{"id":512,"date":"2018-12-22T22:17:13","date_gmt":"2018-12-22T22:17:13","guid":{"rendered":"https:\/\/mattersgraph.com\/?post_type=insight&p=512"},"modified":"2026-04-09T01:30:56","modified_gmt":"2026-04-09T01:30:56","slug":"discovering-repeatable-growth-in-your-diligence","status":"publish","type":"insight","link":"https:\/\/mattersgraph.com\/fr\/insights\/discovering-repeatable-growth-in-your-diligence\/","title":{"rendered":"014\u00a0: D\u00e9couvrir une croissance reproductible dans votre diligence"},"content":{"rendered":"

Au fil des ans, j'ai entendu de nombreux professionnels des fusions-acquisitions dire \u201c Nous ne finan\u00e7ons pas les espoirs et les r\u00eaves. \u201d <\/em>Par l\u00e0, ils entendent les nouvelles tactiques propos\u00e9es, mais non test\u00e9es, par la direction (et ses banquiers). Ce dont on parle moins souvent, ce sont les nouvelles tactiques qui ont \u00e9t\u00e9 test\u00e9es\u2026 mais qui sont destin\u00e9es \u00e0 ne fonctionner qu'une seule fois. Ces tactiques sont ce que nous appelons des stimulants de croissance non reproductibles, ou simplement \u201c\u00a0stimulants de croissance non reproductibles\u00a0\u00bb (ou \u00ab\u00a0stimulants de croissance non reproductibles\u00a0\u00bb).\u201cbeurk<\/em>\u201d).<\/p>\n\n

Nous avons constat\u00e9 que de nombreux accords ont d\u00fb \u00eatre ren\u00e9goci\u00e9s dans la derni\u00e8re ligne droite lorsque l'audit pr\u00e9alable commercial (CDD) a r\u00e9v\u00e9l\u00e9 des \u00e9l\u00e9ments inattendus. beurk<\/em>. Par exemple, une pr\u00e9sentation de la direction pourrait mettre en avant la croissance r\u00e9cente d'un segment d'activit\u00e9 et mentionner un \u201c\u00a0nouveau programme de vente\u00a0\u201d. Soixante diapositives plus tard, on apprend que la croissance associ\u00e9e \u00e0 ce \u201c\u00a0nouveau programme de vente\u00a0\u201d est presque enti\u00e8rement attribuable \u00e0 un seul et important nouveau client. S'agit-il d'un tournant dans la croissance de l'entreprise, ou simplement d'un succ\u00e8s exceptionnel et opportun avec un client unique\u00a0? En bref, est-ce une croissance durable ou un simple coup de chance\u00a0? Pouah<\/em>?<\/p><\/div>\n\n

\n\n

La liste des diff\u00e9rents\u00a0beurk<\/em>\u00a0Ce que nous avons vu est vari\u00e9 et long :<\/span><\/h2>\n\n
    \n
  1. Mandats des canaux (par exemple, Walmart exige que ses produits de grande consommation fassent X) dans le secteur des biens de consommation<\/li>\n\n\n\n
  2. \u00c9volutions r\u00e9glementaires sur les march\u00e9s industriels et de la sant\u00e9<\/li>\n\n\n\n
  3. augmentations de prix sur tout march\u00e9 concurrentiel<\/li>\n\n\n\n
  4. Acquisitions majeures de clients dans le secteur des composants<\/li>\n\n\n\n
  5. Les gains aupr\u00e8s des grandes entreprises dans le secteur des logiciels et des services aux entreprises \u2013 et en particulier aupr\u00e8s des entreprises qui, traditionnellement, s'adressaient aux petites entreprises, mais qui parviennent \u00e0 d\u00e9crocher un compte grande entreprise<\/li>\n\n\n\n
  6. Victoires majeures aupr\u00e8s de canaux ou de partenaires dans le secteur du commerce de d\u00e9tail ou de la technologie<\/li>\n\n\n\n
  7. Nouvelles technologies dans le secteur des biens d'\u00e9quipement de sant\u00e9<\/li>\n\n\n\n
  8. \u00c9volutions technologiques ponctuelles \/ nouvelles r\u00e9glementations en mati\u00e8re de technologie industrielle<\/li>\n<\/ol>\n\n

    Ce ne sont l\u00e0 que quelques exemples parmi tant d'autres. beurk<\/em> Nous l'avons constat\u00e9. Bien s\u00fbr, certaines des m\u00e9thodes mentionn\u00e9es ci-dessus se sont av\u00e9r\u00e9es reproductibles dans certains cas. Sachant que la diff\u00e9rence entre une croissance reproductible et une croissance non reproductible peut \u00eatre d\u00e9terminante, nous avons longuement r\u00e9fl\u00e9chi aux indices qui permettent de d\u00e9terminer si une tactique est reproductible.<\/p>\n\n

