5
EXECUTIVE SUMMARY (2/3)
Effectively managing a carve-out's inherent complexity and realizing value enhancing-measures are key
success factors
75%
58% of participants consider the products and services of the carve-out business as the core of
the TOM. Other important features include the degree of entanglement between the carve-out
business and the wider seller group, employees, processes and customer relationships.
of participants plan and implement value-enhancing measures in the run-up to the
transaction, however, 36% denied to do so. Carve-outs offer potential: measures favoured
included cost-reduction programs (59%), working capital optimization measures (44%), and
sales improvement programs (41%).
Effectively managing the inherent
complexity is a key challenge for
carve-out transactions
Planning the target operating model
(TOM) is the biggest value driver ˗
but is also dependent on existing
structures
Value-enhancing measures
strengthen the window of
opportunity ˗ however, one third
of the decision makers do not
use them
of participants consider the entanglement between the carve-out business and the seller
group as key challenger compared to traditional sale situations, followed by
71%
64%
51%
4
5
6
separation of IT systems, as well as
complexity inherent in the carve-out per se.