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IMA Stuttgart May 2012

On May 31, 2012, the Stuttgart branch of IMA Germany held its first meeting of the year at the offices of MPower GmbH in Stuttgart.

Dr. Helmut Diemer, Managing Partner of MPower GmbH, opened the meeting by speaking briefly about MPower’s management consulting business in Stuttgart and throughout Germany. He described the company, its history and its staff. He went into special detail about the firm’s specialization in restructuring of German small- and medium-sized businesses (SME) and its growing focus on cross border M&A transactions between Germany and China.

Thereafter, Dr. Werner Gleißner, Managing Director of FutureValue Group AG, held a presentation entitled “Risk Simulation, Rating and Valuation.” The FutureValue Group AG is a management consulting firm with core competencies in the analysis, modeling and planning, simulation, valuation, and the management of companies and financial services firms. Its focus is on strategy development, rating and financing, corporate valuation, portfolio/asset management, performance measurement, and risk management. Dr. Gleißner’s professional focus is on risk management, rating, and strategy development, and the further methodological development of risk aggregation and value-oriented corporate management tools and software. In addition to his responsibilities as Managing Director of FutureValue Group AG, Dr. Gleißner is a lecturer at various higher schools of education and at the universities of Dresden and Stuttgart. He is the author of numerous articles and books on corporate valuation and decision processes amid uncertainties and imperfect markets.

Dr. Gleißner’s outstanding presentation was based on his many years of experience in the field of corporate valuation and ratings. His key message to the group was that these processes often do not adequately take into account risk and uncertainties about future developments. Too often, argued Dr. Gleißner, ratings and valuations are based on outdated methodologies using historical data alone. Sometimes, he added, they contain methodological errors when incorporating the riskiness of future cash flows into forecasts and projections. Dr. Gleißner illustrated his arguments with several examples showing how this lack of consideration of risk and uncertainty in financial projections can lead to completely different valuation outcomes. Besides showing what can go wrong, Dr. Gleißner also explained what needs to be done to avoid these errors. He concluded his presentation with informal remarks about current efforts in Germany, both in private industry and in the public sector, to address the issues he raised.

A lively discussion about the failures of the ratings agencies in the financial crisis and their role in the current Euro crisis continued during dinner and rounded off a truly excellent presentation into the real world issues of incorporating risk and uncertainties in the valuation of companies.

IMA Members from Munich, Stuttgart, Pforzheim, and Karlsruhe were in attendance – and earned 2 hours of CPE credit.

Dear IMA Germany Members,

It is my pleasure to update you briefly on the work of the IMA Germany chapter for the year that is about to end. The board of IMA Germany and the dedicated members of the global IMA organization in both the USA and throughout Europe are committed to making your IMA membership valuable for you – both professionally and personally.

Our mission is: 
IMA Germany – the place for international finance professionals to meet and exchange ideas!

We accomplished a lot this year to make this happen:

  • The board was established, consisting of a small group of dedicated IMA members (all volunteering their time and effort to make the chapter work!):

-       Niko H. Kaden as President - and Regional Coordinator Stuttgart

-       Thorsten Pruin as VP of Membership  - and Regional Coordinator Frankfurt

-      David Fairchild as Treasurer and Secretary - and Regional Coordinator Munich

-       Niels Dechow, Florian Kohlfink, and Mark Redding as Directors

-       In addition, Susan Mack and Axel Hangg were the Regional Coordinators for Düsseldorf and Berlin, respectively.

  • The chapter was legally registered (a hard-to-imagine amount of work!) so that the global IMA organization now recognizes us as a valid, active chapter – meaning, for example, that part of your annual dues will now be returned to us to support the work of the chapter.
  • We developed a close working relationship with the IMA EMEA director, Nina Michels-Kim who is based in Zurich. This cooperation is important to utilize the global IMA organization to support us as we work to grow the chapter in Germany.
  • We  held four very successful meetings during the year -  2 in Stuttgart, 1 in Frankfurt, and 1 in Munich.


Our plans for 2012 are to continue working with the IMA Global organization to expand the IMA’s coverage in Germany. In addition, we will hold 3 regular meetings each in the Frankfurt, Munich, and Stuttgart regions and additional meetings in Berlin and Düsseldorf. This will create more possibilities for IMA members to meet, network, and earn CPE.


