ERTRAGSWERTVERFAHREN-300x225.png 300w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/BEISPIELRECHNUNG-ERTRAGSWERTVERFAHREN-768x576.png 768w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/BEISPIELRECHNUNG-ERTRAGSWERTVERFAHREN-16x12.png 16w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/11\/BEISPIELRECHNUNG-ERTRAGSWERTVERFAHREN-600x450.png 600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-vor-und-nachteile-ertragswertverfahren\">Vantag\u00adgi e svantag\u00adgi del metodo del valore di rendimento<\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-ast-global-color-5-color has-text-color has-background has-medium-font-size wp-block-paragraph\" style=\"background-color:#013372\"><strong>Vantag\u00adgi:<\/strong><br><br>Proce\u00addu\u00adra di valuta\u00adzio\u00adne aziend\u00ada\u00adle ampia\u00admen\u00adte diffu\u00adsa in Germa\u00adnia e accett\u00ada\u00adta dalle autori\u00adt\u00e0 fisca\u00adli.<br><br>Fattu\u00adra rispet\u00adto ad altri metodi facilm\u00aden\u00adte<br><br>Fatto\u00adre di rischio modificabile<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-black-color has-ast-global-color-6-background-color has-text-color has-background has-medium-font-size wp-block-paragraph\"><strong>Svantag\u00adgi:<br><br><\/strong>Fatto\u00adre di rischio offre la possi\u00adbi\u00adli\u00adt\u00e0 di manipo\u00adla\u00adzio\u00adne<br><br>La progno\u00adsi futura non \u00e8 sempre adatta<br><br><br><br><br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-die-substanzwert-methode\">Il metodo del valore sostanziale<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Il valore della sostan\u00adza pu\u00f2 essere calco\u00adla\u00adto per una conti\u00adnu\u00ada\u00adzio\u00adne d\u2019impre\u00adsa o per uno sciogli\u00admen\u00adto d\u2019impre\u00adsa. In quest\u2019ul\u00adti\u00admo caso, viene calco\u00adla\u00adto il valore di liquid\u00ada\u00adzio\u00adne. Per calco\u00adla\u00adre il valore di liquid\u00ada\u00adzio\u00adne, si prendo\u00adno in conside\u00adra\u00adzio\u00adne <strong>Valori di merca\u00adto di tutti gli attivi, sia patri\u00admo\u00adnia\u00adliz\u00adza\u00adti che non patri\u00admo\u00adnia\u00adliz\u00adza\u00adti, somma\u00adti<\/strong> e tutti i debiti penden\u00adti detrat\u00adte, poich\u00e9 devono essere salda\u00adti dalla vendita.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inolt\u00adre, devono essere sottrat\u00adti tutti i costi derivan\u00adti dalla liquid\u00ada\u00adzio\u00adne. <strong>Il vantag\u00adgio del metodo del valore patri\u00admo\u00adnia\u00adle \u00e8 un calco\u00adlo del valore relativ\u00ada\u00admen\u00adte sempli\u00adce<\/strong> liquid\u00ada\u00adzio\u00adne di un\u2019azi\u00aden\u00adda. Inolt\u00adre, questo metodo di valuta\u00adzio\u00adne pu\u00f2 servi\u00adre come valore minimo dell\u2019a\u00adzi\u00aden\u00adda in caso di conti\u00adnu\u00ada\u00adzio\u00adne dell\u2019attivit\u00e0.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il vero valore d\u2019azi\u00aden\u00adda o stati\u00adci\u00adt\u00e0 di conti\u00adnu\u00adare si basa non sull\u2019i\u00adpo\u00adte\u00adsi di liquid\u00ada\u00adzio\u00adne dell\u2019a\u00adzi\u00aden\u00adda. Si basa<strong> Si tratta di questa conside\u00adra\u00adzio\u00adne dei costi oppor\u00adtu\u00adni\u00adt\u00e0:<\/strong> Il valore dell\u2019a\u00adzi\u00aden\u00adda corrispon\u00adde ai costi che si verreb\u00adbe\u00adro a sostene\u00adre per creare una copia esatta dell\u2019a\u00adzi\u00aden\u00adda. Quindi, se si acquis\u00adtas\u00adse\u00adro un terre\u00adno equiva\u00adlen\u00adte con immobi\u00adli equiva\u00adlen\u00adti e macchi\u00adna\u00adri equivalenti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ci\u00f2 signi\u00adfi\u00adca che il valore intrin\u00adse\u00adco si basa sul <strong>Valore di sosti\u00adtu\u00adzi\u00ado\u00adne del capita\u00adle netto conta\u00adbi\u00adliz\u00adza\u00adto<\/strong> e del patri\u00admo\u00adnio non iscritto in bilancio.