{"id":1133,"date":"2025-04-03T15:12:45","date_gmt":"2025-04-03T14:12:45","guid":{"rendered":"https:\/\/hintsoftpartners.com\/2025\/04\/03\/selling-your-business-the-price-tag-not-quite\/"},"modified":"2025-11-10T17:19:46","modified_gmt":"2025-11-10T16:19:46","slug":"prodej-podniku-cenovka-ne-tak-docela","status":"publish","type":"post","link":"https:\/\/hintsoftpartners.com\/cs\/2025\/04\/03\/prodej-podniku-cenovka-ne-tak-docela\/","title":{"rendered":"Prodej podniku = cenovka? Ne tak docela"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row row_height_percent=&#8220;0&#8243; override_padding=&#8220;yes&#8220; h_padding=&#8220;2&#8243; top_padding=&#8220;5&#8243; bottom_padding=&#8220;5&#8243; back_color=&#8220;color-745463&#8243; overlay_alpha=&#8220;80&#8243; equal_height=&#8220;yes&#8220; gutter_size=&#8220;3&#8243; column_width_percent=&#8220;100&#8243; shift_y=&#8220;0&#8243; z_index=&#8220;0&#8243; top_divider=&#8220;gradient&#8220; bottom_divider=&#8220;gradient&#8220; content_parallax=&#8220;0&#8243; uncode_shortcode_id=&#8220;117831&#8243; back_color_type=&#8220;uncode-palette&#8220;][vc_column column_width_percent=&#8220;70&#8243; position_horizontal=&#8220;left&#8220; position_vertical=&#8220;middle&#8220; gutter_size=&#8220;2&#8243; style=&#8220;dark&#8220; overlay_alpha=&#8220;50&#8243; shift_x=&#8220;0&#8243; shift_y=&#8220;0&#8243; shift_y_down=&#8220;0&#8243; z_index=&#8220;0&#8243; medium_width=&#8220;0&#8243; mobile_width=&#8220;0&#8243; width=&#8220;1\/1&#8243; uncode_shortcode_id=&#8220;298805&#8243;][vc_custom_heading heading_semantic=&#8220;h6&#8243; text_size=&#8220;h5&#8243; text_weight=&#8220;700&#8243; text_transform=&#8220;uppercase&#8220; uncode_shortcode_id=&#8220;101606&#8243;]INSIGHTS \u2013 TRANSAK\u010cN\u00cd PORADENSTV\u00cd[\/vc_custom_heading][vc_custom_heading auto_text=&#8220;yes&#8220; heading_semantic=&#8220;h1&#8243; text_font=&#8220;font-154066&#8243; text_size=&#8220;custom&#8220; uncode_shortcode_id=&#8220;167215&#8243; heading_custom_size=&#8220;60&#8243;]Long headline to turn your visitors into users[\/vc_custom_heading][uncode_info_box items=&#8220;Date&#8220; text_size=&#8220;h5&#8243;][\/vc_column][\/vc_row][vc_row row_height_percent=&#8220;0&#8243; override_padding=&#8220;yes&#8220; h_padding=&#8220;2&#8243; top_padding=&#8220;3&#8243; bottom_padding=&#8220;2&#8243; overlay_alpha=&#8220;50&#8243; gutter_size=&#8220;3&#8243; column_width_percent=&#8220;100&#8243; shift_y=&#8220;0&#8243; z_index=&#8220;0&#8243; content_parallax=&#8220;0&#8243; uncode_shortcode_id=&#8220;186881&#8243; row_name=&#8220;history&#8220;][vc_column column_width_use_pixel=&#8220;yes&#8220; gutter_size=&#8220;3&#8243; overlay_alpha=&#8220;50&#8243; shift_x=&#8220;0&#8243; shift_y=&#8220;0&#8243; shift_y_down=&#8220;0&#8243; z_index=&#8220;0&#8243; medium_width=&#8220;0&#8243; align_mobile=&#8220;align_center_mobile&#8220; mobile_width=&#8220;0&#8243; width=&#8220;1\/1&#8243; column_width_pixel=&#8220;850&#8243; uncode_shortcode_id=&#8220;172286&#8243;][vc_column_text