{"id":61096,"date":"2023-12-04T11:16:10","date_gmt":"2023-12-04T02:16:10","guid":{"rendered":"https:\/\/monolith.law\/tr\/?p=61096"},"modified":"2024-03-20T14:49:05","modified_gmt":"2024-03-20T05:49:05","slug":"ma-business-transfer-merit-demerit","status":"publish","type":"post","link":"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit","title":{"rendered":"M&amp;A \u201c\u0130\u015fletme devri\u201d prosed\u00fcr\u00fcn\u00fcn a\u00e7\u0131klanmas\u0131 Avantajlar\u0131, dezavantajlar\u0131 ve dikkat edilmesi gereken noktalar nelerdir?"},"content":{"rendered":"\n<p>\u015eirket y\u00f6neticileri i\u00e7in yeni bir i\u015fletme ba\u015flatmak ve onu ray\u0131na oturtmak kolay bir i\u015f de\u011fildir. \u00d6te yandan, de\u011ferli bir i\u015fletmeyi \u00fc\u00e7\u00fcnc\u00fc bir tarafa satmak, yani &#8216;i\u015fletme devri&#8217; de kolayl\u0131kla karar verilip uygulanabilecek bir durum de\u011fildir.<\/p>\n\n\n\n<p>M&amp;A&#8217;da &#8216;i\u015fletme devri&#8217; tam olarak ne zaman se\u00e7ilir, uygulamaya ge\u00e7erken hangi prosed\u00fcrler izlenir ve avantajlar\u0131 ve dezavantajlar\u0131 nelerdir gibi bir\u00e7ok bilinmeyen oldu\u011funu d\u00fc\u015f\u00fcn\u00fcyorum.<\/p>\n\n\n\n<p>Bu sefer, y\u00f6neticiler i\u00e7in b\u00fcy\u00fck bir y\u00f6netim karar\u0131 olan &#8216;i\u015fletme devri&#8217;nin \u015femas\u0131n\u0131, avantajlar\u0131n\u0131 ve dezavantajlar\u0131n\u0131 ve prosed\u00fcrlerde dikkat edilmesi gereken noktalar\u0131 a\u00e7\u0131k\u00e7a a\u00e7\u0131kl\u0131yoruz.<\/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\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Isletme_Devrinin_Ozellikleri\" title=\"\u0130\u015fletme Devrinin \u00d6zellikleri\">\u0130\u015fletme Devrinin \u00d6zellikleri<\/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\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Alicinin_Isletme_Devralmayi_Secme_Nedeni\" title=\"Al\u0131c\u0131n\u0131n \u0130\u015fletme Devralmay\u0131 Se\u00e7me Nedeni\">Al\u0131c\u0131n\u0131n \u0130\u015fletme Devralmay\u0131 Se\u00e7me Nedeni<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Isletme_Devrinin_Saticiya_Sagladigi_Avantajlar\" title=\"\u0130\u015fletme Devrinin Sat\u0131c\u0131ya Sa\u011flad\u0131\u011f\u0131 Avantajlar\">\u0130\u015fletme Devrinin Sat\u0131c\u0131ya Sa\u011flad\u0131\u011f\u0131 Avantajlar<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Varis_Sorununa_Cozum_Olarak\" title=\"Varis Sorununa \u00c7\u00f6z\u00fcm Olarak\">Varis Sorununa \u00c7\u00f6z\u00fcm Olarak<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Kar_Etmeyen_Isletmelerden_Kurtulabilirsiniz\" title=\"Kar Etmeyen \u0130\u015fletmelerden Kurtulabilirsiniz\">Kar Etmeyen \u0130\u015fletmelerden Kurtulabilirsiniz<\/a><\/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\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Fon_Saglama\" title=\"Fon Sa\u011flama\">Fon Sa\u011flama<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Sirketi_Koruyabilirsiniz\" title=\"\u015eirketi Koruyabilirsiniz\">\u015eirketi Koruyabilirsiniz<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Isletme_Devrinin_Satici_Acisindan_Dezavantajlari\" title=\"\u0130\u015fletme Devrinin Sat\u0131c\u0131 A\u00e7\u0131s\u0131ndan Dezavantajlar\u0131\">\u0130\u015fletme