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Qui si deve distin\u00adgue\u00adre il valore di ripris\u00adti\u00adno dal valore di liquid\u00ada\u00adzio\u00adne. Quest\u2019ul\u00adti\u00admo deriva dalla liquid\u00ada\u00adzio\u00adne dell\u2019a\u00adzi\u00aden\u00adda e dal conse\u00adguen\u00adte <strong>Vendita dei singo\u00adli elemen\u00adti<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il valore di liquid\u00ada\u00adzio\u00adne corrispon\u00adde all\u2019im\u00adpor\u00adto che pu\u00f2 essere otten\u00aduto dalla dismis\u00adsio\u00adne dell\u2019a\u00adzi\u00aden\u00adda e dalla succes\u00adsi\u00adva vendita dei singo\u00adli&nbsp;beni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il valore liqui\u00adda\u00adto\u00adrio del patri\u00admo\u00adnio non strumen\u00adta\u00adle all\u2019at\u00adti\u00advi\u00adt\u00e0 pu\u00f2 essere accan\u00adto\u00adna\u00adto ulterior\u00admen\u00adte e <strong>il capita\u00adle di debito deve essere detrat\u00adto<\/strong>. Il <a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/valore-di-sostituzione\/\">Metodo del valore di sotto\u00adscor\u00adta<\/a> mantiene il vantag\u00adgio che si presup\u00adpo\u00adne un\u2019im\u00adpre\u00adsa conti\u00adnua\u00adtiva, il che \u00e8 il caso della maggi\u00ador parte delle transa\u00adzio\u00adni societarie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tutta\u00advia, un fatto\u00adre importan\u00adte non viene preso in conside\u00adra\u00adzio\u00adne: <strong>il \u201eknow-how\u201c della vecchia azien\u00adda<\/strong>. Poich\u00e9 i flussi di lavoro e il perso\u00adna\u00adle quali\u00adfi\u00adca\u00adto con esperi\u00aden\u00adza su queste macchi\u00adne non posso\u00adno essere n\u00e9 copiati n\u00e9 valutati.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-vor-und-nachteile-substanzwert-methode\">Vantag\u00adgi e svantag\u00adgi del metodo del valore patrimoniale<\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-ast-global-color-5-color has-text-color has-background has-medium-font-size wp-block-paragraph\" style=\"background-color:#013372\"><strong>Vantag\u00adgi:<\/strong><br><br>Calco\u00adlo sempli\u00adce<br><br>\u201eValore tangi\u00adbi\u00adle, adatto anche ai non addet\u00adti ai lavori<br><br><br><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-black-color has-ast-global-color-6-background-color has-text-color has-background has-medium-font-size wp-block-paragraph\"><strong>Svantag\u00adgi:<\/strong><br><br>Trascu\u00adra\u00adtez\u00adza di fatto\u00adri come la base di clienti o la posizio\u00adne compe\u00adti\u00adti\u00adva<br><br>Nessuna conside\u00adra\u00adzio\u00adne della redditivit\u00e0<\/p>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-discounted-cash-flow-verfahren-dcf-verfahren\">Metodo del Flusso di Cassa Sconta\u00adto (Metodo <span class=\"caps\">DCF<\/span>)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Con il metodo del Discoun\u00adted Cash Flow, i flussi di cassa liberi vengo\u00adno utiliz\u00adza\u00adti come punto di parten\u00adza per la valuta\u00adzio\u00adne aziend\u00ada\u00adle. Il valore aziend\u00ada\u00adle corrispon\u00adde quindi alla somma dei flussi di cassa liberi attua\u00adliz\u00adza\u00adti a un tasso di inter\u00ades\u00adse adegua\u00adto al rischio.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Per la stima dei flussi di cassa liberi, i piani aziend\u00ada\u00adli degli anni succes\u00adsi\u00advi posso\u00adno essere prepa\u00adra\u00adti indivi\u00addu\u00adal\u00admen\u00adte. In alter\u00adna\u00adti\u00adva, il <strong>Genera\u00adto\u00adre di valore Proce\u00addu\u00adra di Rappa\u00adport<\/strong> essere appli\u00adca\u00adto. In questo modo, parten\u00addo dagli attua\u00adli <strong>Dati come fattu\u00adra\u00adto, reddi\u00adti\u00advi\u00adt\u00e0 del fattu\u00adra\u00adto e inves\u00adti\u00admen\u00adti nel capita\u00adle circo\u00adlan\u00adte<\/strong> e con una cresci\u00adta futura stima\u00adta del fattu\u00adra\u00adto calco\u00adla i flussi di cassa liberi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il metodo <span class=\"caps\">DCF<\/span> pu\u00f2 essere appli\u00adca\u00adto in model\u00adli a 2 o 3 fasi. Nella prima fase vengo\u00adno <strong>i flussi di cassa per i prossi\u00admi 5-10 anni stima\u00adti indivi\u00addu\u00adal\u00admen\u00adte<\/strong>. Nell\u2019ul\u00adti\u00adma fase, si presu\u00adme un flusso di cassa libero costan\u00adte o un flusso di cassa con cresci\u00adta costante.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La fase inter\u00adme\u00addia nel model\u00adlo a 3 fasi deve modella\u00adre in modo plausi\u00adbi\u00adle una transi\u00adzio\u00adne tra l\u2019ulti\u00adma fase piani\u00adfi\u00adca\u00adta e la fase residua. Di solito si parte da un model\u00adlo linea\u00adre o <strong>diffu\u00adsio\u00adne esponen\u00adzia\u00adle dei flussi di cassa su 3-5 anni<\/strong> andato.