{"id":15457,"date":"2025-09-30T17:26:00","date_gmt":"2025-09-30T15:26:00","guid":{"rendered":"https:\/\/vapa.ch\/?p=15457"},"modified":"2025-10-10T10:19:53","modified_gmt":"2025-10-10T08:19:53","slug":"iwm-eam-bewertung-schweiz-vs-usa","status":"publish","type":"post","link":"https:\/\/vapa.ch\/de\/iwm-eam-valuation-switzerland-vs-usa\/","title":{"rendered":"Unterbewertet: Warum Schweizer Verm\u00f6gensverwalter m\u00f6glicherweise Wert auf dem Tisch liegen lassen"},"content":{"rendered":"<p><a href=\"https:\/\/vapa.ch\/de\/usa-vs-schweiz-vermogensverwaltung\/\">Bewertungen <\/a>im Bereich der unabh\u00e4ngigen Verm\u00f6gensverwaltung entwickeln sich rasch weiter. Trotz solider Fundamentaldaten werden viele Schweizer Unternehmen immer noch mit einem Abschlag gehandelt. Ihre US-Konkurrenten hingegen werden aufgrund ihrer Gr\u00f6\u00dfe, Struktur und der wahrgenommenen Wachstumsbereitschaft weiterhin h\u00f6her bewertet.<\/p>\n\n\n\n<p><strong>Wie erkl\u00e4rt sich diese Kluft?<\/strong><br>\u2714 US-Firmen pr\u00e4sentieren oft skalierbare, technologieorientierte Modelle mit sauberen Geb\u00fchrenstrukturen und einer gr\u00f6\u00dferen operativen Hebelwirkung.<br>\u2714 Das Interesse an Private Equity in den USA h\u00e4lt an <a href=\"https:\/\/vapa.ch\/de\/vermogensverwaltungslandschaft-privatbankiers\/\">Wettbewerb<\/a> und erh\u00f6hen die Anzahl der Gesch\u00e4fte.<br>\u2714 In der Schweiz bleiben die Transaktionen meist Peer-to-Peer - konservative Bewertungen, weniger strategische K\u00e4ufer und begrenzte Skalenpr\u00e4mie.<\/p>\n\n\n\n<p><strong>Der gr\u00f6\u00dfte Druck auf die Bewertung kommt jedoch oft von innen:<\/strong><br>\ud83d\udd0d Ein alternder Kundenstamm ohne Pl\u00e4ne f\u00fcr den Generationswechsel.<br>\ud83d\udd0d Das Risiko der Schl\u00fcsselpersonen konzentriert sich auf die leitenden Kundenbetreuer.<br>\ud83d\udd0d Begrenzte Nutzung digitaler Tools, Automatisierung und CRM-Systeme.<\/p>\n\n\n\n<p>Diese Probleme verringern die Sichtbarkeit k\u00fcnftiger Einnahmen und die Klarheit der Nachfolge. Die Erwerber preisen dieses Risiko ein - oft durch Rabatte, Earn-Outs oder reduzierte Multiplikatoren.<\/p>\n\n\n\n<p>Im Gegensatz dazu ziehen Unternehmen, die wiederkehrende Einnahmen, betriebliche Reife und Nachfolgebereitschaft bieten, zunehmend die Aufmerksamkeit auf sich, selbst in einem vorsichtigen Markt.<\/p>\n\n\n\n<p>Schweizer Unternehmen m\u00fcssen das US-Modell nicht kopieren. Sie m\u00fcssen sich jedoch daran orientieren, wie K\u00e4ufer den Wert einsch\u00e4tzen, insbesondere in Bezug auf Gr\u00f6\u00dfenordnung, \u00dcbertragbarkeit und Nachhaltigkeit nach der Transaktion.<\/p>\n\n\n\n<p>Denn bei einer Bewertung geht es nie nur um <a href=\"https:\/\/vapa.ch\/de\/tag\/verwaltetes-vermoegen-aum\/\">verwaltete Verm\u00f6gen <\/a>- Es geht um das Vertrauen in die Zukunft des Unternehmens.<\/p>\n\n\n\n<p>Wenn ein Verkauf, eine Fusion oder ein \u00dcbergang ansteht, ist es an der Zeit, sich vorzubereiten, bevor die Bewertung auf die Due Diligence trifft.