text_lead=&#8220;yes&#8220; uncode_shortcode_id=&#8220;107895&#8243;]<b>Prodej podniku = cenovka? Ne tak docela<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Kdy\u017e vlastn\u00edk za\u010dne uva\u017eovat o prodeji sv\u00e9ho podniku, prvn\u00ed ot\u00e1zka b\u00fdv\u00e1 t\u00e9m\u011b\u0159 v\u017edy: <\/span><i><span style=\"font-weight: 400;\">\u201eKolik za n\u011bj mohu dostat?\u201c<\/span><\/i><span style=\"font-weight: 400;\"> To je zcela pochopiteln\u00e9. Cena p\u016fsob\u00ed jako kone\u010dn\u00e9 m\u011b\u0159\u00edtko toho, jak se v\u0161echna ta l\u00e9ta tvrd\u00e9 pr\u00e1ce z\u00faro\u010dila.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Zku\u0161en\u00ed kupuj\u00edc\u00ed v\u0161ak tuto ot\u00e1zku rychle p\u0159ekonaj\u00ed. Jejich dal\u0161\u00ed my\u0161lenka je: <\/span><i><span style=\"font-weight: 400;\">\u201eCo se za tou cenou skr\u00fdv\u00e1?\u201c<\/span><\/i><\/p>\n<p><b>Skute\u010dn\u00fd p\u0159\u00edklad: stejn\u00e1 cena, dv\u011b zcela odli\u0161n\u00e9 transakce<\/b><\/p>\n<p><span style=\"font-weight: 400;\">P\u0159edstavme si situaci: vlastn\u00edk dodavatele pro automobilov\u00fd pr\u016fmysl obdr\u017e\u00ed dv\u011b nab\u00eddky. Oba kupuj\u00edc\u00ed jsou ochotni zaplatit za spole\u010dnost 4 miliony eur. Ale struktura transakc\u00ed se od sebe dramaticky li\u0161\u00ed.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">V prvn\u00ed nab\u00eddce je cel\u00e1 \u010d\u00e1stka zaplacena p\u0159i uzav\u0159en\u00ed \u2013 ale prod\u00e1vaj\u00edc\u00ed mus\u00ed poskytnout pln\u00e9 z\u00e1ruky na t\u0159i roky a 20 % ceny je blokov\u00e1no na escrow \u00fa\u010dtu.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ve druh\u00e9 nab\u00eddce je polovina kupn\u00ed ceny nav\u00e1z\u00e1na na budouc\u00ed v\u00fdkonnost (earn-out zalo\u017een\u00fd na c\u00edlech EBITDA). Na druh\u00e9 stran\u011b jsou zde minim\u00e1ln\u00ed z\u00e1ruky, \u017e\u00e1dn\u00fd escrow a prod\u00e1vaj\u00edc\u00ed m\u016f\u017ee odej\u00edt z ka\u017edodenn\u00edho \u0159\u00edzen\u00ed jen n\u011bkolik m\u011bs\u00edc\u016f po uzav\u0159en\u00ed.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Stejn\u00e1 cena na pap\u00ed\u0159e \u2013 ale v realit\u011b zcela odli\u0161n\u00e9 riziko, cash flow a z\u00e1vazky.<\/span><\/p>\n<p><b>V M&amp;A neexistuje \u201efixn\u00ed cena\u201c<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Podnik nen\u00ed spo\u0159ic\u00ed \u00fa\u010det. Ve v\u011bt\u0161in\u011b transakc\u00ed nen\u00ed tzv. \u201ekone\u010dn\u00e1 cena\u201c skute\u010dn\u011b kone\u010dn\u00e1 a\u017e do okam\u017eiku uzav\u0159en\u00ed \u2013 a i pot\u00e9 se m\u016f\u017ee zm\u011bnit. D\u016fvodem je, \u017ee v\u011bt\u0161ina smluv obsahuje mechanismus pro \u00fapravu ceny na z\u00e1klad\u011b finan\u010dn\u00ed situace k datu