Perspectives for entrepreneurs.
Analyses, market observations and experience from our advisory practice.
M&A-Berater Österreich: Markt, Gewerberecht und Grenzen der Nachfolgebörse
Der Markt für unabhängige M&A-Berater in Österreich ist klein, das Gewerbe reglementiert. Was das für die Auswahl bedeutet – und wo die WKO-Nachfolgebörse an ihre Grenzen stößt.
GmbH-Mantel verkaufen
GmbH-Mantel oder Vorratsgesellschaft verkaufen: was ein Mantel wirklich wert ist, warum Verlustvorträge nach § 8c KStG untergehen und wann Unterbilanzhaftung droht.
GmbH mit Schulden verkaufen
Verschuldete GmbH verkaufen: Insolvenzantragspflicht nach § 15a InsO, übertragende Sanierung, Verkauf für einen Euro und warum Firmenbestattung den Geschäftsführer nicht entlastet.
Genussrechte
Das Genussrecht ist das freieste Mezzanine-Instrument und das mit den meisten stillen Fallen. Weil es keine gesetzliche Definition gibt, entscheidet allein der Vertrag über Steuerfolge, Bilanzausweis und Förderfähigkeit.
Nachrangdarlehen
Das Nachrangdarlehen ist das am häufigsten falsch beschriebene Mezzanine-Instrument. Der Kern ist die Trennung von Handelsbilanz und Überschuldungsstatus — plus ein Aktenzeichen, das in der Ratgeberliteratur kursiert und nicht existiert.
Auseinandersetzungsguthaben
§ 235 HGB und § 186 UGB ordnen die Auseinandersetzung an, regeln aber weder Bewertung noch Fälligkeit noch Verzinsung. Diese Lücke ist der eigentliche Streitpunkt beim Ausscheiden — und sie lässt sich nur vertraglich schließen.
Mezzanine-Kapital
Mezzanine ist kein Rechtsbegriff, sondern ein Sammelname für vier Instrumente. Wann daraus bilanzielles Eigenkapital wird, welche Konditionen tatsächlich publiziert sind — und welche verbreiteten Aussagen zur Bankenanrechnung nicht belegbar sind.
Stille Beteiligung: Steuern
Die Steuerlast einer stillen Beteiligung wird regelmäßig zu niedrig angesetzt. Zwei Ausnahmevorschriften — je eine pro Land — kippen das Ergebnis, und eine viel zitierte Verlustgrenze gibt es seit dem JStG 2024 nicht mehr.
Stillen Gesellschafter aufnehmen
Die Aufnahme eines stillen Gesellschafters scheitert selten am Geld, sondern an der falschen Weiche zwischen typisch und atypisch, an einer übersehenen Formvorschrift und an der Prospektfrage. Der Ablauf in drei Schritten.
Stille Beteiligung: der Vertrag
Der Vertrag über eine stille Beteiligung ist formfrei — und genau deshalb die einzige Grundlage im Streitfall. Welche Klauseln zwingend hineingehören, wo Standardmuster systematisch schweigen und was das MoPeG seit 2024 verändert hat.
Atypisch stille Beteiligung
Atypisch still ist eine stille Beteiligung erst, wenn der Stille steuerlich Mitunternehmer ist. Welche drei Merkmale das entscheiden, was der BFH am 13.11.2025 klargestellt hat und welche Folgen die Einordnung in Österreich und Deutschland hat.
Unternehmen zu verkaufen: Wo sie stehen, wie Sie sie finden
Wo Angebote für zum Verkauf stehende Unternehmen tatsächlich stehen — öffentliche Börsen, Kammern, M&A-Berater und verdeckter Markt: seriöse Kanäle einordnen, Deal-Flow aufbauen, Diskretion wahren.
Investorennetzwerk: Wie Sie Zugang zu den richtigen Investoren bekommen
Datenbank, Plattform oder gewachsenes Netzwerk? Was ein Investorennetzwerk wirklich leistet, wie der Zugang funktioniert und warum Auswahl mehr zählt als Reichweite.
Investorensuche mit Berater: Ablauf, Rolle und Kosten
Wie eine professionelle Investorensuche abläuft, was ein Berater in jeder Phase leistet und was die Begleitung kostet — von der Zieldefinition bis zum Einstieg.
