A robust investment case connects the target’s existing value with the value levers available after closing. enomyc leads the acquisition process from target search, due diligence and financing through post-merger integration.
Akquisitionen ermöglichen den Zugang zu neuen Märkten, Kunden, Technologien und Fähigkeiten. Für die Kaufentscheidung kommt es darauf an, welche Ertragskraft das Zielunternehmen nachhaltig erwirtschaftet, welchen strategischen Vorteil der Erwerber einbringen kann und wie sich die erwartete Rendite unter realistischen Bedingungen erzielen lässt. Je stärker der Investment Case auf Synergien und operativen Verbesserungen beruht, desto wichtiger werden deren Kosten, zeitliche Abfolge und Umsetzbarkeit.
Strategische Käufer gewichten insbesondere Marktposition, operative Synergien und die Einbindung in das bestehende Geschäft. Für Private-Equity-Investoren und Family Offices treten Kapitalstruktur, Governance sowie der Value-Creation-Plan für Plattform- und Add-on-Akquisitionen stärker in den Vordergrund. enomyc richtet Target Search, Due Diligence, Bewertung, Finanzierung und Transaktionsführung an der jeweiligen Investmentthese aus. Die Beratung kann mit der Suchstrategie beginnen oder bei einem bereits identifizierten Target einsetzen.
Strategy & Corporate Performance
AI optimizes prices, but only within a predefined pricing system. Why that system remains a management responsibility, explains enomyc pricing expert Jan Ulrik Holsten.
Mergers & Acquisitions
The achievable value of a business is determined long before negotiations begin. Dr. Tim Bauer and Henryk Ciesielski outline seven levers owners can use to make that value verifiable for buyers.
Real Estate
Real estate expert Jan-Eike Ratjen explains when lenders provide additional funding for struggling construction projects and why acting early preserves the most options.
Transformation & Restructuring
Together with Ufenau Capital Partners, enomyc is building a consulting platform for transformation and restructuring. Julia Hammer explains why the market is calling for it now and what changes for clients.
Transformation & Restructuring
Many Mittelstand production networks have evolved over time and no longer fit volatile markets. Christian Zeller and Max Stehr explain which level of intervention makes sense and when.
Transformation & Restructuring
A restructuring plan in accordance with IDW S 6 is more than a mandatory report for the bank. Dr. Stefan Frings and Tom Hammer explain how it creates financial security and strategic clarity.
Interview
For Franz A. Wenzel, Managing Director USA, the last five months in Anderson, South Carolina have felt like an entire year. Born, raised, and educated in the US, our consultant has returned to the US after nearly two decades abroad in both Germany and Europe, at large—as a consultant for German SMEs in the Upstate boom. What are his impressions after five months in the southeastern US? Has his focus shifted? And what questions does he frequently encounter from German companies expanding into the US? From risks to future prospects: an honest, personal, and practical insight.
Mergers & Acquisitions
Succession, more expensive capital and more selective valuations are increasing the number of complex ownership situations in Germany's industrial Mittelstand. The advantage goes to those who select targets early, finance them through the downside, and create value after closing.
Strategy & Corporate Performance
AI optimizes prices, but only within a predefined pricing system. Why that system remains a management responsibility, explains enomyc pricing expert Jan Ulrik Holsten.
Mergers & Acquisitions
The achievable value of a business is determined long before negotiations begin. Dr. Tim Bauer and Henryk Ciesielski outline seven levers owners can use to make that value verifiable for buyers.
Real Estate
Real estate expert Jan-Eike Ratjen explains when lenders provide additional funding for struggling construction projects and why acting early preserves the most options.
Transformation & Restructuring
Together with Ufenau Capital Partners, enomyc is building a consulting platform for transformation and restructuring. Julia Hammer explains why the market is calling for it now and what changes for clients.
Transformation & Restructuring
Many Mittelstand production networks have evolved over time and no longer fit volatile markets. Christian Zeller and Max Stehr explain which level of intervention makes sense and when.
Transformation & Restructuring
A restructuring plan in accordance with IDW S 6 is more than a mandatory report for the bank. Dr. Stefan Frings and Tom Hammer explain how it creates financial security and strategic clarity.
