{"id":6218,"date":"2009-05-21T12:01:09","date_gmt":"2009-05-21T10:01:09","guid":{"rendered":"https:\/\/www.skills-alliance.com\/?p=6218"},"modified":"2021-10-12T10:43:54","modified_gmt":"2021-10-12T08:43:54","slug":"cession-par-mbo-dune-filiale-etrangere-ingerable-et-deficitaire","status":"publish","type":"post","link":"https:\/\/www.skills-alliance.com\/fr\/cession-par-mbo-dune-filiale-etrangere-ingerable-et-deficitaire\/","title":{"rendered":"Cession par MBO d\u2019une filiale \u00e9trang\u00e8re ing\u00e9rable et d\u00e9ficitaire"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6218\" class=\"elementor elementor-6218\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-40ef5685 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"40ef5685\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-43372c50\" data-id=\"43372c50\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c26f253 elementor-widget elementor-widget-text-editor\" data-id=\"c26f253\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">Le Groupe d\u2019Engineering fran\u00e7ais concern\u00e9 a acquis il y a quelques ann\u00e9es une filiale en Espagne afin d\u2019\u00e9tablir des synergies avec une de ses filiales fran\u00e7aises sp\u00e9cialis\u00e9e dans l\u2019industrie automobile en vue de d\u00e9velopper un p\u00f4le d\u2019activit\u00e9 dans ce domaine. Malheureusement pour l\u2019investisseur, la greffe n\u2019a pas pris\u202f: aucune synergie ne s\u2019est concr\u00e9tis\u00e9e entre les deux entit\u00e9s et la filiale espagnole (20 Millions de CA, 110 personnes, 3 sites) s\u2019est r\u00e9v\u00e9l\u00e9e progressivement incontr\u00f4lable et de plus en plus d\u00e9ficitaire (r\u00e9sultat net\u202fla derni\u00e8re ann\u00e9e : -20%), malgr\u00e9 deux changements de dirigeant.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">En cons\u00e9quence la Direction du Groupe d\u00e9cide de c\u00e9der \u00e0 tout prix cette soci\u00e9t\u00e9. Elle demande \u00e0 son d\u00e9partement Fusion &amp; Acquisition de rechercher un repreneur et fait appel \u00e0 un Manager de Transition pour prendre la direction de la filiale espagnole, avec les missions suivantes\u202f:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">reprendre en main le management de cette soci\u00e9t\u00e9 \u00e0 la d\u00e9rive\u202f<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">am\u00e9liorer sa gestion pour faciliter sa cession<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><\/ul><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">g\u00e9rer les affaires courantes<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">repr\u00e9senter le Groupe jusqu\u2019\u00e0 la cession finale de la soci\u00e9t\u00e9<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">assurer \u00e9ventuellement la liquidation de la soci\u00e9t\u00e9 en cas d\u2019\u00e9chec de la cession.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><\/ul><p><span data-contrast=\"auto\">Le Manager de Transition choisi a un profil de dirigeant de filiale, maitrisant le fran\u00e7ais, l\u2019anglais et l\u2019espagnol, avec une bonne exp\u00e9rience des biens d\u2019\u00e9quipements et de l\u2019industrie automobile, mais surtout du redressement d\u2019entreprises dans un contexte multiculturel. Il est engag\u00e9 pour une p\u00e9riode initiale de 4 mois, avec possibilit\u00e9 d\u2019extension de sa mission afin de s\u2019adapter aux divers sc\u00e9narios possibles.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Apr\u00e8s une semaine pass\u00e9e en France pour prendre connaissance en d\u00e9tail du dossier et \u00e9tablir les relations avec les services supports du si\u00e8ge, le Manager est \u00ab\u202fparachut\u00e9\u202f\u00bb comme Directeur de la filiale, le dirigeant en place \u00e9tant nomm\u00e9 Directeur du D\u00e9veloppement Commercial, afin de pouvoir profiter de ses relations commerciales.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Le premier mois de la mission est consacr\u00e9 \u00e0 la prise en main et \u00e0 l\u2019audit de la soci\u00e9t\u00e9. Le deuxi\u00e8me mois un Plan d\u2019Actions d\u2019am\u00e9lioration est lanc\u00e9 afin de corriger les principaux dysfonctionnements de la soci\u00e9t\u00e9\u202f:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Mise sous contr\u00f4le de l\u2019\u00e9laboration des offres de prix pour contrer la position dominante des commerciaux motiv\u00e9s uniquement par le chiffre d\u2019affaires.R\u00e9organisation de la gestion des projets pour mieux contr\u00f4ler les co\u00fbts, respecter les d\u00e9lais et \u00e9viter les p\u00e9nalit\u00e9s de retard.<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">R\u00e9duction des co\u00fbts\u202fpar une politique d\u2019achat plus agressive, la r\u00e9duction des frais g\u00e9n\u00e9raux et de l\u2019effectif.<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Am\u00e9lioration de la communication interne, en particulier pour faire baisser les tensions entre le si\u00e8ge barcelonais et les sites de Valence et Valladolid.<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Optimisation du reporting financier.\u00a0<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><\/ul><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Etc \u2026<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><\/ul><p><span data-contrast=\"auto\">Cette am\u00e9lioration de la gestion de l\u2019entreprise avait en particulier pour but de faciliter la cession de la soci\u00e9t\u00e9, mais le 3<\/span><span data-contrast=\"auto\">\u00e8me<\/span><span data-contrast=\"auto\"> mois le Groupe d\u2019Engineering perd tout espoir de trouver un repreneur industriel pour sa filiale. La seule solution trouv\u00e9e est le MBO (Management Buy Out) \u00e0 l\u2019ancien Directeur de la filiale et une demi-douzaine de cadres, soutenus par un capital risqueur espagnol.