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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