Interview
For Franz A. Wenzel, Managing Director USA, the last five months in Anderson, South Carolina have felt like an entire year. Born, raised, and educated in the US, our consultant has returned to the US after nearly two decades abroad in both Germany and Europe, at large—as a consultant for German SMEs in the Upstate boom. What are his impressions after five months in the southeastern US? Has his focus shifted? And what questions does he frequently encounter from German companies expanding into the US? From risks to future prospects: an honest, personal, and practical insight.
Mergers & Acquisitions
Succession, more expensive capital and more selective valuations are increasing the number of complex ownership situations in Germany's industrial Mittelstand. The advantage goes to those who select targets early, finance them through the downside, and create value after closing.
Strategy & Corporate Performance
AI optimizes prices, but only within a predefined pricing system. Why that system remains a management responsibility, explains enomyc pricing expert Jan Ulrik Holsten.
Mergers & Acquisitions
The achievable value of a business is determined long before negotiations begin. Dr. Tim Bauer and Henryk Ciesielski outline seven levers owners can use to make that value verifiable for buyers.
Real Estate
Real estate expert Jan-Eike Ratjen explains when lenders provide additional funding for struggling construction projects and why acting early preserves the most options.
Transformation & Restructuring
Together with Ufenau Capital Partners, enomyc is building a consulting platform for transformation and restructuring. Julia Hammer explains why the market is calling for it now and what changes for clients.
Transformation & Restructuring
Many Mittelstand production networks have evolved over time and no longer fit volatile markets. Christian Zeller and Max Stehr explain which level of intervention makes sense and when.
Transformation & Restructuring
A restructuring plan in accordance with IDW S 6 is more than a mandatory report for the bank. Dr. Stefan Frings and Tom Hammer explain how it creates financial security and strategic clarity.
Interview
For Franz A. Wenzel, Managing Director USA, the last five months in Anderson, South Carolina have felt like an entire year. Born, raised, and educated in the US, our consultant has returned to the US after nearly two decades abroad in both Germany and Europe, at large—as a consultant for German SMEs in the Upstate boom. What are his impressions after five months in the southeastern US? Has his focus shifted? And what questions does he frequently encounter from German companies expanding into the US? From risks to future prospects: an honest, personal, and practical insight.
Mergers & Acquisitions
Succession, more expensive capital and more selective valuations are increasing the number of complex ownership situations in Germany's industrial Mittelstand. The advantage goes to those who select targets early, finance them through the downside, and create value after closing.
Financial Advisory
The final publication of IDW S 16 provides, for the first time, a concrete reference framework that operationalizes the legal obligation for early crisis detection under Section 1 of the StaRUG. IDW S 16 does not create a new legal framework, but rather specifies how companies can properly fulfill the previously often abstract requirements for early crisis detection, planning, and risk management. enomyc partner and financial expert Jonas Keppler explains what the standard means in practice—and what consequences it has for business decisions .
In phases with high decision-making and time pressure, every minute counts. When key roles in finance, operations, or project management are vacant, implementation becomes a risk—in times of crisis, but also during growth, transformation, or transition phases. In such situations, tailor-made interim and executive search solutions bring targeted leadership experience and implementation expertise to the company. They create additional certainty by clearly anchoring responsibility, driving decisions forward, and confidently involving relevant stakeholders. The decisive factor here is not only the speed of recruitment, but also the ability to actually make an impact in challenging phases. In this interview, Anne Rienecker, head of enomyc's new People Advisory business unit, and managing director Julia Hammer explain how they support medium-sized companies with their services and why even the best interim manager is not a “jack of all trades.
Strategy & Corporate Performance
2025 was a challenging year—and a year of professionalization. Many small and medium-sized enterprises (SMEs) refined their business models, adjusted their financing strategies, and tackled technological change more actively than in previous years. We talk to enomyc founders Martin Hammer and Uwe Köstens about key developments and what will be crucial for SMEs in 2026.
Impending double dip, pressing transformation, slowing banks: “Outdated financing concepts are of little help now,” says Ralf Ehret, partner and head of debt advisory at enomyc. They are often suboptimal, unstable, and not designed for the current risks or future needs of German SMEs. It is no surprise that alternative sources of financing are now booming. But what do companies need to anticipate now in order to act early, honestly, and smartly? A look at worst-case scenarios and dream scenarios from a debt advisor.
