Purchase of business plan
Purchase of business ??” the whole art. If to speak about the investors getting
averages on scales of business of the company, they can be divided into four
groups ??” depending on objects in view and ways of their achievement. They are
profile participants of the market, foreign investors, speculators and,
conditionally, ?« physical persons ?». So, under the order.
Profile players of the market. The most powerful group of investors which well
are guided in the Russian realities. Their purpose ??” to increase cost of the
business, whether it be increase in proceeds, a share in the market or
attraction in structure of holding of the unique technological company that will
allow to increase stability of business, to lower expenses, etc. Expected result:
the enterprise becomes more attractive to large investors, and it, in the long
term, allows owners to lift cost of business, to deduce the company on the share
market ??¦ Feature of such investors ??” they always get a package not less control
(51 %). The matter is that possession of such package enables to include the
bought enterprise in the general consolidated reporting, it allows to achieve
increase in pure proceeds and decrease in expenses. Representatives of this
group of investors, as a rule, ??” professionals. They aspire to operate the
company, to develop business, to integrate the new enterprise into its structure.
The basic criteria by which they are guided at selection of object of purchase,
??” the general proceeds of firm and its share in the market. And them can quite
interest and the small company working in a narrow segment or in the local
market.
Foreign investors. In the market there is an opinion, that foreign investors buy
only large companies. Actually it not so. Purchase of average on the sizes of
the company is for them an opportunity of an output on the Russian market.
Having bought such player, they can not begin business with zero, and develop
the company, due to the corporate resources deducing it in leaders of branch.
Today foreign investors more and more closely look narrowly at the average
insurance companies. Prominent feature of this group of investors that they buy,
at least, a control package, and all of 100 % of actions more often try to get
to avoid corporate wars. And as they not too well are guided in the Russian
conditions, for preparation of transactions they should involve advisers.
Criteria of selection of the companies here ??” absolute legal cleanliness of firm,
absence of any scandals and black affairs around of it.
Speculators. Investors who search for objects with high potential of growth, get
them, are put in their development, help a name, money, result investors, and in
two-rub years to other, larger players of the market. But is already more dear.
Due to this difference also live. Classical transactions. However, such
investors strongly risk. In fact on the average business to count potential of
growth of the company not so it is simple. If in raw or a gold mining where the
threshold of an input makes hundred millions dollars to estimate potential
simply (has increased stocks by the forecast and already on results you think,
cost of an active will grow or not) on the average business the probability of a
mistake is a lot of above. Purchase of average the companies which potential of
growth is in most cases huge (profitableness of 50-60 %) is especially developed
now, and the entrance barrier isnot high ??” some tens millions dollars. Feature
of such investors that they buy not less a blocking package (25 % and more), and
also demand change of legal documents to have an opportunity to influence
activity of the company. Other characteristic feature: speculators do the rate
on active PR and well understand concrete branches as should be able to expect
prospect of the market and separately taken company.
Physical persons. To explain, whom I mean, I shall give an example. We shall
assume, somewhere in Siberia the businessman has built huge timber industry
holding, has departed from actual management and has got over to Moscow. But it
has remained the businessman! So, sees potential of the capital market, but
understands, that on its gain of resources will not suffice. An output: to find
the company of an average hand in the field of and to buy it. As a result the
businessman, first, appears about the Moscow market, and secondly, receives a
nice toy. Due to imposing the experience, energy and resources of the basic
business such investor can deduce the bought average company on high enough
level already in the capital market. As a matter of fact, it will be the second
or even the third business for it. As those criteria of a choice of the
companies at this group of investors are not present. ?« The nice project has
turned up??” has bought. Is not present ??” has not bought ?». All this is very
characteristic for physical persons. But if buy, all is obligatory of 100 %.
Otherwise there is no sense!
29.04.2007. 16:14
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