Mapangano a M&A salephera chifukwa cha zolinga zoipa. Amalephera—kapena amakhala okwera mtengo mosayembekezereka—chifukwa chitetezo chalamulo sichinali chopanda madzi.
Kulakwitsa polemba zitsimikizo, chiwongola dzanja chosakambidwa bwino, kapena mgwirizano wosamveka bwino wa escrow kungapangitse ogula kukhala ndi ngongole zobisika kapena kusiya ogulitsa ali pachiwopsezo cha zaka zambiri zopempha pambuyo potseka. Kusiyana pakati pa malonda osavuta ndi chisokonezo chovomerezeka nthawi zambiri kumakhala m'mapepala ang'onoang'ono a mgwirizano wogula magawo (SPA).
Bukuli likukutsogolerani kudzera mu njira zazikulu zalamulo zomwe zimateteza ogula ndi ogulitsa onse mu zochitika za M&A pansi pa Chidatchi. chilamuloKuyambira pa kapangidwe ka mgwirizano ndi kufufuza bwino mpaka zitsimikizo, zolipirira, maakaunti a escrow, ndi zolipiritsa pambuyo potseka, mupeza mfundo zofunika kwambiri zoyendetsera zochitika zovuta molimba mtima.
Kaya mukugula kampani yatsopano yaukadaulo Eindhoven kapena kugulitsa bizinesi yopanga zinthu ku Rotterdam, kumvetsetsa njira zovomerezeka izi ndikofunikira kwambiri poyang'anira zoopsa ndikupeza phindu.
Kapangidwe ka Mgwirizano ndi Zolemba
Mgwirizano wa SPA ndi Katundu — Kusankha Kapangidwe ka Nyumba ndi Zotsatira Zamalamulo
Chisankho choyamba chanzeru pa malonda aliwonse a M&A ndi chakuti chipangidwe ngati share deal kapena malonda a assetMu mgwirizano wa magawo, wogula amapeza magawo onse mu kampani yomwe akufuna, ndikulandira katundu wake ndi ngongole zake zonse—zodziwika ndi zosadziwika. Mu mgwirizano wa katundu, wogula amasankha katundu ndi mapangano enaake, ndikusiya ngongole zakale kwa wogulitsa.
Mapangano a magawo nthawi zambiri amakhala achangu komanso oyera poganizira kusamutsa, chifukwa umwini wa kampaniyo umasinthasintha popanda kufunikira chilolezo cha chipani chachitatu pa mgwirizano uliwonse. Komabe, ogula amalandira zoopsa zonse, kuphatikizapo ngongole za misonkho, maudindo a penshoni, ndi milandu yomwe ikuyembekezeredwa. Mapangano a katundu amapereka ulamuliro wambiri komanso chitetezo ku chiopsezo chakale, koma amafunikira kusamutsa mwachindunji mapangano, zilolezo, ndi ufulu wa IP, zomwe zingakhale zovuta komanso zokwera mtengo pa kayendetsedwe ka bizinesi.
Kalata Yofotokozera / Mitu ya Malamulo — Yomangirira Kapena Ayi?
A Letter of Intent (LOI) or Mitu ya Migwirizano Zimakhazikitsa mgwirizano woyamba pakati pa wogula ndi wogulitsa asanalembe SPA yonse. Kaya ndi yovomerezeka mwalamulo kumadalira momwe yalembedwera. Zigawo zina—monga kupatula, chinsinsi, ndi malamulo oyendetsera—nthawi zambiri zimakhala zovomerezeka. Zina, monga mtengo wosonyeza ndi kapangidwe ka mgwirizano, nthawi zambiri sizimaloledwa.
Chofunika kwambiri ndi kumveka bwino. Kusamveka bwino kwa LOI kungayambitse mikangano yokhudza ngati magulu akuyenera kupitiliza kapena kukambirana mwachilungamo. chilamulo, LOI yosakakamiza ikhoza kubweretsabe mlandu ngati mbali imodzi ichita zinthu molakwika kapena mwadzidzidzi ichoka popanda chifukwa chomveka pambuyo poti mbali inayo yadalira kwambiri.
Bokosi Lotsekedwa vs. Maakaunti Omaliza
The makina otsekedwa a bokosi amakhazikitsa mtengo wogulira pa tsiku lakale la balance sheet, popanda kusintha pambuyo potseka. Wogula ali ndi chiopsezo cha kusintha kwa mtengo pakati pa tsiku la locked box ndi kutseka, koma amapindula ndi chitsimikizo. Ogulitsa nthawi zambiri amavomereza kuti palibe phindu lomwe latuluka mu kampani (kudzera mu magawo, ndalama zoyendetsera, kapena ngongole zamakampani) pambuyo pa tsiku la locked box.
Maakaunti omalizidwaMosiyana ndi zimenezi, sinthani mtengo wogulira kutengera momwe kampaniyo ilili pa nthawi yotseka. Izi zimaphatikizapo kukonzekera mapepala omalizira ndikuyerekeza ndi zolinga zomwe zavomerezedwa za ndalama zogwirira ntchito, ngongole yonse, kapena ndalama. Mikangano yokhudza maakaunti omalizidwa ndi yofala, nthawi zambiri imafuna kutsimikiza kwa akatswiri odziyimira pawokha.
Kusintha kwa Mtengo Wogulira
Kusintha kwa mitengo yogulira kumatsimikizira kuti wogula akupeza zomwe adalipira. Kusintha kwanthawi zonse kumaphatikizapo kukonza ndalama zogwirira ntchito, kusintha ngongole zonse, ndi njira zopanda ndalama/zopanda ngongole. SPA iyenera kufotokoza momveka bwino momwe kusintha kulikonse kumawerengedwera, amene amakonzekera maakaunti otseka, ndi njira yothetsera mikangano yomwe ingagwiritsidwe ntchito ngati maguluwo akutsutsana.
