{"id":61576,"date":"2023-12-08T20:25:38","date_gmt":"2023-12-08T11:25:38","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61576"},"modified":"2024-03-29T11:16:56","modified_gmt":"2024-03-29T02:16:56","slug":"ma-merit-demerit-procedure","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure","title":{"rendered":"Vysv\u011btlen\u00ed postup\u016f, v\u00fdhod a nev\u00fdhod M&amp;A pou\u017e\u00edvan\u00fdch p\u0159i prodeji spole\u010dnosti"},"content":{"rendered":"\n<p>Tradi\u010dn\u00edm zp\u016fsobem n\u00e1vratnosti investic (obecn\u011b naz\u00fdvan\u00fdm EXIT) ve startupov\u00fdch spole\u010dnostech byla ve\u0159ejn\u00e1 nab\u00eddka akci\u00ed (IPO).<\/p>\n\n\n\n<p>Av\u0161ak v posledn\u00ed dob\u011b se zvy\u0161uje po\u010det mana\u017eer\u016f, kte\u0159\u00ed nepova\u017euj\u00ed ve\u0159ejnou nab\u00eddku akci\u00ed za sv\u016fj c\u00edl a rad\u011bji prod\u00e1vaj\u00ed svou spole\u010dnost prost\u0159ednictv\u00edm f\u00faz\u00ed a akvizic (M&amp;A) z\u016fst\u00e1vaj\u00edce nelistovan\u00ed.<\/p>\n\n\n\n<p>Proto podrobn\u011b vysv\u011btl\u00edme v\u00fdhody a nev\u00fdhody f\u00faz\u00ed a akvizic, postup f\u00faz\u00ed a akvizic a postupy, kter\u00e9 by m\u011bli mana\u017eerov\u00e9, kte\u0159\u00ed uva\u017euj\u00ed o prodeji sv\u00e9 spole\u010dnosti, sv\u011b\u0159it pr\u00e1vn\u00edk\u016fm.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Co_je_prodej_spolecnosti_prostrednictvim_M_A\" title=\"Co je prodej spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A\">Co je prodej spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Vyhody_a_nevyhody_prodeje_spolecnosti_prostrednictvim_M_A\" title=\"V\u00fdhody a nev\u00fdhody prodeje spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A\">V\u00fdhody a nev\u00fdhody prodeje spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Vyhody_vyuziti_M_A\" title=\"V\u00fdhody vyu\u017eit\u00ed M&amp;A\">V\u00fdhody vyu\u017eit\u00ed M&amp;A<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Rychlejsi_navrat_investic_nez_u_verejne_nabidky_akcii_IPO\" title=\"Rychlej\u0161\u00ed n\u00e1vrat investic ne\u017e u ve\u0159ejn\u00e9 nab\u00eddky akci\u00ed (IPO)\">Rychlej\u0161\u00ed n\u00e1vrat investic ne\u017e u ve\u0159ejn\u00e9 nab\u00eddky akci\u00ed (IPO)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Zakladatele_mohou_prejit_k_jinym_podnikatelskym_aktivitam\" title=\"Zakladatel\u00e9 mohou p\u0159ej\u00edt k jin\u00fdm podnikatelsk\u00fdm aktivit\u00e1m\">Zakladatel\u00e9 mohou p\u0159ej\u00edt k jin\u00fdm podnikatelsk\u00fdm aktivit\u00e1m<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Nevyhody_vyuziti_M_A\" title=\"Nev\u00fdhody vyu\u017eit\u00ed M&amp;A\">Nev\u00fdhody vyu\u017eit\u00ed M&amp;A<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Riziko_ze_zakladatele_ztrati_kontrolu_nad_spolecnosti\" title=\"Riziko, \u017ee zakladatel\u00e9 ztrat\u00ed kontrolu nad spole\u010dnost\u00ed\">Riziko, \u017ee zakladatel\u00e9 ztrat\u00ed kontrolu nad spole\u010dnost\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Hodnota_spolecnosti_muze_byt_nizsi\" title=\"Hodnota