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Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:12.38,0:00:14.70,Default,,0000,0000,0000,,Hello. Welcome to the first module\Nof the course.
Dialogue: 0,0:00:14.70,0:00:18.11,Default,,0000,0000,0000,,on legal aspects in the purchase\Nand sale of startups and SMEs.
Dialogue: 0,0:00:18.32,0:00:21.76,Default,,0000,0000,0000,,My name is Juan Manuel Pérez and\NI am a founding partner of Aktion Legal,
Dialogue: 0,0:00:21.76,0:00:24.68,Default,,0000,0000,0000,,an office specializing\Nin this type of operations.
Dialogue: 0,0:00:25.10,0:00:27.76,Default,,0000,0000,0000,,I'm glad you're here\Nto explore together
Dialogue: 0,0:00:27.76,0:00:31.14,Default,,0000,0000,0000,,the world of business sales,\Nbetter known as M&A
Dialogue: 0,0:00:31.14,0:00:33.05,Default,,0000,0000,0000,,for its acronym in English.
Dialogue: 0,0:00:33.56,0:00:35.81,Default,,0000,0000,0000,,You may have\Nheard of this before,
Dialogue: 0,0:00:35.81,0:00:38.34,Default,,0000,0000,0000,,or maybe it's a\Ncompletely new term for you.
Dialogue: 0,0:00:38.34,0:00:39.27,Default,,0000,0000,0000,,Don't worry.
Dialogue: 0,0:00:39.27,0:00:41.36,Default,,0000,0000,0000,,We are here to clear up\Nall your doubts.
Dialogue: 0,0:00:41.70,0:00:43.10,Default,,0000,0000,0000,,Let's start with the basics.
Dialogue: 0,0:00:43.10,0:00:44.24,Default,,0000,0000,0000,,What is this M&A thing?
Dialogue: 0,0:00:44.52,0:00:46.28,Default,,0000,0000,0000,,When we talk about M&A we refer to
Dialogue: 0,0:00:46.28,0:00:48.44,Default,,0000,0000,0000,,basically\Nthe purchase or sale of companies.
Dialogue: 0,0:00:48.44,0:00:50.67,Default,,0000,0000,0000,,It is a process\Nthat is certainly complex
Dialogue: 0,0:00:50.90,0:00:55.04,Default,,0000,0000,0000,,and which, logically, consists of\Na company being acquired by a third party,
Dialogue: 0,0:00:55.34,0:00:58.34,Default,,0000,0000,0000,,whether it is an industrial buyer,\Na fund, etc.
Dialogue: 0,0:00:58.74,0:01:00.12,Default,,0000,0000,0000,,Now you might be wondering:
Dialogue: 0,0:01:00.12,0:01:03.59,Default,,0000,0000,0000,,How can this type of operation\Nbenefit your startup or SME?
Dialogue: 0,0:01:03.98,0:01:06.24,Default,,0000,0000,0000,,Imagine, for example,\Nthat you have a company
Dialogue: 0,0:01:06.24,0:01:09.54,Default,,0000,0000,0000,,with an innovative product, but you need\Nresources to grow and scale.
Dialogue: 0,0:01:09.80,0:01:12.99,Default,,0000,0000,0000,,Well, an M&A operation,\Nin which you acquire another company,
Dialogue: 0,0:01:12.99,0:01:15.68,Default,,0000,0000,0000,,could provide you with\Nthe capital, the infrastructure
Dialogue: 0,0:01:15.68,0:01:19.16,Default,,0000,0000,0000,,and the support needed\Nto take your business to the next level.
Dialogue: 0,0:01:19.38,0:01:23.16,Default,,0000,0000,0000,,In addition, you could access a wider\Nnetwork of clients and collaborators.
Dialogue: 0,0:01:23.84,0:01:26.36,Default,,0000,0000,0000,,Conversely, if you're considering\Nselling your company
Dialogue: 0,0:01:26.36,0:01:29.22,Default,,0000,0000,0000,,an acquisition by another company\Nin the sector or by a fund
Dialogue: 0,0:01:29.52,0:01:32.70,Default,,0000,0000,0000,,It can be a great way to\Ncapitalize on your investment and see
Dialogue: 0,0:01:33.02,0:01:36.30,Default,,0000,0000,0000,,how your creation continues\Nto grow under new direction.
Dialogue: 0,0:01:36.90,0:01:40.82,Default,,0000,0000,0000,,In short, an M&A transaction\Ncan help you grow quickly,
Dialogue: 0,0:01:40.86,0:01:44.34,Default,,0000,0000,0000,,access new markets\Nor products, or even solve
Dialogue: 0,0:01:44.54,0:01:45.96,Default,,0000,0000,0000,,financial problems.
Dialogue: 0,0:01:45.96,0:01:49.14,Default,,0000,0000,0000,,Sometimes selling your company\Nto a larger company or to a fund
Dialogue: 0,0:01:49.14,0:01:52.14,Default,,0000,0000,0000,,is the best way to secure your future.
