{"id":3455,"date":"2019-04-15T19:26:32","date_gmt":"2019-04-15T17:26:32","guid":{"rendered":"http:\/\/orionmna.com\/2016\/?p=3455"},"modified":"2026-02-26T18:26:03","modified_gmt":"2026-02-26T17:26:03","slug":"combien-vaut-entreprise","status":"publish","type":"post","link":"https:\/\/hytecpartners.com\/shv\/?p=3455","title":{"rendered":"Valorisation lors d&#8217;une cession totale"},"content":{"rendered":"<div class=\"brz-root__container brz-reset-all\">\n<section id=\"wupmygzckhgseoseczrkakdpinnulwquymxl\" class=\"brz-section brz-css-sLSdO\">\n<div class=\"brz-section__content brz-section--boxed brz-css-v89Ms brz-css-yHYIw\" data-brz-custom-id=\"basbmrqqxkuynjcqqbzvwuvspnacvxdkuoys\">\n<div class=\"brz-bg\">\n<div class=\"brz-bg-color\"><\/div>\n<\/div>\n<div class=\"brz-container brz-css-b8v_A\">\n<div id class=\"brz-css-pOJQZ brz-wrapper\">\n<div class=\"brz-icon-text brz-css-onl4A\" data-brz-custom-id=\"clfshvsqxurpzhydlttuqkbnnpmjcopfpeyl\">\n<div class=\"brz-icon__container\" data-brz-custom-id=\"lnvpwdmhztfdiryahlqgaepgqgotdzbwbple\"><span class=\"brz-icon brz-span brz-css-w2PMj brz-css-dDuS_\"><\/span><\/div>\n<div class=\"brz-text-btn\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-wiiit\" data-brz-custom-id=\"oseqqwdwzvdyhabqlkyalfaisakvyuoktmfz\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-abovetitle brz-css-yFA94\" data-uniq-id=\"szfui\" data-generated-css=\"brz-css-apxgy\"><span class=\"brz-cp-color7\">UN CAS PARTICULIER<\/span><\/p>\n<h2 class=\"brz-tp-lg-heading2 brz-css-zoofq\" data-uniq-id=\"ihlnk\" data-generated-css=\"brz-css-yyjvk\"><span class=\"brz-cp-color2\">La Cession compl\u00e8te \u00e0 un Acqu\u00e9reur.<\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-row__container brz-css-la8P_ brz-css-tqXaS\" data-brz-custom-id=\"tecjricxrcfspcpwzyrjtmresveqaturqlha\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-row brz-css-gpXK5 brz-css-tG1YE\">\n<div class=\"brz-columns brz-css-wmQ4Z\" data-brz-custom-id=\"ozigtaankrqerxizjuypnyagiaalzsyyhpan\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-column__items brz-css-uDjrZ\">\n<div id class=\"brz-css-pOJQZ brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-wiiit\" data-brz-custom-id=\"tfywgwpkcrvkptetdtpgitvuvpqzaccmcfiz\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-r8cie\" data-uniq-id=\"znpql\" data-generated-css=\"brz-css-rtegc\">La valorisation ne d\u00e9coule pas de la seule volont\u00e9 du vendeur mais d\u2019un \u00e9quilibre entre ce que recherche le march\u00e9 des acqu\u00e9reurs et les attentes des vendeurs.<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-wEbYt\" data-uniq-id=\"arwve\" data-generated-css=\"brz-css-uhrzo\">Avant d\u2019aller sur le march\u00e9, il est fondamental pour un vendeur de bien conna\u00eetre ses forces, ses faiblesses, les menaces qui p\u00e8sent sur son activit\u00e9 et les opportunit\u00e9s du march\u00e9.<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-tJwHf\" data-uniq-id=\"gufgz\" data-generated-css=\"brz-css-mhkqo\">C\u2019est \u00e0 partir de cette analyse qu\u2019il pourra comprendre sa valeur et d\u00e9fendre sa valorisation avec des acheteurs. Le point de vue que doit adopter le vendeur n\u2019est pas le sien mais celui de l\u2019acheteur. Cet exercice d\u2019objectivit\u00e9 n\u00e9cessite surement de se faire assister par un tiers ou un conseil.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-columns brz-css-wmQ4Z brz-css-kQPwL\" data-brz-custom-id=\"pqtqpxsdgioykibrsqcvyanaraqqpvvjrlvr\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-column__items brz-css-uDjrZ brz-css-q6iTF\">\n<div id class=\"brz-css-pOJQZ brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-wiiit\" data-brz-custom-id=\"aqlubfbhvjekafyheyupsvxffnoreevxwpak\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-bBU6J\">De leur c\u00f4t\u00e9, les acqu\u00e9reurs ont d\u00e9fini leur strat\u00e9gie (volume de CA, prise de position march\u00e9 ou g\u00e9ographique, rentabilit\u00e9, type de revenu) en fonction de leurs objectifs d\u2019entreprise.