Strategy & Corporate Performance
With the opening of its US office in Anderson, South Carolina, enomyc is taking an important strategic step in international consulting. In an interview, founder Martin Hammer and Managing Director Franz A. Wenzel explain why local American consulting expertise is a key success factor for the US market, what differences between European and American corporate and work culture are decisive, and how enomyc will provide even more targeted support to medium-sized companies in their global core markets in the future.
Strategy & Corporate Performance
The pharmaceutical industry is at a turning point. While global demand for active pharmaceutical ingredients (APIs) is rising, more and more medium-sized manufacturers in Europe are coming under pressure. Skyrocketing location costs and crippling regulations, as well as dependence on Asian suppliers, are making life difficult for them. The market is growing, but not for everyone. In their article, Dr. Stefan Frings and Marius Stenzel explore why some companies are constantly losing ground despite rising demand and what they can do now to adapt their production, supply chains, and organization to the new challenges.
Strategy & Corporate Performance
Do you buy premium brands and save money at discount stores? Recent studies show that Germans have become even more price-sensitive. At the same time, however, the market volume for luxury goods is also growing. Manufacturers and retailers are under pressure: how can they strike the right balance between price sensitivity and customer loyalty? Marketing expert Peter Klein believes that companies should focus on the value of their products. However, most companies lack a clear, professional pricing strategy developed by a specialized pricing team. How can this be improved?
Strategy & Corporate Performance
Pricing is one of the most powerful but often underestimated levers for increasing profits and company value. Even small changes can have a big impact: a price increase of just 1% can boost operating profit by up to 11% with the same sales volume. In contrast, a price reduction of 5 percent requires a rather unrealistic sales increase of around 19 percent if profits are not to plummet. Artificial intelligence (AI) is now putting pricing back on the agenda for small and medium-sized businesses. In this interview, enomyc experts Jan Ulrik Holsten and Franz A. Wenzel explain how AI is changing pricing and what options this opens up for companies.
Strategy & Corporate Performance
Large OEMs have to do it, as do medium-sized companies whose plants in one region are underutilized while customers in another market cannot be supplied quickly enough. Whether large or small, virtually all companies have to continuously adapt their production capacities to changing requirements. In a world where what seemed like an ironclad rule yesterday may no longer apply tomorrow, this is no easy task. In their article, enomyc experts Max Stehr and Christian Zeller explain what companies should pay attention to and why involving an experienced partner at an early stage can avoid a lot of unrest, friction losses, and often also costs.
Digital Strategy
Only a fraction of German companies use blockchain in their daily practice. Does blockchain technology create more problems than solutions? Or does the decentralized system actually hold untold opportunities? How do companies benefit from stablecoins and DeFi? And how can blockchain solutions be implemented in German SMEs? Technology expert Franz A. Wenzel, Director at enomyc, answers burning business questions.
Mergers & Acquisitions
Especially in economically challenging times, M&A transactions offer a powerful opportunity for companies to drive strategic development. Whether a deal ultimately succeeds depends on a wide range of factors – and one of the most decisive is thorough preparation. In this best practices series, our M&A specialists Dr. Tim Bauer and Janina Buchholz explore the key prerequisites for a successful transaction.
Strategy & Corporate Performance
The wind energy market in Germany is racing from one record to the next. Never before have so many permits for new turbines been issued as last year. Almost a third of electricity is now generated by wind power. Nevertheless, the industry is not a sure-fire success. This is not only because the market is often as volatile as the winds that blow. Growing competition from Asia is also putting pressure on companies. In their article, enomyc authors Dr. Stefan Frings and Viola Damberg take a look at the most important current developments and outline how suppliers can best equip themselves for the increasingly harsh winds of competition.
Financial Advisory
From controlling at a renowned state bank to working in an internationally operating SME and finally to management consulting: Jonas Keppler has already sat on many chairs. What all stages have in common: his passion for numbers. Which restructuring case does he consider the most exciting of all time? How can CFOs and controllers be convinced to use AI? And with which guiding questions does he inspire medium-sized companies to think big? A conversation with Jonas Keppler – about numbers, impact, and perspective.
