Earnout-Klauseln bei Asset Deals: Eine betriebswirtschaftliche Analyse unter bilanziellen und steuerlichen Aspekten

Bachmann,, Baumann, and Schuler,

Die Unternehmung - Swiss Journal of Business Research and Practice, 2016, vol. 70, issue 2, 77-97

Abstract: We analyze the effects of taxes and depreciation on Earn¬out payments as part of an asset deal. It can be shown that Earn¬out payments depending on financial targets influence the subsequent acquisition costs which themselves might affect future Earn¬outs. This circulation problem biases the buyer’s free cash flow and the effective costs of an Earn¬out which can vary significantly from the nominal purchase price.

Date: 2016
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DOI: 10.5771/0042-059X-2016-2-77

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Die Unternehmung - Swiss Journal of Business Research and Practice is currently edited by Prof. Dr. Artur Baldauf, Universität Bern, Prof. Dr. Manfred Bruhn, Universität Basel, Prof. Dr. Pascal Gantenbein, Universität Basel (geschäftsführend), Prof. Dr. Markus Gmür, Universität Fribourg, Prof. Dr. Klaus Möller, Universität St. Gallen, Prof. Dr. Günter Müller-Stewens, Universität St. Gallen, Prof. Dr. Dr. h.c. Margit Osterloh, Universität Zürich, Prof. Dr. Dieter Pfaff, Universität Zürich and Prof. Dr. Martin Wallmeier, Universität Fribourg

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