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Cum se deruleaza procesul de achizitie a unei afaceri?



Te-ai hotarat sa intri in afaceri prin cumpararea unui business deja dezvoltat sau intentionezi sa-ti cresti propriul business prin preluarea unei firme concurente sau complementare. Iata ce trebuie sa stii pe scurt despre procesul de achizitie: (1) e o actiune de durata – pentru tranzactii mici media se situeaza undeva la patru-sase luni (2) indiferent de marimea afacerii, due diligence-ul este esential pentru a evita surprize neplacute dupa preluare – iar regula este ca acestea apar intotdeauna atunci cand nu te astepti (3) corectitudinea si transparenta sunt fundamentale pentru incheierea tranzactiei.

Nu in ultimul rand, este foarte important sa apelezi la specialisti. Chiar daca vorbim de afaceri foarte mici, ai nevoie de un avocat cu experienta in domeniu care sa se asigure ca esti acoperit in contractul de vanzare cumparare si in ceea ce priveste contractele si documentele legale ale firmei. In plus, etapa de due diligence presupune angajarea unui auditor pentru cercetarea aspectelor financiare si fiscale. In cazul in care nu ai experienta in tranzactii sau timp pentru a te ocupa direct de achizitie, e bine sa apelezi de la inceput la un consultant care sa preia coordonarea strategica si operationala a intregului proces.

De regula, achizitia unei companii se desfasoara in etapele detaliate mai jos.

1. Identificarea potentialelor achizitii

Cum nu se intampla intotdeauna sa-ti fie prezentata direct o oportunitate, trebuie sa aloci timp pentru a cauta potentiale tinte de achizitie. Primul pas este sa stabilesti criterii concrete si realiste cu privire la afacerea pe care doresti sa o cumperi – pornind de la domeniu si locatie pana la dimensiune (cifra de afaceri, numar de angajati, etc), pozitionare sau avantaje competitive. In cazul in care achizitia unei afaceri are ca obiectiv cresterea propriului business, criteriile de selectie trebuiesc trasate din perspectiva sinergiilor obtinute si a complementaritatilor care vor sustine dezvoltarea pe termen lung.

Mai departe, ai la dispozitie o multitudine de surse pentru a cauta afaceri ce se potrivesc criteriilor stabilite: reteaua proprie de cunostinte, persoane din industria de interes, internet (in special portaluri specializate pe anunturi de vanzare companii) sau sectiunile de anunturi din presa scrisa. Nu in ultimul rand, pe baza unui research poti intocmi singur o lista de companii care ar putea fi de interes, urmand sa ii abordezi pe proprietari chiar daca firmele nu sunt listate pentru vanzare. Exista o probabilitate buna ca fiind pusi in fata posibilitatii de vanzare, multi proprietari sa ia in considerare aceasta optiune. 

2. Contactul initial

Contactul initial se rezuma la exprimarea interesului de ambele parti de a discuta despre o potentiala achizitie. De asemenea, este momentul in care poti afla mai multe informatii  despre companie, la nivel general. Nu te astepta insa in aceasta etapa la informatii detaliate, ci mai degraba la o prezentare a firmei si a ofertei, a pietei tinta si a unor date financiare publice.

In cazul in care ai contactat o companie in urma propriului research si nu in urma unui anunt de vanzare, este posibil ca proprietarul sa iti solicite o oferta de pret. Desi nu se poate vorbi concret de pret pana nu stii exact pe ce dai banii, poti prezenta o oferta indicativa, pe baza unei evaluari preliminare simplificate (ex. multiplii de EBITDA). In orice caz, trebuie sa reiasa clar din discutie faptul ca aceasta oferta este conditionata de discutiile si due diligence-ul ulterior.

3. Semnarea angajamentului de confidentialitate (Non Disclosure Agreement)

Practica standard – mai putin utilizata in Romania pentru tranzactiile foarte mici – este ca vanzatorul sa solicite semnarea unui acord de confidentialitate (Non Disclosure Agreement, NDA) prin care acesta se protejeaza impotriva divulgarii sau folosirii informatiilor pe care ti le pune la dispozitie in cursul procesului. NDA-ul este deosebit de important pentru vanzator mai ales in cazul in care potentialul cumparator este o companie concurenta.

Prin urmare, acordul de confidentialitate va fi redactat de vanzator, insa e recomandabil sa fie revizuit si de avocatul tau inainte de a semna. Termenii standard se refera la restrictii si limitari pentru parti, posibilitatea de a utiliza materialele si informatiile primite doar pentru evaluarea companiei tinta, obligatiile partilor in cazul terminarii negocierilor, s.a.m.d.

