The big­gest mista­kes in manage­ment par­ti­ci­pa­ti­ons

FYB 2018 — Dr Bene­dikt Hohaus, P+P Pöl­lath + Part­ners / Prof. Dr Alex­an­der Götz, Blätt­chen & Part­ner GmbH

Manage­ment par­ti­ci­pa­ti­ons are stan­dard in manage­ment buy­out (MBO)/leveraged buy­out (LBO) tran­sac­tions car­ri­ed out by finan­cial inves­tors. The goal of finan­cial inves­tors is to homo­ge­ni­ze inte­rests with the manage­ment . Employees are to beco­me entre­pre­neurs. The imple­men­ta­ti­on of
Manage­ment par­ti­ci­pa­ti­on has beco­me incre­a­singly pro­fes­sio­nal over the last 20 years. Howe­ver, in prac­ti­ce, mista­kes are often made both in the pro­cess and in the con­cre­te struc­tu­ring, which can lead to the fact that the posi­ti­ve effec­ti­ve­ness of manage­ment par­ti­ci­pa­ti­on is not brought to bear or can even turn out to be nega­ti­ve. Tax issu­es In its decisi­on of 4 Octo­ber 2016 (IX R 43/15, BStBl. II 2017, 790), the Federal Fis­cal Court final­ly con­fir­med the taxa­ti­on of manage­ment share­hol­dings as capi­tal assets. This will put a stop to the incre­a­sing ten­den­cy in the tax aut­ho­ri­ties to qua­li­fy such inco­me as wages. This decisi­on should now remo­ve the basis for the tax aut­ho­ri­ties’ fre­quent prac­ti­ce in recent years of qua­li­fy­ing pro­fits from manage­ment share­hol­dings as wages. This app­lies in any case to the extent that the struc­tu­re of manage­ment par­ti­ci­pa­ti­on sche­mes cor­re­sponds or comes clo­se to the case deci­ded. In the opi­ni­on of the Federal Fis­cal Court, the fol­lowing cri­te­ria are essen­ti­al for qua­li­fi­ca­ti­on as capi­tal assets: n Purcha­se and sale of the manage­ment par­ti­ci­pa­ti­on at mar­ket pri­ce.

Many typi­cal manage­ment invest­ments are likely to be cove­r­ed by this ruling. Howe­ver, if a manage­ment par­ti­ci­pa­ti­on con­tains devia­ting ele­ments that may have a fur­ther con­nec­tion to the employ­ment rela­ti­ons­hip, cau­ti­on is still requi­red. The ques­ti­on of the demar­ca­ti­on of sala­ry and
Capi­tal inco­me will con­ti­nue to be deci­ded on the basis of an over­all assess­ment of the facts. This over­all assess­ment may still lead to qua­li­fi­ca­ti­on as a wage. When struc­tu­ring manage­ment par­ti­ci­pa­ti­ons, care­ful con­tract design con­ti­nues to be important in order to avoid nega­ti­ve tax con­se­quen­ces. Fur­ther­mo­re, the manage­ment par­ti­ci­pa­ti­on should be strict­ly sepa­ra­ted from the employ­ment rela­ti­ons­hip. In par­ti­cu­lar, the employ­ment con­tract should not con­tain a com­mit­ment to grant a manage­ment par­ti­ci­pa­ti­on. Fur­ther­mo­re, employ­ment and manage­ment par­ti­ci­pa­ti­on issu­es should be regu­la­ted in two sepa­ra­te term she­ets. The impres­si­on should always be avoided that the Manage­ment Par­ti­ci­pa­ti­on is a remu­ne­ra­ti­on com­po­nent under the employ­ment con­tract. Sin­ce the tax aut­ho­ri­ties are now also being asked by pri­va­te equi­ty inves­tors
If the inves­tor requests pre­sen­ta­ti­ons on the manage­ment shares offe­red, the­se should be care­ful­ly exami­ned with regard to the pre­sen­ta­ti­on and the lan­guage used. Terms such as “remu­ne­ra­ti­on”, “incen­ti­ve” and “sweet equi­ty” should be avoided so as not to give the impres­si­on that the manage­ment par­ti­ci­pa­ti­on repres­ents remu­ne­ra­ti­on. Ulti­mate­ly, manage­ment share­hol­dings are capi­tal invest­ments with a risk of loss and no remu­ne­ra­ti­on whatsoever.