Devrinin Sat\u0131c\u0131 A\u00e7\u0131s\u0131ndan Dezavantajlar\u0131<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Islemler_Karmasik_ve_Zaman_Alicidir\" title=\"\u0130\u015flemler Karma\u015f\u0131k ve Zaman Al\u0131c\u0131d\u0131r\">\u0130\u015flemler Karma\u015f\u0131k ve Zaman Al\u0131c\u0131d\u0131r<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Genel_Kurulda_Ozel_Karar_Gereklidir\" title=\"Genel Kurulda \u00d6zel Karar Gereklidir\">Genel Kurulda \u00d6zel Karar Gereklidir<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Kurumlar_Vergisi_Uygulanir\" title=\"Kurumlar Vergisi Uygulan\u0131r\">Kurumlar Vergisi Uygulan\u0131r<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Yetenekli_Insan_Kaynagini_Kaybetme_Riski_Vardir\" title=\"Yetenekli \u0130nsan Kayna\u011f\u0131n\u0131 Kaybetme Riski Vard\u0131r\">Yetenekli \u0130nsan Kayna\u011f\u0131n\u0131 Kaybetme Riski Vard\u0131r<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Rekabetten_Kacinma_Yukumlulugu_Vardir\" title=\"Rekabetten Ka\u00e7\u0131nma Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc Vard\u0131r\">Rekabetten Ka\u00e7\u0131nma Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc Vard\u0131r<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Isletme_Devir_Sureci\" title=\"\u0130\u015fletme Devir S\u00fcreci\">\u0130\u015fletme Devir S\u00fcreci<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Isletme_Devir_Islemlerinde_Dikkat_Edilmesi_Gereken_Noktalar\" title=\"\u0130\u015fletme Devir \u0130\u015flemlerinde Dikkat Edilmesi Gereken Noktalar\">\u0130\u015fletme Devir \u0130\u015flemlerinde Dikkat Edilmesi Gereken Noktalar<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Devir_Fiyatinin_Tahmini\" title=\"Devir Fiyat\u0131n\u0131n Tahmini\">Devir Fiyat\u0131n\u0131n Tahmini<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Gecici_Rapor_Sunumu\" title=\"Ge\u00e7ici Rapor Sunumu\">Ge\u00e7ici Rapor Sunumu<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Hisse_Sahiplerine_Bildirim_veya_Ilan\" title=\"Hisse Sahiplerine Bildirim veya \u0130lan\">Hisse Sahiplerine Bildirim veya \u0130lan<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Genel_Kurul_Ozel_Kararlari\" title=\"Genel Kurul \u00d6zel Kararlar\u0131\">Genel Kurul \u00d6zel Kararlar\u0131<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Basit_Isletme_Devri\" title=\"Basit \u0130\u015fletme Devri\">Basit \u0130\u015fletme Devri<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Ozet_Isletme_Devri\" title=\"\u00d6zet \u0130\u015fletme Devri\">\u00d6zet \u0130\u015fletme Devri<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Isletme_Tasima_Islemleri\" title=\"\u0130\u015fletme Ta\u015f\u0131ma \u0130\u015flemleri\">\u0130\u015fletme Ta\u015f\u0131ma \u0130\u015flemleri<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/monolith.law\/tr\/general-corporate\/ma-business-transfer-merit-demerit\/#Ozet\" title=\"\u00d6zet\">\u00d6zet<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Isletme_Devrinin_Ozellikleri\"><\/span>\u0130\u015fletme Devrinin \u00d6zellikleri<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u0130\u015fletme devri, bir \u015firketin i\u015flerinin bir k\u0131sm\u0131n\u0131 veya tamam\u0131n\u0131 \u00fc\u00e7\u00fcnc\u00fc bir tarafa satma y\u00f6ntemidir ve M&amp;A tekniklerinden biridir. \u0130\u015fin bir k\u0131sm\u0131n\u0131 satma durumuna &#8216;k\u0131smi sat\u0131\u015f&#8217;, t\u00fcm\u00fcn\u00fc satma durumuna ise &#8216;tam sat\u0131\u015f&#8217; denir.