{"id":2090,"date":"2024-02-22T16:20:08","date_gmt":"2024-02-22T15:20:08","guid":{"rendered":"https:\/\/menloavocats.com\/?p=2090"},"modified":"2024-02-22T16:23:18","modified_gmt":"2024-02-22T15:23:18","slug":"%f0%9d%90%82%f0%9d%90%a1%f0%9d%90%9e%f0%9d%90%9f-%f0%9d%90%9d%f0%9d%90%9e%f0%9d%90%a7%f0%9d%90%ad%f0%9d%90%ab%f0%9d%90%9e%f0%9d%90%a9%f0%9d%90%ab%f0%9d%90%a2%f0%9d%90%ac%f0%9d%90%9e","status":"publish","type":"post","link":"https:\/\/menloavocats.com\/en\/%f0%9d%90%82%f0%9d%90%a1%f0%9d%90%9e%f0%9d%90%9f-%f0%9d%90%9d%f0%9d%90%9e%f0%9d%90%a7%f0%9d%90%ad%f0%9d%90%ab%f0%9d%90%9e%f0%9d%90%a9%f0%9d%90%ab%f0%9d%90%a2%f0%9d%90%ac%f0%9d%90%9e\/","title":{"rendered":"\ud835\udc02\ud835\udc21\ud835\udc1e\ud835\udc1f \ud835\udc1d\u2019\ud835\udc1e\ud835\udc27\ud835\udc2d\ud835\udc2b\ud835\udc1e\ud835\udc29\ud835\udc2b\ud835\udc22\ud835\udc2c\ud835\udc1e : \ud835\udc1a\ud835\udc2c\ud835\udc2c\ud835\udc2e\ud835\udc2b\ud835\udc1e\ud835\udc2b \ud835\udc25\ud835\udc1a \ud835\udc2d\ud835\udc2b\ud835\udc1a\ud835\udc27\ud835\udc2c\ud835\udc26\ud835\udc22\ud835\udc2c\ud835\udc2c\ud835\udc22\ud835\udc28\ud835\udc27 \ud835\udc1d\ud835\udc1e \ud835\udc2f\ud835\udc28\ud835\udc2d\ud835\udc2b\ud835\udc1e \ud835\udc1e\ud835\udc27\ud835\udc2d\ud835\udc2b\ud835\udc1e\ud835\udc29\ud835\udc2b\ud835\udc22\ud835\udc2c\ud835\udc1e \ud835\udc2f\ud835\udc22\ud835\udc1a \ud835\udc25\ud835\udc1a \ud835\udc2d\ud835\udc1e\ud835\udc1c\ud835\udc21\ud835\udc27\ud835\udc22\ud835\udc2a\ud835\udc2e\ud835\udc1e \ud835\udc1d\ud835\udc2e \u00ab \ud835\udc05\ud835\udc1a\ud835\udc26\ud835\udc22\ud835\udc25\ud835\udc32 \ud835\udc01\ud835\udc2e\ud835\udc32 \ud835\udc0e\ud835\udc2e\ud835\udc2d \u00bb"},"content":{"rendered":"

\ud83d\udca1 C\u2019est quoi le \u00ab\u00a0Family Buy Out\u00a0\u00bb\u00a0?<\/p>\n

\ud83d\udd11 \ud83c\udfed \ud83d\udcb0 \u2696 C\u2019est une technique permettant \u00e0 un dirigeant fondateur de transmettre son entreprise \u00e0 un de ses enfants sans d\u00e9favoriser les autres enfants et en s\u2019assurant une partie \u00ab\u00a0cash out\u00a0\u00bb<\/p>\n

