{"id":514,"date":"2018-12-23T22:31:56","date_gmt":"2018-12-23T22:31:56","guid":{"rendered":"https:\/\/mattersgraph.com\/?post_type=insight&p=514"},"modified":"2026-04-09T01:31:22","modified_gmt":"2026-04-09T01:31:22","slug":"value-gen-transitioning-the-core-business","status":"publish","type":"insight","link":"https:\/\/mattersgraph.com\/es\/insights\/value-gen-transitioning-the-core-business\/","title":{"rendered":"015: Generaci\u00f3n de valor: Transici\u00f3n del negocio principal"},"content":{"rendered":"

En busca de m\u00faltiplos m\u00e1s altos, los inversores y sus asesores presionan cada vez m\u00e1s a las empresas para que adapten su negocio principal a "temas" que les permitan obtener valoraciones m\u00e1s elevadas.<\/p>\n\n

Por ejemplo, empresas que con raz\u00f3n se describir\u00edan como servicios profesionales con tan solo un pista <\/em>Las empresas que utilizan una base tecnol\u00f3gica \u2014como un servicio de contrataci\u00f3n de personal con una base de datos propia\u2014 se convierten en \u201cservicios empresariales habilitados por la tecnolog\u00eda\u201d. Una transici\u00f3n exitosa puede ser extraordinariamente valiosa. La pregunta para los posibles compradores es c\u00f3mo identificar cu\u00e1ndo una empresa est\u00e1 transformando su negocio principal.<\/p><\/div>\n\n

\n\n

Comenzamos definiendo tres tipos diferentes de negocios.<\/span><\/h2>\n\n
    \n
  • Negocios principales <\/strong>implican tres factores:
      \n
    1. Es lo que los clientes, distribuidores u otros socios le dir\u00e1n que representa la empresa.\u201c<\/li>\n\n\n\n
    2. Casi siempre es el \u00e1rea del negocio que genera el mayor beneficio acumulado por cliente (definido como el valor de vida del cliente menos el coste de adquisici\u00f3n del cliente).<\/li>\n<\/ol><\/li>\n<\/ul>\n\n
        \n
      • Negocios no estrat\u00e9gicos <\/strong>Nunca podr\u00e1n crecer en relaci\u00f3n con el negocio principal, ya sea porque dependen de \u00e9l o porque tienen limitaciones de crecimiento por otros motivos.<\/li>\n\n\n\n
      • Posibles nuevos negocios principales <\/strong>Puede que a\u00fan no hayan alcanzado la escala necesaria para competir con el negocio principal, pero no hay ninguna buena raz\u00f3n por la que no puedan hacerlo.<\/li>\n<\/ul>\n\n

        Por supuesto, las empresas pueden llegar a tener m\u00faltiples negocios principales, por lo que no todas las conversaciones giran en torno a transiciones; nos centramos en aquellos casos en los que el "negocio principal antiguo" realmente se ha quedado obsoleto y el equipo directivo actual busca hacer la transici\u00f3n a un nuevo negocio principal.<\/p>\n\n

        Las transiciones exitosas de negocios centrales a nuevos negocios centrales (la transici\u00f3n de IBM hacia un enfoque en la oferta de servicios profesionales es un ejemplo cl\u00e1sico) a menudo requieren a\u00f1os de esfuerzo. Las empresas que acortan el proceso tienden a pagar un precio. Para ilustrarlo, tomemos como ejemplo las decisiones de Netflix de separar su negocio de alquiler por correo de su floreciente negocio de streaming de nuevo n\u00facleo en 2012. Si bien el CEO Reed Hastings cre\u00eda claramente que el negocio principal pod\u00eda transformarse de la noche a la ma\u00f1ana, suficientes clientes a\u00fan cre\u00edan que Netflix = DVDs <\/em><\/strong>Su revuelta provoc\u00f3 que Netflix detuviera la escisi\u00f3n. A\u00f1os despu\u00e9s, la escisi\u00f3n se completar\u00eda (para convertirse en dvd.netflix.com), pero primero hubo que reemplazar gradualmente el negocio principal por el nuevo negocio principal.<\/p>\n\n