<\/p>\n\n\n\n<p>\u0130\u015fletmeye, &#8216;goodwill&#8217; veya &#8216;marka&#8217; gibi maddi olmayan varl\u0131klar, patentler ve know-how gibi fikri m\u00fclkiyet haklar\u0131, teknoloji, insan kaynaklar\u0131, i\u015fletme organizasyonu, sat\u0131\u015f kanallar\u0131, izinler, tedarik\u00e7iler gibi \u00e7e\u015fitli i\u015f ili\u015fkileri, fabrikalar ve tesisler dahil olmak \u00fczere \u00e7ok \u00e7e\u015fitli unsurlar dahildir.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/03\/ma-Business-transfer-merit-demerit1.jpg\" alt=\"\" class=\"wp-image-31357\" \/><\/figure>\n\n\n\n<p>Bir i\u015fi devral\u0131rken, bunlar\u0131n genellikle bir set halinde olmas\u0131 gereklidir, ancak i\u015fletme devrinin \u00f6zelli\u011fi, sadece gerekenlerin se\u00e7ici bir \u015fekilde sat\u0131n al\u0131nabilmesidir.<\/p>\n\n\n\n<p>\u0130\u015f devralma y\u00f6ntemleri aras\u0131nda &#8216;\u015firket b\u00f6l\u00fcnmesi&#8217; ad\u0131 verilen bir y\u00f6ntem de bulunmaktad\u0131r. Daha fazla bilgi almak isteyenler a\u015fa\u011f\u0131daki makalede detayl\u0131 olarak a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/business-transfer-company-split\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/business-transfer-company-split[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Alicinin_Isletme_Devralmayi_Secme_Nedeni\"><\/span>Al\u0131c\u0131n\u0131n \u0130\u015fletme Devralmay\u0131 Se\u00e7me Nedeni<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>2020 y\u0131l\u0131nda (Japon Heisei d\u00f6nemi 32. y\u0131l) Mitsubishi UFJ Ara\u015ft\u0131rma ve Dan\u0131\u015fmanl\u0131k taraf\u0131ndan t\u00fcm \u00fclkede yakla\u015f\u0131k 30.000 KOB\u0130&#8217;ye y\u00f6nelik olarak ger\u00e7ekle\u015ftirilen &#8216;KOB\u0130&#8217;lerin \u0130\u015f Yeniden D\u00fczenleme, Entegrasyon ve \u0130\u015fbirli\u011fi Ara\u015ft\u0131rmas\u0131&#8217;nda, al\u0131c\u0131lar\u0131n i\u015fletme devralmay\u0131 se\u00e7me nedenlerinin en \u00fcst s\u0131ras\u0131nda a\u015fa\u011f\u0131daki iki sebep yer alm\u0131\u015ft\u0131r:<\/p>\n\n\n\n<ul>\n<li>\u0130stedi\u011fi varl\u0131klar\u0131, \u00e7al\u0131\u015fanlar\u0131 ve m\u00fc\u015fterilerle olan s\u00f6zle\u015fmeleri se\u00e7ebilme %65.6<\/li>\n\n\n\n<li>Kitap d\u0131\u015f\u0131 bor\u00e7lar\u0131n devral\u0131nmas\u0131 ve beklenmedik risklerden ka\u00e7\u0131nabilme %29.6<\/li>\n<\/ul>\n\n\n\n<p>Al\u0131c\u0131lar a\u00e7\u0131s\u0131ndan, gereksiz olanlar\u0131 ve riskleri \u00f6nleyerek, sadece istediklerini se\u00e7ici bir \u015fekilde elde edebilme olana\u011f\u0131, i\u015fletme devralman\u0131n en b\u00fcy\u00fck avantaj\u0131 olmu\u015ftur.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Isletme_Devrinin_Saticiya_Sagladigi_Avantajlar\"><\/span>\u0130\u015fletme Devrinin Sat\u0131c\u0131ya Sa\u011flad\u0131\u011f\u0131 Avantajlar<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-Business-transfer-merit-demerit2.jpg\" alt=\"\" class=\"wp-image-31360\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Varis_Sorununa_Cozum_Olarak\"><\/span>Varis Sorununa \u00c7\u00f6z\u00fcm Olarak<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ya\u015flanan k\u00fc\u00e7\u00fck ve orta \u00f6l\u00e7ekli i\u015fletme sahiplerinin kar\u015f\u0131la\u015ft\u0131\u011f\u0131 en b\u00fcy\u00fck sorun varis eksikli\u011fidir.