Kulimbikira Kwambiri & Kalata Yowululira
Kukula ndi Kufunika kwa Kusamala Mwalamulo
Kufufuza bwino ndi mwayi wa wogula kuti apeze zoopsa asanachite malondawo. Kufufuza bwino zalamulo nthawi zambiri kumakhudza kapangidwe ka kampani, mapangano azinthu, nkhani zantchito, ufulu wa IP, kutsatira malamulo (kuphatikiza GDPR), milandu yopitilira, ndi maudindo amisonkho.
Kufufuza koyenera kuyenera kutsagana ndi kukula ndi kuuma kwa malonda. Pa malonda amtengo wapatali, kufufuza mozama mbali iliyonse ya bizinesi ndikofunikira. Pa malonda ang'onoang'ono, kuwunikanso madera ofunikira kwambiri kungakhale kokwanira.
Momwe Kalata Yowululira Imawonongera Zitsimikizo
A kalata yodziwitsa ndi njira ya wogulitsa yoyeneretsera kapena kupeza zitsimikizo mu SPA. Mwa kuulula mfundo kapena zochitika zinazake mu kalata yowulula, wogulitsayo amapewa udindo wophwanya chitsimikizo chokhudzana ndi kuululako.
Ogula ayenera kuyang'anitsitsa kalata yowulula zinthu mosamala. Kuwulula zinthu m'mawu ambiri, monga "nkhani zomwe zawululidwa mu chipinda cha deta," kungathandize kuchotsa chitsimikizo. Njira yabwino ndiyo kufunsa kuulula zinthu momveka bwino komanso kogwirizana ndi zitsimikizo za munthu aliyense payekha, ndi maumboni a zikalata zothandizira.
Chipinda cha Deta ndi Ufulu wa Chidziwitso
The chipinda cha deta ndi malo osungira zikalata zonse zowunikira. Ogula ayenera kulimbikira kuti anthu azitha kupeza zambiri, kuphatikizapo zambiri zamalamulo, zachuma, ndi ntchito. Ogulitsa amalamulira zomwe zimalowa m'chipinda cha deta, kotero kuti mipata kapena zosiyidwa zitha kuwonetsa zizindikiro zowopsa.
Ufulu wokhudza chidziwitso uyenera kufotokozedwa momveka bwino mu LOI kapena SPA, kuphatikizapo ufulu wa wogula wolankhula ndi antchito ofunikira, makasitomala, ndi ogulitsa (malinga ndi zoletsa zachinsinsi).
Kusamala kwa Wogulitsa
In Kufufuza kwa ogulitsa (VDD), wogulitsa amalemba lipoti lofufuza bwino asanapite kumsika, lomwe kenako limagawidwa ndi ogula omwe akufuna kugula. Izi zimathandizira kuti malonda ayambe kugulitsidwa mwachangu, zimathandiza wogulitsa kuwongolera nkhaniyo, ndipo zingachepetse kufunikira kwa wogula kufufuza bwino kwambiri.
Komabe, ogula sayenera kudalira malipoti a VDD mosasamala. Lipotilo limaperekedwa ndi wogulitsa, ndipo nthawi zambiri wogula alibe njira yolunjika yolimbana ndi alangizi omwe adakonza. Kuwunikanso malamulo ndi ndalama paokha ndikofunikira.
Zitsimikizo ndi Zoyimira
Kusiyanitsa Zitsimikizo ndi Zoyimira
Mu zochitika za M&A, zowonjezera ndi ziwonetsero ndi mawu onena za kampani yomwe ikufunidwa. Kuphwanya chitsimikizo kumapatsa wogula chiphaso cha pangano la kuwonongeka. Malinga ndi lamulo la Chingerezi, ziwonetsero zingayambitsenso zonena zabodza (kuphatikizapo kuchotsedwa kwa pangano), koma malinga ndi lamulo la Dutch, kusiyana kumeneku sikudziwika bwino—zitsimikizo ndiye chida chachikulu chogawa chiopsezo.
Zitsimikizo zimasuntha chiopsezo kuchokera kwa wogula kupita kwa wogulitsa mwa kupanga mlandu ngati mfundo zomwe zawululidwa sizili zoona. Kukula, nthawi, ndi malire azachuma a zitsimikizo zimakambidwa kwambiri.
Zitsimikizo Zamalonda vs. Zitsimikizo Zamisonkho
Zitsimikizo za bizinesi Zimakhudza nkhani zokhudza ntchito monga kulondola kwa malipoti azachuma, umwini wa katundu, kutsimikizika kwa mapangano, kutsatira malamulo, komanso kusapezeka kwa milandu. Izi nthawi zambiri zimakhala ndi malire a nthawi (miyezi 18-24) komanso malire azachuma.
Zitsimikizo za msonkho ndi zocheperako koma zofunika kwambiri. Zimakhudza kulondola kwa zikalata zamisonkho, kusakhalapo kwa ngongole zamisonkho zomwe sizinalipidwe, komanso kutsatira malamulo a VAT ndi misonkho ya malipiro. Chifukwa chakuti kuwerengera misonkho kumatha kuchitika patatha zaka zambiri kuchokera pamene malonda achitika, zitsimikizo zamisonkho nthawi zambiri zimakhala ndi nthawi yayitali yopulumuka - mpaka zaka zisanu ndi ziwiri mogwirizana ndi malire a malamulo amisonkho aku Netherlands.