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il <strong>Vantag\u00adgio dei metodi del flusso di cassa sconta\u00adto<\/strong> \u00e8 che si basa su dati aziend\u00ada\u00adli attua\u00adli. In questo modo, la situa\u00adzio\u00adne inizia\u00adle viene model\u00adla\u00adta al meglio. Tutta\u00advia, il valore dell\u2019a\u00adzi\u00aden\u00adda dipen\u00adde forte\u00admen\u00adte da 2 fatto\u00adri, il tasso di sconto adegua\u00adto al rischio e i flussi di cassa liberi nella prima fase. Una stima errata di questi porta a grandi deviazioni.&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-vor-und-nachteile-discounted-cash-flow-verfahren\">Vantag\u00adgi e svantag\u00adgi del metodo del flusso di cassa scontato<\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-ast-global-color-5-color has-text-color has-background has-medium-font-size wp-block-paragraph\" style=\"background-color:#013372\"><strong>Vantag\u00adgi:<br><br><\/strong>Buona adatta\u00adbi\u00adli\u00adt\u00e0 alle situa\u00adzio\u00adni aziend\u00ada\u00adli indivi\u00addua\u00adli e attua\u00adli<br><br>Risult\u00ada\u00adto ben confron\u00adta\u00adbi\u00adle<br><br>Rendi chiari i poten\u00adzia\u00adli rischi dell\u2019\u00adin\u00adve\u00ads\u00adti\u00admen\u00adto fin dall\u2019inizio<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-black-color has-ast-global-color-6-background-color has-text-color has-background has-medium-font-size wp-block-paragraph\"><strong>Svantag\u00adgi:<br><br><\/strong>Il fatto\u00adre di rischio pu\u00f2 essere una debolez\u00adza in caso di scelta sbaglia\u00adta<br><br>La progno\u00adsi futura non \u00e8 sempre adatta<br><br><br><\/p>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-multiplikatorenverfahren\">Metodo dei moltiplicatori<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Il metodo del molti\u00adpli\u00adca\u00adto\u00adre \u00e8 una stima approssi\u00adma\u00adti\u00adva del valore di un\u2019azi\u00aden\u00adda. In questo metodo, il <strong>Capita\u00adliz\u00adza\u00adzio\u00adne di merca\u00adto e opera\u00adzio\u00adni socie\u00adta\u00adrie concluse in passa\u00adto analiz\u00adza\u00adte<\/strong> e messe in relazio\u00adne con le cifre del bilan\u00adcio. In questo modo si sono svilup\u00adp\u00ada\u00adti i comuni molti\u00adpli\u00adca\u00adto\u00adri. Per una deter\u00admi\u00adna\u00adta accura\u00adta del molti\u00adpli\u00adca\u00adto\u00adre corret\u00adto, vengo\u00adno utiliz\u00adza\u00adte solo le transa\u00adzio\u00adni aziend\u00ada\u00adli di azien\u00adde comparabili.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Queste proce\u00addu\u00adre sono parti\u00adco\u00adlar\u00admen\u00adte adatte per una <strong>Verifi\u00adca di plausi\u00adbi\u00adli\u00adt\u00e0<\/strong> del valore aziend\u00ada\u00adle calco\u00adla\u00adto con altri metodi. Ciono\u00adno\u00adstan\u00adte, i molti\u00adpli\u00adca\u00adto\u00adri dispo\u00adni\u00adbi\u00adli pubbli\u00adca\u00admen\u00adte riflet\u00adto\u00adno sempre solo inter\u00adval\u00adli di valuta\u00adzio\u00adne di transa\u00adzio\u00adni passa\u00adte. Poich\u00e9 un\u2019azi\u00aden\u00adda non \u00e8 sempli\u00adce\u00admen\u00adte compa\u00adra\u00adbi\u00adle, devono essere appor\u00adta\u00adte corre\u00adzio\u00adni e giusti\u00adfi\u00adca\u00adzio\u00adni appro\u00adpria\u00adte prima di una valuta\u00adzio\u00adne basata sui molti\u00adpli\u00adca\u00adto\u00adri. Ci\u00f2 va tenuto in considerazione.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-vor-und-nachteile-multiplikatorenverfahren\">Vantag\u00adgi e svantag\u00adgi del metodo dei moltiplicatori<\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-ast-global-color-5-color has-text-color has-background has-medium-font-size wp-block-paragraph\" style=\"background-color:#013372\"><strong>Vantag\u00adgi:<br><br><\/strong>Metodo\u00adlo\u00adgia di valuta\u00adzio\u00adne diffu\u00adsa<br><br>Pu\u00f2 essere calco\u00adla\u00adto in modo rapido e sempli\u00adce<br><br>Richie\u00adde pochi dati per i primi risultati<br><br><br><br><br><br><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-black-color has-ast-global-color-6-background-color has-text-color has-background has-medium-font-size wp-block-paragraph\"><strong>Svantag\u00adgi:<br><br><\/strong>A causa della mancan\u00adza di dati, non molto preciso<br><br>Il molti\u00adpli\u00adca\u00adto\u00adre \u00e8 una vulnerabi\u00adli\u00adt\u00e0 su cui si pu\u00f2 litiga\u00adre<br><br>Un\u2019ap\u00adpli\u00adca\u00adzio\u00adne senza un\u2019ana\u00adli\u00adsi, una succes\u00adsi\u00adva retti\u00adfi\u00adca e una valida\u00adzio\u00adne adegua\u00adte porta spesso a valuta\u00adzio\u00adni aziend\u00ada\u00adli signi\u00adfi\u00adca\u00adtiv\u00ada\u00admen\u00adte gonfiate.