Digital Strategy
Der Markt für Künstliche Intelligenz (KI) boomt. Immer mehr Anbieter preisen ihre Lösungen an. Doch bei genauer Betrachtung entpuppt sich so manche vermeintlich intelligente Neuigkeit als Mogelpackung, schließlich lässt sich allein mit dem Label „Künstliche Intelligenz“ ordentlich Geld verdienen. Mittelständische Unternehmen stehen dadurch oft vor einem Dilemma: Einerseits möchten sie KI-Lösungen einführen, um beispielsweise von Effizienzsteigerungen zu profitieren, andererseits ist die Auswahl von Tools aufwändig und bleibt oft ohne Ergebnis. In ihrem Beitrag erklären die enomyc-Autoren Carla Dausend und Leonard Rampf, welche Fehler Unternehmen vermeiden sollten und was beim Einstieg ins Thema zu beachten ist.
Digital Strategy
US corporations such as Amazon and Walmart want to revolutionize the payment system. According to recent reports, they are working on minting their own digital currencies –Stablecoins. These promise faster payment processing, lower transaction costs, and complete control over payment flows. This is reason enough for German SMEs to take a closer look at the technology, say Franz Wenzel, Stella Weisser, and Tom Agsten from enomyc. The three have been working on blockchain and crypto topics for a long time and were on site at the Berlin Blockchain Week 2025 (BBW) to discuss and interact with other teams about the current trends and applications. In this article, they explain what is behind this trend toward digital payments—and how blockchain, Web3, and digital currencies is being translated into real business models.
Transformation & Restructuring
Is this impression misleading, or are strikes becoming more common? Which industries are hardest hit? And how well prepared are medium-sized companies? “In my experience, not well at all,” reports Thomas Wahlig, specialist lawyer for labor law, “but the unions are just as bad.” This could make companies vulnerable to blackmail very suddenly. And this at a time when German SMEs are in the midst of an unprecedented wave of restructuring. Thomas Wahlig is a partner at Pusch Wahlig Workplace Law and specializes in collective bargaining and works constitution law, particularly restructuring. He says that companies planning restructuring should check their strike resistance very carefully in advance. How? With due diligence. We interviewed him.
Financial Advisory
Loan-to-own transactions are increasingly discussed in restructurings. Alexander Neumann explains their role in the German market, who benefits and what to watch out for.
Transformation & Restructuring
In recent months, many small and medium-sized enterprises (SMEs) have faced existential crises due to challenging economic conditions, the unique structural situation in Germany, and the lasting effects of the COVID-19 pandemic. The situation has been further exacerbated by sharply rising capital costs, increased risk aversion among financiers, and repayment obligations from the pandemic period. According to enomyc author Dr. Stefan Frings, these multiple crises present the perfect opportunity for decisive and consistent action. Often, it takes significant pressure before stakeholders are willing to confront harsh realities and, with careful consideration, bring an end to long-standing but unsustainable practices.
Real Estate
The real estate sector is currently experiencing one of the most severe crises in its history. The number of building permits has dropped by a quarter, and transaction volumes have plummeted by more than 70 percent. Few expect a genuine recovery in the short term. What can companies do now to escape the downward spiral of the industry? Christian Kuhs, founder and Business Development at Nordantech, discussed this with enomyc founder and Managing Partner Uwe Köstens, and enomyc partner and real estate expert Matias Otto, in the #SHIFTHAPPENS Podcast by Nordantech. Here are some key excerpts from the conversation.
Mergers & Acquisitions
What effect does the family factor have on change processes in family businesses? Our partner Dr. Tim Bauer researched this topic years ago. In 2012, he completed his PhD on "Innovation Processes in Family Businesses." Prior to that, he worked at the Chair for Family Businesses, advised young founders, and studied renowned family businesses from the German Mittelstand. That he now advises family businesses in transformation processes is partly because he himself comes from a family business and managed the company for a decade with his brother. How can family businesses respond to the current pressure to transform? What are their pain points? And what is essential in consulting for family businesses? Here are insights from his entrepreneurial and consulting practice.
Transformation & Restructuring
While crises used to be exceptions, they have become a constant state due to the pandemic and wars. The business world is not exempt, with many companies currently facing turmoil. Martin Hammer, founder and managing partner of enomyc, has witnessed over a thousand companies in crisis and has successfully led many out of trouble. Here, he discusses the causes, symptoms, and the Tarragona Strategy, a proven concept in both medicine and business.
Transformation & Restructuring
The StaRUG x Leoni AG case is making history in corporate restructuring. Specifically, it represents a paradigm shift. According to the summary of the restructuring plan, the expected return for the shareholders affected by the plan in the next best alternative scenario was 0%. This has never happened before. How has this case affected restructuring practices since then? Who are the winners and losers? And what opportunities or risks does StaRUG hold for LLCs? Ralf Ehret, Partner and Head of Debt Advisory, provides insights.