NDA und Vertraulichkeit beim Unternehmensverkauf: was die Geheimhaltung schützt
Ein NDA ist das erste Dokument im Verkaufsprozess. Was eine Geheimhaltungsvereinbarung regelt, wo ihre Grenzen liegen und warum Diskretion mehr ist als eine Unterschrift.
Unternehmensbörsen im Vergleich: nexxt-change, WKO-Börse und private Plattformen
Welche Unternehmensbörse passt zu Ihrem Betrieb? nexxt-change, die WKO-Nachfolgebörse und private Plattformen im Vergleich — Träger, Kosten, Reichweite und Diskretion.
Unternehmensnachfolge klären: die Entscheidung, die viele zu lange aufschieben
Bevor eine Nachfolge geregelt wird, muss sie geklärt sein: ob, wann und an wen übergeben wird. Warum Aufschieben teuer wird und wie Inhaber die Entscheidung anstoßen.
Firma verkaufen und Unternehmensnachfolge: wann der Verkauf der richtige Nachfolgeweg ist
Wenn kein Nachfolger in der Familie bereitsteht, ist der Verkauf oft der geordnetste Weg der Nachfolge. Wann der Verkauf der richtige Nachfolgeweg ist — und wie er abläuft.
Sell-Side-M&A: der Unternehmensverkauf aus Sicht des Verkäufers
Sell-Side-M&A ist der Unternehmensverkauf aus Verkäufersicht. Was ihn von der Buy-Side unterscheidet und warum ein unabhängiger Sell-Side-Berater den Wert schützt.
Minderheitsbeteiligung: Rechte, Wert und wann sie sich lohnt
Ein Minderheitsanteil ist am Markt oft weniger wert, als seine Quote vermuten lässt. Welche Rechte dahinterstehen und wann eine Minderheitsbeteiligung sinnvoll ist.
Finanzinvestor: Fondslogik, Investorentypen und was daraus für Verkäufer folgt
Ein Finanzinvestor handelt nicht nach Geschmack, sondern nach der Mechanik seines Fonds. Wer diese Mechanik kennt, versteht sein Verhalten am Verhandlungstisch.
Nachfolgeregelung: das Unternehmen rechtzeitig und geordnet regeln
Eine Nachfolgeregelung ist mehr als die Wahl eines Nachfolgers: Es geht darum, die Übergabe rechtlich, organisatorisch und steuerlich rechtzeitig zu ordnen.
Stille Beteiligung und stiller Gesellschafter: Kapital ohne Stimmrechte
Kapital ins Unternehmen, ohne Stimmrechte abzugeben: Formen der stillen Beteiligung, Rechtslage in AT und DE, Steuerfolgen, Vertragspunkte und wie ein stiller Gesellschafter gefunden wird.
Unternehmen verkaufen in Österreich: Ablauf, Steuern und Besonderheiten
Wer in Österreich ein Unternehmen verkauft, hat eigene Regeln zu beachten: Notariatsakt beim GmbH-Anteil, Firmenbuch, KESt. Der Überblick für österreichische Inhaber.
Wachstumskapital: einen Investor aufnehmen, ohne zu verkaufen
Wachstumskapital finanziert Expansion, ohne dass Sie die Führung abgeben. Welche Formen es gibt und wann es die bessere Alternative zum Verkauf ist.
Unternehmen an einen Investor verkaufen: Ablauf, Preis und was sich ändert
Wer sein Unternehmen an einen Finanzinvestor verkauft, verkauft anders als an einen Strategen. Was Preis, Struktur und die Zeit nach dem Closing bestimmt.
Nachfolger gesucht: Betrieb und Übernehmer finden sich
„Nachfolger gesucht" wird zum Regelfall. Wo die Angebote stehen, warum Inserate scheitern und worauf Übergeber und Übernehmer achten müssen.
Steuern beim Firmenverkauf: Was übrig bleibt (Österreich)
Wie viel Steuer beim Firmenverkauf anfällt, bestimmt die Rechtsform: 27,5 % beim GmbH-Anteil, Tarif mit Freibetrag und Hälftesteuersatz beim Einzelbetrieb.
