{"id":6,"date":"2021-06-08T18:51:26","date_gmt":"2021-06-08T18:51:26","guid":{"rendered":"https:\/\/www.prodavamfirmu.cz\/?page_id=6"},"modified":"2022-02-14T09:08:53","modified_gmt":"2022-02-14T09:08:53","slug":"jak-probiha-prodej","status":"publish","type":"page","link":"https:\/\/www.prodavamfirmu.cz\/index.php\/jak-probiha-prodej\/","title":{"rendered":"Jak prob\u00edh\u00e1 prodej?"},"content":{"rendered":"\n

Teaser<\/a><\/h3>\n\n\n\n

Ka\u017ed\u00e9 zbo\u017e\u00ed m\u00e1 sv\u00e9ho kupce a stejn\u00e9 r\u010den\u00ed plat\u00ed i pro firmy. D\u016fle\u017eit\u00fdm \u00fakolem je d\u00e1t potenci\u00e1ln\u00edm kupuj\u00edc\u00edm v\u011bd\u011bt, \u017ee je zde n\u011bco, co se nab\u00edz\u00ed k prodeji.<\/p>\n\n\n\n

Za t\u00edmto \u00fa\u010delem se v p\u0159\u00edpad\u011b prodeje firem p\u0159ipravuje jednoduch\u00fd, \u010dasto jednostr\u00e1nkov\u00fd dokument zvan\u00fd \u201cteaser\u201d (p\u0159elo\u017eeno: \u201cupout\u00e1vka\u201d). V takov\u00e9m dokumentu nemus\u00ed b\u00fdt zve\u0159ejn\u011bno ani jm\u00e9no prod\u00e1van\u00e9 firmy \u2013 to m\u016f\u017ee z\u016fstat d\u00e1le utajeno, ale materi\u00e1l by m\u011bl v\u017edy obsahovat n\u011bjak\u00e9 neutr\u00e1ln\u00ed kontaktn\u00ed informace (nap\u0159\u00edklad na poradce zprost\u0159edkov\u00e1vaj\u00edc\u00edho prodej nebo na n\u011bjakou ve\u0159ejnou e-mailovou adresu), aby potenci\u00e1ln\u00ed z\u00e1jemce v\u011bd\u011bl, kam se m\u00e1 obr\u00e1tit, pokud si p\u0159eje o dan\u00e9 p\u0159\u00edle\u017eitosti dozv\u011bd\u011bt v\u00edce.<\/p>\n\n\n\n

Dokument zpravidla obsahuje z\u00e1kladn\u00ed informace o um\u00edst\u011bn\u00ed spole\u010dnosti, odv\u011btv\u00ed a trhu, popis spole\u010dnosti a nejz\u00e1kladn\u011bj\u0161\u00ed finan\u010dn\u00ed ukazatele: tr\u017eby a zisk v posledn\u00edch p\u00e1r letech. Je vhodn\u00e9 uv\u00e1d\u011bt informaci o v\u00fd\u0161i ukazatele EBITDA (v\u00edce informac\u00ed na str\u00e1nce Ocen\u011bn\u00ed firmy), jeliko\u017e tento finan\u010dn\u00ed ukazatel je t\u00edm nejd\u016fle\u017eit\u011bj\u0161\u00edm z pohledu finan\u010dn\u00edch investor\u016f. Teaser se pak distribuuje mezi co nejv\u00edce r\u016fzn\u00fdch potenci\u00e1ln\u00edch investor\u016f, s c\u00edlem upoutat jejich pozornost a p\u0159il\u00e1kat co nejv\u00edce z\u00e1jemc\u016f.<\/p>\n\n\n\n

Smlouva o d\u016fv\u011brnosti informac\u00ed<\/a><\/h3>\n\n\n\n

Potenci\u00e1ln\u00ed kupci, kte\u0159\u00ed projev\u00ed z\u00e1jem dozv\u011bd\u011bt se v\u00edce o investi\u010dn\u00ed p\u0159\u00edle\u017eitosti, jsou vyzv\u00e1ni, aby podepsali Smlouvu o d\u016fv\u011brnosti informac\u00ed. Jedn\u00e1 se o dokument, jeho\u017e c\u00edlem je ochr\u00e1nit prod\u00e1vaj\u00edc\u00edho p\u0159ed \u0161kodou, kter\u00e1 by mu mohla vzniknout v d\u016fsledku \u00faniku d\u016fv\u011brn\u00fdch informac\u00ed.<\/p>\n\n\n\n