spole\u010dnosti m\u016f\u017ee b\u00fdt ni\u017e\u0161\u00ed\">Hodnota spole\u010dnosti m\u016f\u017ee b\u00fdt ni\u017e\u0161\u00ed<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Postup_pri_prodeji_spolecnosti_prostrednictvim_M_A\" title=\"Postup p\u0159i prodeji spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A\">Postup p\u0159i prodeji spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Smlouvy_a_postupy_potrebne_pri_M_A\" title=\"Smlouvy a postupy pot\u0159ebn\u00e9 p\u0159i M&amp;A\">Smlouvy a postupy pot\u0159ebn\u00e9 p\u0159i M&amp;A<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Uzavreni_dohody_o_zachovani_duvernosti\" title=\"Uzav\u0159en\u00ed dohody o zachov\u00e1n\u00ed d\u016fv\u011brnosti\">Uzav\u0159en\u00ed dohody o zachov\u00e1n\u00ed d\u016fv\u011brnosti<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Uzavreni_zakladni_dohody\" title=\"Uzav\u0159en\u00ed z\u00e1kladn\u00ed dohody\">Uzav\u0159en\u00ed z\u00e1kladn\u00ed dohody<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Due_diligence_a_uzavreni_konecne_smlouvy\" title=\"Due diligence a uzav\u0159en\u00ed kone\u010dn\u00e9 smlouvy\">Due diligence a uzav\u0159en\u00ed kone\u010dn\u00e9 smlouvy<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Proc_je_pravnik_potrebny_pri_M_A\" title=\"Pro\u010d je pr\u00e1vn\u00edk pot\u0159ebn\u00fd p\u0159i M&amp;A\">Pro\u010d je pr\u00e1vn\u00edk pot\u0159ebn\u00fd p\u0159i M&amp;A<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Jednani_a_uzavreni_smlouvy\" title=\"Jedn\u00e1n\u00ed a uzav\u0159en\u00ed smlouvy\">Jedn\u00e1n\u00ed a uzav\u0159en\u00ed smlouvy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Pravni_due_diligence\" title=\"Pr\u00e1vn\u00ed due diligence\">Pr\u00e1vn\u00ed due diligence<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/ma-merit-demerit-procedure\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_prodej_spolecnosti_prostrednictvim_M_A\"><\/span>Co je prodej spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>M&amp;A je zkratka pro Mergers and Acquisitions, co\u017e v p\u0159ekladu znamen\u00e1 &#8220;slou\u010den\u00ed a akvizice&#8221;. Jin\u00fdmi slovy, M&amp;A se vztahuje na slou\u010den\u00ed a akvizice spole\u010dnost\u00ed.<\/p>\n\n\n\n<p>Mezi metody M&amp;A pat\u0159\u00ed, krom\u011b jin\u00fdch, slou\u010den\u00ed podle z\u00e1kona o obchodn\u00edch spole\u010dnostech, kter\u00e9 je jedn\u00edm z opat\u0159en\u00ed pro restrukturalizaci organizace, p\u0159evod akci\u00ed nebo p\u0159evod podnik\u00e1n\u00ed.<\/p>\n\n\n\n<p>Postup slou\u010den\u00ed podle z\u00e1kona o obchodn\u00edch spole\u010dnostech je p\u0159\u00edsn\u011b regulov\u00e1n, nap\u0159\u00edklad postupy na ochranu v\u011b\u0159itel\u016f. Z tohoto d\u016fvodu ho \u010dasto vyu\u017e\u00edvaj\u00ed velk\u00e9 spole\u010dnosti s mnoha v\u011b\u0159iteli.