Financial Advisory
One in four insolvencies is due to late payments. Especially in business trans-actions between large debtors and small creditors, long payment terms re-peatedly lead to problems. As a result, particularly SMEs, which rely on pre-dictable cash flows, are forced to delay payments to their own suppliers, incur higher financing costs, and have less room for investments. With a directive aimed at combating late payments in commercial transactions, the European Commission intends to ensure more fairness. Moreover, it aims to enhance the competitiveness and resilience of small and medium-sized enterprises. While this sounds promising, it also has its drawbacks, according to experts Marc Fahrig and Ralf Ehret, who outline what businesses should now prepare for.
Digital Strategy
Disruptive technologies such as genAI are becoming increasingly important in the business world. This presents the upper midmarket segment with the challenge of not only understanding these technologies as a trend, but also applying them in practice in order to best increase efficiency and innovative capacity. Concerns that the barriers to entry are too high for SMEs are unfounded, says head of innovation at enomyc and author, Franz Wenzel. A certain amount of preparation and training is essential, however, a strategy for AI integration that has been worked out down to the last detail is not necessary from the get go. He is convinced that two factors are much more decisive: Understanding. And time.
Digital Strategy
Skepticism and reservations, fascination and anticipation: no matter how you feel about AI – you are certainly not alone. No wonder, says Mario Trapp. After all, AI is a pioneering technology. It gives rise to tangible changes. And it provokes. Even myths: “We’re in the SME sector here. AI is too far removed from what we do at the core," is one assumption. A false one, says Trapp. As a Partner in Restructuring & Transformation and Head of Digital Strategy, he has been observing the technological developments of AI for quite some time. His world? Big data and data analysis. His industries? Many – primarily owner-managed companies. How does he himself apply AI in business? Should companies already be hiring Chief AI Officers? And which AI developments make even him uneasy? Get to know our new partner. And how to improve your prompts.
Let's be honest: new technologies and ground-breaking innovations are topics that most of us would expect to find in Silicon Valley rather than in German SMEs. The long list of German SMEs whose products and solutions are in demand all over the world shows that this is not the whole truth. The secret of their success: above-average innovative strength. The Top 100 competition honours precisely such companies. This year, enomyc is also among the winners. How is innovation "organised" there and how do customers benefit when their consultancy is innovative? We talked about this with Julia Hammer, COO and Managing Director, and Franz Wenzel, Director at enomyc.
Debt Advisory
Rarely does anyone experience people and companies in such a state of emergency as those individuals involved as reorganisers and restructurers. Corporate crises often reveal the abysses, fates and characters of all parties involved. The financial expert Ralf Ehret could write books about it. Over the past 30 years, he has helped hundreds of entrepreneurs get back on track. His career began in banking in the early 1980s. Later, he spent fourteen years as the head of major client restructuring at Hypovereinsbank in Munich and London. Since July, Ehret has been both a partner and the Head of Debt Advisory at enomyc. For someone as passionate as Ehret, numbers are more than just mere figures: they are entire areas of tension. Sure, those between acute corporate crises and stakeholder conflicts, financial law and operational restructuring. However, he is much more interested in the areas of tension between chaos, despair and new beginnings. Why? What makes good debt advisors? And how is it possible - when your back is against the wall - to develop the "growth mindset" that he speaks of so fondly? A conversation about problems as logical life tasks and opportunities for personal growth.
Following an unprecedented boom, the real estate industry is facing what is probably the biggest challenge in its history. Project developers in particular are being hit hard. News of ailing companies has dominated the headlines for months; several industry giants have already filed for insolvency. Rising construction costs, delivery bottlenecks and the sharp rise in interest rates before the previously historically low level have caused their calculations to collapse like a house of cards. enomyc author and distressed real estate expert Janina Elisa Buchholz explains how it came to this, what options for action now remain for the companies and for whom the crisis also offers opportunities.
Financial Advisory
During a corporate crisis, many things change, including the relationship between the company and its financiers. Internal regulatory requirements lead to changes vis-à-vis lenders' engagement strategies and new contacts. Communication requirements also increase in many respects. Those who fail to recognise this risk a communicative downward spiral and thus potential existential consequences. Why is correct crisis communication so crucial for a successful restructuring? And how does it work exactly? Ralf Ehret, enomyc Partner and Head of Debt Advisory, looks at five typical pitfalls of communication with financing partners - and how you can avoid them.
