M&Aとは、合併(Merger)と買収(Acquisition)を意味する言葉であり、会社そのものを売買するという意味があります。親族や社内等に後継候補者がいない場合、従業員の雇用確保・取引先の仕事確保・経営者の老後の生活資金の確保等のためには、会社そのものを売却して第三者に経営してもらうことも選択肢の一つです。
M&Aの検討段階においては、社内・社外に対する秘密保持が重要。また、買い手企業に対しては、自社に都合の悪いことでも「隠し事をしない」ことが大切です。
M&Aを進めるに当たっての手続
はじめに
M&Aの検討段階においては、社内・社外に対する秘密保持が重要。また、買い手企業に対しては、自社に都合の悪いことでも「隠し事をしない」ことが大切です。
買い手企業は売り手企業の調査をします。これをデューディリジェンス(Due diligence)といいます。買い手企業は監査法人等に依頼して売り手企業を例えば回収不能債権はどれくらいあるのか、債務保証などの簿外債務はないか等、法務・財務・事業内容等の多様な面からチェックします。
手続の流れ![](data:image/png;base64,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)
手続の流れ
M&Aを進めるに当たっての問題点
- 中小企業のM&Aには不完全な形で案件が進められることが多い。専門家の適切なアドバイスがあればより適切にM&Aを行えます。
- 事業を存続するにあたって、一番大きな問題は過度な債務があるため後継者に継がせられないことです。M&Aをするにしても、そのような状態では無理という感じになってしまいます。経営者は過度な負債を抱える前に早く第一線を退き、世代交代すべきですが、進んでいないのが現状です。
- M&Aには2種類あります。さらに事業規模大きくするためという前向きなM&Aと、経営者の世代交代をしたいが親族、従業員では承継出来ないから仕方なくという消極的なM&Aの2種類です。
- M&Aの基本は企業価値あってのものなので、ビジネスに企業価値がないとやはりM&Aはなかなか難しいのが実情です。
- 優れた技術を持っているが、後継者がいないために廃業を考えている企業が多いのもまた現実です。優れた技術やその技術の担い手を いかに企業に留めるのかということが地域にとっても重要です。
- 事業承継については、従業員に継がせるとしても、M&Aであったとしても、過大な債務が問題になる場合があります。過大な債務を抱えてしまう原因は、100%の信用保証によって融資額が保証されるということがあるため、金融機関の融資審査が甘くなることも一因ではないでしょうか。
- 個人保証は問題もありますが、完全に無くすことはできません。経営がうまくいかなかった場合は確かに個人が困難な状況になるわけですが、逆に億単位で利益が出ることもあります。高いリターンを得るためにはリスクもとるべきでしょう。
- 第三者保証については、個人の支払い能力を超えるということが大きな問題になります。過度の保証は悲劇的なリスクを含むことを認識すべきです。 事業再生については、再生しようとしても手遅れになっているケースが多いため、早めに金融機関等との連携を進めていくことが必要です。
- 中小企業にとってM&Aの後のプロセスが重要です。ヒト・カネ・モノなどの経営資源が激変するM&A後の経営は、ほとんどの中小企業にとって未経験の分野ですから、M&A成約後もフォローやサポートを続ける仕組みが必要です。
- 中小企業の場合には自己資本を充実させることが成長の前提となります。但し、中小企業の場合は自己資本=財務資産ではありません。すなわち、自己資本=表に出ない知的資産であるのも事実です。詳しくは、知的資産経営のコーナーを参照してください。