Was kostet eine Vorverkaufsanalyse?

Die Vorverkaufsanalyse von Veracity Capital Investments kostet 2.500 EUR zzgl. USt. Enthalten sind Datenraum, vollständige Analyse, indikative Wertindikation, steuerliche Einordnung und ein persönliches Ergebnisgespräch mit S. Albrecht-Mahmood (LL.M.).

Wie lange dauert die Vorverkaufsanalyse?

Nach vollständiger Bereitstellung der Unterlagen liegt das Ergebnis in der Regel innerhalb von 10 bis 14 Werktagen vor.

Ist die Vorverkaufsanalyse vertraulich?

Ja. Alle Unterlagen werden über einen verschlüsselten Datenraum übertragen, DSGVO-konform verarbeitet und ausschließlich vom Berater eingesehen. Auf Wunsch wird vorab eine NDA unterzeichnet.

Lohnt sich eine Holding-Struktur vor dem Verkauf?

Bei einem Share Deal über eine Holding werden Veräußerungsgewinne nach § 8b KStG zu ca. 95% steuerbefreit – die effektive Steuerlast liegt bei rund 1,5% statt bis zu 28% im Direktverkauf. Die Struktur sollte frühzeitig aufgesetzt werden.

Was ist eine Familienstiftung als Gestaltungsmodell?

Eine Familienstiftung ist ein Gestaltungsmodell für Unternehmer, die Vermögen langfristig an ihre Kinder übertragen und gleichzeitig steuerlich optimieren möchten. Wir arbeiten Hand in Hand mit einem spezialisierten Gestaltungsberater.

US Investors Buying German Companies: A Practical Acquisition Guide

American acquirers consistently win German Mittelstand deals when they adapt three things: the pace of the approach, the accounting bridge from HGB to US GAAP, and the risk-allocation package in the SPA. This page sets out how we run buy-side mandates for US strategics, private equity funds and family offices — from search profile to notarised closing in Germany.

Why US capital keeps moving into the German Mittelstand

Valuation arbitrage is the headline reason: entry multiples for profitable German industrial and B2B service companies typically sit in a 5x to 9x EBIT range, well below comparable US platforms in the same niches. Add a euro-denominated cost base, engineering depth and export share, and a German add-on becomes an efficient way to build a European footprint.

The second reason is structural: a generation of owner-managers is retiring without a family successor. That produces willing sellers outside of broad auction processes — which is exactly where an off-market, owner-led search outperforms a database mailing.

Platform or add-on targets with EUR 2m – 50m revenue and audited or reviewable accounts

Niche market leaders with defensible technical know-how and low customer churn

Bolt-ons that give a US group instant EU manufacturing, CE compliance and EU customer access

Founder-led businesses open to a rollover or a transitional management period

Regulatory reality: AWV/FDI screening and merger control

US acquirers are non-EU acquirers under the German Foreign Trade Ordinance (AWV). Cross-sectoral screening by the Federal Ministry for Economic Affairs applies from 25% of voting rights; in sensitive sectors — critical infrastructure, defence-related goods, certain software, health and dual-use technologies — the threshold drops to 10%. Filings in sensitive sectors are mandatory and suspensory: closing may not occur before clearance.

Merger control runs in parallel. Depending on turnover, the Bundeskartellamt or the European Commission must clear the transaction. Both filings belong in the conditions precedent with a realistic long-stop date rather than an optimistic one.

Budget roughly two to four months for standard AWV clearance, longer in sensitive sectors

Voluntary certificate of non-objection is often worth requesting even below the mandatory threshold

Reflect filing risk in a break-fee and long-stop mechanic the seller can actually accept

Accounting: from HGB to US GAAP

German Mittelstand accounts are prepared under HGB, which is creditor-oriented and conservative. Reconciling to US GAAP typically touches provisions, pension obligations, leases, capitalised development costs, inventory valuation and the treatment of owner compensation.

Before any binding offer, we coordinate a quality-of-earnings analysis on adjusted EBITDA: normalising owner salary, private cost items, related-party rents, one-off legal costs and non-recurring project margins. This is where most valuation disputes with US buyers are either created or avoided.

Deal terms German sellers accept — and the ones that kill deals

The single most common failure point is an American risk-allocation package imported unchanged: broad reps, a large indemnity catalogue, a double-digit escrow and a multi-year aggressive earn-out. German family sellers read this as distrust rather than as standard practice.

W&I insurance is the pragmatic bridge. It moves warranty risk off the seller's balance sheet, keeps the escrow small and lets the buyer keep meaningful protection. Earn-outs work only with short periods and auditable metrics the seller can still influence.

W&I insurance instead of a large escrow — now standard in German mid-market deals

Earn-out ideally 12–24 months, measured on revenue or clearly defined EBIT

Locked-box pricing is often preferred over completion accounts

Post-closing intentions for site, brand and workforce stated in writing early

People, works councils and cultural sequencing

Where a works council exists, it must be informed under the Works Constitution Act, and a share deal does not trigger a transfer of undertaking in the way an asset deal does under section 613a BGB. Getting this sequence wrong turns a friendly seller into a defensive one overnight.

German owners select buyers on continuity as much as on price. A concise, written statement of intentions for the site, the brand and the management team is frequently worth more than an extra half-turn of EBIT.

How we run a US buy-side mandate

Weeks 1–4: investment thesis, search profile, screening of the German target universe. Weeks 5–12: discreet owner approach under NDA, first management meetings, information exchange in English. Weeks 13–18: indicative offer and letter of intent with exclusivity. Weeks 19–30: due diligence, SPA negotiation, AWV and merger-control filings. Weeks 31–36: notarisation before a German notary, conditions precedent, closing.

Every document that goes to your investment committee is delivered in English; the German-language workstream with notary, tax adviser and banks is coordinated by us.

Do US buyers need government approval to acquire a German company?

As non-EU acquirers, US buyers fall under AWV screening from 25% of voting rights across all sectors and from 10% in sensitive sectors such as critical infrastructure, defence and certain technologies. In sensitive sectors the filing is mandatory and the transaction cannot close before clearance.

Is CFIUS-style national-security review comparable to the German process?

The logic is comparable but the thresholds and timelines differ. German cross-sectoral screening starts at a fixed shareholding threshold rather than at control in the CFIUS sense, and clearance typically takes two to four months in unproblematic cases.

Must a share purchase agreement be notarised in Germany?

Yes, the transfer of shares in a GmbH requires notarisation before a German notary. The signing appointment can be arranged with powers of attorney so that US signatories do not need to travel.

Can the entire process run in English?

All commercial documentation, financial models, due diligence reports and board papers are provided in English. Only German-law instruments such as the notarial deed are executed in German, with a certified translation where required.