Digital Strategy
Nine out of ten companies are victims of data theft, espionage or sabotage. Practically any company can become a victim, from a small tax consultant to a major international corporation. The extorted ransoms reach ever more dizzying heights and lead many a company into insolvency. Which actors and structures are behind the cyberattacks and, above all, how can one protect oneself? That's what we asked Andreas Persihl. He is owner of Hamburg-based CAPERIUM GmbH, which specialises internationally in crisis analysis, prevention and defence.
Digital Strategy
Incendiary, destructive and fascinating all at once, cyberattacks are leading the current polycrisis. Critical infrastructure is under attack, and reports are piling up at state criminal investigative agencies and public prosecutor offices alike. One thing is clear to the experts: Cyberattacks cannot be avoided. It is important, now more than ever, that companies know how to react to them, lest the future judge them harshly for their failure to respond accordingly. How can companies better arm themselves against cyberattacks? And if attacks succeed: How do they switch to "incident response" instead of "headless chicken mode"? It is time to ask an expert. Philipp Seebohm from AON shares insights and recommendations from eight years of cyber risk management.
"What kind of working environment do you want in order to stay motivated and work in an optimal way?" This question was the starting point for the renovation of enomyc's Stuttgart office. The newly designed rooms at our familiar location at Kleiner Schloßplatz 13 are now officially open. An inviting ambience, flexible and usable workplaces and state-of-the-art technology reflect the company’s good understanding of New Work. Julia Hammer, partner, COO and renovation overseer, is convinced that employees won’t be the only ones who benefit.
Mergers & Acquisitions
With its “hidden champions,” the German Mittelstand is seen by investors worldwide as an attractive investment. But for owners and founders looking to resolve succession through a sale, the sales process holds a number of pitfalls and stumbling blocks. enomyc author and M&A expert Dr. Tim Bauer explains how to increase a company's value ahead of a sale — and what it takes to avoid a breakdown in negotiations.
Transformation & Restructuring
Dass sich die Krise erst jetzt, knapp drei Jahre nach Ausbruch der Pandemie, in Bilanz, GuV und Cashflow der Unternehmen bemerkbar macht, ist auch auf die nach wie vor gestörten Lieferketten zurückzuführen. Materialknappheit und fehlende oder immer teurere Transportkapazitäten vor allem aus Asien beeinträchtigen den Zufluss von Produkten und Teilen. Um in dieser Situation eine verlässliche Warenversorgung sicherzustellen, haben viele Unternehmen große Sicherheitsbestände aufgebaut. Auch das bindet ordentlich Liquidität.
Mergers & Acquisitions
Mergers and acquisitions are always a difficult task. When they take place on an international level between several countries, all with a different business approach, the shovel becomes much wider. What skills are needed to handle the task professionally? And looking at current Franco-German relations: Does M&A have what it takes to positively influence the economies and politics of both countries? A conversation with Ian Kayanakis, Managing Partner France, and Head of Corporate M&A at enomyc. He says: "To do the M&A job right, you shouldn't just be into numbers. You should also be passionate about everything else!" Find out why he believes this and what skills he personally relies on in this interview.
People Advisory
Mentorship seems to be on everyone's lips at the moment, despite it being basically nothing new. And indeed, one mentorship model is disrupting the classic old-teach-young method. It's known as "reverse mentoring" and with this the Golf generation learns from the zoomers, the boomers from the millennials - vice versa and across departments. At companies like Microsoft, the CTOs learn from the next generation, they say. We asked around in our own ranks: Why is there so much talk about reverse mentoring these days? What are the benefits for mentees, mentors and companies? And what do companies miss out on if they do without it? An interview with Julia Hammer, mentor, mentee and COO at enomyc.
Mergers & Acquisitions
90 percent of German companies are family businesses. Often with a long tradition and several management changes from generation to generation. These handover processes are often complex. "A family-internal company handover is of great importance for all family members," finds Bessie Fischer-Bohn. The economist, psychotherapist and executive consultant has been accompanying families through the leadership transition for many years. Why do those who don't normally sit at the conference table also have to come to the table? How can the Prince Charles Syndrome be avoided? And what do families typically ignore?
