{"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\/fr\/insights\/value-gen-transitioning-the-core-business\/","title":{"rendered":"015\u00a0: Cr\u00e9ation de valeur\u00a0: Transition du c\u0153ur de m\u00e9tier"},"content":{"rendered":"

En qu\u00eate de valorisations plus \u00e9lev\u00e9es, les investisseurs et leurs conseillers exercent une pression croissante sur les entreprises pour qu'elles fassent \u00e9voluer leur activit\u00e9 principale afin de correspondre \u00e0 des \u201c th\u00e9matiques \u201d permettant d'obtenir des valorisations plus importantes.<\/p>\n\n

Par exemple, des entreprises que l'on pourrait qualifier \u00e0 juste titre de services professionnels avec seulement un indice <\/em>Une entreprise dont le c\u0153ur de m\u00e9tier repose sur une technologie sp\u00e9cifique \u2013 comme une agence d'int\u00e9rim disposant d'une base de donn\u00e9es propri\u00e9taire \u2013 peut se transformer en \u201c services aux entreprises s'appuyant sur la technologie \u201d. Une telle transition peut s'av\u00e9rer extr\u00eamement pr\u00e9cieuse si elle est men\u00e9e \u00e0 bien. La question qui se pose aux acqu\u00e9reurs potentiels est la suivante\u00a0: comment identifier une entreprise en pleine transition de son activit\u00e9 principale\u00a0?.<\/p><\/div>\n\n

\n\n

Nous commen\u00e7ons par d\u00e9finir trois types d'entreprises diff\u00e9rents.<\/span><\/h2>\n\n
    \n
  • Activit\u00e9s principales <\/strong>impliquent trois facteurs :
      \n
    1. C\u2019est ce que les clients, les distributeurs ou autres partenaires vous diront que l\u2019entreprise \u201c repr\u00e9sente \u201d.\u201d<\/li>\n\n\n\n
    2. Il s'agit presque toujours du domaine d'activit\u00e9 qui g\u00e9n\u00e8re le profit cumul\u00e9 par client le plus \u00e9lev\u00e9 (d\u00e9fini comme la valeur vie client moins le co\u00fbt d'acquisition client).<\/li>\n<\/ol><\/li>\n<\/ul>\n\n
        \n
      • Activit\u00e9s non essentielles <\/strong>ne pourront jamais se d\u00e9velopper par rapport \u00e0 l'activit\u00e9 principale, soit parce qu'elles en d\u00e9pendent, soit parce qu'elles sont autrement limit\u00e9es dans leur croissance.<\/li>\n\n\n\n
      • Nouvelles entreprises potentielles de base <\/strong>Ils n'ont peut-\u00eatre pas encore atteint la taille n\u00e9cessaire pour rivaliser avec l'activit\u00e9 principale, mais il n'y a aucune bonne raison pour qu'ils ne le puissent pas.<\/li>\n<\/ul>\n\n

        Bien entendu, les entreprises peuvent se d\u00e9velopper et avoir plusieurs activit\u00e9s principales, donc toutes les discussions n'impliquent pas de transitions ; nous nous concentrons sur les cas o\u00f9 l'\u201c ancienne activit\u00e9 principale \u201d est v\u00e9ritablement devenue obsol\u00e8te et o\u00f9 l'\u00e9quipe de direction actuelle cherche \u00e0 effectuer une transition vers une nouvelle activit\u00e9 principale.<\/p>\n\n

        Les transitions r\u00e9ussies du c\u0153ur de m\u00e9tier vers une nouvelle strat\u00e9gie \u2013 comme celle d'IBM vers une offre de services professionnels \u2013 n\u00e9cessitent souvent des ann\u00e9es d'efforts. Les entreprises qui court-circuitent ce processus en paient g\u00e9n\u00e9ralement le prix. Prenons l'exemple de la d\u00e9cision de Netflix de s\u00e9parer son service de location par correspondance de son activit\u00e9 de streaming, alors en plein essor, en 2012. Si le PDG, Reed Hastings, \u00e9tait convaincu que le c\u0153ur de m\u00e9tier pouvait \u00eatre transform\u00e9 du jour au lendemain, de nombreux clients croyaient encore que\u2026 Netflix = DVD <\/em><\/strong>Leur r\u00e9volte a contraint Netflix \u00e0 suspendre le processus de scission. Celle-ci s'est achev\u00e9e des ann\u00e9es plus tard (avec la cr\u00e9ation de dvd.netflix.com), mais l'activit\u00e9 principale a d'abord d\u00fb \u00eatre progressivement remplac\u00e9e par la nouvelle.<\/p>\n\n