Zitsimikizo Zoyambira
Zitsimikizo zoyambira Zimakhudzana ndi nkhani zosavuta kwambiri moti zimafika pachimake pa malonda, monga mphamvu ya wogulitsa yogulitsa magawo, kukhalapo ndi umwini wa magawo, komanso kusakhala ndi zopinga. Zitsimikizo izi nthawi zambiri zimakhala zopanda malire komanso zopanda malire pakapita nthawi, zomwe zimasonyeza kufunika kwake kwakukulu.
Inshuwaransi ya Chitsimikizo ndi Chitetezo (W&I)
Inshuwaransi ya chitsimikizo ndi chiwongola dzanja imasamutsa chiopsezo cha kuswa kwa chitsimikizo kuchokera kwa wogulitsa kupita ku kampani ya inshuwaransi. Wogula (kapena nthawi zina wogulitsa) amatenga ndondomekoyi, yomwe imaphimba kutayika komwe kumachitika chifukwa cha kuswa kwa chitsimikizo mpaka malire enaake.
Inshuwaransi ya W&I imapezeka kwambiri m'mabizinesi achinsinsi, m'misika yampikisano, komanso m'malo omwe wogulitsa amafuna kutuluka koyera popanda kukhudzidwa ndi ngoziyo. Inshuwaransi siyimaphimba zoopsa zonse—nkhani zodziwika bwino, nkhani zoyang'ana mtsogolo, ndi magulu ena osaphatikizidwa (monga ngongole za penshoni) nthawi zambiri amachotsedwa.
Zigawo Zosungira Mchenga
A gawo losungira mchenga imalola wogula kupempha kuti aphwanye chitsimikizo ngakhale wogula atadziwa za kupyola lamulo asanatseke. Popanda gawo lotere, lamulo la ku Dutch lingatanthauze kuti wogula wavomereza chiopsezocho popitiriza ndi malondawo ngakhale akudziwa za vutoli.
Ogulitsa amakana malamulo okhudza kuyika mchenga m'matumba, pomwe ogula amawakakamiza kuti asunge zomwe akufuna pa chitsimikizo chawo. Zotsatira zake zimadalira mphamvu zogulira zinthu ndi momwe msika umagwirira ntchito.
Zolepheretsa ndi Zoletsa Zokhudza Udindo
Ma Indenmities Odziwika ndi Ovomerezeka Onse
Ngakhale kuti zitsimikizo zimapereka chitetezo chambiri, malipiro enieni ndi chitsimikizo chakuti wogulitsa adzalipira wogula pound-for-paund pa zoopsa zinazake zomwe zadziwika. Malipiro safuna kuti wogula atsimikizire chifukwa chake kapena kuyeza kutayika m'njira yachizolowezi ya pangano—amabwezera mwachindunji.
Zitsanzo zodziwika bwino zikuphatikizapo malipiro a msonkho (omwe amaphimba ngongole zakale za misonkho), malipiro a zachilengedwe, ndi malipiro a milandu yomwe ikuyembekezeredwa. Malipiro nthawi zambiri amakhala opanda malire kapena amakhala ndi malire apamwamba kuposa chitsimikizo cha anthu onse.
Chitetezo cha Misonkho ndi Chitetezo cha Misonkho
A chiwongola dzanja cha msonkho imaphimba wogula ngongole zilizonse za msonkho zomwe zimachokera ku nthawi yotseka isanatsekedwe, kuphatikiza misonkho yomwe sinawululidwe kapena kusungidwa m'maakaunti. Malipiro a msonkho nthawi zambiri amakhala okulirapo kuposa chitsimikizo cha msonkho ndipo amatha kuphimba misonkho yomwe imachokera kuzinthu zosadziwika potseka.
Zigawo zoteteza misonkho zimalankhulanso za amene ali ndi chiopsezo cha kusintha kwa malamulo amisonkho kapena kutanthauzira kwa akuluakulu amisonkho komwe kumakhudza mbiri ya kampani yomwe ikufunidwa.
Zipewa, Mabasiketi, ndi Ma Threshold a De Minimis
Nkhono chepetsani udindo waukulu wa wogulitsa pansi pa ndondomeko ya chitsimikizo, chomwe nthawi zambiri chimafotokozedwa ngati peresenti ya mtengo wogulira (nthawi zambiri 10–30%). Zitsimikizo zoyambira nthawi zambiri sizimachotsedwa pamtengo wokhazikika.
Aphunzitsiwa Pali malire omwe wogula sangathe kubweretsa ziwopsezo za chitsimikizo. de minimis malire amagwira ntchito pa zopempha za munthu aliyense payekha (mwachitsanzo, palibe chopempha chomwe chili pansi pa €10,000), pomwe dengu limagwira ntchito pa zopempha zonse (mwachitsanzo, palibe kubweza pokhapokha ngati zopempha zonse zikupitirira €100,000). Madengu akhoza kupangidwa motere madengu odulira (wogulitsa amalipira chilichonse akadutsa malire) kapena madengu ochotsera ndalama (wogulitsa amalipira ndalama zochulukirapo zomwe zili pamwamba pa malire).
Nthawi Zoletsa Kutengera Gulu
Nthawi zoletsa zimatanthauzira nthawi yomwe wogula angapereke zopempha za chitsimikizo atatseka. Zitsimikizo za bizinesi yokhazikika nthawi zambiri zimakhalapo kwa miyezi 18-24. Zitsimikizo za msonkho zimatha kukhalapo kwa zaka zisanu mpaka zisanu ndi ziwiri, mogwirizana ndi nthawi zowerengera msonkho. Zitsimikizo zoyambira nthawi zambiri zimakhala ndi moyo wosatha, kapena zimapitirira malire wamba.
Kulemba bwino ndikofunikira kuti tipewe mikangano yokhudza nthawi yomwe nthawi imayamba kugwira ntchito komanso ngati pempho linaperekedwa munthawi yake.
