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Un porteur de projet se pose souvent la question : dois-je créer ou reprendre une entreprise ? La création née d'une idée. Une idée devient un projet à l'issue d'une étude de marché, d'une analyse financière, et d'une analyse juridique et sociale de la future entité.


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Pour la reprise, il en va de même. Si le repreneur a des idées, il devra les transformer en projet et la difficulté sera d'inscrire ce projet dans un cadre existant. En France, 75 000 entreprises sont à céder chaque année : 45 000 concernent les TPE commerciales, 15 000 les PME et ETI et 15 000 les artisans et commerçants.


Avantage / Inconvénients


Avantages de la reprise d'entreprise par rapport à la création


  • C'est un processus économique plus rapide que la création (hormis le temps de recherche de la "belle affaire" qui prend parfois de nombreux mois...). Le repreneur bénéficie immédiatement d'un outil de travail opérationnel, d'un personnel formé, d'une clientèle acquise. Il n'a pas à subir la périlleuse et parfois longue montée en puissance de l'activité d'une création avec tous ses aléas.

  • Il bénéficie immédiatement d'un chiffre d'affaires et donc d'un revenu généré par l'activité. En création, il faut parfois attendre plusieurs mois avant de pouvoir se dégager une rémunération.

  • Reprendre est plus sûr que créer car le repreneur dispose d'un historique d'activité sur lequel s'appuyer.

  • L'obtention d'un financement bancaire est plus facile que pour une création, car les banquiers s'appuient sur quelque chose de concret : les 3 derniers bilans et comptes de résultat de l'entreprise.

  • Reprendre une entreprise avec des salariés peut permettre au nouveau dirigeant de se consacrer au management et au développement de l'activité, si c'est son souhait.


Inconvénients de la reprise d'entreprise par rapport à la création


  • Les belles affaires ne sont pas très faciles à "dénicher", en particulier les bonnes PME/PMI, où il y a une forte concurrence de repreneurs.

  • Une reprise coûte plus cher, en proportion, qu'une création. L'apport personnel doit donc être plus conséquent, même si l'obtention d'un financement est plus aisée.

  • Une reprise est plus complexe qu'une création. Il faut être professionnel et opérationnel dès l'entrée en fonction : le repreneur n'a pas le temps de "se roder" comme dans un projet de création.

  • La réussite de la transaction dépend de la relation établie avec le cédant et de la bonne volonté de ce dernier... qui n'est pas toujours prêt à passer réellement à l'acte.

  • Les problèmes de relations humaines sont bien plus lourds qu'en création. En effet, les contrats de travail des salariés se poursuivant, les salariés doivent s'adapter au changement (direction, stratégie...).


Les étapes

  1. Choisir le secteur d’activité – secteur géographique.

  2. Trouver une entreprise à reprendre

  3. Rencontrer les cédants accompagnés d’experts

  4. Quand l’entreprise est trouvée : audit

  5. Négociation

  6. Si Accord, signature d’un protocole sous conditions suspensives notamment d’obtention des emprunts bancaires,…

  7. Octroi des emprunts

  8. Signature définitive de reprise

Pour trouver une entreprise à reprendre, plusieurs solutions lui sont offertes :

  • activer son réseau familial, amical et professionnel (dont votre expert-comptable)

  • s'adresser aux intermédiaires de la reprise d'entreprise. Des sites dédiés existent sur internet (Transcommerce-Transartisanat ; BNOA - Bourse National d'Opportunités Artisanales ; TransEntreprise ; TRANSPME ; Bourse de la transmission de Bpifrance ; Transmettre-Reprendre, réseau dans le Nord-Pas-de-Calais ; …) pour tous secteurs ou par secteur) ;

  • consulter les bulletins d'opportunité, prospecter en direct les entreprises se situant dans le profil recherché.


Analyser l'entreprise à reprendre


Ce sont les audits d'acquisition où on cherchera à analyser en détail :

  • Ce que l'on achète : fonds de commerce ou parts sociales ? Toute l'entreprise ou une partie (la reprise peut être partielle lorsque ces activités n’ont pas de lien et que le repreneur n’a pas la connaissance de tous les secteurs d’activités de vendeur) ?

  • L'activité : fichier clients, inventaire du matériel et de son état, …

  • Les données sociales : contrats de travail, fiches de paie, convention collectives, …

  • Les aspects comptables et financiers : délais de paiement clients et fournisseurs, niveau de trésorerie, les leasings, …

  • Le juridique : engagements hors bilans, décisions d'AG, contrats liés à l'exploitation, les clauses de retour à meilleure fortune, …

  • Le contexte : opportunités et menaces (voir le potentiel, l’amélioration possible de la rentabilité, la concurrence, mutation du marché, …), forces et faiblesses (ressources commerciale, techniques, de production, humaines, …)

Les points de vigilances :


  • « le passif social » qui correspond à des dettes non inscrites dans le bilan (indemnités de fin de carrière des salariés proches de la retraite ; solde des congés payés au jour de la vente, …)

  • Les conditions du contrat de bail commercial notamment sur un risque de déplafonnement du loyer et les conditions notamment aux travaux d’entretien ;

  • Les créances clients et leur solvabilité ;

  • Les travaux en cours au jour de la vente


Valeur de l'entreprise


Déjà il faut différencier le prix et la valeur ! Une entreprise a une valeur :

  • Financière = valeur intrinsèque des biens / de l'entreprise

  • Stratégique = qui tient compte des intérêts stratégiques de l'acquisition, du potentiel de rentabilité et des synergies possibles

C'est l'estimation de ces 2 valeurs qui aideront à fixer le prix.

Autre notion importante à prendre en compte : le prix de l'entreprise n'est pas le prix d'acquisition global. Il faut y ajouter les frais d'acquisition (expertises, intermédiaires, fiscalité, …), les remboursements divers (comptes courants d’associés, remboursements anticipés des prêts "intuitu personnae", …) ; les fonds à injecter dans l'entreprise (renforcement de fonds propres pour projets d'investissements et/ou de développement). Le "bon" prix d'une entreprise c'est quand les 3 acteurs sont d'accord : vendeur, acquéreur et banquier…


Reprendre une entreprise est un projet délicat qui nécessite une approche professionnelle et prudente pour optimiser ses chances de réussite. En présence d’enjeux importants, il est conseillé de se faire accompagner par un expert pour évaluer et auditer l’entreprise ciblée. De plus, le professionnel vous accompagnera également sur le montage du plan de reprise de l’entreprise.

Cerfrance Nord - Pas de Calais

Siège social

5 bis, Haute Rue,

59481 RADINGHEM-EN-WEPPES

 

Cerfrance Nord - Pas de Calais

Siège administratif

Centre d'affaires ARTEA - ZAC de l'An 2000

Rue Joseph Marie Jacquard

62800 LIEVIN

03 21 606 606

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