{"id":4678,"date":"2022-06-07T11:03:25","date_gmt":"2022-06-07T09:03:25","guid":{"rendered":"http:\/\/observatoire-asap.org\/?p=4678"},"modified":"2022-11-17T12:26:33","modified_gmt":"2022-11-17T11:26:33","slug":"les-parties-prenantes-le-cas-de-la-relation-manager-fonds-dinvestissement-lors-dun-transfert-externe-de-pme","status":"publish","type":"post","link":"https:\/\/observatoire-asap.org\/index.php\/2022\/06\/07\/les-parties-prenantes-le-cas-de-la-relation-manager-fonds-dinvestissement-lors-dun-transfert-externe-de-pme\/","title":{"rendered":"Parties prenantes\u00a0: le cas de la relation manager-fonds d\u2019investissement lors d\u2019un transfert externe de pme."},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Un nouvel outil a fait son apparition dans l\u2019\u00e9cosyst\u00e8me du private equity en France. Il a pour objectif de prendre le pouls de la relation managers \/ fonds d\u2019investissement, pendant la dur\u00e9e de l\u2019investissement, afin de pouvoir, si n\u00e9cessaire, apporter des actions correctives \u00e0 une relation qui pourrait se d\u00e9grader. <\/strong><\/p>\n<p style=\"text-align: justify;\">La p\u00e9riode de cohabitation entre managers et investisseurs, dans le cadre d\u2019un LBO, n\u2019est pas un long fleuve tranquille, et peut \u00eatre \u00e9maill\u00e9e de nombreuses tensions pouvant aller jusqu\u2019\u00e0 la rupture. D\u2019o\u00f9 l\u2019int\u00e9r\u00eat de pouvoir mesurer de fa\u00e7on dynamique le niveau de tensions potentielles et de confiance entre le manager et ses actionnaires financiers. Nous avons cr\u00e9\u00e9 le barom\u00e8tre de la relation managers \/ fonds d\u2019investissement \u00e0 l\u2019issue d\u2019un travail de recherche doctoral consacr\u00e9 aux relations entre les repreneurs et les fonds d\u2019investissement. Le barom\u00e8tre est destin\u00e9 \u00e0 mesurer de fa\u00e7on dynamique et longitudinale le niveau de tensions potentielles et de confiance entre le manager et les responsables de la participation, tout au long de la vie du LBO, et \u00e0 prendre, si n\u00e9cessaire, des mesures correctives pour \u00e9viter que cette relation ne se d\u00e9grade. L\u2019approche terrain est bas\u00e9e sur neuf \u00e9tudes de cas de dyades repreneurs-fonds d\u2019investissement, comprenant vingt-deux entretiens semi-directifs, pr\u00e9c\u00e9d\u00e9s de cinquante entretiens exploratoires.<\/p>\n<p><strong>Particularit\u00e9 de la relation entre le manager et le fonds d\u2019investissement <\/strong><\/p>\n<p style=\"text-align: justify;\">Lors d\u2019une op\u00e9ration de LBO, managers et fonds d\u2019investissement sont soumis \u00e0 des enjeux qui leur sont propres, dans un contexte particulier o\u00f9 l\u2019entreprise est elle-m\u00eame mise sous tension par le m\u00e9canisme LBO, assorti du r\u00f4le disciplinaire de la dette, qu\u2019il est n\u00e9cessaire de rembourser r\u00e9guli\u00e8rement. La sp\u00e9cificit\u00e9 des enjeux de chacun des acteurs, parfois antagonistes, marqu\u00e9e par des p\u00e9riodes de d\u00e9salignement des int\u00e9r\u00eats, est susceptible de faire \u00e9merger une quinzaine de tensions entre les acteurs.<\/p>\n<p><strong>Les tensions et la confiance : deux dimensions mises en lumi\u00e8re <\/strong><\/p>\n<p style=\"text-align: justify;\">Les tensions potentielles pouvant survenir entre le manager et le fonds d\u2019investissement pr\u00e9sentent un caract\u00e8re de pr\u00e9dictibilit\u00e9, selon des temporalit\u00e9s et des intensit\u00e9s diff\u00e9rentes.