Annual report

Every year since 1959 our annual report has provided an overview of the latest trends and developments in the M&A business, as well as the fields of politics, taxes and other current issues. About 15,000 managers, entrepreneurs, investors, auditors, tax accountants and lawyers count themselves among our long-time readers.

Extracts from the annual report 2019

Greeting

“Our current financial year 2019 developed quite well so far, even though the German M&A market has weakened significantly compared to the prior year.

But even if company valuations had already passed their zenith in 2018, current prices are still far above their long-term average.

And as long as interest rates remain at the current, unusually low level, we believe that company prices would only drop significantly during a strong recession.

Every year many companies come onto the market because there are no suitable successors within the owner family and / or the heirs are not ready or experienced enough to take on the long-term economic risk of family businesses.

Fortunately, most companies and their employees benefit from a sale. Nothing damages the future of a company more than too old or too young, inexperienced entrepreneurs, even if there are some exceptions to this rule.

The demand from strategic buyers from abroad (USA, Switzerland, the Netherlands, UK, France, China, South Korea, Japan, India and increasingly other emerging countries) and from financial investors for profitable German mittelstand companies remains high.

As a rule, we find the right buyer for each company entrusted to us.

Our current order backlog also makes us optimistic for the coming year.

We wish all our clients and readers a Merry Christmas, a Happy New Year and hope that the coming year will be at least as good as the old one was.”

 

Extracts from the annual report 2018

Greeting

“As predicted in the last annual report, 2017 was a completely satisfactory year.

To this date, our financial year 2018 has been very pleasing, so that we can expect a good year once again.

The persistent caution among our medium-sized business clients over the past three years seems to be easing slowly due to unusually high purchase prices. Whenever there are no suitable successors within the family, a company sale is and remains the best and least risky solution. As a matter of fact, this is not only beneficial for the sellers, but most of the time advantageous for the companies themselves as well as for their employees. In fact, nothing hurts the future prospects of a business more than aged, investment-averse shareholders (Of course, there are exceptions to this rule!) or conscripted heirs without competence and ambition.

Similar to the last financial year, there is still a significant surplus in demand from abroad (USA, Switzerland, Netherlands, England, France, China, South Korea, Japan, India and increasingly other emerging markets) and from financial investors for well-performing German SMEs.

Besides, our current project pipeline encourages us for the upcoming financial year 2019.

We wish all our clients and readers a Merry Christmas and a Happy New Year and we hope that it will be even better than the old one.”