<\/p>\n\n\n\n<p>\u0130\u015fletmeyi kapatmak, i\u015fletmeyle ilgili \u00e7al\u0131\u015fanlar\u0131n i\u015flerini ve tedarik\u00e7iler gibi i\u015f ili\u015fkilerini olumsuz etkileyebilece\u011fi i\u00e7in, i\u015fletme devri ile i\u015fletmenin devaml\u0131l\u0131\u011f\u0131n\u0131 sa\u011flamak m\u00fcmk\u00fcn olabilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kar_Etmeyen_Isletmelerden_Kurtulabilirsiniz\"><\/span>Kar Etmeyen \u0130\u015fletmelerden Kurtulabilirsiniz<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ana i\u015fletme ba\u015far\u0131l\u0131 olsa bile, kar etmeyen bir b\u00f6l\u00fcm\u00fcn varl\u0131\u011f\u0131, \u015firketin genel y\u00f6netimine zarar verebilir. Bu t\u00fcr durumlarda, kar etmeyen i\u015fletmeyi satmak, zararlar\u0131 azaltabilir ve i\u015fletmenin yeniden yap\u0131land\u0131r\u0131lmas\u0131n\u0131 sa\u011flayabilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fon_Saglama\"><\/span>Fon Sa\u011flama<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0130\u015fletme devri sonucunda elde edilen fonlar, ana i\u015fletmenin g\u00fc\u00e7lendirilmesi ve geni\u015fletilmesi veya yeni i\u015fletmeler i\u00e7in teknoloji geli\u015ftirme ve tesis art\u0131rma gibi yat\u0131r\u0131mlar i\u00e7in kullan\u0131labilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sirketi_Koruyabilirsiniz\"><\/span>\u015eirketi Koruyabilirsiniz<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Y\u0131llar boyunca olu\u015fturulan \u015firketin kredibilitesi, gayrimenkul gibi varl\u0131klar ve hatta i\u015f ili\u015fkileri, i\u015fletme devri se\u00e7ene\u011fi ile korunabilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Isletme_Devrinin_Satici_Acisindan_Dezavantajlari\"><\/span>\u0130\u015fletme Devrinin Sat\u0131c\u0131 A\u00e7\u0131s\u0131ndan Dezavantajlar\u0131<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-Business-transfer-merit-demerit3.jpg\" alt=\"\" class=\"wp-image-31361\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Islemler_Karmasik_ve_Zaman_Alicidir\"><\/span>\u0130\u015flemler Karma\u015f\u0131k ve Zaman Al\u0131c\u0131d\u0131r<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u015eirket devirlerinden farkl\u0131 olarak, i\u015fletme devirlerinde i\u015fletmenin devam\u0131 i\u00e7in gerekli olan \u00e7e\u015fitli unsurlar\u0131n devredilmesi ve ta\u015f\u0131nmas\u0131 gerekmektedir. Bu nedenle, di\u011fer birle\u015fme ve sat\u0131n alma y\u00f6ntemlerine k\u0131yasla daha fazla i\u015flem gerektirir ve daha fazla zaman al\u0131r.<\/p>\n\n\n\n<p>Sat\u0131c\u0131 ve al\u0131c\u0131 aras\u0131nda tek ba\u015f\u0131na tamamlanamayan i\u015flemler aras\u0131nda, i\u015flem taraflar\u0131yla olan s\u00f6zle\u015fmeler ve i\u015fletmeyle ilgili \u00e7al\u0131\u015fanlarla olan i\u015f s\u00f6zle\u015fmeleri de bulunmaktad\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Genel_Kurulda_Ozel_Karar_Gereklidir\"><\/span>Genel Kurulda \u00d6zel Karar Gereklidir<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u203b Ayr\u0131nt\u0131lar\u0131n\u0131 &#8216;\u0130\u015fletme Devri \u0130\u015flemlerinde Dikkat Edilmesi Gereken Noktalar&#8217; ba\u015fl\u0131\u011f\u0131 alt\u0131nda a\u00e7\u0131kl\u0131yoruz.