<\/p>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-die-venture-capital-methode\">Il metodo del venture capital<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Con il metodo del venture capital \u00e8 possi\u00adbi\u00adle valut\u00ada\u00adre le start\u00adup. Il <strong>Il valore di queste azien\u00adde risie\u00adde nello svilup\u00adpo di nuovi concet\u00adti e tecno\u00adlo\u00adgie<\/strong>, non in attivi\u00adt\u00e0, fattu\u00adra\u00adto o flussi di cassa positi\u00advi. Pertan\u00adto, le proce\u00addu\u00adre di valuta\u00adzio\u00adne prece\u00adden\u00adti non posso\u00adno essere applicate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pertan\u00adto, si calco\u00adla innan\u00adzi\u00adtutto il valore dell\u2019a\u00adzi\u00aden\u00adda in un momen\u00adto in cui \u00e8 paragona\u00adbi\u00adle ad altre azien\u00adde, ad esempio tra 10 anni. <strong>Questo valore aziend\u00ada\u00adle viene poi attua\u00adliz\u00adza\u00adto per l\u2019inte\u00adro periodo assun\u00adto.<\/strong> Tutta\u00advia, viene utiliz\u00adza\u00adto un tasso di sconto pi\u00f9 eleva\u00adto rispet\u00adto alle socie\u00adt\u00e0 conso\u00adli\u00adda\u00adte, poich\u00e9 il rischio \u00e8 signi\u00adfi\u00adca\u00adtiv\u00ada\u00admen\u00adte maggiore.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Poich\u00e9 una valuta\u00adzio\u00adne priva di numeri spesso non pu\u00f2 essere efficace, nello spazio di lingua tedes\u00adca si rinun\u00adcia frequen\u00adte\u00admen\u00adte al metodo del venture capital e si utiliz\u00adza invece la metodo\u00adlo\u00adgia <span class=\"caps\">DCF<\/span> descrit\u00adta&nbsp;sopra.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-vor-und-nachteile-venture-capital-methode\">Vantag\u00adgi e svantag\u00adgi del metodo venture capital<\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-ast-global-color-5-color has-text-color has-background has-medium-font-size wp-block-paragraph\" style=\"background-color:#013372\"><strong>Vantag\u00adgi:<br><br><\/strong>Consen\u00adte un calco\u00adlo nonostan\u00adte la mancan\u00adza di&nbsp;dati<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-black-color has-ast-global-color-6-background-color has-text-color has-background has-medium-font-size wp-block-paragraph\"><strong>Svantag\u00adgi:<br><br><\/strong>Insicu\u00adro e complesso<br><br><\/p>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-unternehmensbewertung-nach-den-grundsatzen-des-idw\">Valuta\u00adzio\u00adne d\u2019azi\u00aden\u00adda secon\u00addo i princi\u00adpi&nbsp;<span class=\"caps\">IDW<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I molti\u00adpli\u00adca\u00adto\u00adri standard del setto\u00adre spesso non sono suffi\u00adci\u00aden\u00adti per deter\u00admina\u00adre il valore di un\u2019azi\u00aden\u00adda, in quanto non sono perso\u00adna\u00adliz\u00adza\u00adti per il singo\u00adlo caso e sono spesso obsole\u00adti. Per deter\u00admina\u00adre un <strong>Valuta\u00adzio\u00adne d\u2019azi\u00aden\u00adda secon\u00addo i princi\u00adpi del<\/strong><a href=\"https:\/\/www.idw.de\/idw\" target=\"_blank\" rel=\"noopener\"><strong> Istitu\u00adto dei reviso\u00adri dei conti in Germa\u00adnia (<span class=\"caps\">IDW<\/span>)<\/strong><\/a> Analiz\u00adzia\u00admo i bilan\u00adci degli ultimi tre eserci\u00adzi econo\u00admici e calco\u00adli\u00ada\u00admo un valore di rendi\u00admen\u00adto utiliz\u00adzan\u00addo la piani\u00adfi\u00adca\u00adzio\u00adne aziendale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il valore di rendi\u00admen\u00adto \u00e8 identi\u00adco ai reddi\u00adti futuri distri\u00adbui\u00adbi\u00adli sconta\u00adti alla data di valuta\u00adzio\u00adne. L\u2019attua\u00adliz\u00adza\u00adzio\u00adne avvie\u00adne median\u00adte un tasso di inter\u00ades\u00adse adatta\u00adto al rispet\u00adtivo rischio imprenditoriale.