uzav\u0159en\u00ed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">P\u0159\u00edklad: technologick\u00e1 spole\u010dnost po\u017e\u00e1d\u00e1 klienty o platby p\u0159edem m\u011bs\u00edc p\u0159ed prodejem. T\u00edm nav\u00fd\u0161\u00ed stav hotovosti \u2013 ale ve skute\u010dnosti jde o v\u00fdnosy za slu\u017eby, kter\u00e9 bude muset kupuj\u00edc\u00ed dodat po uzav\u0159en\u00ed. P\u0159irozen\u011b tedy kupuj\u00edc\u00ed nechce platit za z\u00e1vazky, kter\u00e9 je\u0161t\u011b mus\u00ed splnit, a smlouva podle toho cenu uprav\u00ed.<\/span><\/p>\n<p><b>Earn-out: motivace, nebo odlo\u017een\u00e9 riziko?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Dal\u0161\u00ed sc\u00e9n\u00e1\u0159: prod\u00e1v\u00e1 se softwarov\u00e1 spole\u010dnost a kupuj\u00edc\u00ed se s prod\u00e1vaj\u00edc\u00edm dohodnou, \u017ee 30 % ceny bude vyplaceno pouze tehdy, pokud podnik v prvn\u00edm roce spln\u00ed dva c\u00edle \u2013 udr\u017e\u00ed si 10 nejv\u011bt\u0161\u00edch klient\u016f a dos\u00e1hne EBITDA p\u0159es 700 000 eur.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Na pap\u00ed\u0159e skv\u011bl\u00fd motiva\u010dn\u00ed prvek pro prod\u00e1vaj\u00edc\u00edho, aby z\u016fstal zapojen. V praxi? \u010c\u00e1st kupn\u00ed ceny se p\u0159esouv\u00e1 do budoucna a st\u00e1v\u00e1 se z\u00e1vislou na v\u00fdkonnosti, kterou u\u017e prod\u00e1vaj\u00edc\u00ed nemus\u00ed m\u00edt pod kontrolou. Kupuj\u00edc\u00ed nyn\u00ed \u0159\u00edd\u00ed firmu a jeho rozhodnut\u00ed mohou ovlivnit, zda budou c\u00edle spln\u011bny \u2013 co\u017e n\u011bkdy vytv\u00e1\u0159\u00ed nap\u011bt\u00ed.<\/span><\/p>\n<p><b>Z\u00e1ruky: kdy\u017e m\u016f\u017ee kupuj\u00edc\u00ed z\u00edskat \u010d\u00e1st ceny zp\u011bt<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Kupuj\u00edc\u00ed nep\u0159ed\u00e1v\u00e1 jen pen\u00edze \u2013 chce ochranu. Prost\u0159ednictv\u00edm z\u00e1ruk, od\u0161kodn\u011bn\u00ed a prohl\u00e1\u0161en\u00ed se sna\u017e\u00ed chr\u00e1nit p\u0159ed skryt\u00fdmi riziky.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nap\u0159\u00edklad: zahrani\u010dn\u00ed kupuj\u00edc\u00ed z\u00edsk\u00e1v\u00e1 dom\u00e1c\u00ed maloobchodn\u00ed \u0159et\u011bzec. Smlouva uv\u00e1d\u00ed, \u017ee neprob\u00edhaj\u00ed \u017e\u00e1dn\u00e9 da\u0148ov\u00e9 kontroly ani pracovn\u00ed spory. Ale po uzav\u0159en\u00ed je zah\u00e1jeno da\u0148ov\u00e9 \u0161et\u0159en\u00ed minul\u00fdch faktura\u010dn\u00edch praktik a ulo\u017eena pokuta. Pokud byla smlouva spr\u00e1vn\u011b nastavena, m\u016f\u017ee m\u00edt kupuj\u00edc\u00ed n\u00e1rok na \u010d\u00e1ste\u010dn\u00e9 vr\u00e1cen\u00ed kupn\u00ed ceny.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Proto mnoho transakc\u00ed obsahuje <\/span><b>holdback<\/b><span style=\"font-weight: 400;\"> nebo <\/span><b>escrow<\/b><span style=\"font-weight: 400;\"> \u2013 \u010dasto 10\u201315 % ceny \u2013 kter\u00e9 jsou zadr\u017eeny po ur\u010dit\u00e9 obdob\u00ed pro p\u0159\u00edpad, \u017ee se objev\u00ed probl\u00e9m.