Pro­blems from IFRS 2
Even if all this is taken into account, pro­blems from other sides can threa­ten. A phe­no­me­non that has so far recei­ved litt­le atten­ti­on — becau­se it is rather new in con­cre­te terms — is the tre­at­ment of manage­ment par­ti­ci­pa­ti­on pro­grams in inter­na­tio­nal accoun­ting accord­ing to IFRS. IFRS 2 regu­la­tes the accoun­ting tre­at­ment of share-based pay­ments. Tra­di­tio­nal­ly, real and vir­tu­al opti­on or share acqui­si­ti­on pro­gram­mes are cove­r­ed by IFRS 2, as com­pa­nies grant their employees share-pri­ce- or TSR (total share­hol­der return) based remu­ne­ra­ti­on as a long-term incentive.those who do not deal with IFRS 2 on a dai­ly basis are some­what sur­pri­sed — and also rather new — by the tre­at­ment of manage­ment par­ti­ci­pa­ti­on pro­gram­mes in inter­na­tio­nal accoun­ting under IFRS. IFRS 2 regu­la­tes the accoun­ting tre­at­ment of share-based pay­ments. Tra­di­tio­nal­ly, real and vir­tu­al opti­on or share acqui­si­ti­on pro­gram­mes fall under IFRS 2, as com­pa­nies grant their employees share-pri­ce- or TSR (total share­hol­der return)-related remu­ne­ra­ti­on as a “long-term incen­ti­ve”. Anyo­ne who does not deal with IFRS 2 on a dai­ly basis will also be some­what sur­pri­sed if the acqui­si­ti­on of an inte­rest in a com­pa­ny on the same terms as the main share­hol­der (finan­cial inves­tor) is qua­li­fied by the audi­tors as share-based pay­ment under IFRS. As alrea­dy exp­lai­ned abo­ve, a capi­tal invest­ment with a nor­mal mar­ket risk of loss is not a remu­ne­ra­ti­on but an invest­ment. Howe­ver, this con­si­de­ra­ti­on is not rele­vant for the pur­po­ses of IFRS 2. Rather, it is suf­fi­ci­ent that the inves­tor is an employee of the com­pa­ny and the par­ti­ci­pa­ti­on pro­gram­me pro­vi­des for a so-cal­led Lea­ver Sche­me, i.e. purcha­se rights of the finan­cial inves­tor in the event of ter­mi­na­ti­on of the employ­ment rela­ti­ons­hip of the mana­ger. Sin­ce expe­ri­ence shows that this is the pre­vai­ling opi­ni­on among audi­tors, the CFO con­cer­ned must accept this qua­li­fi­ca­ti­on. In fact, for many years this point of con­ten­ti­on was also rather a sym­bo­lic one, becau­se it is undis­pu­ted that no per­son­nel expen­ses for an invest­ment pro­gram­me have to be reco­gnis­ed under IFRS 2 if the mana­ger has acqui­red the invest­ment at fair value. If the mana­ger acqui­red the invest­ment at the same pri­ce as the finan­cial inves­tor, the equi­ty com­pen­sa­ti­on plan was men­tio­ned in the notes to the finan­cial state­ments as share-based pay­ment, but with the state­ment that no per­son­nel expen­ses are to be reco­gni­zed becau­se the mana­ger acqui­red the invest­ment at fair value. (The non-IFRS expert would con­clu­de that this in its­elf means that the­re can be no share-based pay­ment). In recent years, howe­ver, it has beco­me com­mon prac­ti­ce for some, espe­cial­ly the lar­ger audi­t­ing com­pa­nies, to have their audi­tors enga­ge the inter­nal audi­t­ing units of the audi­t­ing com­pa­ny without pri­or con­sul­ta­ti­on to con­duct a spe­cial audit for which a fee is char­ged. After com­plex simu­la­ti­on cal­cu­la­ti­ons, the valu­ers then came to the con­clu­si­on in qui­te a few cases that the mana­gers had acqui­red the shares below mar­ket value, which is why per­son­nel expen­ses would have to be recor­ded in accordance with IFRS 2. This is a sur­pri­sing assump­ti­on, sin­ce the struc­tu­re of the finan­cial instru­ments is not only sub­ject to inten­si­ve tax scru­ti­ny, but is also nego­tia­ted bet­ween the share­hol­ders. It should be pos­si­ble to limit the pro­blem by com­mu­ni­ca­ting two things to the audi­tor: The com­pa­ny will not accept a valua­ti­on report from the audi­t­ing firm.
as a spe­cial pro­ject. The com­pa­ny values the finan­cial instru­ments its­elf. The auditor’s task is then to check the valua­ti­on of the com­pa­ny for plau­si­bi­li­ty.