<\/p>\n\n\n\n<p>Na druhou stranu, p\u0159i prodeji spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A startupy \u010dasto vyu\u017e\u00edvaj\u00ed p\u0159evod akci\u00ed nebo p\u0159evod podnik\u00e1n\u00ed. O M&amp;A prost\u0159ednictv\u00edm p\u0159evodu akci\u00ed se podrobn\u011bji do\u010dtete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/share-transfer-ma\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/share-transfer-ma[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyhody_a_nevyhody_prodeje_spolecnosti_prostrednictvim_M_A\"><\/span>V\u00fdhody a nev\u00fdhody prodeje spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/03\/ma-merit-demerit-procedure1.jpg\" alt=\"\" class=\"wp-image-31427\" \/><\/figure>\n\n\n\n<p>Pro startupy se jako prost\u0159edek pro n\u00e1vrat investic jev\u00ed bu\u010f ve\u0159ejn\u00e1 nab\u00eddka akci\u00ed (IPO) nebo M&amp;A. Vysv\u011btl\u00edme v\u00fdhody a nev\u00fdhody M&amp;A ve srovn\u00e1n\u00ed s IPO.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vyhody_vyuziti_M_A\"><\/span>V\u00fdhody vyu\u017eit\u00ed M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Hlavn\u00ed v\u00fdhody prodeje spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A pro startupy jsou n\u00e1sleduj\u00edc\u00ed:<\/p>\n\n\n\n<ul>\n<li>Rychlej\u0161\u00ed n\u00e1vrat investic ne\u017e u ve\u0159ejn\u00e9 nab\u00eddky akci\u00ed (IPO)<\/li>\n\n\n\n<li>Zakladatel\u00e9 mohou p\u0159ej\u00edt k jin\u00fdm podnikatelsk\u00fdm aktivit\u00e1m<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rychlejsi_navrat_investic_nez_u_verejne_nabidky_akcii_IPO\"><\/span>Rychlej\u0161\u00ed n\u00e1vrat investic ne\u017e u ve\u0159ejn\u00e9 nab\u00eddky akci\u00ed (IPO)<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Obecn\u011b plat\u00ed, \u017ee pokud se rozhodnete pro ve\u0159ejnou nab\u00eddku akci\u00ed (IPO), budete pot\u0159ebovat p\u0159\u00edpravn\u00e9 obdob\u00ed v \u0159\u00e1du n\u011bkolika let.<\/p>\n\n\n\n<p>Nav\u00edc n\u00e1klady na najmut\u00ed odborn\u00edk\u016f nebo konzultant\u016f pro IPO a na vytvo\u0159en\u00ed intern\u00edho \u0159\u00edd\u00edc\u00edho syst\u00e9mu jsou velmi vysok\u00e9.<\/p>\n\n\n\n<p>Na druhou stranu, prodej spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A m\u016f\u017ee b\u00fdt uzav\u0159en za p\u016fl roku a\u017e rok, pokud se najde kupuj\u00edc\u00ed spole\u010dnost.<\/p>\n\n\n\n<p>P\u0159i prov\u00e1d\u011bn\u00ed M&amp;A m\u016f\u017ee b\u00fdt nutn\u00e9 po\u017e\u00e1dat o pomoc extern\u00ed odborn\u00edky, ale n\u00e1klady jsou ni\u017e\u0161\u00ed ne\u017e u IPO.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zakladatele_mohou_prejit_k_jinym_podnikatelskym_aktivitam\"><\/span>Zakladatel\u00e9 mohou p\u0159ej\u00edt k jin\u00fdm podnikatelsk\u00fdm aktivit\u00e1m<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/03\/ma-merit-demerit-procedure2.jpg\" alt=\"\" class=\"wp-image-31428\" \/><\/figure>\n\n\n\n<p>Krom\u011b toho, v p\u0159\u00edpad\u011b M&amp;A je mo\u017en\u00e9, aby z\u00e1stupce prod\u00e1vaj\u00edc\u00ed spole\u010dnosti snadno rezignoval sou\u010dasn\u011b s prodejem spole\u010dnosti.<\/p>\n\n\n\n<p>Nen\u00ed neobvykl\u00e9, \u017ee zakladatel\u00e9 startup\u016f, kte\u0159\u00ed objevili novou oblast podnik\u00e1n\u00ed, na kterou se cht\u011bj\u00ed soust\u0159edit, cht\u011bj\u00ed zalo\u017eit nov\u00fd podnik v jin\u00e9 spole\u010dnosti.