Informa\u010dn\u00ed memorandum<\/a><\/h3>\n\n\n\n

Ti z\u00e1jemci, kte\u0159\u00ed podep\u00ed\u0161\u00ed Smlouvu o d\u016fv\u011brnosti informac\u00ed (za p\u0159edpokladu, \u017ee prod\u00e1vaj\u00edc\u00ed jsou ochotni dan\u00e9ho z\u00e1jemce p\u0159ipustit jako mo\u017en\u00e9ho kupuj\u00edc\u00edho), n\u00e1sledn\u011b obdr\u017e\u00ed tzv. Informa\u010dn\u00ed memorandum: komplexn\u011bj\u0161\u00ed materi\u00e1l, kter\u00fd ji\u017e obsahuje n\u00e1zev prod\u00e1van\u00e9ho subjektu, informace o jeho z\u00e1kazn\u00edc\u00edch (nemus\u00ed b\u00fdt uvedeni jmenovit\u011b), zam\u011bstnanc\u00edch, d\u00e1le obsahuje podrobn\u011bj\u0161\u00ed finan\u010dn\u00ed \u00fadaje a dal\u0161\u00ed relevantn\u00ed informace. Informace uveden\u00e9 v Informa\u010dn\u00edm memorandu by m\u011bly b\u00fdt dostate\u010dn\u011b obs\u00e1hl\u00e9 k tomu, aby potenci\u00e1ln\u00ed investo\u0159i dok\u00e1zali vyhodnotit, jakou hodnotu jim m\u016f\u017ee n\u00e1kup dan\u00e9 firmy p\u0159in\u00e9st. Na z\u00e1klad\u011b \u00fadaj\u016f obsa\u017een\u00fdch v Informa\u010dn\u00edm memorandu by m\u011bli b\u00fdt investo\u0159i schopni p\u0159edlo\u017eit sv\u00e9 indikativn\u00ed, nez\u00e1vazn\u00e9 nab\u00eddky.<\/p>\n\n\n\n

Indikativn\u00ed nez\u00e1vazn\u00e9 nab\u00eddky<\/a><\/h3>\n\n\n\n

Po z\u00edsk\u00e1n\u00ed indikativn\u00edch nez\u00e1vazn\u00fdch nab\u00eddek se prod\u00e1vaj\u00edc\u00ed mohou rozhodnout, zda zah\u00e1j\u00ed jedn\u00e1n\u00ed s jedn\u00edm up\u0159ednost\u0148ovan\u00fdm z\u00e1jemcem, nebo nechaj\u00ed z\u00e1jemce, aby mezi sebou sout\u011b\u017eili. Jedn\u00e1n\u00ed s jedn\u00edm vybran\u00fdm z\u00e1jemcem (m\u016f\u017ee b\u00fdt i se dv\u011bma \u010di v\u00edce) obvykle urychl\u00ed cel\u00fd proces, ov\u0161em je zde v\u017edy riziko, \u017ee z\u00e1jemce zm\u011bn\u00ed n\u00e1zor a z procesu odstoup\u00ed, p\u0159\u00edpadn\u011b \u017ee v\u00fdrazn\u011b zm\u011bn\u00ed podm\u00ednky v porovn\u00e1n\u00ed s indikativn\u00ed nez\u00e1vaznou nab\u00eddkou. Naopak sout\u011b\u017e mezi z\u00e1jemci obvykle trv\u00e1 d\u00e9le, ale je zde vy\u0161\u0161\u00ed pravd\u011bpodobnost, \u017ee cena a ostatn\u00ed podm\u00ednky transakce budou pro prod\u00e1vaj\u00edc\u00ed stranu v\u00fdhodn\u011bj\u0161\u00ed.<\/p>\n\n\n\n