Beteiligung verkaufen: Anteil, still oder Minderheit
Beteiligung verkaufen heißt je nach Form etwas anderes: GmbH-Anteil, Kommandit- oder stille Beteiligung. Was über Wert, Zustimmung und Steuer entscheidet.
EBIT or EBITDA: Which Profit Figure Counts in a Valuation?
EBIT or EBITDA — the difference is depreciation, and it decides which multiple fits your business model. The comparison, with a worked example.
Finding a Successor: Seven Steps That Work
The successor search is plannable: seven steps from goal setting through requirements profile and search channels to the handover — with a realistic timeline.
Business-for-Sale Platforms: How Succession Exchanges Work
nexxt-change, the WKO succession exchange and private platforms: what business-for-sale marketplaces deliver, what listings cost and how to stay anonymous.
Business Brokers: Why Selling a Company Is No Estate Agency Job
Business broker sounds like estate agent — a misleading comparison. Why an M&A process is far more demanding than brokering property.
Choosing an M&A Advisor: Criteria, Questions and Red Flags
How to recognise a good M&A advisor: six selection criteria, the right questions for the first meeting — and the warning signs that should end the conversation.
Selling a GmbH in Austria: What Remains After Tax
GmbH sold — what remains net? A worked example with the 27.5 % special rate, the holding question and when opting for standard taxation makes sense.
Selling a GmbH Share: Notarial Deed, Consent and Process
A GmbH business share in Austria transfers only by notarial deed (Sec. 76 GmbH Act). Transfer restrictions, call rights, commercial register and taxes — step by step.
Selling Company Shares: Getting a Partial Sale Right
Selling company shares means selling control in stages: minority or majority, to co-shareholders, an investor or management. The options at a glance.
Asset Deals in Austria: Taxes, Fees and Execution
What an asset deal triggers for tax in Austria: real estate transfer tax, VAT, 15-year goodwill amortisation — and how it hits sellers and buyers differently.
Selling a GbR Partnership Share: Consent, Process and Tax
A share in a German GbR partnership can only be transferred with the other partners' consent. What the partnership agreement governs, how the sale works and what applies for tax.
Preparing to Sell Your Company: The Documents You Need
Three document packages decide the speed and price of a company sale: baseline numbers, information memorandum and data room. The checklist by phase.
Preparing Your Exit: How Buyers Measure Sale-Readiness
Buyers test every company against the same criteria. Preparing your exit means addressing them early — the six review fields at a glance.
The Asset-Based Valuation: When Substance Value Counts
Substance value counts what is there — not what the company earns. How the asset-based method works and in which cases it actually tips the scales.
Business Succession in Germany: Figures, Trends and Routes (2026)
For the first time, more owners in Germany plan to close than to hand over. The figures from the KfW Succession Monitoring — and what they mean for owners.
The Owner's Emergency Plan: If the Owner Suddenly Fails
Most companies are not prepared for the sudden loss of their owner. What belongs in the emergency kit — and why it is the duty before the succession.
Selling Your Company to a Foreign Buyer: Opportunities and Process
Those who only search for buyers at home give up half the market. Why foreign buyers often make the best offers — and what is different in a cross-border sale.
The Share Purchase Agreement (SPA): What It Must Contain
The share purchase agreement translates the negotiation result into binding rules. What it contains, which price mechanisms exist and where sellers are liable.
What Does a Company Valuation Cost?
The cost of a company valuation ranges from zero to five-figure amounts. What matters is not the price, but whether the format fits the occasion.
Startup Exit: When and How Founders Approach the Sale
The trade sale is the standard startup exit. When the timing is right, what buyers examine, and why most buyers come from abroad.
5 Mistakes When Selling a Company — and How to Avoid Them
Most company sales do not fail because of the market, but because of avoidable seller mistakes. The five most common — and what helps against them.
Preparing Succession: Making Your Company Transferable
A transferable company runs without its owner. How to prepare succession years before the handover — and why this decides price and survival.
Preparing a Company Sale: The First 12–24 Months
Preparation decides the sale price before the first buyer sits at the table. What to do in the 12 to 24 months before a company sale.
Exit Strategy: How Owners and Founders Prepare Their Exit
An exit strategy defines how and when you exit your company — and to whom. Owners who develop it two to three years ahead sell from a position of strength.