<\/span><\/p>\n<p><b>Co skute\u010dn\u011b ur\u010duje vyjedn\u00e1vac\u00ed s\u00edlu prod\u00e1vaj\u00edc\u00edho?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Nejde jen o \u010d\u00edslo na stole. Vyjedn\u00e1vac\u00ed pozice prod\u00e1vaj\u00edc\u00edho z\u00e1vis\u00ed na tom:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">jak transparentn\u00ed a dob\u0159e \u0159\u00edzen\u00fd podnik je,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">zda jsou pr\u00e1vn\u00ed a finan\u010dn\u00ed z\u00e1le\u017eitosti v po\u0159\u00e1dku,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">zda existuje z\u00e1vislost na kl\u00ed\u010dov\u00fdch osob\u00e1ch nebo komplikace ve vlastnictv\u00ed,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">a jak snadn\u00e9 je pro nov\u00e9ho vlastn\u00edka p\u0159evz\u00edt \u0159\u00edzen\u00ed a zachovat plynul\u00fd chod.<\/span><\/li>\n<\/ul>\n<p><b>Z\u00e1v\u011br: cena je jen \u010d\u00e1st\u00ed transakce<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Prodej podniku nen\u00ed jen o dohod\u011b na \u010d\u00edsle. Skute\u010dn\u011b z\u00e1le\u017e\u00ed na tom, <\/span><b>jak<\/b><span style=\"font-weight: 400;\"> bude cena vyplacena, <\/span><b>za jak\u00fdch podm\u00ednek<\/b><span style=\"font-weight: 400;\"> a <\/span><b>jak\u00e1 rizika<\/b><span style=\"font-weight: 400;\"> p\u0159etrv\u00e1vaj\u00ed po podpisu smlouvy.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Prod\u00e1vaj\u00edc\u00ed, kte\u0159\u00ed pova\u017euj\u00ed detaily smlouvy za \u201ejen pr\u00e1vn\u00ed z\u00e1le\u017eitost\u201c, se \u010dasto pou\u010d\u00ed t\u011b\u017ekou cestou \u2013 cena, kter\u00e1 na den podpisu vypad\u00e1 vysok\u00e1, se m\u016f\u017ee b\u011bhem n\u011bkolika let v\u00fdznamn\u011b zmen\u0161it.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>INSIGHTS \u2013 TRANSAK\u010cN\u00cd PORADENSTV\u00cd<\/p>\n","protected":false},"author":1,"featured_media":1135,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[42],"tags":[],"class_list":["post-1133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transakcni-poradenstvi"],"_links":{"self":[{"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/posts\/1133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/comments?post=1133"}],"version-history":[{"count":3,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/posts\/1133\/revisions"}],"predecessor-version":[{"id":1143,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/posts\/1133\/revisions\/1143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/media\/1135"}],"wp:attachment":[{"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/media?parent=1133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/categories?post=1133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/tags?post=1133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}