        Lorsque nous conseillons des investisseurs potentiels, nous posons deux questions.<\/span><\/h2>\n\n
          \n
        1. S'agit-il d'une nouvelle activit\u00e9 principale attrayante\u00a0?<\/strong><\/strong>
          Voici cinq d\u00e9terminants de la valeur fondamentale de l'entreprise (tels que pr\u00e9sent\u00e9s dans notre bo\u00eete \u00e0 outils Diligence Matters\u00ae 2018)\u00a0:<\/em>
            \n
          • Quelle importance accorde cette entreprise aux probl\u00e8mes qu'elle r\u00e9sout ?<\/li>\n\n\n\n
          • Qu\u2019est-ce qui donne \u00e0 l\u2019entreprise l\u2019autorit\u00e9 n\u00e9cessaire pour r\u00e9soudre le probl\u00e8me avec succ\u00e8s\u00a0?<\/li>\n\n\n\n
          • Existe-t-il un \u00e9l\u00e9ment qui menace le probl\u00e8me\u00a0?<\/li>\n\n\n\n
          • Existe-t-il quelque chose qui menace la solution ?<\/li>\n\n\n\n
          • Existe-t-il quelque chose qui menace l'\u00e9conomie ?<\/li>\n<\/ul><\/li>\n<\/ol>\n\n
              \n
            • <\/li>\n<\/ul>\n\n
                \n
              1. \u00c0 quelle vitesse l'entreprise peut-elle effectuer la transition vers son nouveau c\u0153ur de m\u00e9tier ?<\/strong>
                Plusieurs facteurs peuvent acc\u00e9l\u00e9rer la transition d'une entreprise\u00a0:<\/em>
                  \n
                • Forte demande et faibles obstacles \u00e0 l'adoption pour cette nouvelle activit\u00e9 qui r\u00e9pond \u00e0 un d\u00e9fi important<\/li>\n\n\n\n
                • Le nouveau c\u0153ur de m\u00e9tier b\u00e9n\u00e9ficiant d'une faible concurrence ou d'une forte diff\u00e9renciation sur son segment de march\u00e9<\/li>\n\n\n\n
                • Fort chevauchement des segments de client\u00e8le entre les offres<\/li>\n\n\n\n
                • Le nouveau produit phare pr\u00e9sente une forte capacit\u00e9 \u00e0 \u00eatre commercialis\u00e9 dans les m\u00eames situations que l'ancien et, par cons\u00e9quent, \u00e0 le remplacer \u00e0 terme \u2013 par exemple, lorsque les clients ou les distributeurs l'int\u00e8grent au m\u00eame ensemble de crit\u00e8res ou au m\u00eame budget.<\/li>\n\n\n\n
                • Des plans de transition bien con\u00e7us et ambitieux pour le noyau ancien<\/li>\n<\/ul><\/li>\n<\/ol>\n\n

                  Lors de l'\u00e9valuation d'une entreprise en transition, nous nous attachons syst\u00e9matiquement \u00e0 d\u00e9finir pr\u00e9cis\u00e9ment son c\u0153ur de m\u00e9tier actuel et le nouveau c\u0153ur de m\u00e9tier vis\u00e9. Nous nous demandons\u00a0: l'entreprise est-elle pr\u00eate \u00e0 op\u00e9rer cette transition rapidement\u00a0? Et un nouveau propri\u00e9taire et une nouvelle \u00e9quipe de direction peuvent-ils acc\u00e9l\u00e9rer ce processus dans le cadre du plan de cr\u00e9ation de valeur\u00a0?<\/p>","protected":false},"excerpt":{"rendered":"

                  En qu\u00eate de valorisations plus \u00e9lev\u00e9es, les investisseurs et leurs conseillers incitent de plus en plus les entreprises \u00e0 r\u00e9orienter leur activit\u00e9 principale vers des \u201c\u00a0th\u00e8mes\u00a0\u201d permettant d\u2019obtenir des valorisations sup\u00e9rieures. Par exemple, les entreprises qui\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\/fr\/insights\/value-gen-transitioning-the-core-business\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\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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