<\/p>\n\n\n\n<p class=\"has-ast-global-color-5-color has-text-color has-background has-medium-font-size wp-block-paragraph\" style=\"background-color:#013372\">I princi\u00adpi dell\u2019IDW sono l\u2019IDW <span class=\"caps\">S1<\/span> = metodo del valore di capita\u00adliz\u00adza\u00adzio\u00adne degli utili. Questo \u00e8 il metodo di valuta\u00adzio\u00adne aziend\u00ada\u00adle accett\u00ada\u00adto dall\u2019uf\u00adfi\u00adcio delle impos\u00adte e esclude i tipici errori di una valuta\u00adzio\u00adne basata su multi\u00adpli attra\u00adver\u00adso un <span class=\"caps\">IDW<\/span> <span class=\"caps\">S1<\/span> ben fondato.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"340\" height=\"427\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/07\/KERN-Ratgeber-Verkauf.png\" alt=\"KERN Esempio Immagine Guida Vendita\" class=\"wp-image-28550\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/07\/KERN-Ratgeber-Verkauf.png 340w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/07\/KERN-Ratgeber-Verkauf-239x300.png 239w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/07\/KERN-Ratgeber-Verkauf-10x12.png 10w\" sizes=\"auto, (max-width: 340px) 100vw, 340px\"><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div style=\"height:111px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\" style=\"font-size:24px\"><strong>Guida esper\u00adta <span class=\"caps\">GRATUITA<\/span>: Come rende\u00adre il tuo passag\u00adgio genera\u00adzio\u00adna\u00adle un successo.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/ratgeber\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"210\" height=\"49\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/02\/button-KERN.png\" alt=\"Link alla Guida KERN sulla successione aziendale\" class=\"wp-image-21251\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/02\/button-KERN.png 210w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/02\/button-KERN-18x4.png 18w\" sizes=\"auto, (max-width: 210px) 100vw, 210px\"><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bewertung-kmu\">Valuta\u00adzio\u00adne&nbsp;<span class=\"caps\">PMI<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Secon\u00addo l\u2019Isti\u00adtu\u00adto di Ricer\u00adca per le Picco\u00adle e Medie Impre\u00adse (IfM), ogni anno in Germa\u00adnia vengo\u00adno cedute pi\u00f9 di 20.000 <span class=\"caps\">PMI<\/span> con una soluzi\u00ado\u00adne irrisol\u00adta<a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/\"> Succes\u00adsio\u00adne aziend\u00ada\u00adle<\/a> confron\u00adta\u00adti. Se anche voi la vostra<a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wie-kann-ich-am-besten-meine-firma-verkaufen-erfolgsfaktoren\/\"> Vende\u00adre un\u2019azi\u00aden\u00adda<\/a> volon\u00adt\u00e0, il primo passo verso un piano di succes\u00adsio\u00adne ben defini\u00adto dovreb\u00adbe essere una valuta\u00adzio\u00adne appro\u00adfon\u00addi\u00adta dell\u2019azienda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Poich\u00e9 le metodo\u00adlo\u00adgie di valuta\u00adzio\u00adne trova\u00adno appli\u00adca\u00adzio\u00adne sia nelle grandi che nelle picco\u00adle azien\u00adde, sorge la doman\u00adda se non ci siano invece alcune<strong> Picco\u00adle ma decisi\u00adve diffe\u00adren\u00adze nella valuta\u00adzio\u00adne delle <span class=\"caps\">PMI<\/span><\/strong> d\u00e0.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-qualitative-merkmale\">Quali\u00adta\u00adti\u00adve Merkmale<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">La distin\u00adzio\u00adne dalle grandi impre\u00adse non avvie\u00adne solo trami\u00adte cifre e parame\u00adtri finan\u00adzia\u00adri. Ci\u00f2 signi\u00adfi\u00adca che <strong>Le <span class=\"caps\">PMI<\/span> presen\u00adta\u00adno alcune carat\u00adteristi\u00adche molto speci\u00adfi\u00adche<\/strong>, che va bene in <em>Ihlau, Duscha, G\u00f6decke: Parti\u00adco\u00adla\u00adri\u00adt\u00e0 nella valuta\u00adzio\u00adne di <span class=\"caps\">PMI<\/span> (pagina 6 e succ.) <\/em>vengo\u00adno descrit\u00adte. Succes\u00adsi\u00adv\u00ada\u00admen\u00adte, le carat\u00adteristi\u00adche devono essere suddi\u00advi\u00adse nelle 4 aree di model\u00adlo di business, proprie\u00adta\u00adri, infor\u00adma\u00adzio\u00adni e finanziamento.