4. Discutii aprofundate (Due diligence preliminar)

De acum incolo incepe analiza efectiva a companiei. Solicita intalniri cu managementul companiei pentru a putea intelege cat mai bine situatia afacerii, modul de lucru, punctele tari si riscurile pe care le prezinta. In aceasta etapa e bine sa clarifici toate nelamuririle legate de business-ul pe care intentionezi sa il achizitionezi. In mod normal vanzatorul ar trebui sa puna la dispozitie materiale care sa constituie baza de discutie – info memorandum, proiectii si analize financiare sau alte prezentari legate de stadiul actual si perspectivele business-ului. In cazul in care aceste materiale nu sunt disponibile, probabil ca va fi necesar sa aloci mai mult timp pentru a evalua in profunzime afacerea. De regula aceasta etapa dureaza ca. 2 -3 saptamani, iar in final trebuie sa ai o imagine foarte clara a fiecarei parti care formeaza intregul.

5. Oferta neangajanta (Non-binding offer)

In cazul in care esti multumit de rezultatele analizei preliminare, poti asigura vanzatorul de interesul tau printr-o oferta neangajanta. In acest moment ar trebui sa stii cat valoreaza afacerea si sa poti da o oferta indicativa de pret – supusa desigur rezultatelor din due diligence – sau cel putin o metoda clara de evaluare. Oferta poate veni sub forma de Term Sheet, Memorandum of Understanding (MoU) sau alte documente similare. In orice caz, aceasta oferta constituie si baza discutiilor cu privire la alte aspecte importante: exclusivitate (in cazul in care in procesul de vanzare au fost implicati si alti potentiali cumparatori), termenele pentru etapele viitoare, structura tranzactiei, modalitatea de plata in cazul realizarii tranzactiei, impartirea costurilor de due diligence, alte aspecte de corporate governance, s.a.m.d. Oferta neangajanta reprezinta practic inceputul negocierilor de preluare, iar aspectele agreate, cu exceptia pretului, nu ar trebui de regula reluate.

6. Due diligence

Due diligence, sau altfel spus cercetarea amanuntita a firmei din punct de vedere legal, financiar, fiscal,  comercial sau tehnic, este o etapa esentiala oricat de mica este afacerea pe care intentionezi sa o cumperi. Bineinteles ca intinderea si complexitatea due diligence-ului sunt direct proportionale cu dimensiunea afacerii, insa un minim de atentie trebuie acordata in orice situatie pentru a evita surprizele ulterioare. Pentru afaceri mici probabil ca este suficient sa angajezi un avocat pentru partea legala si un auditor pentru cea financiara si fiscala. Ca si intindere, vorbim de maxim 1-2 saptamani. In urma due diligence-ului ar trebui sa ai confortul ca stii in ce investesti si cunosti toate oportunitatile si riscurile asociate afacerii.

7. Negocieri

“Inarmat” cu rezultatele due diligence-ului, si bineinteles in cazul in care nu au existat descoperiri care sa te faca sa renunti la achizitie, te intorci la masa de negocieri. In functie de problemele identificate, se poate discuta si ajustarea ofertei indicative de pret. Desi strategia de negociere depinde de la caz la caz, ca si regula generala, experienta arata ca pentru a ajunge la o intelegere este recomandabil sa existe corectitudine si flexibilitate de ambele parti. Aplica principiul empatiei in afaceri, sau altfel spus pune-te in locul celeilalte parti, si incearca sa fundamentezi rational toate solicitarile pe care le ai. Similar, adu contra-argumente justificate in situatia in care nu vrei sa accepti propunerile vanzatorului.

8. Semnarea contractului de vanzare-cumparare actiuni (Share Purchase Agreement)

Finalizarea negocierilor se concretizeaza in semnarea contractului de vanzare-cumparare. Acesta cuprinde toate aspectele agreate in cadrul negocierilor si este bineinteles recomandabil sa fie intocmit de catre avocati. In mare, contractul de vanzare-cumparare stabileste cadrul pentru realizarea tranzactiei si a transferului efectiv de actiuni, si prevede raspunderea legala a partilor pentru informatiile acordate. Odata cu semnarea contractului cumparatorul isi asuma responsabilitatea pentru achizitia afacerii in termenii agreati.

9. Inchiderea tranzactiei (Closing)

Intre momentul semnarii contractului de vanzare-cumparare si inchiderea tranzactiei (transferul efectiv de actiuni) poate exista o perioada in care partile trebuie sa indeplineasca anumite obligatii – in cazul in care contractul prevede indeplinirea anumitor conditii precedente pentru realizarea vanzarii. In situatia in care acestea nu se realizeaza in termenii agreati in contract, cumparatorul poate iesi fara raspundere legala. De asemenea, pentru tranzactiile mai mari, in care este necesar avizul Consiliului Concurentei, transferul de actiuni nu se poate realiza (sau in orice caz nu este recomandabil) inainte de obtinerea aprobarii.


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