<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-f5o1M\">Pour mettre en \u0153uvre cette strat\u00e9gie, ils ont plusieurs tactiques possibles, certaines de ces tactiques incluent des acquisitions pour des raisons de nouvelle technologie, de savoir faire, de prise de position g\u00e9ographique ou par segment de march\u00e9.<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-iO1J_\"><\/p>\n<p class=\"brz-text-lg-left brz-tp-lg-paragraph brz-css-mVec4\" data-uniq-id=\"gigdb\" data-generated-css=\"brz-css-rmnwq\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id class=\"brz-css-pOJQZ brz-css-dm2fG brz-wrapper\">\n<div class=\"brz-line brz-line-default brz-css-fpamm brz-css-lJ72q\" data-brz-custom-id=\"tzjnlbqjhcomfwzwkdofkymfjowdermcsrjr\">\n<hr class=\"brz-hr\"><\/div>\n<\/div>\n<div id class=\"brz-css-pOJQZ brz-wrapper\">\n<div class=\"brz-icon-text brz-css-onl4A\" data-brz-custom-id=\"tonfigahvudwkkndftaqxfevyybxeuqmhjks\">\n<div class=\"brz-icon__container\" data-brz-custom-id=\"ukyyjsujrtcnxzrotszwrmpxtgvzckujmnsc\"><span class=\"brz-icon brz-span brz-css-w2PMj brz-css-pUK99\"><\/span><\/div>\n<div class=\"brz-text-btn\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-wiiit\" data-brz-custom-id=\"lblvgymjsephrcmgqoeyqtowxmngwvoxubkb\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-abovetitle brz-css-j0ORv\" data-generated-css=\"brz-css-unhiz\" data-uniq-id=\"cycne\">Le FACTEUR DETERMINANT<\/p>\n<h4 data-generated-css=\"brz-css-cvfml\" data-uniq-id=\"juwtd\" class=\"brz-tp-lg-heading2 brz-css-sXPvu\"><span class=\"brz-cp-color2\">Le &#8220;Fit Strat\u00e9gique&#8221; <\/span><\/h4>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-row__container brz-css-la8P_ brz-css-zMR2L\" data-brz-custom-id=\"oikazghogdsmvbrixszkdopsopbrkjfdhiha\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-row brz-css-gpXK5 brz-css-kcc83\">\n<div class=\"brz-columns brz-css-wmQ4Z\" data-brz-custom-id=\"xywgkiijhrvimzyugavanbkrkycajerhpjki\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-column__items brz-css-uDjrZ\">\n<div id class=\"brz-css-pOJQZ brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-wiiit\" data-brz-custom-id=\"ysshgsdtqrbzbnfnunfbtnmqnilpscccigpr\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-sJfVT\" data-uniq-id=\"rgyeu\" data-generated-css=\"brz-css-tzqpf\">Na\u00eet de la conjonction entre la recherche de l\u2019acheteur et l\u2019offre du vendeur. Plus il y a de points de convergence (points techniques, commerciaux, g\u00e9ographiques, entente entre les dirigeants,..) plus le \u00ab&nbsp;Fit strat\u00e9gique&nbsp;\u00bb sera fort, plus la valorisation aura tendance \u00e0 \u00eatre \u00e9lev\u00e9e.<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-y0eAH\" data-uniq-id=\"esece\" data-generated-css=\"brz-css-wbzqu\">Par exemple, un sp\u00e9cialiste de l\u2019archivage acquiert une offre de gestion documentaire pour vendre davantage \u00e0 sa base clients mais aussi les fid\u00e9liser. Un grand cabinet d\u2019expertise comptable voudra acqu\u00e9rir un sp\u00e9cialiste de la s\u00e9curit\u00e9 informatique pour r\u00e9pondre \u00e0 cette demande croissante de ses clients. Un cabinet de conseil en ERP \u00ab&nbsp;classique&nbsp;\u00bb recherchera un sp\u00e9cialiste de la \u00ab&nbsp;transformation num\u00e9rique&nbsp;\u00bb pour surfer sur cette nouvelle vague march\u00e9. Etc.<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-jgEjy\" data-uniq-id=\"kvlyo\" data-generated-css=\"brz-css-mtsgi\"><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-columns brz-css-wmQ4Z brz-css-rTeBd\" data-brz-custom-id=\"hjcakywwmvxltizrwpvyyhbeayznfuadoktq\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-column__items brz-css-uDjrZ brz-css-x0slR\">\n<div id class=\"brz-css-pOJQZ brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-wiiit\" data-brz-custom-id=\"kfwuggcemtovpwsejcosaqpckelxohvzhbys\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-xGRYL\" data-uniq-id=\"nvpmp\" data-generated-css=\"brz-css-jbwkk\">Une fois le \u00ab&nbsp;Fit Strat\u00e9gique&nbsp;\u00bb identifi\u00e9, se pose la question \u00ab&nbsp;combien&nbsp;ca vaut&nbsp;?