Financial Advisory
Raw materials, labor, energy, transportation: everything is becoming ever more expensive. But that's not all: the rising costs of important input factors are endangering the profitability of companies. With our interactive inflation calculator, you can quickly find out just how much price increases are impacting your company's earnings and how price increases to your own customers can provide relief.
The pandemic has acted as a catalyst for the implementation of digital processes in companies. Apart from enormous IT purchases and the new learning of digital applications, New Work is becoming more and more pervasive: a structural change in the working world as we knew it before. Remote work and home office: What was otherwise an exception is increasingly becoming mainstream. Now that the supposed normality is returning due to the progress of the vaccination, we are hearing more and more often about cases in which employees would prefer to continue working in the home office, even post-pandemic. What are the opportunities and what are the limitations of remote management? Can a hybrid between New Work and presence culture succeed? And if so, which distance leadership skills are a must? An interview with Dr. Axel Hermeier, our Head of HR.
People Advisory
Challenge, encourage, and feedback - these are the three components of our mentoring program. Dr. Axel Hermeier, Head of HR at enomyc was a mentee himself, and thinks: "Mentoring programs are a necessity". Why especially in the consulting business? How do companies and employees in general benefit from mentoring? What is the concrete situation at enomyc, and what recommendations does Dr. Hermeier have for companies wishing to introduce mentoring programs? Learn more in our interview.
The current crisis not only has a major impact on the liquidity of companies: It also affects their payment morale. The focus is on existing contracts - as well as on future business relationships. What options do entrepreneurs have in the event of their business partners going bankrupt? Which contractual clauses are important for existing and future business relationships? We asked Reiner Winkelbauer, business mathematician, experienced managing director and CFO in the aerospace and pharmaceutical industries. He has been advising companies as a partner at enomyc for about five years. What recommendations does he have for entrepreneurs? How can they protect their company in the current situation?
Transformation & Restructuring
The faces and stories of our consultants are many and varied. Hardly anyone’s career path that led them to enomyc is like another. We interviewed two of them: Industrial engineer and senior consultant – at 26 years old, Felix Dosch has lived in Australia, worked in the USA, and studied in Taiwan. And 55-year-old Reiner Winkelbauer, business mathematician and partner, completed his master of science in 1990 in Syracuse, New York, before assuming responsibility for 600 employees and 70 million euros in sales as a CFO and managing director for many years. Learn more The most important lessons: advice they didn’t take and insights they want to share with prospective talents.
Mergers & Acquisitions
Mergers and acquisitions: In nearly every instance the accompanying change processes trigger uncertainty among the affected employees - sometimes even a clear defensive attitude. Why is consistent post-merger integration particularly important here and how can companies get their workforce back on track in the PMI process?
Akquisitionsprofil, Due Diligence, Finanzierung und operative Wertsteigerung beeinflussen denselben wirtschaftlichen Case. Werden sie früh aufeinander abgestimmt, lassen sich Targets konsequenter auswählen, Kaufpreise fundierter beurteilen und die Umsetzung gezielt vorbereiten.
Eine erfolgreiche Target Search beginnt mit einer klaren Akquisitionslogik. Welche Marktposition soll gestärkt werden? Welche Fähigkeiten sollen hinzukommen? Wo besitzt der Käufer einen Vorteil, der Wachstum oder Produktivität des Zielunternehmens verbessern kann? Aus diesen Fragen entstehen Suchkriterien, die über Umsatzgröße, Branche und geografische Reichweite hinausgehen.
Für strategische Käufer kann dieser Vorteil aus Kundenbeziehungen, Technologie, Produktionskapazitäten oder gemeinsamen Funktionen resultieren. In Buy-and-Build-Strategien hängt er zusätzlich davon ab, ob Plattform und Add-ons wirtschaftlich und organisatorisch zusammenpassen. Skaleneffekte müssen im Verhältnis zu Integrationsaufwand, zusätzlicher Komplexität und Managementkapazität bewertet werden.
Bereits vor der Ansprache potenzieller Targets ist deshalb auch die eigene Deal Readiness relevant: Sind Investitionskriterien und Entscheidungskompetenzen festgelegt, Finanzierungsspielräume geklärt und personelle Kapazitäten für Due Diligence und Integration vorhanden? enomyc übersetzt das Akquisitionsziel in ein belastbares Targetprofil, priorisiert geeignete Unternehmen und strukturiert die nächsten Entscheidungen. So bleibt die Verbindung zwischen Suchstrategie und späterem Investment Case erhalten.