        Al asesorar a los posibles inversores, hacemos dos preguntas.<\/span><\/h2>\n\n
          \n
        1. \u00bfEs este un nuevo negocio principal atractivo?<\/strong><\/strong>
          A continuaci\u00f3n, se presentan cinco factores determinantes del valor empresarial fundamental (tal como se describen en nuestro conjunto de herramientas Diligence Matters\u00ae de 2018):<\/em>
            \n
          • \u00bfQu\u00e9 tan importante es el problema que resuelve la empresa?<\/li>\n\n\n\n
          • \u00bfQu\u00e9 le otorga a la empresa la autoridad para resolver el problema con \u00e9xito?<\/li>\n\n\n\n
          • \u00bfExiste algo que amenace el problema?<\/li>\n\n\n\n
          • \u00bfExiste algo que amenace la soluci\u00f3n?<\/li>\n\n\n\n
          • \u00bfExiste algo que amenace la econom\u00eda?<\/li>\n<\/ul><\/li>\n<\/ol>\n\n
              \n
            • <\/li>\n<\/ul>\n\n
                \n
              1. \u00bfCon qu\u00e9 rapidez puede la empresa realizar la transici\u00f3n a su nuevo negocio principal?<\/strong>
                Diversos factores pueden aumentar la velocidad con la que una empresa realiza la transici\u00f3n:<\/em>
                  \n
                • Alta demanda y bajos obst\u00e1culos para la adopci\u00f3n del nuevo negocio, ya que aborda un desaf\u00edo significativo.<\/li>\n\n\n\n
                • El nuevo negocio principal disfruta de una competencia d\u00e9bil o una alta diferenciaci\u00f3n en su segmento de mercado.<\/li>\n\n\n\n
                • Gran solapamiento de segmentos de clientes entre las distintas ofertas.<\/li>\n\n\n\n
                • Alta capacidad del nuevo n\u00facleo para ser "vendido" en las mismas situaciones que el n\u00facleo antiguo y, por lo tanto, finalmente desplazar al n\u00facleo antiguo; por ejemplo, cuando los clientes o distribuidores colocan los productos en el mismo conjunto de consideraciones o presupuesto.<\/li>\n\n\n\n
                • Planes de transici\u00f3n bien concebidos y ambiciosos para el n\u00facleo antiguo.<\/li>\n<\/ul><\/li>\n<\/ol>\n\n

                  Al evaluar una empresa en transici\u00f3n, siempre nos esforzamos por definir con precisi\u00f3n su actividad principal actual y la nueva actividad principal a la que aspiramos. Nos preguntamos: \u00bfQu\u00e9 tan preparada est\u00e1 la empresa para realizar esa transici\u00f3n? \u00bfPueden el nuevo propietario y el equipo directivo acelerar el proceso como parte del plan de generaci\u00f3n de valor?<\/p>","protected":false},"excerpt":{"rendered":"

                  En busca de m\u00faltiplos m\u00e1s altos, los inversores y sus asesores presionan cada vez m\u00e1s a las empresas para que adapten su negocio principal a las "tendencias" que generan mayores valoraciones. Por ejemplo, las empresas que\u2026<\/p>","protected":false},"author":[82],"featured_media":0,"template":"","meta":{"featured_image_background_position":"","promoted":false,"promoted-priority":0,"footnotes":""},"sector":[],"topic":[72,93,88,84],"audience":[],"insight-category":[140],"class_list":["post-514","insight","type-insight","status-publish","hentry","topic-business-model","topic-raison-detre","topic-stimulating-switching","topic-value-generation","insight-category-value-creation","author-jeff-merkle"],"yoast_head":"\n015: Value Gen: Transitioning the Core Business - 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\/es\/insights\/value-gen-transitioning-the-core-business\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"015: Value Gen: Transitioning the Core Business - Matters Graph\" \/>\n<meta property=\"og:description\" content=\"In search of higher multiples, investors and their advisors are increasingly pressuring companies to transition their core business to match \u201cthemes\u201d that earn higher valuations. 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