Ziyeneretso za Chidziwitso
Zitsimikizo zambiri zimatsimikiziridwa ndi chidziwitso— mwachitsanzo, “monga momwe wogulitsa akudziwira, palibe mlandu womwe ukuchitika.” Izi zimabwezera chiopsezo kwa wogula, chifukwa wogulitsayo ali ndi mlandu pokhapokha ngati mawuwo ndi abodza ndipo wogulitsayo akudziwadi kuti ndi abodza.
Ogula ayenera kukambirana za ziyeneretso zochepa za chidziwitso, makamaka zogwirizana ndi anthu enaake (monga CEO ndi CFO) ndipo amafuna mafunso oyenera. Ogulitsa amakonda miyezo yodziwika bwino kapena yothandiza yomwe imachepetsa kufalikira kwa chidziwitso.
Njira Zotetezera Zachuma
Akaunti ya Escrow — Kapangidwe, Kutalika, ndi Mikhalidwe Yotulutsira
An akaunti ya escrow Ndi gawo la mtengo wogulira womwe munthu wina (nthawi zambiri banki kapena kampani ya zamalamulo) amasunga ngati chikole cha chitsimikizo, ndalama zomwe amapeza, kapena malipiro ochedwetsedwa. Escrow ndi yothandiza makamaka ngati ngongole ya wogulitsayo si yotsimikizika kapena ngati inshuwalansi ya W&I siilipo.
Pangano la escrow liyenera kufotokoza momveka bwino kuchuluka kwa ndalama, nthawi (nthawi zambiri miyezi 12-24 ya chitsimikizo chapadera), ndi zikhalidwe zotulutsira. Kutulutsa nthawi zambiri kumachitika zokha kumapeto kwa nthawi ya escrow, pokhapokha ngati zopempha zadziwitsidwa. Zopempha zotsutsana zimakhalabe mu escrow mpaka zitathetsedwa.
Makonzedwe Opezera Ndalama
An kupeza ndalama ndi gawo la mtengo wogulira womwe umachedwetsedwa kutengera momwe kampaniyo ikuyendera mtsogolo, monga ndalama zomwe kampaniyo ikupeza, EBITDA, kapena kusunga makasitomala. Ndalama zomwe zapezedwa zimalumikiza mipata yowerengera mtengo ndikugwirizanitsa zomwe wogula ndi wogulitsa angachite pambuyo potseka.
Komabe, ndalama zomwe zapezedwa ndi gwero lofala la mikangano. Nkhani zikuphatikizapo momwe magwiridwe antchito amayezedwera, ngati wogula wasintha zotsatira zake, komanso ngati wogulitsa (nthawi zambiri amakhala woyang'anira) anali ndi ufulu wokwanira kuti akwaniritse zolinga zake. Matanthauzidwe omveka bwino, kutsimikizira payekha, ndi kayendetsedwe ka ntchito mwatsatanetsatane ndizofunikira.
Kulingalira Kosasunthika
Kulingalira kosasankhidwa ndi malipiro okhazikika omwe ayenera kulipidwa pambuyo potseka, nthawi zambiri amagwiritsidwa ntchito pokonza ndalama zomwe zikuyenda bwino kapena kugwirizanitsa malipiro ndi zinthu zinazake (monga kuvomereza malamulo kapena kusintha kwa mapangano). Mosiyana ndi ndalama zomwe zapezedwa, kuganiziridwa mochedwa sikudalira momwe zinthu zikuyendera.
Ndalama zomwe zatsala pang'ono kubwezedwa zitha kulipidwa ndi escrow, chitsimikizo cha banki, kapena ndalama zosungira.
Zitsimikizo za Banki ndi Ndalama Zosungira
Zitsimikizo za banki Ndi mapangano a banki olipira wogula ngati wogulitsa alephera kubweza chitsimikizo kapena chikole. Amapereka chitetezo chochuluka kuposa kudalira mphamvu ya wogulitsa koma amawononga ndalama kwa wogulitsa.
Kuchuluka kwa zosungira ndi magawo a mtengo wogulira womwe wogula amaletsa ndikuutulutsa pakapita nthawi, malinga ndi kusakhalapo kwa zopempha. Kusunga ndalama kumakhala kosavuta kuposa escrow koma kumapatsa wogula ulamuliro mwachindunji, womwe ogulitsa angakane.
Maudindo Pambuyo Potseka
Kusapikisana ndi Kusapempha
Mawu osapikisana kuletsa wogulitsa (kapena oyang'anira akuluakulu) kuyambitsa kapena kulowa nawo bizinesi yopikisana kwa nthawi yodziwika (nthawi zambiri zaka ziwiri mpaka zisanu) mkati mwa dera lodziwika. Zigawozi zimateteza ndalama za wogula poonetsetsa kuti wogulitsa sayambitsa bizinesi yopikisana nayo nthawi yomweyo.
Zigawo zosapempha kuletsa wogulitsa kuti asagwire antchito kapena makasitomala mosaloledwa. Malamulo aku Dutch amakhazikitsa malamulo oyenera osapikisana komanso osapempha koma angachepetse ziletso zazikulu kapena zopondereza, makamaka pankhani ya ntchito.
Kusamutsa IP ndi Kusamutsa Chidziwitso
Katundu wanzeru nthawi zambiri samasamutsidwa mwangozi. SPA iyenera kupereka mwachindunji ma patent, zizindikiro zogulitsa, ma copyright, mayina a ma domain, ndi ufulu wa mapulogalamu. Kwa IP yosalembetsedwa (monga chidziwitso kapena zinsinsi zamalonda), SPA iyenera kukhala ndi ndondomeko zatsatanetsatane ndi njira zosamutsira.
