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Mergers and acquisition
a potential purchase, Zeiss would look into the company’s management, its financial perspectives, the markets for its products, the expected growth rates, how mature the company is from a global perspective, and whether it has access in the Chinese market or other strong markets. Michel Ollivier, a member of the board at glass
inspection specialist Tiama, said that the human side of the business is also really important. Te technology is oſten best known by only one or two people, so if those people leave as a consequence of the buyout, then the new owner loses a lot of knowledge. It’s also important to consider whether the staff from the two enterprises can be integrated easily and work well together. Ollivier has experience as both a buyer and a
seller. He sold his company to Tiama – and has been involved in selling non-core divisions of Tiama – and has bought companies in Hungary and Sweden, and divisions of companies in Germany and the USA. He listed the motivations for buying as: firstly, to expand the product portfolio; secondly, to accelerate presence in a market; thirdly, to win market share in different geographic zones; and finally, to create higher enterprise value. Ollivier added the strength of the patents and
the firm’s financial situation are considered by the buyer – ‘we never go with companies showing a period of negative profit’, he said. Firms with a small share in a market where there is a dominant player are also not considered favourable.
What the seller wants Te seller first of all needs to identify its reasons for selling. ‘It sounds silly, but knowing why you’re going to try and go through an acquisition process is pretty important, as it defines all the work you will do beyond that,’ Yates commented. Aſter that it becomes a matter of preparation,
Yates advised. He suggested assembling a list of firms that would be suitable acquirers and target them specifically. Also, have all aspects of the business – operational, HR, technology, IP, management – accessible and structured in a presentable way to help the process. ‘Tese are upbeat transactions; these are not
companies in distress – they are being sold for continuation of strategic needs,’ he added.
Yearbook 2018/2019 • Imaging and Machine Vision Europe 5
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