The next meeting of IMA Germany will be held in Munich at the offices of PriceWaterhouseCoopers on February 9, 2012 starting at 18:30 with the keynote presentation entitled “Executive Search and Finance Professionals”. All IMA members throughout Germany are welcome to attend, and I welcome the opportunity to meet you personally. Please contact David Fairchild from the Munich region for further information about the meeting.

On behalf of the Board of the IMA chapter in Germany, I would like to wish you and your families very happy holidays and much health and happiness in the new year.

Your Chapter President,

Niko H. Kaden, CMA CPA

IMA Stuttgart November 2011

On November 17, 2011, the Stuttgart branch of IMA Germany held its second meeting of the year at the offices of MPower GmbH in Stuttgart.

Wolfgang Zang, partner from MPower GmbH, opened the meeting by speaking briefly about MPower’s management consulting business in Stuttgart and throughout Germany. He described the company, its history and its staff. He went into special detail about the firm’s specialization in restructuring of German small- and medium-sized businesses (SME) and its growing focus on support for German companies doing business in China.

Thereafter, Willis E. Eayrs, CVA, CM&AA, CMAP, an experienced Corporate Financial Advisor and IMA member, held a presentation on the valuation and financing of a management buyout (MBO) of an SME. Mr. Eayrs, who has extensive experience in investment banking including almost 15 years of experience at the Landesbank Baden-Wurttemberg, is also a co-author of a textbook on corporate finance.

Mr. Eayrs’s presentation was based upon a case study from his actual work experience. He used this study to illustrate all stages and issues of an MBO for an SME in Germany. Based upon the target company’s financial statements, he demonstrated how an investment bank will perform a financial analysis of a company to determine the correct selling price for the MBO. Mr. Eayrs  described the typical boundary conditions that investment banks use to value companies. In addition, he provided insights from both the buyer and the seller’s perspective about the M&A process. Finally, he complemented the case study with statistics regarding the overall market in Germany for buying and selling companies. Overall, it was a great opportunity for IMA Germany members to learn about the financial valuation process of an SME from a practitioner’s standpoint.

A lively discussion, which continued during dinner, rounded off an excellent presentation into the real world issues of analyzing and valuing an MBO.

IMA Members from Munich and Stuttgart were in attendance – and earned 2 hours of CPE credit.

Liebe IMA Germany Mitglieder,
liebe IMA Supporter und Interessierte,

der Vorstand des IMA Germany e.V. lädt Sie hiermit herzlich zur IMA Mitgliederversammlung 2011 und dem zweitem Regionaltreffen Rhein/Main

am Donnerstag, den 1. Dezember 2011
von 18:00 bis 20:30

im Grossraum Frankfurt ein. Die Veranstaltung findet bei der Monier Roofing Components GmbH, 61440 Oberursel, Frankfurter Landstrasse 2-4 statt. Bitte melden Sie sich am Empfang an.

Das Veranstaltungsprogramm sieht wie folgt aus:


18:00 - 18:15 Begrüssung der Teilnehmer
Thorsten Pruin, Mitglied des Vorstands der IMA Germany, CFO und Geschäftsführer der Monier Roofing Components GmbH

18:15 - 19:00 Mitgliederversammlung
Niko H. Kaden, Vorsitzender des Vorstands der IMA Germany, Partner der Formations Group AG

19:00 - 20:00 Key Note "EMEA Financial Shared Services in Moscow, Russia:
The Experiences of a Medium-Size American Software Company"
David Fairchild, Mitglied des Vorstands der IMA Germany, Übersetzer, ehemaliger EMEA CFO von MSC.Software Corporation

20:00 - 20:30 Diskussion

Die Teilnehmer erhalten 2 CPE Credits für diese Veranstaltung. Die Teilnahme an dieser Veranstaltung ist kostenlos. Anschließend ist ein
(optionales) Abendessen in einem nahegelegenen Restaurant geplant. Die Kosten hierfür sind von den Teilnehmern selber zu tragen.

Bitte melden Sie sich bis 28. November formlos an (Mail:

Wir freuen uns schon, Sie am 1. Dezember begrüssen zu dürfen.

Der Vorstand des IMA Germany e.V.

Prof. Niel Dechow, David Fairchild, Niko H. Kaden, Florian Kohfink, Thorsten Pruin, Mark A. Redding