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La ce sa te astepti de la un due diligence



Mai mult sau mai putin formal, mai simplu sau mai complex, due diligence-ul este o etapa pe care nu o poti ocoli atunci cand vrei sa iti vinzi afacerea, indiferent de marime sau domeniu. Orice investitor va dori sa confirme aspectele discutate pana la acel moment si sa se asigure ca stie pentru ce da banii. 

Due diligence reprezinta cercetarea amanuntita a unei afaceri sub aspect legal, financiar, comercial si operational, in scopul evaluarii situatiei reale a acesteia si a beneficiilor si riscurilor asociate. Abia in urma unui due diligence investitorul poate lua o decizie fundamentata cu privire la achizitionarea afacerii.

Un due diligence are loc abia dupa confirmarea interesului cert al unuia sau mai multor potentiali cumparatori de a investi in afacere. Altfel spus, due diligence-ul incepe in urma unui angajament principial de investitie, de regula sub forma unui document scris (ex. Oferta Indicativa, Memorandum of Understanding). Motivul tine in primul rand de faptul ca in cadrul unui due diligence sunt oferite informatii confidentiale, de regula sensibile pentru pozitia competitiva a unei companii. In al doilea rand, un due diligence presupune un efort din punct de vedere al timpului ambelor parti, precum si un efort financiar in special din partea investitorului.

In cazul in care nu ai semnat deja un acord de confidentialitate cu potentialul investitor acum este cu siguranta momentul sa o faci. Acest acord are valoare legala si presupune angajamentul investitorului de a pastra confidentiale si de a nu folosi informatiile puse la dispozitie, in alt scop decat pentru evaluarea achizitiei.

Acordul de confidentialitate este un element standard in orice proces de achizitie, cu atat mai mult in cazul in care potentialul investitor este o firma concurenta.

De cele mai multe ori investitorul iti va pune la dispozitie o lista a principalelor documente pe care va dori sa le revizuiasca in cadrul due diligence-ului. Cateva dintre documentele care vor fi de regula solicitate sunt:

  • Acte care atesta infiintarea legala a companiei si dreptul vanzatorului de a dispune de actiuni: act constitutiv, extras de la Registrul Comertului, certificate de mentiuni, registrul actionarilor, minute AGA, etc.
  • Autorizatii si permise de functionare conform reglementarilor legale
  • Situatiile financiare statutare, auditate daca e cazul, pentru ultimii trei ani
  • Rapoarte financiare lunare
  • Bugetul anului in curs (realizat vs. previzionat)
  • Registrul mijloacelor fixe
  • Copii extrase de cont recente
  • Detalii cu privire la stocuri
  • Detalii cu privire la creante pe categorii pe vechime
  • Detalii cu privire la datorii furnizori pe categorii de vechime
  • Detalii cu privire la alte datorii pe termen scurt
  • Detalii cu privire la contractele de leasing
  • Detalii cu privire la credite de la banci si alte imprumuturi
  • Certificat fiscal recent
  • Copii ale declaratiilor fiscale depuse pentru ultimul an fiscal
  • Copii ale rapoartelor de control fiscal din ultimii cinci ani
  • Copii ale drepturilor de proprietate intelectuala detinute
  • Copii ale actelor de proprietate pentru activele majore detinute
  • Rulaj top clienti si copii ale contractelor cu acestia
  • Rulaj top furnizori si copii ale contractelor cu acestia
  • Detalii cu privire la termenii standard de vanzare
  • Copii contracte inchiriere spatii
  • Copii contracte asigurare
  • Copii contracte management
  • Informatii cu privire la ipoteci si garantii
  • Informatii cu privire la litigii
  • Proceduri de lucru, regulamente interne, modalitati de raportare, mangementul calitatii
  • Organigrama companiei
  • Lista angajati si copii dupa contractele individuale de munca

Odata cu primirea listei de la de la investitor incepe strangerea si pregatirea documentatiei. Este recomandabil ca aspectele majore sa fie deja puse la punct inaintea procesului de due diligence. In special in cazul in care stii ca esti “neacoperit” pe anumite segmente a caror rezolvare poate dura mai mult – cum ar fi autorizatii legale, contracte formale cu clientii, carti de munca, inregistrare marca, s.a.m.d – este esential sa asiguri obtinerea acestora din timp.

Atunci cand potentialul investitor este un concurent direct, poti alege sa nu prezinti anumite informatii sensibile pana in momentul in care poti fi cat de cat sigur ca tranzactia va avea loc. Astfel de informatii pot fi considerate tarifele practicate pentru anumiti clienti, numele unor clienti, beneficiile angajatilor cheie, etc.

Pe de alta parte insa, trebuie gasit un echilibru astfel incat si investitorul sa poata avea suficiente informatii pentru a-si face o imagine clara asupra business-ului.

Nu in ultimul rand, nu folosi in nici un caz acest rationament pentru a ascunde anumite lipsuri ale afacerii – acestea vor fi oricum descoperite in etapele ulterioare.

Documentele sunt de regula puse la dispozitia investitorului intr-un data room, un spatiu destinat revizuirii acestora de catre echipa de due diligence. Pentru a facilita identificarea rapida a acestora, este de asemenea necesar sa pui la dispozitia echipei un index in care sa fie listat fiecare document inclus in data room, impreuna cu numarul dosarului unde se gaseste si numarul de ordine.

De asemenea, inainte de inceperea propriu zisa a due diligence-ului este bine sa agreezi cu investitorul un set de reguli pentru desfasurarea procesului. Acestea pot include elemente precum durata maxima a due diligence-ului, intervale orare in care echipa investitorului are acces la data room, modul de adresare a intrebarilor suplimentare si timpul de raspuns, accesul la angajatii firmei, posibilitatea de a face copii xerox, persoane de contact, s.a.m.d.

In functie de complexitate, procesul de due diligence dureaza de regula intre una si doua saptamani. In tranzactiile de valoare redusa investitorul va avea de regula o echipa mai restransa de consultanti, formata in principiu dintr-un avocat si un contabil sau auditor. Pe parcursul procesului probabil ca vor fi adresate solicitari suplimentare de informatii si intrebari care trebuiesc clarificate. In cazul in care nu ai un consultant care sa coordoneze procesul, este recomandabil sa desemnezi o persoana din firma care sa monitorizeze cererile de informatii si sa asigure pregatirea raspunsurilor adecvate in timp util.

In urma finalizarii due diligence-ului investitorul va primi de la echipa sa un raport cuprinzand concluziile analizei, pe baza caruia va lua decizia de a face sau nu o oferta formala. De asemenea, in functie de rezultatele due diligence-ului pretul discutat pana la acel moment poate fi reanalizat si eventual diminuat in cazul in care s-au identificat aspecte negative. In orice caz renegocierea pretului trebuie realizata in baza unor argumente solide si fundamentate. De aceea e foarte important sa fii cat mai bine pregatit si organizat in cursul due diligence-ului, astfel incat sa nu lasi loc de motive pentru renegociere.


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