<\/p>\n\n\n\n<p>Quelle: <a href=\"https:\/\/www.linkedin.com\/posts\/patrick-stauber-marcuard-heritage_wealthmanagement-valuation-mergersandacquisitions-activity-7378662411077226496-S1hm?utm_source=share&amp;utm_medium=member_desktop&amp;rcm=ACoAAAUooHgBeTEXpRpRNA0E7VJJlaW_t2ANZhk\">LinkedIn<\/a><\/p>\n<div class=\"wps-pgfw-pdf-generate-icon__wrapper-frontend pgfw-icon-display pgfw-icon-display--default\" style=\"--pgfw-icon-justify:;\"><a href=\"https:\/\/vapa.ch\/de\/wp-json\/wp\/v2\/posts\/15457?action=genpdf&#038;id=15457\" class=\"pgfw-single-pdf-download-button pgfw-single-pdf-download-button--default pgfw-single-pdf-download-button--image-only pgfw-single-pdf-download-button--icon-only\" title=\"PDF generieren\" style=\"--pgfw-icon-width:25px;--pgfw-icon-height:45px;\" target=\"_blank\" aria-label=\"PDF generieren\"><span class=\"pgfw-single-pdf-download-button__media\" aria-hidden=\"true\"><img src=\"https:\/\/vapa.ch\/wp-content\/uploads\/2024\/11\/pdf-svgrepo-com.svg\" alt=\"\" decoding=\"async\"><\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Die Bewertungen im Bereich der unabh\u00e4ngigen Verm\u00f6gensverwaltung entwickeln sich rasch weiter. Trotz solider Fundamentaldaten werden viele Schweizer Unternehmen immer noch mit einem Abschlag gehandelt. W\u00e4hrenddessen werden ihre US-Konkurrenten aufgrund ihrer Gr\u00f6\u00dfe, Struktur und Wachstumsbereitschaft h\u00f6her bewertet. Wie erkl\u00e4rt sich diese Diskrepanz?\u2714 US-Firmen pr\u00e4sentieren oft skalierbare, technologiegetriebene Modelle mit sauberen Geb\u00fchrenstrukturen und einem gr\u00f6\u00dferen operativen Leverage.\u2714 Das Interesse von Private Equity in den USA heizt den Wettbewerb weiter an und erh\u00f6ht die Deal-Multiples.\u2714 In der Schweiz bleiben die Transaktionen meist Peer-to-Peer - mit konservativen Bewertungen, weniger strategischen K\u00e4ufern und einem begrenzten Gr\u00f6\u00dfenvorteil. Der gr\u00f6sste Bewertungsdruck kommt jedoch oft von innen:\ud83d\udd0d Ein alternder Kundenstamm ohne Generationswechselpl\u00e4ne.\ud83d\udd0d Das Risiko f\u00fcr Schl\u00fcsselpersonen konzentriert sich auf Senior Relationship Manager.\ud83d\udd0d Begrenzter Einsatz von digitalen Tools, Automatisierung und CRM-Systemen. Diese Probleme verringern die Sichtbarkeit k\u00fcnftiger Einnahmen und die Klarheit der Nachfolge. Erwerber preisen dieses Risiko ein - oft durch Rabatte, Earn-Outs oder reduzierte Multiplikatoren. Im Gegensatz dazu ziehen Unternehmen, die wiederkehrende Einnahmen, betriebliche Reife und Nachfolgebereitschaft bieten, zunehmend die Aufmerksamkeit auf sich, selbst in einem vorsichtigen Markt. Schweizer Firmen m\u00fcssen das US-Modell nicht kopieren. Sie m\u00fcssen sich jedoch daran orientieren, wie K\u00e4ufer den Wert einsch\u00e4tzen, insbesondere im Hinblick auf Gr\u00f6\u00dfe, \u00dcbertragbarkeit und Nachhaltigkeit nach dem Kauf. Denn eine Bewertung ist nie nur ...<\/p>","protected":false},"author":1,"featured_media":15461,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_122096905244470929_329580246915571":"","twitter_1821932287224696832_1821932287224696832":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_uag_custom_page_level_css":"","footnotes":""},"categories":[89],"tags":[277,231,99,198,185,108,42],"class_list":["post-15457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-2025-blog-wealth-management","tag-financial-services","tag-independent-wealth-management","tag-investment","tag-operations","tag-risk-management","tag-wealth-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Valuation | independent wealth management<\/title>\n<meta name=\"description\" content=\"Swiss EAMs trail US peers in valuation. 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