Kusamutsa chidziwitso Mapanganowo amatsimikizira kuti wogulitsa akupereka maphunziro, zikalata, ndi chithandizo kuti wogula azitha kuyendetsa bwino bizinesiyo. Izi ndizofunikira kwambiri pa ntchito zaukadaulo ndi ntchito zaukadaulo.
Kusintha kwa Zigawo Zolamulira
Mapangano ambiri akuphatikizapo kusintha kwa zigawo zolamulira zomwe zimapatsa mnzake ufulu wothetsa kapena kukambirananso ngati umwini wa kampaniyo wasintha. Zigawozi zitha kuwononga mtengo wa malondawo, makamaka m'mabizinesi a SaaS komwe mapangano a makasitomala ndiye chuma chachikulu.
Ogula ayenera kuzindikira kusintha kwa zoopsa zowongolera panthawi yofufuza bwino ndikupempha kuti achotsedwe kapena kuvomereza asanatseke. Ogulitsa ayenera kuulula zigawo izi mu kalata yowulula kuti apewe kuswa chitsimikizo.
Kusunga Kasamalidwe
Kusunga kasamalidwe kofunikira pambuyo pa kutseka bizinesi nthawi zambiri ndikofunikira kwambiri kuti bizinesi ipitirire komanso kuti ipambane. Mapangano osungira oyang'anira nthawi zambiri zimaphatikizapo mabhonasi okhazikika, kubweza ndalama zothandizira, ndi zinthu zomwe sizingapikisane.
Mapangano amenewa ayenera kukambidwa mosiyana ndi SPA kuti atsimikizire kuti zokonda ndi maudindo, malipoti, ndi njira zotulukira zikugwirizana.
Kuthetsa Mikangano
Kuweruza Milandu motsutsana ndi Milandu ya Khothi
Magulu angasankhe kukangana or makhothi pothetsa mikangano ya M&A. Kuweruza milandu kumapereka chinsinsi, kusinthasintha, komanso kuthekera kosankha oweruza milandu apadera. Makhothi aku Dutch, mosiyana, amapereka zigamulo zokakamiza pogwiritsa ntchito njira zovomerezeka zochitira apilo.
Malonda apadziko lonse nthawi zambiri amavomereza kuweruza milandu motsatira malamulo a ICC kapena LCIA. Malonda akunja angalepheretsedwe ku makhothi aku Netherlands, makamaka a Amsterdam kapena makhothi amalonda a ku Rotterdam.
Zigawo za MAC
A Kusintha Koipa kwa Zinthu (MAC) Chigawochi chimalola wogula kuchoka pa malondawo ngati pachitika vuto lalikulu pakati pa kusaina ndi kutseka. Makhothi amatanthauzira ziganizo za MAC mopepuka, zomwe zimafuna kuti bizinesiyo ikhale ndi zotsatirapo zokhazikika komanso zokhalitsa—osati zolepheretsa kwakanthawi kapena momwe msika umakhalira.
Malamulo a MAC akukambidwa kwambiri, ogulitsa akufuna kupeza zoopsa zinazake (monga kusintha kwa malamulo komwe kumakhudza makampani onse) ndi ogula akulimbikitsa chitetezo chachikulu.
Kutsimikiza kwa Akatswiri pa Mikangano ya Mitengo
Mikangano yokhudza maakaunti omalizidwa kapena kuwerengera ndalama zomwe zapezedwa nthawi zambiri imathetsedwa kudzera kutsimikiza mtima kwa akatswiri m'malo mochita milandu kapena kuweruza milandu. Magulu onsewa amasankha katswiri wodziyimira pawokha kapena katswiri wamakampani kuti asankhe nkhaniyo, ndipo chisankho cha katswiri nthawi zambiri chimakhala chomaliza komanso chomangirira.
SPA iyenera kufotokoza udindo wa katswiri, njira yoikidwiratu, ndi kugawa ndalama.
Malamulo Olamulira — Malamulo a Chidatchi motsutsana ndi Malamulo a Chingerezi
Lamulo la Dutch ndi lamulo lokhazikika lolamulira zochitika zokhudzana ndi makampani aku Dutch, koma magulu nthawi zambiri amasankha Malamulo a Chingerezi za mgwirizano wapadziko lonse, makamaka pamene makampani achinsinsi kapena amalonda apadziko lonse lapansi akukhudzidwa.
Malamulo a ku England amapereka zitsanzo zodziwika bwino za M&A, malamulo ambiri okhudza zitsimikizo ndi zolipirira, komanso kudziwana bwino pakati pa alangizi apadziko lonse lapansi. Komabe, malamulo okakamiza aku Dutch (monga chitetezo cha ntchito ndi zofunikira pa malamulo a kampani) adzagwirabe ntchito ku mabungwe aku Dutch mosasamala kanthu za chisankho cha malamulo olamulira.
Zinthu Zofunika Kuziganizira Pankhani ya Zaukadaulo ndi Brainport
Zitsimikizo za IP ndi Zilolezo za Mapulogalamu
Kwa makampani aukadaulo, Zitsimikizo za IP ndizofunikira kwambiri. Ogula amafunika kutsimikiziridwa kuti cholinga chake chili ndi (kapena ali ndi zilolezo zovomerezeka za) mapulogalamu onse, ma patent, ndi zizindikiro zogulitsa zomwe zimagwiritsidwa ntchito mu bizinesiyo. Mapulogalamu otseguka amatha kupanga zoopsa zosayembekezereka ngati sakuyendetsedwa bwino—malayisensi ena amafuna kuti ntchito zochokera kuzinthu zina zitulutsidwe ngati zotseguka, zomwe zingawononge phindu la malonda.