Selling a Business: What Transfers, What You Are Liable For, What Is Taxed
Selling a business means selling an aggregate of assets, not a share: machinery, stock, contracts, employees, goodwill. Each item needs its own act of transfer — and that decides consents, liability and tax.
Business Succession: Taking Over a Business Instead of Starting One
How to take over an existing business rather than starting one: what to check, how financing works and where to find businesses.
Business Handover in Austria: Process, Steps and Trade Licence
How to hand over a business in Austria: process, steps, trade licence and tax — the practical overview for owners handing over.
M&A Adviser: What They Do and When You Need One
What an M&A adviser does, when the guidance pays off, what it costs and how to find the right one for your company sale.
Company Handover: To Family, Employees or an External Successor
To whom you can hand over your firm — family, employees or external — how to decide fairly and which soft factors decide whether it succeeds.
Finding a Successor: How Owners Secure the Right Handover
How owners find a suitable successor — internally, through networks, exchanges or a structured process. Routes, criteria and the role of discretion.
Company Sale Checklist: All Phases at a Glance
Company sale checklist with concrete to-dos per phase: preparation, data room, valuation, buyer approach, LOI, due diligence, SPA, closing.
Selling a GmbH: Tax in a Share Deal and an Asset Deal
Selling a GmbH and understanding the tax: share deal vs. asset deal, capital gains tax in Austria, participation exemption and the German differences.
Multiples Valuation: Company Value via Market Multiples
Multiples valuation: EBIT, EBITDA and revenue multiples, enterprise value vs. equity value, and the limits of the method.
Stuttgart Method: Why It Was Abolished and What Applies Today
The Stuttgart method was abolished in 2009. What applies today for the tax valuation of shares and how Austria compares with the Vienna method.
IDW S1: The Objectified Company Value and Its Limits
IDW S1 governs company valuation in Germany. What the objectified value means, which methodology applies and how Austria compares with KFS/BW 1.
Information Memorandum: The Central Document in a Sale
The information memorandum is the central sale document. It describes the company comprehensively and serves as the basis for indicative offers.
Indicative Offer: The Non-binding Price in the M&A Process
An indicative offer is a buyer's first, non-binding price indication. It filters the field of bidders before due diligence.
Carve-out: Cleanly Separating and Selling Parts of a Company
A carve-out is the separation of a defined part of a company for sale. The core task is clean disentanglement from the remaining business.
Net Debt: What Net Financial Debt Moves in the Purchase Price
Net debt is financial debt adjusted for liquid funds. It bridges enterprise value and equity value in a company sale.
Selling Your Business Yourself: The Process for Sole Traders and Partnerships
Sole traders and small partnerships can sell their business themselves with the right structure. The process step by step, the common mistakes — and how the IGCP M&A Tool Kit makes a self-run sale faster, easier and more professional.
Financing a Management Buy-Out: How Employees Buy the Company
In a management buy-out the existing management buys the company — rarely from equity alone. Financing usually combines own funds, a bank loan and a vendor loan. Cash flow carries the repayment.
Vendor Loan: Function, Risks and Fair Structuring
A vendor loan is part of the purchase price the seller defers for the buyer — with interest, in instalments. It bridges financing gaps and price differences but shifts risk to the seller.
Winding Down or Selling? What Pays Off for Owners, and When
Owners without a successor face a choice: sell or wind the business down. A sale preserves jobs and almost always yields more than the sum of the parts — winding down is often the most expensive option.
How Do I Find the Right Buyer for My Business?
You do not find the right buyer by waiting, but through a structured process: a long list, anonymous outreach and competition between several bidders. Why the first interested party is rarely the best.
How Long Does It Take to Sell a Business?
From preparation to closing, selling a business usually takes six to twelve months. What consumes time in each phase, what causes delays, and what speeds the process up.
What Does an M&A Advisor Cost? Retainer and Success Fee
M&A advisors are usually paid through a modest monthly retainer plus a success fee at closing. How the fee is structured, what drives the amount, and why success-based pricing aligns interests.
Asset Deal or Share Deal? A Comparison for Sellers
In a share deal the buyer acquires the shares in the company; in an asset deal, individual assets. What this means for liability, contracts, employees, taxes and price — and when each structure fits.