Dialogue: 0,0:01:52.46,0:01:55.77,Default,,0000,0000,0000,,In addition, as an entrepreneur\Nor owner of an SME, you could receive
Dialogue: 0,0:01:55.94,0:01:58.27,Default,,0000,0000,0000,,an interesting financial reward.
Dialogue: 0,0:01:58.64,0:02:02.00,Default,,0000,0000,0000,,Startups and SMEs\Nare often in an interesting position
Dialogue: 0,0:02:02.00,0:02:03.20,Default,,0000,0000,0000,,in the world of M&A
Dialogue: 0,0:02:03.20,0:02:06.38,Default,,0000,0000,0000,,precisely because they have\Nsignificant growth potential.
Dialogue: 0,0:02:06.38,0:02:09.52,Default,,0000,0000,0000,,Large companies\Nseek to acquire innovation and also
Dialogue: 0,0:02:09.52,0:02:12.52,Default,,0000,0000,0000,,new technologies\Nand that's where startups shine.
Dialogue: 0,0:02:12.72,0:02:16.05,Default,,0000,0000,0000,,In short, M&A operations\Nare a powerful tool
Dialogue: 0,0:02:16.26,0:02:20.28,Default,,0000,0000,0000,,that can open doors for your business\Nthat you may not have considered.
Dialogue: 0,0:02:20.78,0:02:22.03,Default,,0000,0000,0000,,Throughout this course
Dialogue: 0,0:02:22.03,0:02:25.76,Default,,0000,0000,0000,,you'll learn to seize those opportunities\Neffectively and safely
Dialogue: 0,0:02:26.12,0:02:29.82,Default,,0000,0000,0000,,and how to navigate the various legal\Naspects most relevant to that process.
Dialogue: 0,0:02:30.20,0:02:33.49,Default,,0000,0000,0000,,Now that we have established, in\Nbroad terms, what this M&A thing is
Dialogue: 0,0:02:33.84,0:02:35.48,Default,,0000,0000,0000,,and how it can be useful for you,
Dialogue: 0,0:02:35.48,0:02:36.96,Default,,0000,0000,0000,,Let's go with the basics
Dialogue: 0,0:02:36.96,0:02:39.72,Default,,0000,0000,0000,,and the usual structure\Nof an M&A process.
Dialogue: 0,0:02:39.72,0:02:40.74,Default,,0000,0000,0000,,Let's get to it.
Dialogue: 0,0:02:41.06,0:02:45.38,Default,,0000,0000,0000,,An M&A process generally\Nfollows several stages, six stages.
Dialogue: 0,0:02:45.66,0:02:48.94,Default,,0000,0000,0000,,The first, the initial stage,\Nwould be that of preparation.
Dialogue: 0,0:02:48.96,0:02:51.96,Default,,0000,0000,0000,,The objectives are defined\Nand the process is prepared.
Dialogue: 0,0:02:52.40,0:02:53.91,Default,,0000,0000,0000,,What are you looking for? Sell?
Dialogue: 0,0:02:53.91,0:02:56.76,Default,,0000,0000,0000,,Merge with another company?\NAcquire another company?
Dialogue: 0,0:02:57.50,0:03:01.08,Default,,0000,0000,0000,,It is essential to be clear about\Nall this from the beginning.
Dialogue: 0,0:03:01.50,0:03:04.80,Default,,0000,0000,0000,,Then there would come a phase\Nof searching and making contacts.
Dialogue: 0,0:03:05.12,0:03:06.93,Default,,0000,0000,0000,,Once the objectives\Nhave been defined,
Dialogue: 0,0:03:06.93,0:03:10.32,Default,,0000,0000,0000,,It is about identifying potential\Ncompanies that align with your goals.
Dialogue: 0,0:03:10.44,0:03:13.76,Default,,0000,0000,0000,,This may involve approaching\Npotential buyers or sellers.
Dialogue: 0,0:03:14.04,0:03:17.96,Default,,0000,0000,0000,,and the normal thing is to do it with the\Nhelp of advisors specialized in M&A,
Dialogue: 0,0:03:18.08,0:03:21.08,Default,,0000,0000,0000,,financial advisors, as we will see\Nlater, who will direct
Dialogue: 0,0:03:21.30,0:03:24.70,Default,,0000,0000,0000,,the sales process in an\Norganized manner, usually through
Dialogue: 0,0:03:24.72,0:03:27.40,Default,,0000,0000,0000,,of a competitive process\Nto maximize price.
Dialogue: 0,0:03:27.74,0:03:30.74,Default,,0000,0000,0000,,Although there may sometimes\Nbe processes that are
Dialogue: 0,0:03:30.86,0:03:33.86,Default,,0000,0000,0000,,one to one,\Nnot directly with a counterparty,
Dialogue: 0,0:03:34.32,0:03:36.55,Default,,0000,0000,0000,,directly with a\Npreviously selected buyer.
Dialogue: 0,0:03:36.96,0:03:37.71,Default,,0000,0000,0000,,OK.
Dialogue: 0,0:03:37.71,0:03:43.22,Default,,0000,0000,0000,,Next, a stage begins\Nwith the various preliminary agreements.
