Edi­to­ri­al Quar­ter­ly 2/2019

Dear busi­ness part­ners and fri­ends of Blätt­chen & Part­ner,

Blätt­chen & Part­ner has spe­cia­li­zed in cor­po­ra­te finan­ce con­sul­ting for com­pa­nies for almost 35 years. During this time, cor­po­ra­te finan­cing in Ger­ma­ny has chan­ged, but far less than one would think. Cre­dit finan­cing through banks con­ti­nues to domi­na­te. The low inte­rest rate pha­se that has been going on for seve­ral years sup­ports the attrac­ti­ve­ness of this finan­cing alter­na­ti­ve.

Small and medi­um-sized enter­pri­ses in par­ti­cu­lar should not for­get the expe­ri­ence of the finan­cial and eco­no­mic cri­sis of 2008/2009: banks are sen­si­ti­ve to eco­no­mic down­turn in their len­ding beha­viour. Cre­dit lines can be quick­ly fro­zen or even cut, cre­dit pro­lon­ga­ti­on is not secu­red, or at least it will beco­me more expen­si­ve and requi­re more col­la­te­ral.

Eco­no­mic deve­lo­p­ment is expec­ted to be signi­fi­cant­ly wea­k­er in 2019 than in pre­vious years. It is not yet pos­si­ble to say whe­ther the eco­no­mic down­turn will con­ti­nue next year. But the­re is also no evi­dence that the fac­tors that weigh on the glo­bal eco­no­my are dimi­nis­hing. Nevert­hel­ess, entre­pre­neurs in par­ti­cu­lar must not fall into pes­si­mism. Rather, it is and remains an important stra­te­gic task for each entre­pre­neur to diver­si­fy its finan­cing struc­tu­re, for exam­p­le through long-term pro­mis­so­ry notes or bonds, and in par­ti­cu­lar to streng­then the equi­ty base. Here we can help in a tar­ge­ted man­ner.

Sin­cer­ly

Kon­rad Bösl

 

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