{"id":780,"date":"2016-03-14T00:00:00","date_gmt":"2016-03-13T23:00:00","guid":{"rendered":"https:\/\/great-kare.185-125-174-66.plesk.page\/wieviel-eigenkapital-brauche-ich-fuer-ein-management-buy-in-mbi-2\/"},"modified":"2022-05-30T14:32:05","modified_gmt":"2022-05-30T12:32:05","slug":"de-quanto-capital-proprio-necessito-para-a-aquisicao-de-uma-empresa-de-gestao-em-mbi-2","status":"publish","type":"post","link":"https:\/\/www.kern-unternehmensnachfolge.com\/pt\/wieviel-eigenkapital-brauche-ich-fuer-ein-management-buy-in-mbi-2\/","title":{"rendered":"De quanto capital preciso para uma aquisi\u00ad\u00e7\u00e3o pela gest\u00e3o (MBI<\/span>)?"},"content":{"rendered":"

In nahezu jedem Gespr\u00e4ch eines Manage\u00adment-Buy-In-Kandi\u00adda\u00adten (MBI<\/span>) kommt relativ schnell die Frage, wieviel Eigen\u00adka\u00adpi\u00adtal er zur Finan\u00adzie\u00adrung f\u00fcr einen Venda da empre\u00adsa<\/a> ben\u00f6tigt. Die meisten Manage\u00adment-Buy-In Kandi\u00adda\u00adten sind sich dar\u00fcber im Klaren, dass ein gewich\u00adti\u00adger Teil der Kaufpreis\u00adfi\u00adnan\u00adzie\u00adrung aus Eigen\u00adka\u00adpi\u00adtal bestehen muss. Bei der H\u00f6he der erfor\u00adder\u00adli\u00adchen Eigen\u00admit\u00adtel herrscht hinge\u00adgen Unsicherheit.<\/em><\/p>\n

Regra geral: 15-20 por cento de capital pr\u00f3prio<\/h2>\n

Um es vorweg zu sagen: eine exakte Formel f\u00fcr die \u00dcbernah\u00adme\u00adfi\u00adnan\u00adzie\u00adrung existiert nicht. Als Daumen\u00adre\u00adgel gilt jedoch gemein\u00adhin eine Quote von 15-20 Prozent Eigen\u00adka\u00adpi\u00adtal\u00adan\u00adteil an der Gesamt\u00adfi\u00adnan\u00adzie\u00adrung. Das k\u00f6nnen beim Erwerb auch eines kleinen Mittel\u00adst\u00e4nd\u00adlers sehr schnell einige hundert\u00adtau\u00adsend Euro sein. Die F\u00e4hig\u00adkeit des Gest\u00e3o da ades\u00e3o<\/a> Kandi\u00adda\u00adten, angemes\u00adse\u00adne Eigen\u00admit\u00adtel einzu\u00adset\u00adzen hat dar\u00fcber hinaus unmit\u00adtel\u00adba\u00adre R\u00fcckwir\u00adkun\u00adgen auf die Bereit\u00adschaft anderer Kapital\u00adge\u00adber, sich etwa in Form von Darle\u00adhen zu engagieren.<\/p>\n

F\u00f6rder\u00admit\u00adtel erh\u00f6hen Eigen\u00adka\u00adpi\u00adtal-Quote von Management-Buy-Ins<\/h2>\n

Doch es gibt M\u00f6glich\u00adkei\u00adten, die Finan\u00adzie\u00adrungs\u00adl\u00fc\u00adcke aufgrund nicht ausrei\u00adchend vorhan\u00adde\u00adnem Eigen\u00adka\u00adpi\u00adtals zu schlie\u00ad\u00dfen. Eine M\u00f6glich\u00adkeit ist beispiels\u00adwei\u00adse, eigen\u00adka\u00adpi\u00adtal\u00ad\u00e4hn\u00adli\u00adche Darle\u00adhen der staat\u00adli\u00adchen F\u00f6rder\u00adbank KfW anzuzap\u00adfen. Diese werden von der finan\u00adzie\u00adren\u00adden Hausbank \u00fcblicher\u00adwei\u00adse als Eigen\u00adka\u00adpi\u00adtal im Rahmen der Gesamt\u00adfi\u00adnan\u00adzie\u00adrung anerkannt. In Hessen steht dar\u00fcber hinaus die Banco Econ\u00f3\u00admi\u00adco e de Infra-estru\u00adtu\u00adras (Banco WI<\/span>)<\/a> mit einer Reihe von F\u00f6rder\u00adm\u00f6g\u00adlich\u00adkei\u00adten zur Verf\u00fc\u00adgung. Fast jedes Bundes\u00adland hat vergleich\u00adba\u00adre F\u00f6rder\u00adinsti\u00adtu\u00adte. Eigen\u00adka\u00adpi\u00adtal in Form von stillen Einla\u00adgen stellen ebenfalls die Mittel\u00adst\u00e4n\u00addi\u00adschen Betei\u00adli\u00adgungs\u00adge\u00adsell\u00adschaf\u00adten (MBG<\/span>) in den jewei\u00adli\u00adgen Bundes\u00adl\u00e4n\u00addern bereit. Derar\u00adti\u00adge stille Einla\u00adgen haben im Regel\u00adfall eine feste Verzin\u00adsung und eine gewin\u00adn\u00adab\u00adh\u00e4n\u00adgi\u00adge Kompo\u00adnen\u00adte. Ihr Vorteil ist, dass sie in den ersten Jahren nach \u00dcbernah\u00adme nicht getilgt werden m\u00fcssen.<\/p>\n