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Kurumlar_Vergisi_Uygulanir\"><\/span>Kurumlar Vergisi Uygulan\u0131r<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Vergilendirme, devir bedelinden devredilen varl\u0131klar\u0131n defter de\u011ferinin \u00e7\u0131kar\u0131lmas\u0131yla elde edilen &#8216;devir kazanc\u0131&#8217; \u00fczerinden yap\u0131l\u0131r. Ancak, defter de\u011ferinden daha d\u00fc\u015f\u00fck bir fiyata devir yap\u0131l\u0131rsa, devir kazanc\u0131 negatif olur. Bu durumda, negatif olan kurumlar vergisi miktar\u0131 \u00e7\u0131kar\u0131l\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yetenekli_Insan_Kaynagini_Kaybetme_Riski_Vardir\"><\/span>Yetenekli \u0130nsan Kayna\u011f\u0131n\u0131 Kaybetme Riski Vard\u0131r<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Devral\u0131nan i\u015fletmenin ger\u00e7ekten i\u015fletilmesi i\u00e7in bilgi ve deneyime sahip insan kayna\u011f\u0131na ihtiya\u00e7 duyulur. Bu nedenle, i\u015fletme devriyle birlikte, insan kayna\u011f\u0131n\u0131n da al\u0131c\u0131n\u0131n talebi \u00fczerine ta\u015f\u0131nmas\u0131 durumu s\u0131k\u00e7a kar\u015f\u0131la\u015f\u0131lan bir durumdur.<\/p>\n\n\n\n<p>\u0130\u015fletmede kendini ger\u00e7ekle\u015ftiren ve kendi iste\u011fiyle transfer olmay\u0131 arzulayan \u00e7al\u0131\u015fanlar da olabilir. Bu durumda, yetenekli insan kayna\u011f\u0131n\u0131 kaybetme riski i\u015fletme devri kar\u015f\u0131l\u0131\u011f\u0131nda ortaya \u00e7\u0131kar.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rekabetten_Kacinma_Yukumlulugu_Vardir\"><\/span>Rekabetten Ka\u00e7\u0131nma Y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc Vard\u0131r<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u015eirketler Kanunu&#8217;nda (Japon \u015eirketler Kanunu), i\u015fletme sat\u0131c\u0131s\u0131na a\u015fa\u011f\u0131daki rekabetten ka\u00e7\u0131nma y\u00fck\u00fcml\u00fcl\u00fckleri getirilmi\u015ftir:<\/p>\n\n\n\n<ul>\n<li>Taraflar\u0131n aksi y\u00f6ndeki irade beyan\u0131 olmad\u0131k\u00e7a, ayn\u0131 belediye b\u00f6lgesi ve bu b\u00f6lgeye biti\u015fik belediye b\u00f6lgelerinde, i\u015fletmenin devredildi\u011fi tarihten itibaren 20 y\u0131l boyunca ayn\u0131 i\u015fi yapmamal\u0131d\u0131r.<\/li>\n\n\n\n<li>Devreden \u015firketin ayn\u0131 i\u015fi yapmayaca\u011f\u0131na dair \u00f6zel bir anla\u015fma yapmas\u0131 durumunda, bu anla\u015fma i\u015fletmenin devredildi\u011fi tarihten itibaren 30 y\u0131l s\u00fcreyle ge\u00e7erli olacakt\u0131r.<\/li>\n\n\n\n<li>Yukar\u0131daki iki maddeye uymayan durumlarda bile, devreden \u015firketin haks\u0131z rekabet amac\u0131yla ayn\u0131 i\u015fi yapmas\u0131 yasakt\u0131r.