http://www.legorburoconsultores.es/Due-Diligence-en-procesos-de-Compra-Venta-de-Empresas.html?where=8&id=1&art=137
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The main objective of this process of due diligence is to know in depth what is to be acquired by a thorough review of all areas of business that make the company object. In this article we will focus on defining the concept, scope, content and cost of a due diligence process:
Concept Due Diligence in the environment of Business Sale
The Due Diligence in the vicinity of the Sale of Companies, is a review of the company's business to be acquired, with the main objective to confirm (or reject) all the assumptions on which it has taken the decision to purchase.
These hypotheses to not only be financial, but of many other business disciplines: business, tax, legal, labor, environment, etc ...
The outcome of the due diligence will be crucial in the process of negotiating the Sale of the Company, in additional collateral requirements in order to fulfill it, and in the same closing of the transaction of sale.
Therefore, conducting Due Diligence clearly reduces the risk of the transaction for the sale of the company, and the buyer provides an independent, objective and detailed assessment of the business, especially checking the existence of hidden liabilities or contingencies in each and each of the areas under review.
When the Due Diligence must be done in the Sale of a Company?
There is no one hard and fast rule about when or Due Diligence must be done in the Sale of a Company. The most common is that the due diligence is carried out in the execution phase of transactions, and often makes it a true negotiation, within the transaction of sale of the company.
Many times, the seller does not want to provide access to information verification until after the transaction finally closed sales, and even signing the Sale Agreement. Normally, the Purchase Agreement binds several sections (price, terms, security ...) on the results of the due diligence.
Conducting a Due Diligence sometimes alters the "normal life" of a business, especially when it is small. Suddenly, staff can begin observing the comings and goings of advisers in various departments of the company. That is why the seller will want to minimize the impact of the process of "due diligence" and even, in some transactions not the advisers are allowed access to many of the facilities, and rent a 'Data Room' containing the information required to perform these required reviews.
What should be the scope and content of a Due Diligence on the sale of a company?
A Due Diligence is not similar to an audit (formal and Normatized), or a Judicial Expertise (also regulated and normalized); therefore, there is no legal regulation that tells us its size, its sections, content ... In short, scope, and content of Due Diligence is marked by the needs of the process of sale in question, the dimension and complexity of the company to acquire, and the manners and customs in this discipline (the purchase and sale of businesses).
However, there are certain areas or sections that repeat themselves normally in all the due diligence in the purchase and sale of businesses, and are as follows:
1) The record of the transaction
2) The business insight
3) The Organization of the company
4) Business Analysis
5) Financial Analysis of the Company
6) Information and Control Systems
7) Fiscal Exposures
8) Environmental Contingencies
9) Risk Management and Insurance.
10) Legal Contingencies
11) Labor Contingencies
The current trend is to focus on specific and well-defined aspects, and not perform a Due Diligence "integral". Therefore, it is very common to perform, for example, a Tax Due Diligence, Diligence and Labor Due to flourish potential tax and labor contingencies, without going to conduct a Due Diligence "integral".
What is the cost of a Due Diligence in the Sale of a Company?
The cost of a Due Diligence will always be referenced to the hours to be reversed by the advisers to develop it. Therefore, the wider and deeper due diligence has the greater its cost. While there is a slide rule that is usually a good guide: its cost is usually approximated to 1% of the overall volume of transaction Sale of the Company in issue.
Note that, although it seems very high cost of Due Diligence (in absolute terms so often), in relative terms, the advantages of its implementation for proper decision-making makes absolutely recommended in a purchase transaction sale of business, more than offsetting the cost of it.
Finally, the high cost of a Due Diligence is justified by having it performed quite specialized professionals to perform this type of work; and is regarded as a work of "high risk" in terms of the responsibilities that may cause its implementation, and the consequences that the findings thereof may have for their own transaction for sale of the company.
In a later article, we will focus on the content of Due Diligence Report, Letter of Contract Due Diligence process and define the Vendor Due Diligence.
No existe una regla fija o única acerca de cuándo debe realizarse la Due Diligence en la Compra Venta de una Empresa. Lo más habitual, es que la Due Diligence se realice en la fase de ejecución de las transacciones, y muchas veces constituye un auténtico elemento de negociación, dentro de la transacción de compra venta de la empresa.
INGLÉS
Translate Federico Dilla
Concept Due Diligence in the environment of Business Sale
The Due Diligence in the vicinity of the Sale of Companies, is a review of the company's business to be acquired, with the main objective to confirm (or reject) all the assumptions on which it has taken the decision to purchase.