\u00bb et \u00ab&nbsp;comment paye-t-on&nbsp;?&nbsp;\u00bb&nbsp;: num\u00e9raire, titres avec ou sans compl\u00e9ment de prix\u2026?<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-kRx0Z\" data-generated-css=\"brz-css-kvhpr\" data-uniq-id=\"wldbn\">\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id class=\"brz-css-pOJQZ brz-wrapper\">\n<div class=\"brz-icon-text brz-css-onl4A\" data-brz-custom-id=\"buwcakqnzaadwwpmygrxvfzcqcuikbnaxjfn\">\n<div class=\"brz-icon__container\" data-brz-custom-id=\"bxmlhghicujseyemtzdwnafobgkdhhlnpzkl\"><span class=\"brz-icon brz-span brz-css-w2PMj brz-css-gugdU\"><\/span><\/div>\n<div class=\"brz-text-btn\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-wiiit\" data-brz-custom-id=\"bezwdithmyiegfhqhmvkfllgijkwkslqkxjg\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-abovetitle brz-css-j6CpS\" data-uniq-id=\"scrsy\" data-generated-css=\"brz-css-rfjrp\"><\/p>\n<h2 class=\"brz-tp-lg-heading2 brz-css-vzEhN\" data-uniq-id=\"pzial\" data-generated-css=\"brz-css-ztcah\"><span class=\"brz-cp-color2\">Determination de la valeur <\/span><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-row__container brz-css-la8P_ brz-css-od4wc\" data-brz-custom-id=\"ndkdlxzugvbxzlbzwcysswdhhrguozfkeixw\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-row brz-css-gpXK5 brz-css-b8KPy\">\n<div class=\"brz-columns brz-css-wmQ4Z\" data-brz-custom-id=\"oorqzvngqzcnyaegoevvjibcgqpofxqenuqc\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-column__items brz-css-uDjrZ\">\n<div id class=\"brz-css-pOJQZ brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-wiiit\" data-brz-custom-id=\"ikrsuzsiqjwvtfuaeooxvdaejvnfeopohpqi\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-fAh9b\" data-uniq-id=\"pvmsr\" data-generated-css=\"brz-css-nrstd\">Au cours de la n\u00e9gociation, on utilisera diff\u00e9rentes \u00e9valuations.<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-kk7DS\" data-uniq-id=\"vtocm\" data-generated-css=\"brz-css-gggvw\">Finalement, si la transaction a lieu c\u2019est que l\u2019acheteur et le vendeur ont trouv\u00e9 un accord sur le prix et la fa\u00e7on de payer (en num\u00e9raire, en titre, un mixte, imm\u00e9diatement ou par \u00e9tapes). Cet accord d\u00e9pend en grande partie du rapport de force qui a \u00e9t\u00e9 \u00e9tabli au cours de la n\u00e9gociation. La soci\u00e9t\u00e9 vendue a-t-elle un savoir faire critique et rare dont l\u2019acheteur a absolument besoin&nbsp;? Le vendeur est-il dans l\u2019urgence&nbsp;? L\u2019op\u00e9ration va-t-elle ouvrir une opportunit\u00e9 identifi\u00e9e \u00e0 l\u2019acheteur&nbsp;?<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-columns brz-css-wmQ4Z brz-css-iYs8u\" data-brz-custom-id=\"chenyebfctnmzbajkwgsytrfbtqsigzmvcjt\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-column__items brz-css-uDjrZ brz-css-qr1XP\">\n<div id class=\"brz-css-pOJQZ brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-wiiit\" data-brz-custom-id=\"fpzsogmgsctnxjmzmyhaforhydiqbljlbsbr\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-pyB37\" data-uniq-id=\"fcjvz\" data-generated-css=\"brz-css-ntogg\">L\u2019accord sur la valorisation repose sur un rationnel \u00e9conomique mais aussi sur des aspects irrationnels comme le d\u00e9sir de travailler ensemble ou la conviction ou pas que \u00ab&nbsp;ca va marcher&nbsp;\u00bb<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"brz-row__container brz-css-la8P_\" data-brz-custom-id=\"molnxxwulibcfjernerdvsegxmgaxusyutum\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-row brz-css-gpXK5\">\n<div class=\"brz-columns brz-css-wmQ4Z brz-css-zbbOq\" data-brz-custom-id=\"gvhvqnqfatcwdxkxhyaxqaaaosuyssxbwngr\">\n<div class=\"brz-bg\"><\/div>\n<div class=\"brz-column__items brz-css-uDjrZ brz-css-kLL73\">\n<div id class=\"brz-css-pOJQZ brz-wrapper\">\n<div class=\"brz-rich-text brz-rich-text__custom brz-css-wiiit\" data-brz-custom-id=\"dpncyskqmfbprmilqkjwrqxvshbdqenqngsn\">\n<div data-brz-translate-text=\"1\">\n<p class=\"brz-tp-lg-paragraph brz-css-bNE5U\" data-uniq-id=\"dvftz\" data-generated-css=\"brz-css-nswfv\"><strong>Pourquoi pour les entreprises de technologie, le \u00ab&nbsp;Fit strat\u00e9gique&nbsp;\u00bb est plus important que les aspects purement \u00e9conomiques&nbsp;?