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Isletme_Devir_Sureci\"><\/span>\u0130\u015fletme Devir S\u00fcreci<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u00c7ok say\u0131da prosed\u00fcr\u00fc i\u00e7eren i\u015fletme devir s\u00fcrecinin temel ad\u0131mlar\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n\n\n\n<ul>\n<li>Devredilecek varl\u0131klar\u0131n listelenmesi ve devir plan\u0131n\u0131n olu\u015fturulmas\u0131<\/li>\n\n\n\n<li>Devir fiyat\u0131n\u0131n tahmini (de\u011ferleme)<\/li>\n\n\n\n<li>Proje \u00f6zet raporunun olu\u015fturulmas\u0131<\/li>\n\n\n\n<li>Devir al\u0131c\u0131s\u0131n\u0131n belirlenmesi, m\u00fczakereler, temel anla\u015fma s\u00f6zle\u015fmesinin imzalanmas\u0131<\/li>\n\n\n\n<li>Y\u00f6netim kurulu karar\u0131<\/li>\n\n\n\n<li>\u0130\u015fletme devir s\u00f6zle\u015fmesinin imzalanmas\u0131 (\u203bGenel kurul onay\u0131 ko\u015fuluyla imzalan\u0131r)<\/li>\n\n\n\n<li>Genel kurulun i\u015fletme devir s\u00f6zle\u015fmesini onaylamas\u0131<\/li>\n\n\n\n<li>Ge\u00e7ici raporun sunulmas\u0131<\/li>\n\n\n\n<li>Hisse sahiplerine bildirim veya ilan<\/li>\n\n\n\n<li>Genel kurulun \u00f6zel karar\u0131<\/li>\n\n\n\n<li>M\u00fclkiyet vb. de\u011fi\u015fiklik i\u015flemleri ve tedarik\u00e7iler veya \u00e7al\u0131\u015fanlarla s\u00f6zle\u015fmeler<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Isletme_Devir_Islemlerinde_Dikkat_Edilmesi_Gereken_Noktalar\"><\/span>\u0130\u015fletme Devir \u0130\u015flemlerinde Dikkat Edilmesi Gereken Noktalar<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-Business-transfer-merit-demerit4.jpg\" alt=\"\" class=\"wp-image-31362\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Devir_Fiyatinin_Tahmini\"><\/span>Devir Fiyat\u0131n\u0131n Tahmini<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0130\u015fletmenizi devretmek i\u00e7in, i\u015fletmenizin ne kadar de\u011ferli oldu\u011funu objektif bir \u015fekilde de\u011ferlendirmeli ve devir fiyat\u0131n\u0131 hesaplaman\u0131z gerekmektedir. \u015eirket de\u011ferlendirme y\u00f6ntemlerini do\u011frudan uygulayabilirsiniz, ancak bu hem zaman al\u0131c\u0131d\u0131r hem de maliyetlidir ve hesaplama y\u00f6ntemine ba\u011fl\u0131 olarak sonu\u00e7lar b\u00fcy\u00fck \u00f6l\u00e7\u00fcde de\u011fi\u015febilir, bu y\u00fczden k\u00fc\u00e7\u00fck ve orta \u00f6l\u00e7ekli i\u015fletmeler i\u00e7in pek \u00f6nerilmez.<\/p>\n\n\n\n<p>\u0130\u015fletme de\u011ferlendirmesinde s\u0131kl\u0131kla kullan\u0131lan bir y\u00f6ntem, i\u015fletme de\u011ferini &#8220;piyasa de\u011feri devir varl\u0131klar\u0131&#8221; ve &#8220;i\u015fletme haklar\u0131 (goodwill)&#8221; toplam\u0131 olarak d\u00fc\u015f\u00fcnmektir.<\/p>\n\n\n\n<p>\u0130\u015fletme haklar\u0131 (goodwill) marka, teknoloji, bilgi birikimi, i\u015fletme organizasyonu, tedarik\u00e7i ili\u015fkileri gibi maddi olmayan varl\u0131klar\u0131 da i\u00e7erir ve bu nedenle mali de\u011ferlendirmesi zordur. Bu nedenle, hesaplama y\u00f6ntemi olarak genellikle &#8220;ge\u00e7mi\u015f 2-5 y\u0131l\u0131n net kar\u0131&#8221; x &#8220;de\u011ferlendirme oran\u0131&#8221; y\u00f6ntemi kullan\u0131l\u0131r. De\u011ferlendirme oran\u0131 sekt\u00f6re ve trendlere ba\u011fl\u0131 olarak de\u011fi\u015fir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gecici_Rapor_Sunumu\"><\/span>Ge\u00e7ici Rapor Sunumu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Menkul k\u0131ymet raporu sunma y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc olan \u015firketler, a\u015fa\u011f\u0131daki durumlarda &#8220;Ge\u00e7ici Rapor&#8221; sunmal\u0131d\u0131r:<\/p>\n\n\n\n<ul>\n<li>\u0130\u015fletme devri sonucunda varl\u0131k miktar\u0131, son