<\/p>\n\n\n\n<p>Nav\u00edc, pokud je spole\u010dnost, kter\u00e1 nen\u00ed v \u010derven\u00fdch \u010d\u00edslech a m\u00e1 budouc\u00ed potenci\u00e1l, prod\u00e1na prost\u0159ednictv\u00edm M&amp;A p\u0159evodem akci\u00ed, zakladatel\u00e9 dr\u017e\u00edc\u00ed akcie z\u00edskaj\u00ed prodejn\u00ed cenu, kterou mohou investovat do nov\u00e9ho podniku.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nevyhody_vyuziti_M_A\"><\/span>Nev\u00fdhody vyu\u017eit\u00ed M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul>\n<li>Riziko, \u017ee zakladatel\u00e9 ztrat\u00ed kontrolu nad spole\u010dnost\u00ed<\/li>\n\n\n\n<li>Hodnota spole\u010dnosti m\u016f\u017ee b\u00fdt ni\u017e\u0161\u00ed ne\u017e u ve\u0159ejn\u00e9 nab\u00eddky akci\u00ed (IPO)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Riziko_ze_zakladatele_ztrati_kontrolu_nad_spolecnosti\"><\/span>Riziko, \u017ee zakladatel\u00e9 ztrat\u00ed kontrolu nad spole\u010dnost\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Pokud zakladatel\u00e9 cht\u011bj\u00ed rezignovat sou\u010dasn\u011b s prodejem spole\u010dnosti, nen\u00ed probl\u00e9m, ale pokud cht\u011bj\u00ed z\u016fstat ve spole\u010dnosti jako \u0159editel\u00e9, M&amp;A p\u0159edstavuje riziko.<\/p>\n\n\n\n<p>Pokud provedete M&amp;A p\u0159evodem akci\u00ed a p\u0159evedete v\u0161echna pr\u00e1va na \u0159\u00edzen\u00ed spole\u010dnosti na kupuj\u00edc\u00ed spole\u010dnost, volba a odvol\u00e1n\u00ed \u0159editel\u016f prod\u00e1vaj\u00edc\u00ed spole\u010dnosti m\u016f\u017ee b\u00fdt provedena na z\u00e1klad\u011b rozhodnut\u00ed kupuj\u00edc\u00ed spole\u010dnosti. Proto neexistuje \u017e\u00e1dn\u00e1 z\u00e1ruka, \u017ee zakladatel\u00e9 a dal\u0161\u00ed budou moci z\u016fstat ve spole\u010dnosti po prodeji.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hodnota_spolecnosti_muze_byt_nizsi\"><\/span>Hodnota spole\u010dnosti m\u016f\u017ee b\u00fdt ni\u017e\u0161\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/03\/ma-merit-demerit-procedure3.jpg\" alt=\"\" class=\"wp-image-31429\" \/><\/figure>\n\n\n\n<p>Nav\u00edc, v p\u0159\u00edpad\u011b prodeje spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A je kupn\u00ed cena stanovena na z\u00e1klad\u011b vyjedn\u00e1v\u00e1n\u00ed mezi kupuj\u00edc\u00ed a prod\u00e1vaj\u00edc\u00ed spole\u010dnost\u00ed.<\/p>\n\n\n\n<p>Pokud kupuj\u00edc\u00ed spole\u010dnost vysoce hodnot\u00ed budouc\u00ed potenci\u00e1l prod\u00e1vaj\u00edc\u00ed spole\u010dnosti nebo o\u010dek\u00e1v\u00e1 synergetick\u00e9 efekty, m\u016f\u017ee b\u00fdt hodnota spole\u010dnosti vy\u0161\u0161\u00ed ne\u017e u IPO.<\/p>\n\n\n\n<p>Na druhou stranu, je samoz\u0159ejm\u011b mo\u017en\u00e9, \u017ee budete vydra\u017eeni za ni\u017e\u0161\u00ed cenu ne\u017e u IPO. Proto, pokud zva\u017eujete prodej spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A, m\u011bli byste p\u0159edem stanovit krit\u00e9ria, za jak\u00fdch podm\u00ednek m\u00e1 prodej spole\u010dnosti ekonomickou logiku.