{"id":486,"date":"2017-12-29T21:15:07","date_gmt":"2017-12-29T21:15:07","guid":{"rendered":"https:\/\/mattersgraph.com\/?post_type=insight&p=486"},"modified":"2026-04-09T01:28:12","modified_gmt":"2026-04-09T01:28:12","slug":"indefensible-competitive-position","status":"publish","type":"insight","link":"https:\/\/mattersgraph.com\/de\/insights\/indefensible-competitive-position\/","title":{"rendered":"008: Nicht zu verteidigende (Wettbewerbsposition)"},"content":{"rendered":"

Ich bin mir ziemlich sicher, dass so gut wie jede Due-Diligence-Pr\u00fcfung die Bewertung der kommerziellen St\u00e4rke des Verm\u00f6genswerts im Verh\u00e4ltnis zu den Bed\u00fcrfnissen und Erwartungen der Kunden sowie im Verh\u00e4ltnis zur Wahrnehmung von Wettbewerbern und Alternativen beinhalten wird.<\/p>\n\n

Es besteht jedoch ein wesentlicher Unterschied zwischen der Messung der aktuellen Wertentwicklung eines Verm\u00f6genswerts und dem wirklichen Verst\u00e4ndnis der Faktoren, die seiner Aussicht auf eine anhaltende oder verbesserte \u00dcberperformance zugrunde liegen.<\/p><\/div>\n\n

\n\n

Dazu sind drei Fragen von zentraler Bedeutung:<\/p>\n\n

    \n
  1. \u201cWelche verteidigungsf\u00e4higen Vorteile besitzt das Unternehmen?\u201d<\/li>\n\n\n\n
  2. Was erm\u00f6glicht es dem Unternehmen, diesen Vorteil so einzigartig zu bewahren (sodass Sie als neue Eigent\u00fcmer dazu beitragen k\u00f6nnen, ihn zu sch\u00fctzen)?\u201d<\/li>\n\n\n\n
  3. \u201cWenn all diese Elemente zusammengenommen werden, wie gro\u00df ist dann der Gesamtvorteil?\u201d<\/li>\n<\/ol>\n\n

    Dies sind offensichtliche Fragen, von denen man erwarten w\u00fcrde, dass sie durch Sorgfaltspflicht beantwortet werden.<\/p>\n\n

    Leider musste ich in den letzten zehn Jahren feststellen, dass die Aufmerksamkeit f\u00fcr diese drei Fragen im gleichen Ma\u00dfe abgenommen hat wie das Interesse an Wachstumswerten und Investitionen in Wachstumsm\u00e4rkten \u2013 und das v\u00f6llig zu Unrecht. Unserer Erfahrung nach besteht ein gro\u00dfer Unterschied zwischen einer oberfl\u00e4chlichen Betrachtung dieser Themen (neben der Abarbeitung der langen Liste anderer Punkte auf der Due-Diligence-Agenda) und einer wirklich intensiven Auseinandersetzung mit diesen Fragen und der damit verbundenen strategischen Analyse.<\/p>\n\n

    Das sind ehrlich gesagt schwer zu beantwortende Fragen \u2013 mit die schwierigsten \u00fcberhaupt. Die Antwort ist immer differenziert und oft eher qualitativer als quantitativer Natur. Doch sich fr\u00fchzeitig mit diesem Thema auseinanderzusetzen, kann Ihnen einen stichhaltigen Grund liefern, an die Kompetenz und das K\u00f6nnen des Managements und\/oder an die... zu glauben. Wertentwicklungsplan.<\/a><\/p>\n\n

    Wer den verteidigungsf\u00e4higen Wettbewerbsvorteil versteht, wird ein umsichtigerer und effektiverer Eigent\u00fcmer. Die Antworten darauf geben Aufschluss \u00fcber Exit-Multiples und den Beitrag zum Gewinn und k\u00f6nnen Ihren Wertsch\u00f6pfungsplan ma\u00dfgeblich beeinflussen. Dies gilt unabh\u00e4ngig davon, ob das Asset von einem langfristigen Nachfragewachstum profitiert oder in einem Umfeld mit geringem Wachstum \u00fcberdurchschnittlich performt.<\/p>\n\n

    Und auch wenn derzeit kein Vorteil erkennbar ist, ist noch nicht alles verloren, wenn der Wertsch\u00f6pfungsplan die Entwicklung echter und wertvoller Vorteile beinhaltet.<\/p>","protected":false},"excerpt":{"rendered":"

    Ich bin mir ziemlich sicher, dass so gut wie jede Due-Diligence-Pr\u00fcfung die Bewertung der wirtschaftlichen St\u00e4rke des Verm\u00f6genswerts im Verh\u00e4ltnis zu den Kundenbed\u00fcrfnissen und -erwartungen sowie im Verh\u00e4ltnis zu \u2026 beinhalten wird.<\/p>","protected":false},"author":[39],"featured_media":0,"template":"","meta":{"featured_image_background_position":"","promoted":false,"promoted-priority":0,"footnotes":""},"sector":[],"topic":[53,69,50,70,67],"audience":[],"insight-category":[144],"class_list":["post-486","insight","type-insight","status-publish","hentry","topic-best-practices","topic-competition","topic-growth-rates","topic-resilience-of-the-business","topic-value-development-generation","insight-category-competitive-position","author-mark-stein"],"yoast_head":"\n008: Indefensible (Competitive Position) - Matters Graph<\/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:\/\/mattersgraph.com\/de\/insights\/indefensible-competitive-position\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"008: Indefensible (Competitive Position) - 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