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ad esempio, una diffe\u00adren\u00adza fonda\u00admen\u00adta\u00adle rispet\u00adto alle grandi azien\u00adde \u00e8 il <strong>acces\u00adso limita\u00adto al merca\u00adto dei capita\u00adli e un\u2019ali\u00adquo\u00adta di capita\u00adle proprio spesso bassa<\/strong>. A ci\u00f2 si aggiungo\u00adno la forte influ\u00aden\u00adza dei proprie\u00adta\u00adri e la mancan\u00adza di diver\u00adsi\u00adfi\u00adca\u00adzio\u00adne. Proces\u00adsi conta\u00adbi\u00adli sempli\u00adfi\u00adca\u00adti o una mancan\u00adza di piani\u00adfi\u00adca\u00adzio\u00adne aziend\u00ada\u00adle o un control\u00adlo sempli\u00adfi\u00adca\u00adto porta\u00adno alla luce le diffe\u00adren\u00adze decisive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alla luce di ci\u00f2, sorge natur\u00adal\u00admen\u00adte ancora di pi\u00f9 la doman\u00adda se <strong>La valuta\u00adzio\u00adne d\u2019azi\u00aden\u00adda delle <span class=\"caps\">PMI<\/span> non \u00e8 fonda\u00admen\u00adtal\u00admen\u00adte diver\u00adsa<\/strong> deve\/dovrebbe essere.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-unternehmensbewertung-von-kmu\">Valuta\u00adzio\u00adne d\u2019azi\u00aden\u00adda per&nbsp;<span class=\"caps\">PMI<\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In <em>Moxter 1983, pag. 123<\/em> La frase \u00e8: \u201eValut\u00ada\u00adre signi\u00adfi\u00adca confronta\u00adre\u201c. Questo \u00e8 il princi\u00adpio fonda\u00admen\u00adta\u00adle di ogni valuta\u00adzio\u00adne aziend\u00ada\u00adle. Ci\u00f2 signi\u00adfi\u00adca, ad esempio, che vengo\u00adno confron\u00adta\u00adti prezzi o rendi\u00admen\u00adti osser\u00adva\u00adbi\u00adli di asset simili. Proprio in questo punto <strong>ma la valuta\u00adzio\u00adne di grandi azien\u00adde \u00e8 diver\u00adsa<\/strong>. Non nella metodo\u00adlo\u00adgia, ma nella complessit\u00e0.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Natur\u00adal\u00admen\u00adte, una valuta\u00adzio\u00adne aziend\u00ada\u00adle \u00e8 alquan\u00adto comples\u00adsa e tutt\u2019al\u00adt\u00adro che banale. A causa della mancan\u00adza di valori compa\u00adra\u00adti\u00advi, <strong>la valuta\u00adzio\u00adne di una <span class=\"caps\">PMI<\/span> non meno comples\u00adsa<\/strong>. Proprio le <span class=\"caps\">PMI<\/span>, a causa delle carat\u00adteristi\u00adche spesso molto parti\u00adco\u00adla\u00adri e speci\u00adfi\u00adche, sono solo molto limita\u00adta\u00admen\u00adte compa\u00adra\u00adbi\u00adli con azien\u00adde di confronto.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>In Germa\u00adnia, il metodo del valore di reddi\u00adti\u00advi\u00adt\u00e0 si \u00e8 affer\u00adma\u00adto per le <span class=\"caps\">PMI<\/span>.<\/strong> Ci\u00f2 si basa sulla ragio\u00adne della valuta\u00adzio\u00adne data in questo contes\u00adto. A diffe\u00adren\u00adza dell\u2019am\u00adbi\u00aden\u00adte transa\u00adzio\u00adna\u00adle, dove viene solita\u00admen\u00adte appli\u00adca\u00adto il metodo <span class=\"caps\">DCF<\/span> lordo, la ragio\u00adne della valuta\u00adzio\u00adne per una <span class=\"caps\">PMI<\/span> \u00e8 spesso una succes\u00adsio\u00adne aziend\u00ada\u00adle imminente.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In questo quadro, ovvia\u00admen\u00adte, \u00e8 anche neces\u00adsa\u00adrio <strong>Anali\u00adsi appro\u00adfon\u00addi\u00adta<\/strong> e del succes\u00adso e le speci\u00adfi\u00adci\u00adt\u00e0 delle <span class=\"caps\">PMI<\/span> venga\u00adno prese in conside\u00adra\u00adzio\u00adne. In primo piano c\u2019\u00e8 <strong>Deter\u00admi\u00adna\u00adzio\u00adne dei futuri ricavi otteni\u00adbi\u00adli<\/strong> (tenen\u00addo conto dei nuovi o vecchi proprie\u00adta\u00adri) e un tasso di capita\u00adliz\u00adza\u00adzio\u00adne appro\u00adpria\u00adto, equiva\u00adlen\u00adte per rischio.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il prezzo dell\u2019a\u00adzi\u00aden\u00adda \u00e8 in ultima anali\u00adsi il risult\u00ada\u00adto della doman\u00adda e dell\u2019of\u00adfer\u00adta e, natur\u00adal\u00admen\u00adte, di una negozia\u00adzio\u00adne ben condotta.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-typische-fehler-bei-der-unternehmensbewertung\">Errori tipici nella valuta\u00adzio\u00adne d\u2019impresa<\/h2>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-text-align-center has-medium-font-size wp-block-paragraph\">Evita i 7 errori pi\u00f9 costo\u00adsi nella valuta\u00adzio\u00adne aziend\u00ada\u00adle! In un <strong>semina\u00adrio online esclu\u00adsi\u00advo<\/strong> Il nostro esper\u00adto vi fornir\u00e0 i miglio\u00adri consig\u00adli su come compor\u00adre il valore e il prezzo di un\u2019azienda.