{"id":4691,"date":"2022-05-25T09:33:20","date_gmt":"2022-05-25T07:33:20","guid":{"rendered":"https:\/\/www.objectif-cash.com\/?p=4691"},"modified":"2022-05-25T09:33:20","modified_gmt":"2022-05-25T07:33:20","slug":"ma-et-missions-de-management-de-transition-lien-de-causalite-ou-de-correlation","status":"publish","type":"post","link":"https:\/\/objectif-cash.com\/en\/finance-gestion\/ma-et-missions-de-management-de-transition-lien-de-causalite-ou-de-correlation\/","title":{"rendered":"M&#038;A et missions de management de transition : lien de causalit\u00e9 ou de corr\u00e9lation ?"},"content":{"rendered":"<p>Depuis quelques ann\u00e9es nous assistons \u00e0 la \u00ab\u00a0fermeture\u00a0\u00bb du monde.<\/p>\n<p>Le ralentissement de la croissance des \u00e9changes internationaux (commerce mondial et investissements transnationaux) avait d\u00e9marr\u00e9 avec l\u2019\u00e9lection de Donald Trump, le Brexit\u2026Certains disent que le ver \u00e9tait dans le fruit d\u00e8s la crise de 2008-2010.<\/p>\n<p>Les deux chocs que nous venons de vivre<\/p>\n<ul>\n<li>Covid\u00a0: d\u00e9cisions de confinement, de fermeture des fronti\u00e8res, etc.<\/li>\n<li>Russie\u00a0: d\u00e9cision d\u2019envahir l\u2019Ukraine avec les cons\u00e9quences que l\u2019on commence \u00e0 ressentir<\/li>\n<\/ul>\n<p>Ont accentu\u00e9 le ph\u00e9nom\u00e8ne en cr\u00e9ant partout des goulots d\u2019\u00e9tranglement et en obligeant la plupart des entreprises, a minima, \u00e0 r\u00e9organiser leurs cha\u00eenes logistiques quand il ne s\u2019agit pas carr\u00e9ment de r\u00e9organiser leurs cha\u00eenes de valeur (p\u00e9rim\u00e8tres d\u2019activit\u00e9s g\u00e9r\u00e9s, sourcing en capital, etc.). Cr\u00e9ant ainsi beaucoup de stress et d\u2019incertitudes\u2026<\/p>\n<p><strong>Et si les acteurs du M&A peuvent int\u00e9grer les risques d\u2019inflation dans leurs mod\u00e8les\u2026C\u2019est plus compliqu\u00e9 pour eux de vivre avec de l\u2019incertitude et son corolaire, la volatilit\u00e9\u2026<\/strong><\/p>\n<p>A cela s\u2019ajoute les difficult\u00e9s \u00e0 trouver des financements sur les gros deals \u2026<\/p>\n<p>Cons\u00e9quence de tout ce qui pr\u00e9c\u00e8de, des acteurs bien inform\u00e9s (les vendeurs de soft pour les data room) anticipent pour 2022 une baisse d\u2019activit\u00e9 dans le M&A de<\/p>\n<ul>\n<li>&#8211; 25 % aux USA<\/li>\n<li>-20 % en Grande Bretagne<\/li>\n<li>&#8211; 15 % en France<\/li>\n<\/ul>\n<p><strong>Faut-il pour autant paniquer\u00a0? <\/strong><\/p>\n<p>Non pas vraiment\u00a0!<\/p>\n<p>1\/ Les m\u00eames qui nous annoncent des baisses d\u2019activit\u00e9 sur les gros deals restent confiants sur le small et mid cap (les acteurs du Private Equity en France sont tr\u00e8s actifs en France).<\/p>\n<p>2\/ Tout ce qui touche de pr\u00e8s ou de loin \u00e0 des acteurs de la transition \u00e9nerg\u00e9tique\u00a0\u00ab\u00a0ne touche plus terre\u00a0\u00bb en termes de valorisation<\/p>\n<p>3\/ Si certains gros deals sont compliqu\u00e9s \u00e0 sortir pour cause notamment de difficult\u00e9s \u00e0 trouver les financements, l\u2019app\u00e9tit des investisseurs n\u2019est jamais rassasi\u00e9 en ce qui concerne les \u00ab\u00a0carve out\u00a0\u00bb\u00a0; des deals plus difficiles \u00e0 r\u00e9aliser mais encore tr\u00e8s prometteurs en termes de cr\u00e9ation de valeur<\/p>\n<p>4\/ Tous les deals (les gros comme les petits) sont plus \u00e9nergivores. Un avocat sp\u00e9cialis\u00e9 dans le M&A expliquait r\u00e9cemment qu\u2019entre Avril 2021 et Avril 2022 (*) le temps qui s\u2019\u00e9coule entre le d\u00e9but des due diligences et le closing est pass\u00e9 de 5,8 mois \u00e0 8,2 mois (+ 40 % environ) \u2026notamment \u00e0 cause de plus d\u2019analyses \u00e0 consacrer aux sujets d\u2019antitrust, d\u2019ESG, de transformation digitale, de cybers\u00e9curit\u00e9, de compliance, de RGPD, etc.<\/p>\n<p>Avec une telle augmentation du temps pass\u00e9 \u00e0 finaliser les deals, certains pensent qu\u2019on touche les limites en termes de ressources (internes et aussi conseils externes). Avant on faisait deux deals par an \u2026aujourd\u2019hui un seul\u2026 Si dans les Grands Groupes on dispose d\u2019\u00e9quipes d\u00e9di\u00e9es (Ex\u00a0: le Groupe Saint Gobain a r\u00e9alis\u00e9 en 2021 37 acquisitions et 20 cessions) quid des ETI\u00a0?