Malayisensi a mapulogalamu ayenera kuunikidwa mosamala kuti awone ngati angathe kusamutsidwa, kusintha malamulo owongolera, komanso kutsatira malamulo a layisensi.
Zitsimikizo Zotsatira za GDPR
Kutsata GDPR ndi gawo lalikulu la chiopsezo mu M&A yaukadaulo. Ogula ayenera kufunafuna chitsimikizo kuti cholingacho chili ndi maziko ovomerezeka ogwiritsira ntchito deta yawo, akhazikitsa njira zoyenera zaukadaulo ndi za bungwe, ndipo sanakumane ndi kuswa deta kapena madandaulo okhudza malamulo.
Kusatsatira malamulo kungapangitse kuti munthu alandire chindapusa chofika pa €20 miliyoni kapena 4% ya ndalama zomwe zagwiritsidwa ntchito padziko lonse lapansi, zomwe zimapangitsa kuti zitsimikizo ndi zolipirira zikhale zofunika kwambiri.
Zoyimira zachitetezo cha pa intaneti
Kuphwanya malamulo a chitetezo cha pa intaneti kungawononge phindu la kampani usiku umodzi. Ogula akuchulukirachulukira akufuna ziwonetsero za chitetezo cha pa intaneti kufotokoza mfundo zachitetezo za munthu amene akumufuna, njira zothanirana ndi ngozi, ndi mbiri ya kuphwanya malamulo kapena ziwopsezo za ransomware.
Ogulitsa ayenera kuchita kafukufuku wa chitetezo cha pa intaneti asanapite kumsika kuti akazindikire ndikukonza zofooka.
Kusintha kwa Ulamuliro mu Mapangano a SaaS
Mabizinesi a SaaS ali pachiwopsezo chachikulu cha kusintha kwa zigawo zolamulira m'mapangano a makasitomala. Ngati makasitomala ofunikira ali ndi ufulu wothetsa kugula, malingaliro a wogula amalephera.
Kupeza chilolezo cha makasitomala kapena zilolezo ndikofunikira, koma izi ziyenera kuchitidwa mosamala kuti zipewe kusakhazikika kapena kuyambitsa kutuluka msanga.
Mafunso Ofunsidwa Kawirikawiri
Kodi kusiyana pakati pa chitsimikizo ndi chikole pa kugula katundu ndi chiyani?
A Chitsimikizo ndi mfundo yeniyeni yokhudza kampani yomwe ikufunidwa. Ngati chitsimikizocho chikupezeka kuti ndi chabodza, wogula akhoza kupempha ndalama chifukwa chophwanya pangano. Wogula ayenera kutsimikizira kutayika komwe kunayambitsa kuphwanya ndi kuyeza kutayikako, malinga ndi malire ndi zoletsa zomwe zili mu SPA.
An malipiroMosiyana ndi zimenezi, amapereka chipukuta misozi pa pound pa pound pa zoopsa zinazake zomwe zadziwika. Wogula safunika kutsimikizira chifukwa chake kapena kuchepetsa kutayika—wogulitsa amangobwezera wogula ngongoleyo. Chipukuta misozi nthawi zambiri chimagwiritsidwa ntchito pa ngongole za misonkho, ndalama zoyeretsera chilengedwe, kapena milandu yomwe ikuyembekezeredwa kumene ngoziyo imadziwika koma kuchuluka kwake sikudziwika. Nthawi zambiri sizimatsekedwa kapena zimakhala ndi malire apamwamba kuposa zitsimikizo wamba.
Kodi akaunti ya escrow imagwira ntchito liti pa M&A transaction?
An akaunti ya escrow ndi yothandiza pamene wogula akufunika chitetezo cha madandaulo a chitsimikizo, ndalama zomwe amapeza, kapena malipiro ochedwetsedwa, makamaka ngati kuyenerera kwa wogulitsa ngongole sikukudziwika kapena ngati inshuwalansi ya Chitsimikizo ndi Chiwongola dzanja sichilipo. Escrow ndi yofala m'mapangano pomwe wogulitsa ndi munthu payekha kapena bizinesi yaying'ono, osati bungwe loyenerera ngongole.
Ndalama zolipirira ngongole nthawi zambiri zimakhala 10–20% ya mtengo wogulira, zomwe zimasungidwa kwa miyezi 12–24 (nthawi yayitali ya chitsimikizo cha msonkho). Ndalama zimatulutsidwa zokha kumapeto kwa nthawiyo pokhapokha ngati zopemphazo zadziwitsidwa. Zopempha zomwe zikukangana zimakhalabe mu escrow mpaka zitathetsedwa ndi mgwirizano, chigamulo cha akatswiri, kapena chigamulo cha khothi.
Kodi inshuwaransi ya W&I ndi chiyani ndipo ndi liti pamene ikufunika?
Inshuwaransi ya Chitsimikizo ndi Chiwongola dzanja (W&I) imasamutsa chiopsezo cha kuswa kwa chitsimikizo kuchokera kwa wogulitsa kupita ku kampani ya inshuwaransi. Wogula (kapena nthawi zina wogulitsa) amagula ndondomekoyi, yomwe imaphimba kutayika komwe kumachitika chifukwa cha kuswa kwa chitsimikizo mpaka malire enaake (nthawi zambiri 10–30% ya mtengo wogulira).