Memorandum o porozum\u011bn\u00ed<\/a><\/h3>\n\n\n\n

S t\u011bmi z\u00e1jemci, kter\u00fdm je umo\u017en\u011bno postoupit do dal\u0161\u00ed f\u00e1ze (bez ohledu na to, zda se jedn\u00e1 o jednoho \u010di v\u00edce z\u00e1jemc\u016f), doporu\u010dujeme v t\u00e9to f\u00e1zi sepsat dokument zvan\u00fd Memorandum o porozum\u011bn\u00ed. V n\u011bm by m\u011bl b\u00fdt zakotven z\u00e1vazek investora odkoupit firmu za cenu uvedenou v indikativn\u00ed nab\u00eddce, a to za p\u0159edpokladu, \u017ee informace, na jejich\u017e z\u00e1klad\u011b z\u00e1jemce p\u0159edlo\u017eil nez\u00e1vaznou indikativn\u00ed nab\u00eddku, budou potvrzeny p\u0159i hloubkov\u00e9 prov\u011brce (viz. n\u00ed\u017ee) \u2013 a naopak z\u00e1vazek prod\u00e1vaj\u00edc\u00edch prodat firmu za cenu odpov\u00eddaj\u00edc\u00ed nez\u00e1vazn\u00e9 indikativn\u00ed nab\u00eddce. Hloubkov\u00e1 prov\u011brka toti\u017e m\u016f\u017ee b\u00fdt pro ob\u011b strany relativn\u011b pracnou a n\u00e1kladnou z\u00e1le\u017eitost\u00ed – tedy pokud n\u011bkter\u00e1 ze stran nem\u00e1 opravdov\u00fd z\u00e1jem transakci dokon\u010dit a hraje pouze jakousi hru, m\u011bla by druh\u00e9 stran\u011b nahradit n\u00e1klady vynalo\u017een\u00e9 na transakci.<\/p>\n\n\n\n

Hloubkov\u00e1 prov\u011brka – Due Diligence<\/a><\/h3>\n\n\n\n

Dal\u0161\u00ed f\u00e1z\u00ed p\u0159i prodeji firmy je hloubkov\u00e1 prov\u011brka, tzv. \u201eDue Diligence\u201c. Pokud prod\u00e1vaj\u00edc\u00ed jednaj\u00ed pouze s jedn\u00edm z\u00e1jemcem, tento z\u00e1jemce obvykle p\u0159edlo\u017e\u00ed seznam po\u017eadovan\u00fdch materi\u00e1l\u016f, dokument\u016f (nap\u0159\u00edklad d\u016fle\u017eit\u00fdch smluv) a informac\u00ed (obvykle \u00fadaje o produkci, podrobnosti z \u00fa\u010detnictv\u00ed, rozd\u011blen\u00ed tr\u017eeb po klientech \u2013 p\u0159esto\u017ee jm\u00e9na klient\u016f st\u00e1le nen\u00ed nutn\u00e9 uv\u00e1d\u011bt – a mnoho dal\u0161\u00edch podklad\u016f). Velmi \u010dasto potenci\u00e1ln\u00ed kupuj\u00edc\u00ed naj\u00edmaj\u00ed specializovan\u00e9 poradce, kte\u0159\u00ed proch\u00e1zej\u00ed materi\u00e1ly: pr\u00e1vn\u00ed kancel\u00e1\u0159 proch\u00e1z\u00ed kontrakty, da\u0148ov\u00ed poradci hledaj\u00ed mo\u017en\u00e1 da\u0148ov\u00e1 rizika, finan\u010dn\u00ed poradci kontroluj\u00ed p\u0159esnost a v\u011brohodnost \u00fa\u010detn\u00edch z\u00e1znam\u016f. \u010casto se prov\u011brky \u00fa\u010dastn\u00ed i technick\u00fd specialista se znalost\u00ed dan\u00e9ho oboru, kter\u00fd zkoum\u00e1, zda spole\u010dnost postupuje v souladu se standardy b\u011b\u017en\u00fdmi v dan\u00e9m odv\u011btv\u00ed.<\/p>\n\n\n\n

Vendor Due Diligence Report<\/a><\/h3>\n\n\n\n

Obzvl\u00e1\u0161\u0165 v t\u011bch p\u0159\u00edpadech, kdy se prod\u00e1vaj\u00edc\u00ed rozhodnou pro sout\u011b\u017e mezi z\u00e1jemci, doporu\u010dujeme prod\u00e1vaj\u00edc\u00edm, aby p\u0159ipravili tzv. \u201eVendor Due Diligence Report\u201c, tedy podrobnou anal\u00fdzu vlastn\u00edho podniku p\u0159ipravenou z r\u016fzn\u00fdch pohled\u016f \u2013 provozn\u00edho, \u00fa\u010detn\u00edho, pr\u00e1vn\u00edho, da\u0148ov\u00e9ho atd. V p\u0159\u00edpad\u011b jedn\u00e1n\u00ed s v\u011bt\u0161\u00edm po\u010dtem z\u00e1jemc\u016f, kdy ka\u017ed\u00fd z nich by vy\u017eadoval informace v jin\u00e9m rozsahu a jin\u00e9 struktu\u0159e, je lep\u0161\u00ed p\u0159ipravit obs\u00e1hl\u00fd materi\u00e1l, kde z\u00e1jemci naleznou v\u0161echny informace, kter\u00e9 obvykle vy\u017eaduj\u00ed. Velmi doporu\u010dujeme, aby Vendor Due Diligence Report p\u0159ipravil zku\u0161en\u00fd poradce, kter\u00fd v\u00ed, na jak\u00e9 informace a jak\u00e9 podklady se investo\u0159i v t\u00e9to f\u00e1zi procesu zam\u011b\u0159uj\u00ed.<\/p>\n\n\n\n