Why Price Isn't Everything — Even in a 100% Sale
Even a 100% sale is a succession and must be well structured. Why structure, terms and the choice of buyer matter — not the price alone.
Succession Exchange or M&A Adviser? What Really Lifts the Price
Succession exchanges are a good entry point — but a structured, confidential process with an M&A adviser can significantly raise the price. The honest comparison.
Business Succession and Tax: What Owners Should Understand
Sale, gift or inheritance: how tax on business succession broadly works in Austria — an orientation that does not replace tax advice.
Letter of Intent (LOI): Meaning and What It Should Contain
A letter of intent records the key terms of a planned company purchase. What is binding and what is not, what belongs in it — and its role in the process.
Vendor Due Diligence: When the Seller Checks First
In a vendor due diligence the seller has the company reviewed in advance. What it achieves, how it works — and for whom it is worth it.
Earnings Value Method vs. DCF: Two Routes to Company Value
Both methods value future earning power — by different routes. How they work, where they differ and when to use which.
When Do You Need a Business Valuation? Occasions, Audiences, Standards
The methods, the occasions and the value drivers of company valuation — and why value is one question, but the price is set in the negotiation.
Business Handover Checklist: The Key Steps and Pitfalls
Step by step from preparation through valuation and negotiation to the transfer — the business handover checklist plus the most common pitfalls.
Business Handover: The Guide from Plan to Transfer
Passing a company to a successor in an orderly way: the key decisions, the phases and the right lead time — the guide to a business handover.
Succession Solutions: What Options Owners Really Have
Family-internal, MBO/MBI, external sale, partial sale or a foundation: the succession solutions at a glance — and which one fits your goals.
Selling a Sole Proprietorship: What Owners and One-Person Businesses Need to Know
A sole proprietorship is always sold as an asset deal. What owners must watch: goodwill, owner dependency, contracts and tax — and the right lead time.
Asset Deal: What It Means and When It Is the Right Choice
In an asset deal the buyer acquires individual assets instead of shares. What that means for liability, contracts, employees and taxes — and when it is the right choice.
EBITDA Multiples by Industry: Ranges and How to Read Them
Current EBITDA multiple ranges in the DACH region by industry — and why the table is only the starting point, not the price tag.
What Is an Earn-Out? How It Works, the Risks, and Fair Structuring
An earn-out ties part of the purchase price to the company's future. How it works, where the pitfalls for sellers lie — and when it is fair.
Selling a GmbH: Process, Particulars and Pitfalls
A GmbH sells differently from a sole proprietorship. Share deal or asset deal, notarisation, shareholder consent — the process step by step.
Business Succession Without Family: Paths to External Succession
No child who wants to take over — now what? External succession is today the rule, not the exception. The paths, the time required, and the mistakes that cost value.
Increasing Enterprise Value: Five Levers Before a Sale
A company's value can be raised deliberately — ideally years before a sale. Five levers owners can work on concretely.
MBO vs. MBI: Two Paths of Business Succession Compared
Management buy-out or management buy-in? Who takes over the company, the advantages and drawbacks of each path, and when which one fits.
What Is Due Diligence? Process and Significance in a Company Sale
Due diligence is the careful examination of a company by the buyer. What is reviewed, how it works, and how sellers prepare.
Strategic Buyer or Financial Investor: Who Buys Your Company?
A strategic buyer pays for entrepreneurial benefit, a financial investor for returns. What that means for price, control and your company's future.
When Is the Right Time for Succession or Sale?
The best time is rarely the one when you have to. How to recognise the right window before pressure decides it for you.
Five M&A Terms Every Seller Should Know
Due diligence, LOI, SPA, earn-out, multiple: five terms that come up in every sale process — explained briefly before you enter conversations.
The Course of a Company Sale: From Preparation to Closing
A company sale follows a structured process. The phases, the key terms (LOI, due diligence, SPA, earn-out) and why discretion protects value.
Business Succession: The Five Phases of an Orderly Handover Process
Succession is not an event but a process over years. The five phases — from preparation to handover — and why planning early protects your negotiating position.
What Is My Company Worth? An Overview of Valuation Methods
Net asset value, income value/DCF and multiples: three logics for gauging your company's value — and why the price emerges in negotiation.