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">La mission de Manager de Transition est alors rallong\u00e9e d\u2019un mois et change de priorit\u00e9. Tout en continuant l\u2019application du Plan d\u2019Actions d\u2019am\u00e9lioration, l\u2019accent est mis sur le soutien du service Fusion &amp; Acquisition dans la n\u00e9gociation de la cession et les pr\u00e9paratifs du \u00ab\u202fDue Diligence\u202f\u00bb. Mais le Manager de Transition doit en plus intervenir dans de nombreux domaines pour faire face \u00e0 diverses difficult\u00e9s induites par le projet de MBO\u202f:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Rassurer le personnel qui doute de son avenir \u00e0 cause du futur retour \u00e0 la t\u00eate de l\u2019entreprise de la Direction responsable des difficult\u00e9s financi\u00e8res de la soci\u00e9t\u00e9.<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Intervention aupr\u00e8s des clients automobiles soucieux de la p\u00e9rennit\u00e9 de ce prestataire<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><\/ul><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Pr\u00e9paration discr\u00e8te d\u2019un Plan B de liquidation de l\u2019entreprise, pour le cas o\u00f9 le MBO n\u2019aboutirait pas.<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Confrontation avec l\u2019ancien-futur dirigeant et ses plus proches collaborateurs qui tentent de reprendre en cachette les vieilles habitudes consistant \u00e0 remplir le carnet de commande sans grande prise en compte de la rentabilit\u00e9, alors que la pr\u00e9paration du Plan B exige au contraire d\u2019\u00e9viter toute prise de risque suppl\u00e9mentaire.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><\/ul><p><span data-contrast=\"auto\">Le 5<\/span><span data-contrast=\"auto\">\u00e8me<\/span><span data-contrast=\"auto\"> mois les n\u00e9gociations du MBO s\u2019enlisent, le contrat du Manager de Transition est rallong\u00e9 encore d\u2019un mois et il accentue la pr\u00e9paration du Plan B.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Le 6<\/span><span data-contrast=\"auto\">\u00e8me<\/span><span data-contrast=\"auto\"> mois les n\u00e9gociations du MBO aboutissent enfin. Le Manager consacre alors les derni\u00e8res semaines \u00e0 l\u2019\u00e9purement des derniers litiges financiers entre la soci\u00e9t\u00e9 et son actionnaire et \u00e0 une gestion tr\u00e8s serr\u00e9e de la tr\u00e9sorerie, sous contr\u00f4le journalier du c\u00e9dant et du repreneur, avant une interruption brutale de sa mission une fois la cession sign\u00e9e, pour la plus grande satisfaction du Groupe d\u2019Engineering.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Le Management de Transition d\u00e9montre tout son int\u00e9r\u00eat dans cette op\u00e9ration de cession par M.B.O.\u202f:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p><ul><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Disponibilit\u00e9 rapide d\u2019un manager adapt\u00e9 \u00e0 une mission \u00e0 multiples facettes<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Intervenant ext\u00e9rieur sans pass\u00e9, ni futur dans l\u2019entreprise, donc sans \u00e0 priori, ni compromission.<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Pr\u00e9sence dans la filiale d\u2019un Manager garant des int\u00e9r\u00eats du Groupe<\/span><span data-ccp-props=\"{&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Souplesse de la dur\u00e9e de la mission\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6c1279 elementor-widget elementor-widget-spacer\" data-id=\"d6c1279\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Le Groupe d\u2019Engineering fran\u00e7ais concern\u00e9 a acquis il y a quelques ann\u00e9es une filiale en Espagne afin d\u2019\u00e9tablir des synergies avec une de ses filiales fran\u00e7aises sp\u00e9cialis\u00e9e dans l\u2019industrie automobile en vue de d\u00e9velopper un p\u00f4le d\u2019activit\u00e9 dans ce domaine. Malheureusement pour l\u2019investisseur, la greffe n\u2019a pas pris\u202f: aucune synergie ne s\u2019est concr\u00e9tis\u00e9e entre les&hellip;<\/p>\n","protected":false},"author":4,"featured_media":6254,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[180],"tags":[],"class_list":["post-6218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-experiences-missions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cession par MBO d\u2019une filiale \u00e9trang\u00e8re ing\u00e9rable et d\u00e9ficitaire - Skills-Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.skills-alliance.com\/fr\/cession-par-mbo-dune-filiale-etrangere-ingerable-et-deficitaire\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cession par MBO d\u2019une filiale \u00e9trang\u00e8re ing\u00e9rable et d\u00e9ficitaire - Skills-Alliance\" \/>\n<meta property=\"og:description\" content=\"Le Groupe d\u2019Engineering fran\u00e7ais concern\u00e9 a acquis il y a quelques ann\u00e9es une filiale en Espagne afin d\u2019\u00e9tablir des synergies avec une de ses filiales fran\u00e7aises sp\u00e9cialis\u00e9e dans l\u2019industrie automobile en vue de d\u00e9velopper un p\u00f4le d\u2019activit\u00e9 dans ce domaine. 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