Po dokon\u010den\u00ed hloubkov\u00e9 prov\u011brky jsou investo\u0159i vyzv\u00e1ni, aby p\u0159edlo\u017eili sv\u00e9 z\u00e1vazn\u00e9 nab\u00eddky na odkoupen\u00ed firmy.<\/p>\n\n\n\n

Z\u00e1vazn\u00e9 nab\u00eddky, souhrn z\u00e1kladn\u00edch podm\u00ednek (Term Sheet)<\/a><\/h3>\n\n\n\n

Pokud dojde ke shod\u011b mezi kupuj\u00edc\u00edm a prod\u00e1vaj\u00edc\u00edm, doporu\u010dujeme, aby z\u00e1kladn\u00ed podm\u00ednky transakce (cena, splatnost a struktura platby, dal\u0161\u00ed podm\u00ednky) byly shrnuty v dokumentu naz\u00fdvan\u00e9m \u201eTerm Sheet\u201c. Je\u0161t\u011b se nejedn\u00e1 o smlouvu, ale o projeven\u00ed z\u00e1jmu obou stran uzav\u0159\u00edt smlouvu za uveden\u00fdch z\u00e1kladn\u00edch podm\u00ednek.<\/p>\n\n\n\n

Smlouva o prodeji akci\u00ed \/ obchodn\u00edho pod\u00edlu \/ z\u00e1vodu (Share Purchase Agreement)<\/a><\/h3>\n\n\n\n

Dal\u0161\u00edm krokem je p\u0159\u00edprava smlouvy o prodeji akci\u00ed, p\u0159\u00edpadn\u011b obchodn\u00edho pod\u00edlu, z\u00e1vodu \u010di jin\u00e1 kupn\u00ed smlouva (v z\u00e1vislosti na struktu\u0159e transakce \u2013 klikn\u011bte zde a \u010dt\u011bte pas\u00e1\u017e v\u011bnovanou struktu\u0159e), v angli\u010dtin\u011b obvykle naz\u00fdvan\u00e1 \u201eShare Purchase Agreement\u201c. \u010cas p\u0159\u00edpravy takov\u00e9 smlouvy b\u00fdv\u00e1 velmi dlouh\u00fd \u2013 m\u016f\u017ee trvat t\u00fddny i m\u011bs\u00edce.<\/p>\n\n\n\n

Obzvl\u00e1\u0161\u0165 p\u0159i v\u011bt\u0161\u00edch transakc\u00edch sest\u00e1v\u00e1 uzav\u0159en\u00ed smlouvy ze dvou f\u00e1z\u00ed: podpisu a vypo\u0159\u00e1d\u00e1n\u00ed (v angli\u010dtin\u011b Signing a Closing).<\/p>\n\n\n\n

Pot\u00e9, co je smlouva vyjedn\u00e1na, dojde k jej\u00edmu podpisu (v angli\u010dtin\u011b \u201eSigning\u201c). Je b\u011b\u017en\u00e9, \u017ee na stran\u011b prod\u00e1vaj\u00edc\u00edch z\u016fst\u00e1v\u00e1 je\u0161t\u011b n\u011bkolik z\u00e1le\u017eitost\u00ed, kter\u00e9 je t\u0159eba vy\u0159\u00eddit (nap\u0159. p\u0159ev\u00e9st majetek, kter\u00fd je psan\u00fd na firmu, av\u0161ak je vyu\u017e\u00edvan\u00fd pro soukrom\u00e9 \u00fa\u010dely prod\u00e1vaj\u00edc\u00edch osob, p\u0159\u00edmo na tyto osoby) nebo doplnit n\u011bkter\u00e9 dosud nep\u0159edan\u00e9 informace (nap\u0159\u00edklad p\u0159edat podrobn\u00fd seznam klient\u016f), zat\u00edmco kupuj\u00edc\u00ed pot\u0159ebuj\u00ed na\u010derpat pen\u00edze od investor\u016f nebo od banky a p\u0159ipravit se na \u00fahradu kupn\u00ed ceny. A\u017e pot\u00e9, co jsou v\u0161echny tyto tzv. odkl\u00e1dac\u00ed podm\u00ednky spln\u011bny a kupuj\u00edc\u00ed maj\u00ed k dispozici v\u0161echny pen\u00edze, m\u016f\u017ee doj\u00edt k vypo\u0159\u00e1d\u00e1n\u00ed (\u201eClosing\u201c). P\u0159i vypo\u0159\u00e1d\u00e1n\u00ed dojde k form\u00e1ln\u00edmu p\u0159evodu vlastnictv\u00ed a k vyplacen\u00ed kupn\u00ed ceny ve prosp\u011bch prod\u00e1vaj\u00edc\u00edch.<\/p>\n\n\n\n