i\u015f y\u0131l\u0131 sonundaki net varl\u0131k miktar\u0131na g\u00f6re %30 veya daha fazla azal\u0131r veya artarsa<\/li>\n\n\n\n<li>\u0130\u015fletme devri sonucunda sat\u0131\u015f gelirleri, son i\u015f y\u0131l\u0131 performans\u0131na g\u00f6re %10 veya daha fazla azal\u0131r veya artarsa<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hisse_Sahiplerine_Bildirim_veya_Ilan\"><\/span>Hisse Sahiplerine Bildirim veya \u0130lan<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0130\u015fletme devri yaparken, \u015firketin etkinin ba\u015flang\u0131\u00e7 tarihinden 20 g\u00fcn \u00f6nce, hisse sahiplerine i\u015fletme devrinin ger\u00e7ekle\u015ftirilmesi hakk\u0131nda bildirimde bulunmas\u0131 veya ilan etmesi gerekmektedir. Ayn\u0131 zamanda, kar\u015f\u0131 \u00e7\u0131kan hisse sahiplerine hisse al\u0131m talep hakk\u0131 hakk\u0131nda bilgi verilir ve al\u0131m talep f\u0131rsat\u0131 sa\u011flan\u0131r.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Genel_Kurul_Ozel_Kararlari\"><\/span>Genel Kurul \u00d6zel Kararlar\u0131<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-Business-transfer-merit-demerit5.jpg\" alt=\"\" class=\"wp-image-31363\" \/><\/figure>\n\n\n\n<p>\u0130\u015fletme devri, a\u015fa\u011f\u0131daki durumlardan birine uygun oldu\u011funda, etkinin ba\u015flang\u0131\u00e7 tarihinden bir g\u00fcn \u00f6nce genel kurulun \u00f6zel karar\u0131 ile onay al\u0131nmal\u0131d\u0131r.<\/p>\n\n\n\n<ul>\n<li>\u0130\u015fletmenin tamam\u0131n\u0131 devretmek<\/li>\n\n\n\n<li>\u0130\u015fletmenin \u00f6nemli bir b\u00f6l\u00fcm\u00fcn\u00fc devretmek<\/li>\n<\/ul>\n\n\n\n<p>Ancak, a\u015fa\u011f\u0131daki iki i\u015fletme devri durumunda \u00f6zel karar gerekli olmayabilir veya atlanabilir.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Basit_Isletme_Devri\"><\/span>Basit \u0130\u015fletme Devri<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Devredilen varl\u0131klar\u0131n defter de\u011feri, sat\u0131c\u0131 \u015firketin toplam varl\u0131klar\u0131n\u0131n %20&#8217;sini a\u015fm\u0131yorsa, bu basit bir i\u015fletme devri olarak kabul edilir ve genel kurulda \u00f6zel bir karar al\u0131nmas\u0131 gerekmez.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet_Isletme_Devri\"><\/span>\u00d6zet \u0130\u015fletme Devri<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Al\u0131c\u0131 \u015firket, \u00f6zel kontrol \u015firketi (oy hakk\u0131 olan hisselerin %90&#8217;\u0131ndan fazlas\u0131na sahip olan \u015firket) oldu\u011funda, bu \u00f6zet bir i\u015fletme devri olarak kabul edilir ve genel kurulda \u00f6zel bir karar al\u0131nmas\u0131na gerek yoktur.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Isletme_Tasima_Islemleri\"><\/span>\u0130\u015fletme Ta\u015f\u0131ma \u0130\u015flemleri<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-Business-transfer-merit-demerit6.jpg\" alt=\"\" class=\"wp-image-31364\" \/><\/figure>\n\n\n\n<p>\u0130\u015fletme devri durumunda, gayrimenkul, ekipmanlar, tahviller\/bor\u00e7lar, fikri m\u00fclkiyet haklar\u0131, i\u015fletme haklar\u0131 gibi somut ve soyut varl\u0131klar\u0131n her birini ayr\u0131 ayr\u0131 ta\u015f\u0131man\u0131z gerekmektedir.