Die Due Diligence beurteilt, wie belastbar die Ertrags- und Wachstumserwartungen eines Targets sind. Financial Due Diligence untersucht unter anderem Ergebnisqualität, Cash Conversion, Net Debt, Working Capital, Investitionsbedarf und finanzielle Risiken. Commercial Due Diligence bewertet Marktposition, Kundenstruktur, Wettbewerbsdynamik, Preissetzung und die Plausibilität zukünftiger Umsätze.
Der entscheidende Maßstab ist die Konsequenz dieser Erkenntnisse für die Transaktion. Eine niedrigere nachhaltige Ergebnisbasis verändert den Bewertungsrahmen. Höherer Capex oder zusätzlicher Working-Capital-Bedarf reduzieren den für Schuldendienst und Wertsteigerung verfügbaren Cashflow. Werden Synergien später oder in geringerem Umfang realisierbar, muss sich das in Kaufpreis, Finanzierungsstruktur oder Vertragsbedingungen widerspiegeln.
Bei technologieintensiven Geschäftsmodellen rücken zudem digitale Skalierbarkeit, Datenqualität, technologische Abhängigkeiten und mögliche Veränderungen durch künstliche Intelligenz in die Prüfung. enomyc verknüpft die Erkenntnisse der Financial und Commercial Due Diligence mit Bewertung und Transaktionsführung. Damit wird sichtbar, unter welchen Bedingungen die Akquisition wirtschaftlich trägt – und welche Annahmen erneut geprüft oder angepasst werden müssen.
Die Akquisitionsfinanzierung prägt die Rendite und den Handlungsspielraum des Käufers. Eigenkapital, Fremdkapital, Finanzierungskosten, Tilgung und Covenants müssen zur Cashflow-Dynamik des Zielunternehmens passen. Ebenso relevant sind Integrationskosten, notwendige Investitionen und der Liquiditätsbedarf in den ersten Jahren nach dem Erwerb.
Ein belastbares Finanzierungsmodell betrachtet deshalb mehrere operative Szenarien. Es zeigt, wie sensitiv Schuldendienst und Liquidität auf Ergebnisabweichungen, verzögerte Synergien oder zusätzlichen Working-Capital-Bedarf reagieren. Für Investoren wird damit erkennbar, welcher Kaufpreis und welcher Verschuldungsgrad auch unter anspruchsvolleren Annahmen tragfähig bleiben.
Bei Bedarf wird die Finanzierungsperspektive von enomyc mit Debt Advisory und Financial Advisory vertieft. Bewertungsmodell, Kapitalstruktur und Maßnahmenplan bilden dabei eine gemeinsame Entscheidungsgrundlage – mit Blick auf den Erwerb ebenso wie auf die erforderliche Weiterentwicklung des Unternehmens.
Wenn Umsatzwachstum, Margenverbesserung oder Synergien bereits in die Bewertung einfließen, gehören auch die Voraussetzungen ihrer Realisierung in den Investment Case. Dazu zählen die Baseline der einzelnen Werthebel, Investitionen, Umsetzungsdauer, personelle Ressourcen und die Verantwortlichkeiten nach Closing.
Welche Integration sinnvoll ist, hängt vom Akquisitionsziel ab. Strategische Käufer können Funktionen, Systeme und Vertriebsstrukturen zusammenführen. Bei Finanzinvestoren kann die Wertsteigerung stärker aus eigenständiger Unternehmensentwicklung, verbesserter Steuerung oder einer sequenziellen Buy-and-Build-Agenda entstehen. In beiden Fällen sind Governance, Managementkapazität und klare Prioritäten für Day 1 und die ersten Monate entscheidend.
Die Post-Merger Integration übersetzt diese Überlegungen in ein umsetzbares Programm: Synergien und Maßnahmen erhalten wirtschaftliche Zielgrößen, Kosten, Zeitpläne und Verantwortliche. Erkenntnisse aus der Due Diligence werden dabei unmittelbar für Integrationsentscheidungen genutzt. enomyc verbindet den transaktionsbezogenen Investment Case mit der operativen Perspektive auf die Wertrealisierung – von der Kaufentscheidung bis zur priorisierten Umsetzung.