<\/strong><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-fp0E8\" data-uniq-id=\"dmvwc\" data-generated-css=\"brz-css-hwzxg\"><span class=\"brz-cp-color7\">Geoffrey Moore analyse le cycle de vie des entreprises de technologie en quatre phases&nbsp;: innovation produit, croissance commerciale, maturit\u00e9 et abandon de la technologie.<\/span><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-au3Hn\" data-uniq-id=\"oxnrf\" data-generated-css=\"brz-css-erogr\"><\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-gAJ5V\" data-generated-css=\"brz-css-dqiyf\" data-uniq-id=\"yigiy\">Les acheteurs sont plut\u00f4t \u00e0 droite du graphique (en phase de maturit\u00e9 voire de croissance)&nbsp;; les vendeurs \u00e0 gauche (en phase d\u2019innovation voire d\u00e9but de croissance).<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-nzVXc\" data-generated-css=\"brz-css-kowrg\" data-uniq-id=\"alnhy\">Les acteurs \u00e9tablis cherchent \u00e0 se renforcer par des apports de technologie et de savoir-faire ce qui constitue un pari strat\u00e9gique dont l\u2019issue peut \u00eatre incertaine<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-dJisD\" data-generated-css=\"brz-css-okhpj\" data-uniq-id=\"suagy\">Si les acheteurs et les vendeurs \u00e9taient tous en phase de maturit\u00e9 ou d\u2019abandon, l\u2019enjeu des acquisitions serait la consolidation de march\u00e9. Alors la valorisation serait fond\u00e9e sur la part de march\u00e9, le CA et la rentabilit\u00e9.<\/p>\n<p class=\"brz-tp-lg-paragraph brz-css-bUepw\" data-uniq-id=\"vnkrf\" data-generated-css=\"brz-css-ufknv\">C\u2019est l\u2019\u00e9ternelle histoire de la fontaine de jouvence. Les acteurs \u00e9tablis ont besoin de sang neuf technologique pour d\u00e9fendre leur position acquise ou partir \u00e0 la conqu\u00eate de nouveaux march\u00e9s.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div id class=\"brz-css-pOJQZ brz-css-gMV9F brz-wrapper\">\n<div class=\"brz-image brz-css-uhun3\" data-brz-custom-id=\"mtjeiceboaifwjwkgrfniiruptrniybjtsuq\"><img decoding=\"async\" class=\"brz-img\" src=\"https:\/\/hytecpartners.com\/shv\/wp-content\/uploads\/brizy\/imgs\/cycle-de-vie-678x340x0x0x678x340x1640935002.jpg\" alt=\"\" loading=\"lazy\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<p>    <!-- version:1721650815 --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>UN CAS PARTICULIER La Cession compl\u00e8te \u00e0 un Acqu\u00e9reur. La valorisation ne d\u00e9coule pas de la seule volont\u00e9 du vendeur mais d\u2019un \u00e9quilibre entre ce que recherche le march\u00e9 des acqu\u00e9reurs et les attentes des vendeurs. Avant d\u2019aller sur le march\u00e9, il est fondamental pour un vendeur de bien conna\u00eetre ses forces, ses faiblesses, les [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":3474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Valorisation lors d&#8217;une cession totale - Share Value For High Tech Companies<\/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:\/\/hytecpartners.com\/shv\/?p=3455\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Valorisation lors d&#8217;une cession totale - Share Value For High Tech Companies\" \/>\n<meta property=\"og:description\" content=\"UN CAS PARTICULIER La Cession compl\u00e8te \u00e0 un Acqu\u00e9reur. La valorisation ne d\u00e9coule pas de la seule volont\u00e9 du vendeur mais d\u2019un \u00e9quilibre entre ce que recherche le march\u00e9 des acqu\u00e9reurs et les attentes des vendeurs. 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