Inshuwaransi ya W&I ndi yofunika kwambiri pazochitika zachinsinsi, malonda ampikisano, komanso zochitika zotuluka bwino pomwe wogulitsa akufuna kupewa kubweza ngongole pambuyo potseka. Ndiwothandizanso ngati wogulitsa ali ndi vuto la ngongole kapena sakufuna kupereka ndalama zambiri zobwezera ngongole kapena zobweza. Komabe, inshuwaransi siyikhudza nkhani zodziwika bwino, nkhani zoyang'ana mtsogolo, kapena zoopsa zina zomwe sizikuphatikizidwa monga ngongole za penshoni kapena kuipitsidwa kwa chilengedwe. Ogula sayenera kuwona inshuwaransi ya W&I ngati njira yolowera m'malo mwa kufufuza bwino.
Kodi kalata yodziwitsa anthu za vuto lanu imagwira ntchito bwanji ndipo n’chifukwa chiyani ili yofunika kwambiri?
A kalata yodziwitsa amayenerera kapena kukwaniritsa zitsimikizo mu SPA mwa kuulula mfundo kapena zochitika zinazake zomwe zikanakhala kuphwanya malamulo. Mwachitsanzo, ngati wogulitsa avomereza kuti palibe mlandu womwe ukuyembekezeka, koma kenako nkuulula mlandu wina wake mu kalata yowulula, wogula sanganene kuti waswa chitsimikizo chimenecho.
Kalata yowulula ndi yofunika kwambiri chifukwa imasamutsa chiopsezo kwa wogula. Mauthenga ambiri—monga “nkhani zonse zomwe zawululidwa mu chipinda cha deta”—akhoza kumasula phukusi la chitsimikizo. Njira yabwino ndi yakuti ogula azifuna mauthenga enieni, omveka bwino okhudzana ndi zitsimikizo payekhapayekha, ndi maumboni omveka bwino ku zikalata zothandizira. Ogula ayenera kufufuza kalata yowulula panthawi yofufuza kuti atsimikizire kuti zoopsa zomwe zawululidwa ndizovomerezeka kapena zitha kugulitsidwa mtengo.
Kodi zipewa ndi mabasiketi mu chitsimikizo ndi chiyani ndipo n'chifukwa chiyani ndizofunikira?
A kapu ndi ndalama zomwe wogulitsa adzalipira pazopempha zonse za chitsimikizo pamodzi, zomwe nthawi zambiri zimafotokozedwa ngati 10–30% ya mtengo wogulira. Zitsimikizo zoyambira (monga umwini wa magawo ndi ulamuliro wogulitsa) nthawi zambiri sizimachotsedwa pamzere wokhazikika ndipo zitha kukhala zopanda malire.
A mpira ndi malire omwe amaletsa zopempha zazing'ono. Pali mitundu iwiri: a de minimis threshold imagwira ntchito pa zopempha za munthu aliyense payekha (monga, palibe zopempha zomwe zili pansi pa €10,000), pomwe mtanga wathunthu imagwira ntchito pa zopempha zonse (monga, palibe kubweza ndalama pokhapokha ngati zopemphazo zikupitirira €100,000). Mabasiketi akhoza kuchotsedwa kupindika (wogulitsa amalipira chilichonse akapitirira) kapena kuchotsedwa (wogulitsa amalipira ndalama zochulukirapo zokha). Zipewa ndi mabasiketi zimalinganiza kufunika kwa chitetezo cha chitsimikizo ndi zenizeni zamalonda, kupewa milandu yochulukirapo pazinthu zazing'ono.
Kodi ndalama zopezera phindu n'chiyani ndipo zimagwiritsidwa ntchito liti?
An kupeza ndalama ndi gawo la mtengo wogulira womwe umachedwetsedwa kutengera momwe kampani yomwe mukufuna kugwirira ntchito mtsogolo, monga ndalama zomwe kampani ikupeza, EBITDA, kapena zolinga zosungira makasitomala. Ndalama zomwe mumapeza zimagwiritsidwa ntchito kutseka mipata yowerengera pamene wogula ndi wogulitsa akutsutsana pa zomwe kampaniyo ikuyembekezera mtsogolo, kapena kulimbikitsa wogulitsa (nthawi zambiri amakhalabe woyang'anira) kuti akule bizinesiyo pambuyo potseka.
Ndalama zomwe amapeza zimakhala ndi chiopsezo chachikulu cha mikangano. Nkhani zomwe zimafala kwambiri ndi monga kusagwirizana pa momwe magwiridwe antchito amayezedwera, zonena kuti wogula adasintha zotsatira (mwa kuchepetsa ndalama zomwe amawononga potsatsa kapena kusintha makasitomala ofunikira), komanso ngati wogulitsayo anali ndi ufulu wokwanira wogwirira ntchito kuti akwaniritse zolinga zake. Matanthauzidwe omveka bwino, kutsimikizira kodziyimira pawokha kwa owerengera ndalama, ndi malamulo okhwima okhudza kayendetsedwe ka bizinesi ndizofunikira kuti achepetse mikangano.
Kodi wogula angabweretse nthawi yayitali bwanji madandaulo a chitsimikizo atatseka?
Nthawi yochepetsera imadalira gulu la chitsimikizo. Zitsimikizo za bizinesi yonse nthawi zambiri amakhala ndi moyo kwa miyezi 18-24 atatseka. Zitsimikizo za msonkho nthawi zambiri zimakhala zaka zisanu mpaka zisanu ndi ziwiri, mogwirizana ndi nthawi yomwe akuluakulu amisonkho amatha kuwunika ngongole zakale. Zitsimikizo zoyambira (monga umwini wa magawo ndi ulamuliro wogulitsa) nthawi zambiri zimakhala zotsekedwa pakapita nthawi, kapena zimakhalabe ndi moyo kwa nthawi yayitali.
Bungwe la SPA liyenera kufotokoza momveka bwino nthawi yochepetsera nthawi yogulira zinthu (nthawi zambiri tsiku lomaliza) komanso ngati zopempha ziyenera kudziwitsidwa kapena kuyambitsidwa mwalamulo nthawi yomaliza isanafike. Ogula ayenera kulemba nthawi yomalizayi mosamala kuti apewe kutaya zopempha zamtengo wapatali mwangozi.