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Postup_pri_prodeji_spolecnosti_prostrednictvim_M_A\"><\/span>Postup p\u0159i prodeji spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Vysv\u011btl\u00edme postup p\u0159i prodeji spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A a roli pr\u00e1vn\u00edka v tomto procesu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Smlouvy_a_postupy_potrebne_pri_M_A\"><\/span>Smlouvy a postupy pot\u0159ebn\u00e9 p\u0159i M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>P\u0159i prodeji spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A se postupuje n\u00e1sledovn\u011b:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Uzavreni_dohody_o_zachovani_duvernosti\"><\/span>Uzav\u0159en\u00ed dohody o zachov\u00e1n\u00ed d\u016fv\u011brnosti<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Jakmile jsou ur\u010deni prod\u00e1vaj\u00edc\u00ed a potenci\u00e1ln\u00ed kupuj\u00edc\u00ed a za\u010dne se konkr\u00e9tn\u011b zva\u017eovat M&amp;A, nejprve se mezi ob\u011bma spole\u010dnostmi uzav\u0159e dohoda o zachov\u00e1n\u00ed d\u016fv\u011brnosti.<\/p>\n\n\n\n<p>Skute\u010dnost, \u017ee se zva\u017euje M&amp;A, je vysoce d\u016fv\u011brn\u00e1 informace pro ob\u011b spole\u010dnosti. Do doby, ne\u017e je dosa\u017eeno kone\u010dn\u00e9 dohody o prodeji spole\u010dnosti, je obvykl\u00e9, \u017ee o pokroku v M&amp;A jsou informov\u00e1ni pouze veden\u00ed a n\u011bkte\u0159\u00ed odpov\u011bdn\u00ed zam\u011bstnanci, zat\u00edmco ostatn\u00ed zam\u011bstnanci jsou dr\u017eeni v tajnosti.<\/p>\n\n\n\n<p>Zvl\u00e1\u0161t\u011b pokud je prod\u00e1vaj\u00edc\u00ed nebo kupuj\u00edc\u00ed ve\u0159ejn\u011b obchodovan\u00e1 spole\u010dnost, st\u00e1v\u00e1 se to intern\u00ed informac\u00ed, tak\u017ee je naprosto nezbytn\u00e9 zabr\u00e1nit \u00faniku informac\u00ed.<\/p>\n\n\n\n<p>A\u017e po uzav\u0159en\u00ed dohody o zachov\u00e1n\u00ed d\u016fv\u011brnosti se prod\u00e1vaj\u00edc\u00ed a kupuj\u00edc\u00ed spole\u010dnost dozv\u00ed jm\u00e9na druh\u00e9 strany.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Uzavreni_zakladni_dohody\"><\/span>Uzav\u0159en\u00ed z\u00e1kladn\u00ed dohody<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Jakmile kupuj\u00edc\u00ed spole\u010dnost form\u00e1ln\u011b rozhodne o proveden\u00ed M&amp;A, vyd\u00e1 prod\u00e1vaj\u00edc\u00ed spole\u010dnosti &#8220;prohl\u00e1\u0161en\u00ed o z\u00e1m\u011bru&#8221;.<\/p>\n\n\n\n<p>Pokud na to prod\u00e1vaj\u00edc\u00ed spole\u010dnost reaguje t\u00edm, \u017ee projev\u00ed z\u00e1jem o jedn\u00e1n\u00ed o prodeji spole\u010dnosti, uzav\u0159e se mezi ob\u011bma spole\u010dnostmi z\u00e1kladn\u00ed dohoda o pokra\u010dov\u00e1n\u00ed v M&amp;A. Z\u00e1kladn\u00ed dohoda jasn\u011b uv\u00e1d\u00ed, \u017ee prod\u00e1vaj\u00edc\u00ed a kupuj\u00edc\u00ed spole\u010dnost budou pokra\u010dovat v M&amp;A.<\/p>\n\n\n\n<p>Av\u0161ak, \u010d\u00e1st dohody o pokra\u010dov\u00e1n\u00ed v M&amp;A je obecn\u011b pova\u017eov\u00e1na za d\u017eentlemenskou dohodu bez pr\u00e1vn\u00ed z\u00e1vaznosti. Proto obvykle neexistuje \u017e\u00e1dn\u00e1 odpov\u011bdnost za n\u00e1hradu \u0161kody atd., pokud nedojde k fin\u00e1ln\u00ed dohod\u011b o M&amp;A.