from Dr. Horst S. Werner, Goettingen
In times of the international financial market crisis or bank crisis and the worldwide recession as well as in times of the capital destruction on the world stock exchanges released by the lost trust of the banks together as well as in times of the loan clips in interbank trade alternative financing solutions are for small business because of the necessary future investments in the product competition of vital meaning for all enterprises and their jobs. Thus whole branches stand before the insolvency (see the car branch as well as the ancillary industry).
More knowingly than ever a steadily split balance structure is without overweight of the loan capital or a single sponsor (www.finanzierung-ohne-bank.de). The more different financing partners with different balance consequences exist, the greater is the finance independence and freedom of choice of an enterprise. For the coping of future financing questions a finance management interdisciplinary co-ordinated between loan and risk capital is necessary.
"The broadly scattered balance structure decides on the independence of an enterprise" says Dr. Horst S. Werner. From the finance volume seen the company capital partners, loan partners, leasing partners and Factoringpartner (for the balance shortening for the purpose of company capital rise) should exist well distributed. An overweight of the loan capital of e.g. more than 90% in the balance sheet total would indicate the dependence on the banks. Alternative financing ways with different finance instruments (e.g., loan capital, Mezzaninefinanzierungen etc.) with differentiated bilanziellen and tax effects are essential (www.emissionsmarktplatz.de). Also of the Mittelständler a new finance architecture needs if he wants to protect the continuance and the independence of his enterprise as well as avoid a bank dependence.
With the choice of the alternative financing forms (risk capital, Mezzanine capital without rights to vote, Venture-Capital, private Equity etc.) for the commercial financing is to be noted, finally that future settings the course are not affected. Thus change plans should be considered in other legal forms, future succession regulations (e.g., within the scope of MBI or MBO) and other measures like an enterprise division, an enterprise coalescence or even an initial public offering possibly planned for a later time already in the approach.