Kodi chiganizo cha MAC ndi chiyani ndipo kodi wogula angachigwiritse ntchito liti?
A Kusintha Koipa kwa Zinthu (MAC) Chigawochi chimalola wogula kuthetsa malondawo ngati pachitika vuto lalikulu pakati pa kusaina ndi kutseka, monga kutayika kwa kasitomala wamkulu, malamulo, kapena kulephera kwakukulu kwa ntchito. Zigawo za MAC cholinga chake ndi kuteteza ogula ku kusintha kosayembekezereka komanso kofunikira komwe kumawononga chifukwa cha mgwirizanowu.
Komabe, makhothi amatanthauzira zigawo za MAC mopepuka kwambiri. Wogula ayenera kuwonetsa zotsatira zazikulu komanso zokhalitsa pa bizinesiyo—osati zopinga zakanthawi chabe, momwe msika umagwirira ntchito, kapena zochitika zomwe zimakhudza makampani onse. Ogulitsa nthawi zambiri amakambirana njira zazikulu zochepetsera ndalama (monga kusintha kwa malamulo, kuchepa kwachuma, kapena miliri) kuti achepetse kuchuluka kwa ndalama zomwe zimagwiritsidwa ntchito. Kugwiritsa ntchito gawo la MAC n'kovuta komanso kosowa.
Kodi zoopsa za mgwirizano wa katundu ndi ziti poyerekeza ndi mgwirizano wa magawo?
mu malonda a asset, wogula amapeza katundu winawake ndipo amalandira ngongole zinazake, zomwe zimasiya zoopsa zakale (monga ngongole za misonkho, maudindo a penshoni, ndi milandu) kwa wogulitsa. Izi zimapereka chitetezo chachikulu kwa wogula, koma zimapangitsa kuti zikhale zovuta. Pangano lililonse, chilolezo, ndi ufulu wa IP ziyenera kusamutsidwa momveka bwino, nthawi zambiri zimafuna chilolezo cha chipani chachitatu. Ogwira ntchito angafunike kusamutsidwa motsatira malamulo ofanana ndi TUPE, ndipo ogulitsa kapena makasitomala angakane kusintha.
A share deal Ndi yosavuta komanso yachangu—umwini wa kampaniyo umasintha popanda kufunikira kusamutsa mapangano a munthu payekha. Komabe, wogula amalandira ngongole zonse, zodziwika ndi zosadziwika. Kusankha kumadalira chilakolako cha wogula choika pachiwopsezo, zovuta za ntchito za munthu amene akufuna kutsatsa, komanso kufunitsitsa kwa anthu ena kuvomereza kusamutsa.
Ndi lamulo liti lomwe limagwira ntchito pa malonda a M&A ku Netherlands—lamulo la Chidatchi kapena la Chingerezi?
Lamulo la Dutch ndi njira yokhazikika yochitira malonda okhudzana ndi makampani aku Dutch, makamaka ngati wogula ndi wogulitsa ndi aku Dutch kapena ngati ntchito za munthu amene akufuna kugulitsidwayo zili ku Netherlands. Malamulo aku Dutch amalamulira machitidwe amakampani, chitetezo cha ntchito, ndi ufulu wa eni masheya, mosasamala kanthu za gawo la malamulo oyendetsera mu SPA.
Komabe, maphwando nthawi zambiri amasankha Malamulo a Chingerezi pa mapangano apadziko lonse lapansi, makamaka pamene makampani achinsinsi kapena amalonda akunja akukhudzidwa. Malamulo aku England amapereka malamulo ambiri okhudza M&A, kutanthauzira bwino kwa zitsimikizo ndi zolipirira, komanso kudziwana pakati pa alangizi apadziko lonse lapansi. Kusankha lamulo kumakhudza momwe zitsimikizo zimatanthauzidwira, nthawi zochepetsera, ndi njira zothetsera mikangano. Mosasamala kanthu za chisankho, malamulo ofunikira aku Dutch (monga upangiri wa bungwe la ntchito ndi chitetezo cha antchito) adzagwira ntchito ku mabungwe aku Dutch.
Kupeza Mtengo ndi Kuyang'anira Chiwopsezo
Zochitika za M&A zimapambana kapena kutayika mwatsatanetsatane mwalamulo. Zitsimikizo, zolipirira, makonzedwe a escrow, ndi zolipiritsa pambuyo potseka sizili zovuta—ndizo njira zomwe zimagawa chiopsezo, kuteteza mtengo, ndi kudziwa yemwe amalipira zinthu zikalakwika.
Kaya mukugula bizinesi kapena kugulitsa, kumvetsetsa chitetezo chalamulochi ndikofunikira pokambirana za mgwirizano wabwino ndikupewa zodabwitsa zodula. Mavuto ndi akulu, nkhani zake ndi zovuta, ndipo zotsatira zake zimakhala zoopsa kwambiri.
Ngati mukuchita nawo malonda a M&A ndipo mukufuna malangizo aukadaulo pankhani yokonza chitetezo, kukambirana za chitsimikizo, kapena kuthetsa mikangano, Law & More ali pano kuti akuthandizeni. Gulu lathu lodziwa bwino ntchito za M&A limalangiza ogula ndi ogulitsa ku Netherlands konse pa zamalonda amitundu yonse, kuyambira makampani atsopano aukadaulo ku Brainport Eindhoven ku mabizinesi okhazikika mu Amsterdam ndi Rotterdam.
Lumikizanani nafe lero kuti mukambirane nafe popanda kukakamizidwa za malonda anu.