<\/p>\n\n\n\n<p>Podrobn\u011bj\u0161\u00ed vysv\u011btlen\u00ed o klauzul\u00edch z\u00e1kladn\u00ed dohody v M&amp;A a jej\u00ed pr\u00e1vn\u00ed z\u00e1vaznosti naleznete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/ma-lawyer-basic-agreement\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/ma-lawyer-basic-agreement[ja]<\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Due_diligence_a_uzavreni_konecne_smlouvy\"><\/span>Due diligence a uzav\u0159en\u00ed kone\u010dn\u00e9 smlouvy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Pro rozhodnut\u00ed kupuj\u00edc\u00ed spole\u010dnosti, zda provede M&amp;A, je nezbytn\u00e9 prov\u00e9st postup zvan\u00fd due diligence, kter\u00fd pe\u010dliv\u011b zkoum\u00e1 hodnotu a rizika prod\u00e1vaj\u00edc\u00ed spole\u010dnosti. Due diligence bude podrobn\u011bji vysv\u011btleno pozd\u011bji.<\/p>\n\n\n\n<p>Pokud kupuj\u00edc\u00ed spole\u010dnost rozhodne o proveden\u00ed M&amp;A na z\u00e1klad\u011b due diligence, uzav\u0159e se kone\u010dn\u00e1 smlouva o prodeji spole\u010dnosti mezi prod\u00e1vaj\u00edc\u00ed a kupuj\u00edc\u00ed spole\u010dnost\u00ed.<\/p>\n\n\n\n<p>V kone\u010dn\u00e9 smlouv\u011b jsou obvykle stanoveny klauzule t\u00fdkaj\u00edc\u00ed se prodejn\u00ed ceny spole\u010dnosti, zp\u016fsobu p\u0159evodu akci\u00ed a majetku, zach\u00e1zen\u00ed s p\u0159edstaviteli prod\u00e1vaj\u00edc\u00ed spole\u010dnosti po prodeji spole\u010dnosti atd.<\/p>\n\n\n\n<p>Po uzav\u0159en\u00ed kone\u010dn\u00e9 smlouvy prod\u00e1vaj\u00edc\u00ed a kupuj\u00edc\u00ed provedou pot\u0159ebn\u00e9 postupy podle obsahu smlouvy a prodej spole\u010dnosti se uskute\u010dn\u00ed. Tento prov\u00e1d\u011bc\u00ed postup se n\u011bkdy naz\u00fdv\u00e1 &#8220;closing&#8221;.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Proc_je_pravnik_potrebny_pri_M_A\"><\/span>Pro\u010d je pr\u00e1vn\u00edk pot\u0159ebn\u00fd p\u0159i M&amp;A<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/03\/ma-merit-demerit-procedure4.jpg\" alt=\"\" class=\"wp-image-31430\" \/><\/figure>\n\n\n\n<p>P\u0159i prov\u00e1d\u011bn\u00ed M&amp;A spole\u010dnostmi je b\u011b\u017en\u00e9 po\u017e\u00e1dat o podporu extern\u00edch odborn\u00edk\u016f, jako jsou pr\u00e1vn\u00edci nebo certifikovan\u00ed \u00fa\u010detn\u00ed.<\/p>\n\n\n\n<p>Pr\u00e1vn\u00edci podporuj\u00ed spole\u010dnosti p\u0159i M&amp;A p\u0159edev\u0161\u00edm ve dvou situac\u00edch:<\/p>\n\n\n\n<ul>\n<li>Jedn\u00e1n\u00ed a uzav\u0159en\u00ed smlouvy<\/li>\n\n\n\n<li>Pr\u00e1vn\u00ed due diligence<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Jednani_a_uzavreni_smlouvy\"><\/span>Jedn\u00e1n\u00ed a uzav\u0159en\u00ed smlouvy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Nejprve, v r\u00e1mci M&amp;A se smlouvy uzav\u00edraj\u00ed mezi prod\u00e1vaj\u00edc\u00ed a kupuj\u00edc\u00ed spole\u010dnost\u00ed v n\u011bkolika f\u00e1z\u00edch, jako je f\u00e1ze konkr\u00e9tn\u00edho zva\u017eov\u00e1n\u00ed nebo f\u00e1ze kone\u010dn\u00e9 dohody o prodeji spole\u010dnosti.