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/8235.webinaris.co\/13382\/die_7_teuersten_fehler_beim_unternehmenswert.html?mode=N\" style=\"color:#111111;background-color:#f0bb38\" target=\"_blank\" rel=\"noreferrer noopener\">Preno\u00adta subito un&nbsp;posto<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"563\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/03\/Webinar-Die-7-teuersten-Fehler-bei-der-Unternehmensbewertung.jpg\" alt class=\"wp-image-21859\" style=\"width:415px;height:auto\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/03\/Webinar-Die-7-teuersten-Fehler-bei-der-Unternehmensbewertung.jpg 900w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/03\/Webinar-Die-7-teuersten-Fehler-bei-der-Unternehmensbewertung-300x188.jpg 300w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/03\/Webinar-Die-7-teuersten-Fehler-bei-der-Unternehmensbewertung-768x480.jpg 768w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/03\/Webinar-Die-7-teuersten-Fehler-bei-der-Unternehmensbewertung-18x12.jpg 18w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\"><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Nella valuta\u00adzio\u00adne d\u2019azi\u00aden\u00adda si posso\u00adno commet\u00adte\u00adre rapida\u00admen\u00adte errori. Gli errori tipici posso\u00adno essere ricond\u00adot\u00adti a tre fonti di errore.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>L\u2019uso di dati incoerenti:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Uso di dati incoe\u00adren\u00adti (ad esempio, misce\u00adla\u00adzio\u00adne di valori reali e nominali)<\/li>\n\n\n\n<li>L\u2019uso di dati indiretti\/calcolati porta a dipen\u00adden\u00adze errate (ad esempio, ammor\u00adta\u00admen\u00adti, inter\u00ades\u00adsi e dividen\u00addi non dipen\u00addo\u00adno dirett\u00adamen\u00adte dal fatturato)<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Nell\u2019at\u00adtua\u00adliz\u00adza\u00adzio\u00adne vengo\u00adno spesso trascu\u00adra\u00adti i seguen\u00adti fattori:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Diver\u00adsi tassi di inter\u00ades\u00adse privi di rischio per periodi pi\u00f9 lunghi e pi\u00f9&nbsp;brevi<\/li>\n\n\n\n<li>Distin\u00adzio\u00adne tra flussi di cassa sicuri e insicu\u00adri e il loro tasso di sconto appropriato<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Errore di modellazione:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Il model\u00adlo di valuta\u00adzio\u00adne non si adatta alla futura strate\u00adgia aziendale<\/li>\n\n\n\n<li>Il model\u00adlo di valuta\u00adzio\u00adne non \u00e8 adatto alle azien\u00adde comparabili<\/li>\n\n\n\n<li>La valuta\u00adzio\u00adne aziend\u00ada\u00adle viene creata solo per uno scena\u00adrio, l\u2019ana\u00adli\u00adsi di sensi\u00adbi\u00adli\u00adt\u00e0 e la simula\u00adzio\u00adne Monte Carlo non vengo\u00adno utilizzate<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><a href=\"https:\/\/unternehmenswertrechner.com\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"724\" height=\"423\" src=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/03\/Unternehmenswertrechner.png\" alt=\"Immagine con link al calcolatore del valore aziendale\" class=\"wp-image-25977\" srcset=\"https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/03\/Unternehmenswertrechner.png 724w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/03\/Unternehmenswertrechner-300x175.png 300w, https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2023\/03\/Unternehmenswertrechner-18x12.png 18w\" sizes=\"auto, (max-width: 724px) 100vw, 724px\"><\/a><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-fazit\"><strong>Conclu\u00adsio\u00adne<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Se ha una valuta\u00adzio\u00adne aziend\u00ada\u00adle appro\u00adpria\u00adta, ad esempio per il <a href=\"https:\/\/www.kern-unternehmensnachfolge.com\/it\/unternehmenskauf\/\">Acquis\u00adto d\u2019impre\u00adsa<\/a>, che deside\u00adra\u00adte intra\u00adpren\u00adde\u00adre, dovres\u00adte assolu\u00adt\u00adamen\u00adte prima<strong> Deter\u00admina\u00adre gli obiet\u00adti\u00advi della valuta\u00adzio\u00adne e sceglie\u00adre un metodo appro\u00adpria\u00adto per lo scopo della valuta\u00adzio\u00adne<\/strong>. Come hai impara\u00adto, ci sono grandi diffe\u00adren\u00adze nella valuta\u00adzio\u00adne delle <span class=\"caps\">PMI<\/span>, delle grandi impre\u00adse o delle start-up.