Senio­ri­ty in manage­ment mee­tings
Dis­cus­sions about poten­ti­al manage­ment par­ti­ci­pa­ti­on are dis­cus­sions of princip­le and should be con­duc­ted in this way. The initi­al nego­tia­ti­ons with manage­ment tra­di­tio­nal­ly take place on the manage­ment side at the CE level. This means that mana­ging direc­tors or board mem­bers nego­tia­te manage­ment par­ti­ci­pa­ti­on for “their” mana­gers from the 2nd and 3rd levels. In this respect, it is important that the nego­tia­ting part­ner on the pri­va­te equi­ty inves­tor side is on an equal foo­ting. On the side of the pri­va­te equi­ty inves­tor, too, the talks should the­re­fo­re be con­duc­ted by (seni­or) part­ners. In prac­ti­ce, one often expe­ri­en­ces that nego­tia­ti­ons and talks are dele­ga­ted to youn­ger col­leagues as an annoy­ing evil. In this con­text, it should not be unde­re­sti­ma­ted that for mana­gers con­duc­ting a buy-out for the first time in their lives, such a pro­cess is asso­cia­ted with many uncer­tain­ties and unknown situa­tions. This uncer­tain­ty is inten­si­fied if the manage­ment team does not feel valued by the coun­ter­part. Howe­ver, the first step in buil­ding trust is to tre­at your coun­ter­part as you would like to be trea­ted yourself. This means that the manage­ment as a nego­tia­ting part­ner should be trea­ted with appre­cia­ti­on and respect. A sign of appre­cia­ti­on is in par­ti­cu­lar that the pri­va­te equi­ty investor’s part­ner con­ducts the dis­cus­sions with the manage­ment. Our expe­ri­ence also shows that eye level always has some­thing to do with age and expe­ri­ence. This is not necessa­ri­ly true, but a con­ver­sa­ti­on bet­ween peop­le of the same age and expe­ri­ence will be easier than bet­ween peop­le with a signi­fi­cant age dif­fe­rence.

Timing / cla­ri­fi­ca­ti­on of the manage­ment
Manage­ment plays an important role in M&A pro­ces­ses with poten­ti­al pri­va­te equi­ty inves­tors as buy­ers. Pri­va­te equi­ty inves­tors need the manage­ment to lead the com­pa­ny to be acqui­red. The sel­ler needs the manage­ment to faci­li­ta­te a struc­tu­red sales pro­cess and to pre­sent the com­pa­ny for sale in the best and most com­pre­hen­si­ve way pos­si­ble. In this respect, the manage­ment is often refer­red to as the third par­ty in the sales pro­cess. This makes it all the more important for the sel­ler to invol­ve a (par­ti­cu­lar­ly inex­pe­ri­en­ced) manage­ment team in good time and pre­pa­re it for the future.

con­ti­nue rea­ding…

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