<\/p>\n\n\n\n<p>Obecn\u011b plat\u00ed, \u017ee prodej spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A je pro kupuj\u00edc\u00ed i prod\u00e1vaj\u00edc\u00ed velmi d\u016fle\u017eitou ud\u00e1lost\u00ed, kter\u00e1 ovliv\u0148uje osud spole\u010dnosti. Proto je nep\u0159ijateln\u00e9, aby smlouva byla extr\u00e9mn\u011b nev\u00fdhodn\u00e1 pro va\u0161i spole\u010dnost.<\/p>\n\n\n\n<p>Co se t\u00fd\u010de kone\u010dn\u00e9 dohody o prodeji spole\u010dnosti, je nutn\u00e9, aby prod\u00e1vaj\u00edc\u00ed a kupuj\u00edc\u00ed jednali o smlouv\u011b individu\u00e1ln\u011b na z\u00e1klad\u011b v\u00fdsledk\u016f due diligence, kter\u00e1 p\u0159edch\u00e1z\u00ed.<\/p>\n\n\n\n<p>A\u010dkoli je mo\u017en\u00e9 snadno z\u00edskat standardn\u00ed formu smlouvy o M&amp;A, p\u0159i skute\u010dn\u00e9m uzav\u0159en\u00ed smlouvy je nutn\u00e9 v\u017edy odr\u00e1\u017eet specifick\u00e9 okolnosti dan\u00e9ho p\u0159\u00edpadu.<\/p>\n\n\n\n<p>Pokud existuj\u00ed rizika pro va\u0161i spole\u010dnost nebo obavy v r\u00e1mci M&amp;A, \u010dasto je nutn\u00e9 vymyslet, jak do smlouvy zahrnout klauzule pro \u0159\u00edzen\u00ed rizik.<\/p>\n\n\n\n<p>V t\u011bchto situac\u00edch, jako je jedn\u00e1n\u00ed o smlouv\u011b nebo tvorba smlouvy, je nutn\u00e1 odborn\u00e1 znalost pr\u00e1va spole\u010dnost\u00ed. Proto je zapojen\u00ed pr\u00e1vn\u00edka nutn\u00e9 v f\u00e1zi jedn\u00e1n\u00ed a uzav\u0159en\u00ed smlouvy.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pravni_due_diligence\"><\/span>Pr\u00e1vn\u00ed due diligence<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Za druh\u00e9, pr\u00e1vn\u00ed due diligence, kter\u00e1 se prov\u00e1d\u00ed p\u0159ed kone\u010dnou dohodou o prodeji spole\u010dnosti, tak\u00e9 vy\u017eaduje zapojen\u00ed pr\u00e1vn\u00edka.<\/p>\n\n\n\n<p>Due diligence v r\u00e1mci M&amp;A je proces, kdy kupuj\u00edc\u00ed spole\u010dnost pe\u010dliv\u011b prov\u011b\u0159uje hodnotu a ziskovost prod\u00e1vaj\u00edc\u00ed spole\u010dnosti.<\/p>\n\n\n\n<p>Pokud se b\u011bhem due diligence objev\u00ed skute\u010dnosti, kter\u00e9 by mohly po\u0161kodit hodnotu prod\u00e1vaj\u00edc\u00ed spole\u010dnosti, m\u016f\u017ee to dokonce v\u00e9st k zastaven\u00ed M&amp;A. Proto je to velmi d\u016fle\u017eit\u00fd proces v r\u00e1mci cel\u00e9ho procesu prodeje spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A.<\/p>\n\n\n\n<p>Due diligence se prov\u00e1d\u00ed z r\u016fzn\u00fdch hledisek, jako jsou finance, pr\u00e1vo, lidsk\u00e9 zdroje a syst\u00e9my, a nen\u00ed praktick\u00e9 prov\u00e1d\u011bt due diligence pro v\u0161echny polo\u017eky z hlediska \u010dasu a n\u00e1klad\u016f.<\/p>\n\n\n\n<p>Av\u0161ak finan\u010dn\u00ed a pr\u00e1vn\u00ed due diligence maj\u00ed velk\u00fd vliv na hodnotu spole\u010dnosti, tak\u017ee se \u010dasto prov\u00e1d\u011bj\u00ed v r\u00e1mci M&amp;A.<\/p>\n\n\n\n<p>Z t\u011bchto dvou, pr\u00e1vn\u00ed due diligence obvykle prov\u00e1d\u00ed extern\u00ed pr\u00e1vn\u00edk.