Dialogue: 0,0:03:44.16,0:03:48.06,Default,,0000,0000,0000,,Before sharing sensitive information\Nand moving forward in the process,
Dialogue: 0,0:03:48.06,0:03:50.69,Default,,0000,0000,0000,,the normal thing is to sign\Na confidentiality agreement
Dialogue: 0,0:03:50.69,0:03:54.30,Default,,0000,0000,0000,,to protect both parties\Nand a preliminary agreement of intentions.
Dialogue: 0,0:03:54.72,0:03:56.62,Default,,0000,0000,0000,,We will see it in detail\Nbelow.
Dialogue: 0,0:03:56.83,0:03:59.32,Default,,0000,0000,0000,,But you should keep\Nin mind at this point that
Dialogue: 0,0:03:59.32,0:04:03.04,Default,,0000,0000,0000,,The terms of the transaction are\Nnegotiated in this agreement of intentions
Dialogue: 0,0:04:03.44,0:04:06.62,Default,,0000,0000,0000,,and the main aspects such as\Nprice and other conditions.
Dialogue: 0,0:04:06.84,0:04:09.71,Default,,0000,0000,0000,,The next typical stage\Nis due diligence,
Dialogue: 0,0:04:09.71,0:04:12.20,Default,,0000,0000,0000,,which consists of\Nan exhaustive investigation
Dialogue: 0,0:04:12.20,0:04:16.22,Default,,0000,0000,0000,,where financial, legal and operational\Naspects of the company are analyzed .
Dialogue: 0,0:04:16.68,0:04:20.04,Default,,0000,0000,0000,,Basically, the purchasing company\Ndoes a thorough investigation.
Dialogue: 0,0:04:20.06,0:04:22.94,Default,,0000,0000,0000,,which is going to be acquired\Nand reviewed from the finances
Dialogue: 0,0:04:22.94,0:04:25.94,Default,,0000,0000,0000,,to contracts, employees\Nand any legal issues.
Dialogue: 0,0:04:26.30,0:04:29.39,Default,,0000,0000,0000,,We will see this point later,\Nbut it is as if you were reviewing
Dialogue: 0,0:04:29.39,0:04:31.84,Default,,0000,0000,0000,,every corner of a house\Nbefore buying it.
Dialogue: 0,0:04:32.26,0:04:34.46,Default,,0000,0000,0000,,Finally, once the process has advanced,
Dialogue: 0,0:04:34.46,0:04:37.56,Default,,0000,0000,0000,,we have the sales contract\Nand the closing of the transaction.
Dialogue: 0,0:04:37.56,0:04:40.94,Default,,0000,0000,0000,,In this decisive phase the sales agreement\Nis negotiated and formalized.
Dialogue: 0,0:04:40.94,0:04:42.61,Default,,0000,0000,0000,,and the transaction is completed.
Dialogue: 0,0:04:42.90,0:04:46.00,Default,,0000,0000,0000,,In later modules we will see\Nall the relevant aspects
Dialogue: 0,0:04:46.00,0:04:48.72,Default,,0000,0000,0000,,of the sales contract\Nand the closing of the transaction.
Dialogue: 0,0:04:48.72,0:04:51.64,Default,,0000,0000,0000,,After closing\Ncomes the integration phase,
Dialogue: 0,0:04:51.64,0:04:53.40,Default,,0000,0000,0000,,in which work\Nis being done to combine
Dialogue: 0,0:04:53.40,0:04:56.16,Default,,0000,0000,0000,,the operations of both companies\Neffectively.
Dialogue: 0,0:04:56.42,0:04:59.34,Default,,0000,0000,0000,,As you can see, a typical\NM&A process has several stages.
Dialogue: 0,0:04:59.34,0:05:02.34,Default,,0000,0000,0000,,and all of them are crucial to\Nensure a successful operation.
Dialogue: 0,0:05:02.66,0:05:05.68,Default,,0000,0000,0000,,Knowing this structure\Nwill help you navigate the process.
Dialogue: 0,0:05:05.68,0:05:08.90,Default,,0000,0000,0000,,with more confidence and understanding\Nwhat to expect at each stage.
Dialogue: 0,0:05:09.26,0:05:12.96,Default,,0000,0000,0000,,We will see the details of each\Nof these stages throughout the course.
Dialogue: 0,0:05:13.28,0:05:16.88,Default,,0000,0000,0000,,For now, the idea is that you become\Nfamiliar with the most common steps.
Dialogue: 0,0:05:17.18,0:05:20.52,Default,,0000,0000,0000,,and that you internalize some\Nof the most relevant concepts.
Dialogue: 0,0:05:20.52,0:05:24.32,Default,,0000,0000,0000,,See you in the next video\Nwhere we will discuss who the actors are.
Dialogue: 0,0:05:24.32,0:05:27.30,Default,,0000,0000,0000,,and what are the usual risks\Nin this type of process.
Dialogue: 0,0:05:27.30,0:05:29.04,Default,,0000,0000,0000,,See you in the next video.