Z\u00e1dr\u017en\u00e9 (Earn-Out)<\/a><\/h3>\n\n\n\n

Je b\u011b\u017en\u00e9, \u017ee men\u0161\u00ed \u010d\u00e1st kupn\u00ed ceny (zpravidla 10-20% z celkov\u00e9 ceny) z\u016fstane nevyplacena p\u0159i vypo\u0159\u00e1d\u00e1n\u00ed a je vyplacena a\u017e po n\u011bjak\u00e9 dob\u011b (za 6-12 m\u011bs\u00edc\u016f) pot\u00e9, co se nov\u00ed majitel\u00e9 p\u0159esv\u011bd\u010d\u00ed, \u017ee ve firm\u011b nenaraz\u00ed na \u017e\u00e1dn\u00e9 z\u00e1sadn\u00ed probl\u00e9my, je\u017e m\u011bly b\u00fdt a nebyly oz\u0159ejm\u011bny p\u0159i hloubkov\u00e9 prov\u011brce. Tato odlo\u017een\u00e1 spl\u00e1tka se naz\u00fdv\u00e1 \u201ez\u00e1dr\u017en\u00e9\u201c, v\u00a0angli\u010dtin\u011b \u201eEarn-Out\u201c. \u010c\u00e1stka m\u016f\u017ee b\u00fdt ulo\u017eena na v\u00e1zan\u00e9m \u00fa\u010dtu v\u00a0bance, v\u011bt\u0161inou v\u0161ak (zejm\u00e9na je-li kupuj\u00edc\u00edm zab\u011bhl\u00e1 renomovan\u00e1 firma) b\u00fdv\u00e1 ponech\u00e1na i bez zaji\u0161t\u011bn\u00ed \u2013 to v\u0161e z\u00e1vis\u00ed na obchodn\u00edm vyjedn\u00e1v\u00e1n\u00ed.<\/p>\n\n\n\n

Jak jste se mohli p\u0159esv\u011bd\u010dit v\u00fd\u0161e, prodej firmy je komplexn\u00ed a pom\u011brn\u011b slo\u017eit\u00fd proces. Proto doporu\u010dujeme prod\u00e1vaj\u00edc\u00edm, aby si najali profesion\u00e1ln\u00ed poradce, kte\u0159\u00ed pro n\u011b zorganizuj\u00ed cel\u00fd proces, shrom\u00e1\u017ed\u00ed relevantn\u00ed nab\u00eddky a zajist\u00ed plynul\u00fd pr\u016fb\u011bh cel\u00e9 transakce. N\u00e1\u0161 t\u00fdm je p\u0159ipraven V\u00e1m s\u00a0organizac\u00ed pomoci.<\/p>\n","protected":false},"excerpt":{"rendered":"

Teaser Ka\u017ed\u00e9 zbo\u017e\u00ed m\u00e1 sv\u00e9ho kupce a stejn\u00e9 r\u010den\u00ed plat\u00ed i pro firmy. D\u016fle\u017eit\u00fdm \u00fakolem je d\u00e1t potenci\u00e1ln\u00edm kupuj\u00edc\u00edm v\u011bd\u011bt, \u017ee je zde n\u011bco, co se nab\u00edz\u00ed k prodeji. Za t\u00edmto \u00fa\u010delem se v p\u0159\u00edpad\u011b prodeje firem p\u0159ipravuje jednoduch\u00fd, \u010dasto jednostr\u00e1nkov\u00fd dokument zvan\u00fd \u201cteaser\u201d (p\u0159elo\u017eeno: \u201cupout\u00e1vka\u201d). V takov\u00e9m dokumentu nemus\u00ed b\u00fdt zve\u0159ejn\u011bno ani jm\u00e9no prod\u00e1van\u00e9 … <\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/pages\/6"}],"collection":[{"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/comments?post=6"}],"version-history":[{"count":4,"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/pages\/6\/revisions"}],"predecessor-version":[{"id":116,"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/pages\/6\/revisions\/116"}],"wp:attachment":[{"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/media?parent=6"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}