These hypotheses to not only be financial, but of many other business disciplines: business, tax, legal, labor, environment, etc ...
The outcome of the due diligence will be crucial in the process of negotiating the Sale of the Company, in additional collateral requirements in order to fulfill it, and in the same closing of the transaction of sale.
Therefore, conducting Due Diligence clearly reduces the risk of the transaction for the sale of the company, and the buyer provides an independent, objective and detailed assessment of the business, especially checking the existence of hidden liabilities or contingencies in each and each of the areas under review.
When the Due Diligence must be done in the Sale of a Company?
There is no one hard and fast rule about when or Due Diligence must be done in the Sale of a Company. The most common is that the due diligence is carried out in the execution phase of transactions, and often makes it a true negotiation, within the transaction of sale of the company.
Many times, the seller does not want to provide access to information verification until after the transaction finally closed sales, and even signing the Sale Agreement. Normally, the Purchase Agreement binds several sections (price, terms, security ...) on the results of the due diligence.
Conducting a Due Diligence sometimes alters the "normal life" of a business, especially when it is small. Suddenly, staff can begin observing the comings and goings of advisers in various departments of the company. That is why the seller will want to minimize the impact of the process of "due diligence" and even, in some transactions not the advisers are allowed access to many of the facilities, and rent a 'Data Room' containing the information required to perform these required reviews.
What should be the scope and content of a Due Diligence on the sale of a company?
A Due Diligence is not similar to an audit (formal and Normatized), or a Judicial Expertise (also regulated and normalized); therefore, there is no legal regulation that tells us its size, its sections, content ... In short, scope, and content of Due Diligence is marked by the needs of the process of sale in question, the dimension and complexity of the company to acquire, and the manners and customs in this discipline (the purchase and sale of businesses).
However, there are certain areas or sections that repeat themselves normally in all the due diligence in the purchase and sale of businesses, and are as follows:
1) The record of the transaction
2) The business insight
3) The Organization of the company
4) Business Analysis
5) Financial Analysis of the Company
6) Information and Control Systems
7) Fiscal Exposures
8) Environmental Contingencies
9) Risk Management and Insurance.
10) Legal Contingencies
11) Labor Contingencies
The current trend is to focus on specific and well-defined aspects, and not perform a Due Diligence "integral". Therefore, it is very common to perform, for example, a Tax Due Diligence, Diligence and Labor Due to flourish potential tax and labor contingencies, without going to conduct a Due Diligence "integral".
What is the cost of a Due Diligence in the Sale of a Company?
The cost of a Due Diligence will always be referenced to the hours to be reversed by the advisers to develop it. Therefore, the wider and deeper due diligence has the greater its cost. While there is a slide rule that is usually a good guide: its cost is usually approximated to 1% of the overall volume of transaction Sale of the Company in issue.
Note that, although it seems very high cost of Due Diligence (in absolute terms so often), in relative terms, the advantages of its implementation for proper decision-making makes absolutely recommended in a purchase transaction sale of business, more than offsetting the cost of it.
Finally, the high cost of a Due Diligence is justified by having it performed quite specialized professionals to perform this type of work; and is regarded as a work of "high risk" in terms of the responsibilities that may cause its implementation, and the consequences that the findings thereof may have for their own transaction for sale of the company.
In a later article, we will focus on the content of Due Diligence Report, Letter of Contract Due Diligence process and define the Vendor Due Diligence.
ESPAÑOL
El principal objetivo de este proceso de Due Diligence, es conocer en profundidad aquello que es objeto de adquisición, mediante una revisión exhaustiva de todas las áreas de negocio que componen la empresa objeto. En el presente artículo nos centraremos en definir el Concepto, Alcance, Contenido y Coste de un proceso de Due Diligence:
Concepto Due Diligence en el entorno de la Compra Venta de Empresas
La Due Diligence, en el entorno de la Compra Venta de Empresas, es una revisión del negocio de la empresa a adquirir, con el objetivo principal de confirmar (o desestimar) todas las hipótesis sobre las que se ha tomado la decisión de adquisición.
Dichas hipótesis a contrastar, no solo serán de carácter financiero, sino de muchas otras disciplinas empresariales: comercial, fiscal, legal, laboral, medioambiental,etc…
El resultado de la Due Diligence será determinante en el proceso de negociación de la Compra Venta de la Empresa, en los requerimientos de garantías adicionales para poder llevarla a buen término, y en el mismo cierre de la transacción de la compra venta.