Le FBO s\u2019articule autour :<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0d\u2019une \u00a0\ud835\udc1d\ud835\udc28\ud835\udc27\ud835\udc1a\ud835\udc2d\ud835\udc22\ud835\udc28\ud835\udc27 \ud835\udc29\ud835\udc1a\ud835\udc2b\ud835\udc2d\ud835\udc1a\ud835\udc20\ud835\udc1e par le chef d\u2019entreprise d\u2019une partie de ses titres \u00e0 un de ses enfants (le \u00ab\u00a0Repreneur\u00a0\u00bb\u00a0\u00bb) avec une soulte \u00e0 payer aux autres coh\u00e9ritiers, (souvent avec un engagement dit DUTREIL),<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0de la cr\u00e9ation d\u2019une \ud835\udc21\ud835\udc28\ud835\udc25\ud835\udc1d\ud835\udc22\ud835\udc27\ud835\udc20 \ud835\udc1d\ud835\udc1e \ud835\udc2b\ud835\udc1e\ud835\udc29\ud835\udc2b\ud835\udc22\ud835\udc2c\ud835\udc1e\u00a0(\u00ab\u00a0H\u00a0\u00bb),<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0d\u2019un \ud835\udc1e\ud835\udc26\ud835\udc29\ud835\udc2b\ud835\udc2e\ud835\udc27\ud835\udc2d \ud835\udc1b\ud835\udc1a\ud835\udc27\ud835\udc1c\ud835\udc1a\ud835\udc22\ud835\udc2b\ud835\udc1e par le Holding H (ou autre source de financement type fonds d\u2019investissement) qui assurera le paiement de la soulte et de la cession d\u2019une partie de ses titres par le chef d\u2019entreprise (cash out)\u00a0; comme dans un LBO, les dividendes vers\u00e9s par la soci\u00e9t\u00e9 d\u2019exploitation serviront \u00e0 rembourser la dette bancaire (ou le cas \u00e9ch\u00e9ant obligataire) contract\u00e9e par la Holding H,<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0d\u2019un \ud835\udc1a\ud835\udc29\ud835\udc29\ud835\udc28\ud835\udc2b\ud835\udc2d \ud835\udc1d\ud835\udc1e \ud835\udc2d\ud835\udc22\ud835\udc2d\ud835\udc2b\ud835\udc1e\ud835\udc2c\u00a0par le Repreneur \u00e0 H<\/p>\n

D\u2019un point de vue de la technique juridique, la holding sera le plus souvent une SAS ou une soci\u00e9t\u00e9 civile.<\/p>\n

D\u2019un point de vue de l\u2019apport des titres, il sera un apport \u00ab\u00a0mixte\u00a0\u00bb\u00a0:<\/p>\n

– \u00e0 titre on\u00e9reux pour la partie correspondant au paiement de la soulte
\n– \u00e0 titre pur et simple pour l’apport par le repreneur.<\/p>\n

D\u2019un point de vue fiscal, le sch\u00e9ma, afin d\u2019\u00eatre optimis\u00e9, n\u00e9cessite l\u2019utilisation du r\u00e9gime m\u00e8re-fille\u00a0 (exon\u00e9ration d\u2019IS des dividendes distribu\u00e9s, \u00e0 l\u2019exception d\u2019une quote-part de frais et charges, fix\u00e9e \u00e0 5%)<\/p>\n

#dirigeants<\/a>\u00a0#transmission<\/a>\u00a0#ETI<\/a>\u00a0#PME<\/a>\u00a0#familybuyout<\/a>\u00a0#holding<\/a>\u00a0#donation<\/a>\u00a0#dutreil<\/a>\u00a0#levier<\/a>\u00a0#anticiper<\/a><\/p>\n

Pour une illustration chiffr\u00e9e :\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

\ud83d\udca1 C\u2019est quoi le \u00ab\u00a0Family Buy Out\u00a0\u00bb\u00a0? \ud83d\udd11 \ud83c\udfed \ud83d\udcb0 \u2696 C\u2019est une technique permettant \u00e0 un dirigeant fondateur de transmettre son entreprise \u00e0 un de ses enfants sans d\u00e9favoriser les autres enfants et en s\u2019assurant une partie \u00ab\u00a0cash out\u00a0\u00bb Le FBO s\u2019articule autour : –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0d\u2019une \u00a0\ud835\udc1d\ud835\udc28\ud835\udc27\ud835\udc1a\ud835\udc2d\ud835\udc22\ud835\udc28\ud835\udc27 \ud835\udc29\ud835\udc1a\ud835\udc2b\ud835\udc2d\ud835\udc1a\ud835\udc20\ud835\udc1e par le chef d\u2019entreprise d\u2019une partie de […]<\/p>\n","protected":false},"author":2,"featured_media":2091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[43,15,41,42],"yst_prominent_words":[],"class_list":["post-2090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-dirigeant","tag-dutreil","tag-family-buy-out","tag-transmission-dentreprise"],"acf":[],"_links":{"self":[{"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/posts\/2090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/comments?post=2090"}],"version-history":[{"count":2,"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/posts\/2090\/revisions"}],"predecessor-version":[{"id":2094,"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/posts\/2090\/revisions\/2094"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/media\/2091"}],"wp:attachment":[{"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/media?parent=2090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/categories?post=2090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/tags?post=2090"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/menloavocats.com\/en\/wp-json\/wp\/v2\/yst_prominent_words?post=2090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}