<\/p>\n\n\n\n<p>Je pravda, \u017ee pokud kupuj\u00edc\u00ed spole\u010dnost m\u00e1 pr\u00e1vn\u00ed odd\u011blen\u00ed, intern\u00ed pr\u00e1vn\u00ed pracovn\u00edci mohou prov\u00e9st pr\u00e1vn\u00ed due diligence.<\/p>\n\n\n\n<p>P\u0159esto se obracej\u00ed na extern\u00ed odborn\u00edky, proto\u017ee existuje riziko, \u017ee pokud by do\u0161lo k po\u0161kozen\u00ed kupuj\u00edc\u00ed spole\u010dnosti kv\u016fli zjevn\u00e9mu p\u0159ehl\u00e9dnut\u00ed p\u0159i pr\u00e1vn\u00ed due diligence, management by mohl b\u00fdt st\u00edh\u00e1n akcion\u00e1\u0159i a dal\u0161\u00edmi.<\/p>\n\n\n\n<p>V tomto p\u0159\u00edpad\u011b, pokud je pr\u00e1vn\u00edk zku\u0161en\u00fd v pr\u00e1vn\u00ed due diligence v r\u00e1mci M&amp;A, m\u016f\u017ee v\u00fdrazn\u011b sn\u00ed\u017eit riziko p\u0159ehl\u00e9dnut\u00ed bod\u016f, kter\u00e9 by m\u011bly b\u00fdt ov\u011b\u0159eny b\u011bhem due diligence.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pokud m\u00e1te z\u00e1jem o prodej spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A, je pom\u011brn\u011b b\u011b\u017en\u00e9 se nejprve zaregistrovat u zprost\u0159edkovatelsk\u00fdch spole\u010dnost\u00ed, kter\u00e9 poskytuj\u00ed poradensk\u00e9 slu\u017eby v oblasti M&amp;A. Krom\u011b toho existuj\u00ed p\u0159\u00edpady, kdy zprost\u0159edkov\u00e1n\u00ed prov\u00e1d\u011bj\u00ed odborn\u00edci, jako jsou banky s obchodn\u00edmi transakcemi nebo certifikovan\u00ed \u00fa\u010detn\u00ed a da\u0148ov\u00ed poradci, kte\u0159\u00ed poskytuj\u00ed poradenstv\u00ed v oblasti M&amp;A.<\/p>\n\n\n\n<p>Po registraci u poradensk\u00e9 spole\u010dnosti M&amp;A jako prodejn\u00ed nab\u00eddky se st\u00e1v\u00e1 mo\u017en\u00fdm prohl\u00ed\u017eet informace o spole\u010dnostech, kter\u00e9 cht\u011bj\u00ed koupit pr\u00e1vnick\u00e9 osoby nebo jednotlivci. Tyto informace \u010dasto zahrnuj\u00ed \u010d\u00e1st finan\u010dn\u00edch informac\u00ed, jako je ro\u010dn\u00ed obrat z p\u0159edchoz\u00edho roku, p\u0159i\u010dem\u017e n\u00e1zev spole\u010dnosti je nezve\u0159ejn\u011bn.<\/p>\n\n\n\n<p>V posledn\u00ed dob\u011b se zvy\u0161uje po\u010det spole\u010dnost\u00ed, kter\u00e9 cht\u011bj\u00ed jako sou\u010d\u00e1st sv\u00e9 strategie koupit perspektivn\u00ed startupy. Proto bude prodej spole\u010dnosti prost\u0159ednictv\u00edm M&amp;A i nad\u00e1le jednou z hlavn\u00edch mo\u017enost\u00ed EXIT pro zakladatele.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tradi\u010dn\u00edm zp\u016fsobem n\u00e1vratnosti investic (obecn\u011b naz\u00fdvan\u00fdm EXIT) ve startupov\u00fdch spole\u010dnostech byla ve\u0159ejn\u00e1 nab\u00eddka akci\u00ed (IPO). Av\u0161ak v posledn\u00ed dob\u011b se zvy\u0161uje po\u010det mana\u017eer\u016f, kte\u0159\u00ed nepova\u017euj\u00ed ve\u0159ejn [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61576"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61576"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61576\/revisions"}],"predecessor-version":[{"id":63839,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61576\/revisions\/63839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63838"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}