Por tanto, la realización de la Due Diligence reduce claramente el riesgo de la transacción de compraventa de la empresa, y aporta al comprador una evaluación independiente, objetiva, y detallada del negocio, revisando muy especialmente la existencia de pasivos ocultos o contingencias en todas y cada una de las áreas objeto de la revisión.
¿Cuándo debe realizarse la Due Diligence en la Compra Venta de una Empresa?
No existe una regla fija o única acerca de cuándo debe realizarse la Due Diligence en la Compra Venta de una Empresa. Lo más habitual, es que la Due Diligence se realice en la fase de ejecución de las transacciones, y muchas veces constituye un auténtico elemento de negociación, dentro de la transacción de compra venta de la empresa.
Muchas veces, el vendedor no desea facilitar el acceso a la verificación de la información, hasta después de haber cerrado definitivamente la transacción de compraventa, e incluso hasta haber firmado el Contrato de Compra Venta. Normalmente, el Contrato de Compraventa vincula varios apartados (precio, plazos, garantías…) a los resultados de la Due Diligence.
La realización de una Due Diligence, en ocasiones, altera la “vida normal” de una empresa, sobre todo cuando ésta es pequeña. De repente, el personal puede comenzar a observar las idas y venidas de asesores en los diferentes departamentos de la empresa. Es por esto que la parte vendedora querrá minimizar el impacto de todo el proceso de “Due Diligence”, e incluso, en algunas transacciones no se permitirá a los asesores el acceso a buena parte de las instalaciones, y se alquilará una “Data Room” que contendrá la información necesaria para que estos realicen los análisis oportunos.
¿Cuál ha de ser el alcance y el contenido de una Due Diligence en la compra venta de una empresa?
Una Due Diligence no es similar a una Auditoría (reglada y normatizada), o a un Peritaje Judicial (también reglado y normatizado); por tanto, no existe una regulación normativa que nos indique su extensión, sus apartados, su contenido… En definitiva, el alcance, y el contenido de una Due Diligence viene marcado, por las necesidades del proceso de compra venta en cuestión, por la dimensión y complejidad de la empresa a adquirir, y por los usos y costumbres en esta disciplina (la compra venta de empresas).
A pesar de ello, existen determinadas áreas o apartados que normalmente sí que se repiten en todas las Due Diligence en la compra venta de empresas, y son los siguientes:
1) Los antecedentes de la transacción
2) La visión general del negocio
3) La Organización de la empresa
4) El Análisis del Negocio
5) Análisis Financiero de la Empresa
6) Sistemas de Información y Control
7) Contingencias Fiscales
8) Contingencias Medioambientales
9) Gestión del Riesgo y Seguros.
10) Contingencias Jurídicas
11) Contingencias Laborales
La tendencia actual es la de centrarse en aspectos concretos y muy definidos, y no realizar una Due Diligence “integral”. Por tanto, es muy habitual realizar, a modo de ejemplo, una Due Diligence Fiscal, y una Due Diligence Laboral, para aflorar posibles contingencias fiscales y laborales, sin entrar a realizar una Due Diligence “integral”.
¿Cuál es el coste de una Due Diligence en la Compra Venta de una Empresa?
El coste de una Due Diligence siempre irá referenciado a las horas que vayan a invertirse, por parte de los asesores, en desarrollar la misma. Por tanto, cuanto mayor alcance, y mayor profundidad tenga la Due Diligence, mayor será su coste. Si bien, hay una regla de cálculo que suele ser una buena orientación: su coste suele aproximarse al 1% del volumen global de la transacción de Compra Venta de la Empresa en cuestión.
Hay que decir que, aunque parezca muy elevado el coste de una Due Diligence (en términos absolutos así suele ser), en términos relativos, las ventajas que aporta su realización para una correcta toma de decisiones la convierte en absolutamente recomendable en una transacción de compra venta de empresa, compensando ampliamente el coste de la misma.
Por último, el alto coste de una Due Diligence viene justificado al tener que realizarse por profesionales absolutamente especializados en realizar este tipo de trabajo; y es considerado como un trabajo de “alto riesgo”, en cuanto a las responsabilidades que puede conllevar su realización, así como a las consecuencias que las conclusiones de la misma pueda tener para la propia transacción de la compra venta de la empresa.
En un posterior artículo, haremos hincapié en el Contenido del Informe de Due Diligence, la Carta de Contratación de Due Diligence y definiremos el proceso de Vendor Due Diligence.