Gr\u00f6\u00dfe\u00adre Unter\u00adneh\u00admens\u00adnach\u00adfol\u00adgen ab etwa EUR<\/span> 10 Mio. Kaufpreis sind auch f\u00fcr mittel\u00adst\u00e4n\u00addi\u00adsche Betei\u00adli\u00adgungs\u00adge\u00adsell\u00adschaf\u00adten und Finanz\u00adin\u00adves\u00adto\u00adren von wachsen\u00addem Inter\u00ades\u00adse. Diese betei\u00adli\u00adgen sich sowohl mit einer Mehrheit als auch mit einer Minder\u00adheit am Unternehmen.<\/p>\n

Verk\u00e4u\u00adfer\u00addar\u00adle\u00adhen kann Finan\u00adzie\u00adrungs\u00adl\u00fc\u00adcke \u00fcberbr\u00fccken<\/h2>\n

Ein anderer Weg, die Finan\u00adzie\u00adrungs\u00adl\u00fc\u00adcke zu \u00fcberbr\u00fc\u00adcken ist ein so genann\u00adtes Verk\u00e4u\u00adfer\u00addar\u00adle\u00adhen, bei dem der \u00dcberge\u00adber ein Teil des Kaufprei\u00adses \u2013 beispiels\u00adwei\u00adse 20-30 Prozent \u2013 als Darle\u00adhen gew\u00e4hrt. Auch dies hilft, die Bankfi\u00adnan\u00adzie\u00adrung durch die Hausbank oder \u2013sparkas\u00adse sicher\u00adzu\u00adstel\u00adlen. Einige Banken legen auf die Bereit\u00adschaft zur Gew\u00e4h\u00adrung eines Verk\u00e4u\u00adfer\u00addar\u00adle\u00adhens durch den \u00dcberge\u00adber sogar aller\u00adgr\u00f6\u00df\u00adten Wert.<\/p>\n

Der angehen\u00adde Nachfol\u00adger muss folglich nicht verza\u00adgen, wenn die Eigen\u00adka\u00adpi\u00adtal\u00adde\u00adcke auf den ersten Blick nicht ausreicht. Es gibt viele Wege, ein Finan\u00adzie\u00adrungs\u00adpa\u00adket zu schn\u00fc\u00adren. \u00dcber eines muss sich der MBI-Kandi\u00addat jedoch im Klaren sein: jegli\u00adche Form der Darle\u00adhens\u00adauf\u00adnah\u00adme durch den \u00dcberneh\u00admer hat eine pers\u00f6n\u00adli\u00adche Haftung zur Folge. Die Abschir\u00admung des Privat\u00adver\u00adm\u00f6\u00adgens ist im Regel\u00adfall nicht m\u00f6glich. Hier\u00fcber sollte von Anbeginn der Finan\u00adzie\u00adrungs\u00adver\u00adhand\u00adlun\u00adgen Klarheit herrschen.<\/p>\n

Sugest\u00f5es para uma leitu\u00adra mais aprofundada:<\/h4>\n

5 crit\u00e9\u00adri\u00ados para escol\u00adher a empre\u00adsa certa para a suces\u00ads\u00e3o de uma empresa<\/a><\/p>\n

Suces\u00ads\u00e3o de empre\u00adsas familia\u00adres: As quatro quest\u00f5es mais importantes<\/a><\/p>\n

Abruf f\u00fcr die kosten\u00adlo\u00adse Check\u00adlis\u00adte mit den 126 wichtigs\u00adten Fragen einer Unternehmensnachfolge<\/a><\/p>\n

Geziel\u00adte Bilanz\u00adbe\u00adrei\u00adni\u00adgung kann Unter\u00adneh\u00admens\u00adwert erh\u00f6hen<\/a><\/p>\n

Aplica\u00ad\u00e7\u00e3o do capital pr\u00f3prio, do passi\u00advo e do financiamento<\/a><\/p>\n

A escol\u00adha do modelo suces\u00adsor \u00f3timo<\/a><\/p>\n

1600 empre\u00adsas confron\u00adta\u00addas com a suces\u00ads\u00e3o de empre\u00adsas no Sarre<\/a><\/p>\n

Bild: \u00a9 Marco2811 \/ Fotolia.com<\/p>","protected":false},"excerpt":{"rendered":"

In nahezu jedem Gespr\u00e4ch eines Management-Buy-In-Kandidaten (MBI) kommt relativ schnell die Frage, wieviel Eigenkapital er zur Finanzierung f\u00fcr einen Unternehmensverkauf […]<\/p>\n","protected":false},"author":13,"featured_media":781,"comment_status":"open","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":"default","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":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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