<\/p>\n<p>5\/ Une baisse de 15 \u00e0 20 % des op\u00e9rations (en nombre et en montants) par rapport \u00e0 2021 nous fait revenir aux niveaux de 2018 ou 2019\u2026Pour m\u00e9moire 2021 a \u00e9t\u00e9 une ann\u00e9e record pour beaucoup d\u2019acteurs \u2026Avec tous les chocs que nous vivons depuis deux ans revenir aux niveaux d\u2019avant crise COVID\/UKRAINE c\u2019est d\u00e9j\u00e0 une performance en soi \u2026On sort de l\u2019euphorie de 2021 mais 2018 \/ 2019 \u00e9taient quand m\u00eame de tr\u00e8s bonnes ann\u00e9es \u2026<\/p>\n<p><strong>Pourquoi les managers de transition doivent rester confiants\u00a0en termes de nombre de missions dans des contextes M&A ? <\/strong><\/p>\n<p>1\/ Nous vivons une p\u00e9riode de recomposition.<\/p>\n<p>Reconfigurations des achats et de la supply chain<\/p>\n<p>Transformations technologiques<\/p>\n<p>Transformations ESG<\/p>\n<p>Beaucoup de sujets doivent \u00eatre revisit\u00e9s et ceci \u00e0 vitesse grand V<\/p>\n<p>Les entreprises et les cabinets de conseil manquent de ressources \u2026<\/p>\n<p>2\/ Pour gommer l\u2019incertitude, on voit r\u00e9appara\u00eetre dans les deals un bon niveau de dispositifs d\u2019Earn Out \u2026<\/p>\n<p>Ce qui n\u00e9cessite des analyses plus fines en termes de mesure et de suivi de la performance op\u00e9rationnelle et financi\u00e8re\u2026<\/p>\n<p>3\/ Pour gommer les effets de l\u2019inflation, les groupes regardent de plus en plus le \u00ab\u00a0Princing Power\u00a0\u00bb de la cible \u2026 sa capacit\u00e9 \u00e0 maintenir sa profitabilit\u00e9 en p\u00e9riode d\u2019inflation \u2026A l\u2019\u00e9chelle d\u2019un groupe qui regarde 10, 15 ou 20 dossiers par an pour en finaliser 5 ou 6 cela fait \u00e9norm\u00e9ment de travail de d\u00e9tails\u2026<\/p>\n<p><strong>Pourquoi les managers de transition doivent rester confiants en termes de nombre de missions quoi qu\u2019il arrive ? <\/strong><\/p>\n<p>Beaucoup de groupes en ont soup\u00e9 du \u00ab\u00a0tout M&A\u00a0\u00bb\u2026Le M&A est un outil parmi d\u2019autres dans la bo\u00eete \u00e0 outils des CEO et des CFO pour cr\u00e9er de la valeur\u2026Pas la panac\u00e9e universelle. Beaucoup de groupes se remettent \u00e0 passer plus de temps sur la croissance organique\u2026Si la valorisation d\u00e9pend moins des multiples, c\u2019est le moment de travailler l\u2019augmentation du chiffre d\u2019affaires et de l\u2019Ebitda\u2026 de regarder dans les d\u00e9tails comment gagner des affaires, comment s\u2019organiser mieux pour contenir les co\u00fbts de structure, comment atteindre les objectifs de synergies annonc\u00e9s sur les acquisitions d\u00e9j\u00e0 r\u00e9alis\u00e9es (sous-entendu c\u2019est plus facile d\u2019\u00e9liminer les doublons \/ de virer des gens que de faire travailler ensemble ceux qui restent, de faire qu\u2019ensemble ils soient performants \u2026)<\/p>\n<p><strong>Donc en r\u00e9sum\u00e9 \u2026Confiance\u00a0! <\/strong><\/p>\n<p>Confiance en nos capacit\u00e9s et en notre savoir-faire \u2026 Confiance en notre exp\u00e9rience \u2026<\/p>\n<p>Confiance que les besoins de renforts ponctuels sous forme de management de transition sont l\u00e0\u2026<\/p>\n<p>L\u2019\u00e9quipe Objectif CASH<\/p>\n<p>(*) sur un panel de 300 deals r\u00e9alis\u00e9s par an par son cabinet en Europe<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Depuis quelques ann\u00e9es nous assistons \u00e0 la \u00ab\u00a0fermeture\u00a0\u00bb du monde. Le ralentissement de la croissance des \u00e9changes internationaux (commerce mondial et investissements transnationaux) avait d\u00e9marr\u00e9 avec l\u2019\u00e9lection de Donald Trump, le Brexit\u2026Certains disent que le ver \u00e9tait dans le fruit d\u00e8s la crise de 2008-2010. Les deux chocs que nous venons de vivre Covid\u00a0: d\u00e9cisions [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":3549,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[],"class_list":["post-4691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-gestion"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>M&amp;A et missions de management de transition : lien de causalit\u00e9 ou de corr\u00e9lation ? - Objectif CASH<\/title>\n<meta name=\"description\" content=\"D\u00e9couvrez notre article M&amp;A et missions de management de transition : lien de causalit\u00e9 ou de corr\u00e9lation ? - Objectif CASH\" \/>\n<link rel=\"canonical\" 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