<\/p>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\">Six \u00e9tapes-cl\u00e9s et six s\u00e9quences ont \u00e9t\u00e9 identifi\u00e9es depuis la \u00ab demande en mariage \u00bb jusqu\u2019\u00e0 la sortie de l\u2019investisseur. L\u2019\u00e9mergence de ces tensions peut avoir de lourdes cons\u00e9quences sur la relation manager-fonds d\u2019investissement. Elles peuvent m\u00eame nuire \u00e0 la cr\u00e9ation de valeur de l\u2019op\u00e9ration. Par ailleurs, la relation de confiance entre les acteurs est un param\u00e8tre essentiel qu\u2019il convient de mesurer r\u00e9guli\u00e8rement car la confiance permet de contenir les tensions \u00e0 l\u2019\u00e9tat latent et d\u2019\u00e9viter qu\u2019elles se muent en tensions saillantes et deviennent une source de conflit pr\u00e9judiciable aux deux parties. En effet, d\u00e8s lors que la confiance est rompue, toutes les tensions gagnent en intensit\u00e9 avec des cons\u00e9quences sur le corps social et les performances de l\u2019entreprise. Cet outil s\u2019inscrit dans le cadre d\u2019une finance responsable. Appr\u00e9hender les enjeux de chacune des parties prenantes et disposer d\u2019un tiers de confiance ind\u00e9pendant, neutre et impartial pour anticiper l\u2019\u00e9mergence des tensions entre les acteurs permet d\u2019am\u00e9liorer la relation entre le manager et le fonds d\u2019investissement. Cela consiste pour le fonds d\u2019investissement \u00e0 prendre soin de la relation avec son manager. Cette d\u00e9marche donne \u00e9galement aux fonds d\u2019investissement la possibilit\u00e9 de valoriser leur image aupr\u00e8s des managers susceptibles de r\u00e9aliser une acquisition \u00e0 leurs c\u00f4t\u00e9s, et aupr\u00e8s de leurs souscripteurs, et cela dans un contexte de forte intensit\u00e9 concurrentielle.<\/p>\n<p><strong>La n\u00e9cessit\u00e9 pour le repreneur de choisir le \u00ab bon partenaire \u00bb <\/strong><\/p>\n<p style=\"text-align: justify;\">Le paysage des acteurs du capital transmission est tr\u00e8s segment\u00e9 avec des acteurs majoritaires ou minoritaires, \u0153uvrant sur des LBO primaires, secondaires, tertiaires voire quaternaires, ouverts ou non aux MBI, avec ou sans sp\u00e9cialit\u00e9s sectorielles ou g\u00e9ographiques, et plus ou moins interventionnistes. On trouve \u00e9galement des fonds de nature diff\u00e9rente avec des acteurs priv\u00e9s, captifs, c\u2019est-\u00e0-dire filiales de banques ou d\u2019assurances, ou encore publics, ainsi que des fonds disposant d\u2019horizons de sortie plus ou moins lointains et avec des cultures sp\u00e9cifiques. Pour permettre aux repreneurs de s\u2019y retrouver dans cet \u00e9cosyst\u00e8me complexe, et choisir le partenaire financier le mieux adapt\u00e9 \u00e0 son projet d\u2019acquisition, nous avons \u00e9labor\u00e9 une taxinomie des fonds de LBO. En conclusion, le barom\u00e8tre de la relation managers \/ fonds d\u2019investissement est un outil vertueux, respectueux de la dimension humaine, qui s\u2019inscrit dans le respect des crit\u00e8res ESG.<\/p>\n<p style=\"text-align: right;\"><a href=\"http:\/\/observatoire-asap.org\/index.php\/2022\/06\/07\/martine-story\/\">Martine Story<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Un nouvel outil a fait son apparition dans l\u2019\u00e9cosyst\u00e8me du private equity en France. Il a pour objectif de prendre le pouls de la relation managers \/ fonds d\u2019investissement, pendant la dur\u00e9e de l\u2019investissement, afin de pouvoir, si n\u00e9cessaire, apporter des actions correctives \u00e0 une relation qui pourrait se d\u00e9grader. La p\u00e9riode de cohabitation entre &hellip; <\/p>\n","protected":false},"author":1,"featured_media":4679,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-4678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Parties prenantes\u00a0: le cas de la relation manager-fonds d\u2019investissement lors d\u2019un transfert externe de pme. -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/observatoire-asap.org\/index.php\/2022\/06\/07\/les-parties-prenantes-le-cas-de-la-relation-manager-fonds-dinvestissement-lors-dun-transfert-externe-de-pme\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parties prenantes\u00a0: le cas de la relation manager-fonds d\u2019investissement lors d\u2019un transfert externe de pme. -\" \/>\n<meta property=\"og:description\" content=\"Un nouvel outil a fait son apparition dans l\u2019\u00e9cosyst\u00e8me du private equity en France. 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