    Les tactiques r\u00e9p\u00e9tables ont tendance \u00e0 partager les caract\u00e9ristiques suivantes\u00a0:<\/strong><\/em><\/p>\n\n

      \n
    1. ont fait leurs preuves aupr\u00e8s d'un petit nombre de clients, mais n'ont pas influenc\u00e9 l'ensemble de la client\u00e8le\u00a0; et<\/strong><\/em><\/li>\n\n\n\n
    2. s'aligner sur un domaine dans lequel l'entreprise cible poss\u00e8de des atouts manifestes ; et<\/strong><\/em><\/li>\n\n\n\n
    3. augmentation des chances de succ\u00e8s \u00e0 chaque tentative.<\/strong><\/em><\/li>\n<\/ol>\n\n

      La plupart des contrats comportent des \u00e9l\u00e9ments beurk <\/em>La question est de savoir combien et quelle est leur ampleur. C'est un point crucial qui distingue l'audit commercial de l'audit financier. Ce dernier permet de v\u00e9rifier si la direction a mis en \u0153uvre ses plans \u00e0 ce jour, mais seul l'audit commercial vise \u00e0 analyser quels \u00e9l\u00e9ments des performances pass\u00e9es peuvent pr\u00e9dire l'avenir.<\/p>\n\n

      La question fondamentale qui permet de d\u00e9terminer si une performance pass\u00e9e est reproductible est la suivante\u00a0:<\/strong><\/em><\/p>\n\n

      Les motivations qui ont permis \u00e0 ce stimulant de croissance de conna\u00eetre un tel succ\u00e8s existent-elles jusqu'\u00e0 pr\u00e9sent chez d'autres clients non cibl\u00e9s\u2026 et l'entreprise peut-elle gagner le \u201c droit \u201d de s'int\u00e9resser \u00e0 ces motivations\u00a0?<\/strong><\/em><\/p>\n\n

      Vous pouvez utiliser le diagnostic rapide des tactiques r\u00e9p\u00e9titives ci-dessus comme v\u00e9rification initiale, et si vous pensez avoir rep\u00e9r\u00e9 un Pouah<\/em>, alors il est temps de retrousser ses manches et de se plonger dans l'\u00e9tude de la question fondamentale.<\/p>\n\n

      Lorsque nous constatons une op\u00e9ration ayant r\u00e9cemment connu une forte croissance, nous recherchons beurk<\/em>. Pour chaque potentiel Pouah<\/em>, Nous \u00e9tudions sa reproductibilit\u00e9. L'avantage est que cette \u00e9tude r\u00e9v\u00e8le parfois des pistes d'am\u00e9lioration pour un programme, permettant ainsi d'optimiser sa reproductibilit\u00e9 et d'en faire un atout pr\u00e9cieux pour la cr\u00e9ation de valeur et la conclusion de la vente.<\/p>","protected":false},"excerpt":{"rendered":"

      Au fil des ans, j'ai entendu de nombreux professionnels des fusions-acquisitions affirmer\u00a0: \u201c\u00a0Nous ne finan\u00e7ons pas les espoirs et les r\u00eaves\u00a0\u201d, sous-entendant par l\u00e0 les nouvelles tactiques propos\u00e9es, mais non test\u00e9es, par la direction (et ses banquiers). Quoi\u2026<\/p>","protected":false},"author":[82],"featured_media":0,"template":"","meta":{"featured_image_background_position":"","promoted":false,"promoted-priority":0,"footnotes":""},"sector":[],"topic":[83,92,90,50,89],"audience":[],"insight-category":[145],"class_list":["post-512","insight","type-insight","status-publish","hentry","topic-customer-loyalty","topic-customer-use-cases","topic-drivers-strengths-of-demand","topic-growth-rates","topic-market-conditions","insight-category-drivers-of-choice","author-jeff-merkle"],"yoast_head":"\n014: Discovering Repeatable Growth in your Diligence - 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\/fr\/insights\/discovering-repeatable-growth-in-your-diligence\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"014: Discovering Repeatable Growth in your Diligence - Matters Graph\" \/>\n<meta property=\"og:description\" content=\"Over the years, I have heard multiple M&A professionals say \u201cwe don\u2019t underwrite hopes and dreams,\u201d by which they mean new tactics proposed, but not tested, by Management (and their bankers). 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