<\/p>\n\n\n\n<p>Gayrimenkul s\u00f6z konusu oldu\u011funda, tapu sicilindeki isim de\u011fi\u015fikli\u011fi i\u015flemleri, patent haklar\u0131 veya ticari marka haklar\u0131 s\u00f6z konusu oldu\u011funda, devir kay\u0131t i\u015flemleri, hatta m\u00fc\u015fterilerle olan s\u00f6zle\u015fmeler ve ta\u015f\u0131nan \u00e7al\u0131\u015fanlarla olan i\u015f s\u00f6zle\u015fmeleri gibi farkl\u0131 i\u015flemler mevcuttur. Bu nedenle, ta\u015f\u0131ma i\u015flemlerinin programlamas\u0131n\u0131 dikkatlice yapmak \u00f6nemlidir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ozet\"><\/span>\u00d6zet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>&#8216;\u0130\u015fletme Devrinin \u00d6zellikleri&#8217;, &#8216;Al\u0131c\u0131n\u0131n \u0130\u015fletme Devrini Neden Se\u00e7ti\u011fi&#8217;, &#8216;\u0130\u015fletme Devrinde Sat\u0131c\u0131n\u0131n Avantajlar\u0131 ve Dezavantajlar\u0131&#8217;, &#8216;\u0130\u015fletme Devri S\u00fcreci&#8217;, &#8216;\u0130\u015fletme Devri \u0130\u015flemlerinde Dikkat Edilmesi Gereken Noktalar&#8217; hakk\u0131nda a\u00e7\u0131klamalar yapt\u0131k.<\/p>\n\n\n\n<p>KOB\u0130&#8217;lerin M&amp;A i\u015flemlerinde &#8216;hisse devri&#8217; ile birlikte en s\u0131k se\u00e7ilen &#8216;i\u015fletme devri&#8217; s\u00f6z konusu oldu\u011funda, somut ve soyut varl\u0131klar\u0131n devri, i\u015f ili\u015fkileri ve \u00e7e\u015fitli i\u015flemler ve s\u00f6zle\u015fmeler gerektirdi\u011finden, dikkatli bir \u015fekilde ilerlemek gerekmektedir.<\/p>\n\n\n\n<p>Bu nedenle, i\u015fletme devri plan\u0131n\u0131 olu\u015fturma a\u015famas\u0131ndan itibaren uzman hukuk bilgisi ve deneyimli M&amp;A dan\u0131\u015fman\u0131 olan bir hukuk firmas\u0131 ile g\u00f6r\u00fc\u015fmenizi ve ilerleme \u015fekli, dikkat edilmesi gereken noktalar vb. konularda tavsiye alman\u0131z\u0131 \u00f6neririz.<\/p>\n\n\n\n<p>&#8216;M&amp;A ile \u0130\u015fletme Devrinin Avantajlar\u0131 ve \u0130\u015flemleri&#8217; hakk\u0131nda daha fazla bilgi almak isteyenler a\u015fa\u011f\u0131daki makalede detayl\u0131 olarak a\u00e7\u0131klanm\u0131\u015ft\u0131r.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/business-succession-ma-merit\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/business-succession-ma-merit[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u015eirket y\u00f6neticileri i\u00e7in yeni bir i\u015fletme ba\u015flatmak ve onu ray\u0131na oturtmak kolay bir i\u015f de\u011fildir. \u00d6te yandan, de\u011ferli bir i\u015fletmeyi \u00fc\u00e7\u00fcnc\u00fc bir tarafa satmak, yani &#8216;i\u015fletme devri&#8217; de kolayl [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64843,"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\/tr\/wp-json\/wp\/v2\/posts\/61096"}],"collection":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/comments?post=61096"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61096\/revisions"}],"predecessor-version":[{"id":64844,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/posts\/61096\/revisions\/64844"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media\/64843"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/media?parent=61096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/categories?post=61096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/tr\/wp-json\/wp\/v2\/tags?post=61096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}