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Per le impre\u00adse familia\u00adri, nella maggi\u00ador parte dei casi, la deter\u00admi\u00adna\u00adzio\u00adne del valore d\u2019impre\u00adsa sulla base del metodo del valore di reddi\u00adto<strong> sensa\u00adto<\/strong>. Saremo lieti di darvi il nostro soste\u00adg\u00adno con la nostra consu\u00adlen\u00adza su questo importan\u00adte argomento.<\/p>","protected":false},"excerpt":{"rendered":"<p>Rund 70 % aller Unternehmer sch\u00e4tzen den Wert Ihres Unternehmens als zu hoch ein. Mit dieser Zahl er\u00f6ffnete Ingo Claus [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":30831,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"iawp_total_views":38,"footnotes":"","tve_updated_post":"","tve_custom_css":"","tve_user_custom_css":"","tve_globals":{},"tcb2_ready":1,"tcb_editor_enabled":0,"tve_landing_page":"","_tve_header":"","_tve_footer":""},"categories":[5],"tags":[5585,270,251,198,383,205,271,5646],"class_list":["post-21823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-unternehmensverkauf","tag-unternehmen-kaufen","tag-unternehmensbewertung","tag-unternehmenskauf","tag-unternehmensnachfolge","tag-unternehmensnachfolge-strukturieren","tag-unternehmensverkauf","tag-unternehmenswert","tag-unternehmenswert-rechner"],"taxonomy_info":{"category":[{"value":5,"label":"Unternehmensverkauf (M&amp;A)"}],"post_tag":[{"value":5585,"label":"Unternehmen kaufen"},{"value":270,"label":"Unternehmensbewertung"},{"value":251,"label":"Unternehmenskauf"},{"value":198,"label":"Unternehmensnachfolge"},{"value":383,"label":"Unternehmensnachfolge strukturieren"},{"value":205,"label":"Unternehmensverkauf"},{"value":271,"label":"Unternehmenswert"},{"value":5646,"label":"unternehmenswert-rechner"}]},"featured_image_src_large":["https:\/\/www.kern-unternehmensnachfolge.com\/wp-content\/uploads\/2022\/03\/Unternehmensbewertung-1024x350.png",1024,350,true],"author_info":{"display_name":"Ingo Claus","author_link":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/author\/ingoclaus2\/"},"comment_info":0,"category_info":[{"term_id":5,"name":"Unternehmensverkauf (M&amp;A)","slug":"unternehmensverkauf","term_group":0,"term_taxonomy_id":5,"taxonomy":"category","description":"","parent":0,"count":55,"filter":"raw","cat_ID":5,"category_count":55,"category_description":"","cat_name":"Unternehmensverkauf (M&amp;A)","category_nicename":"unternehmensverkauf","category_parent":0}],"tag_info":[{"term_id":5585,"name":"Unternehmen kaufen","slug":"unternehmen-kaufen","term_group":0,"term_taxonomy_id":5585,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":270,"name":"Unternehmensbewertung","slug":"unternehmensbewertung","term_group":0,"term_taxonomy_id":270,"taxonomy":"post_tag","description":"","parent":0,"count":23,"filter":"raw"},{"term_id":251,"name":"Unternehmenskauf","slug":"unternehmenskauf","term_group":0,"term_taxonomy_id":251,"taxonomy":"post_tag","description":"","parent":0,"count":56,"filter":"raw"},{"term_id":198,"name":"Unternehmensnachfolge","slug":"unternehmensnachfolge","term_group":0,"term_taxonomy_id":198,"taxonomy":"post_tag","description":"","parent":0,"count":189,"filter":"raw"},{"term_id":383,"name":"Unternehmensnachfolge strukturieren","slug":"unternehmensnachfolge-strukturieren","term_group":0,"term_taxonomy_id":383,"taxonomy":"post_tag","description":"","parent":0,"count":3,"filter":"raw"},{"term_id":205,"name":"Unternehmensverkauf","slug":"unternehmensverkauf","term_group":0,"term_taxonomy_id":205,"taxonomy":"post_tag","description":"","parent":0,"count":132,"filter":"raw"},{"term_id":271,"name":"Unternehmenswert","slug":"unternehmenswert","term_group":0,"term_taxonomy_id":271,"taxonomy":"post_tag","description":"","parent":0,"count":8,"filter":"raw"},{"term_id":5646,"name":"unternehmenswert-rechner","slug":"unternehmenswert-rechner","term_group":0,"term_taxonomy_id":5646,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wp-json\/wp\/v2\/posts\/21823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wp-json\/wp\/v2\/comments?post=21823"}],"version-history":[{"count":0,"href":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wp-json\/wp\/v2\/posts\/21823\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wp-json\/wp\/v2\/media\/30831"}],"wp:attachment":[{"href":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wp-json\/wp\/v2\/media?parent=21823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wp-json\/wp\/v2\/categories?post=21823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kern-unternehmensnachfolge.com\/it\/wp-json\/wp\/v2\/tags?post=21823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}