La réponse à cette question que de nombreux entrepreneurs se posent, nous la devons au cabinet Flandres Audit.

Dans un contexte de développement significatif de votre entreprise ou de projet gourmand en trésorerie, un besoin de financement apparaît. Pour y répondre, des levées de fonds sont réalisées avec un partenaire qui souhaite entrer dans le capital de la société en contrepartie.

L’entrée au capital d’un investisseur demande d’être vigilant sur la maîtrise du pouvoir de la société. Il apporte des sommes conséquentes modifiant l’équilibre entre les associés.

Après avoir mis en avant les moyens de conservation de la majorité au capital et nous évoquerons l’organisation de la relation entre les associés.

Préparer la négociation

Lorsque la situation financière ne garantit pas la pérennité ou le développement de l’entreprise, le financement devient pressant. L’investisseur disposera des clés en mains pour obtenir des dispositions qui lui sont favorables. Votre pouvoir de négociation devient moindre. L’ouverture du capital d’une société implique d’anticiper l’opération.

Comment procéder ? Il convient de mettre en place une démarche structurée, en privilégiant la discrétion lors des recherches de l’investisseur. Un accord de confidentialité doit être signé entre les parties. Les documents de votre entreprise pourront être transmis uniquement après la signature de cet accord. Lorsqu’une relation est établie avec un investisseur intéressé, les discussions de fonds seront abordées (prix, partage du capital etc…).

En fonction de la typologie de la société, l’équilibre dans les négociations est différent. Pour une start-up, l’investisseur prend un risque plus grand. L’une des craintes est le manque d’expérience en matière de gestion commerciale et économique. L’investisseur voudra encadrer la start-up en y installant des procédures et obtenir plus de rigueur. A l’inverse, pour une entreprise arrivée à maturité, le gérant a prouvé sa capacité à gérer économiquement et humainement sa société. Il est donc plus aisé de préserver la majorité au capital.

Garder la majorité au capital

Il existe plusieurs moyens financiers pour obtenir un financement et garder le contrôle de son entreprise.

La prime d’émission La prime d’émission est la différence entre la valeur apportée par l’investisseur et la part du capital social attribuée à l’investisseur. Prenons l’exemple suivant : Une société X présente un capital social de 1 000 € composé de 1 000 titres de valeur nominale de 1€. Une opération d’augmentation de capital est réalisée avec un investisseur. Afin de garder une certaine emprise sur son capital, les associés ont négociés avec l’investisseur une augmentation de capital de 500 € soit 500 titres. Le capital social s’établit alors à 1 500 €. Il détiendra un tiers de la société. Les autres associés conserveront le contrôle de la société.

Hors, l’objectif de l’arrivée de l’investisseur est un apport financier de 100 000 €. Cet apport se décompose comme suit : 500 € souscrit sous forme de titres de participation et 99 500 € sous forme de prime.

L’exemple ci-dessus est schématique. La prime d’émission dépend de la valorisation de la société à la date de l’augmentation du capital. La valorisation de la société n’est pas encadrée par la loi.

Le concept de la prime d’émission ou de prime d’apport est utilisé pour égaliser les droits entres les anciens et les nouveaux associés/actionnaires d’une société. Ce type d’opération s’effectue souvent dans le cadre d’une augmentation du capital destinée exclusivement à l’investisseur. La prime d’émission est alors réservée uniquement à l’investisseur. Les associés déjà en place ne bénéficieront pas de l’augmentation de capital. La prime d’émission permet donc de ne pas léser les associés existants.

La prime d’émission permet de tenir compte de la valeur « actualisée » de la société et d’éviter de diluer l’actionnariat de la société.

Les autres outils financiers

Les structures juridiques, autres que SARL, disposent d’autres outils pour garder le pouvoir au sein de leur société.

• Les actions avec droit de vote double : elles permettent aux actionnaires existants de conserver la majorité lors des assemblées générales.

• Les actions à dividende prioritaire sans droit de vote : elles permettent d’obtenir un financement et de garder le contrôle de la société. En revanche, les associés existants renoncent à une quote-part des futurs dividendes.

• Les certificats d’investissement sans droit de vote offrent un droit à l’information et aux bénéfices.

• Les obligations convertibles en actions : il est possible de proposer, lors des négociations, ce type d’outils financiers. Les associés et les dirigeants conservent la maîtrise de la société. L’investisseur prend un risque moins important. Il pourra se retirer s’il ne souhaite pas entrer au capital. Toutefois, la société devra rembourser les obligations. La société ne disposera plus de financements.

Lorsque les parties ont trouvé un accord, il faut l’organiser grâce à des outils juridiques.

L’organisation de la relation

La vie de la société est régit par les statuts de la société. Lors de l’entrée d’un nouvel associé, il est possible de les modifier. Le pacte d’actionnaires est un acte juridique confidentiel entre les parties prenantes.

Les clauses statutaires

Les statuts sont publiés et opposables aux tiers. Ils peuvent donc en prendre connaissance facilement. Toutefois, la publication des statuts instaure un climat plus sécurisé entre les associés. Par ailleurs, un agrément peut être requis en cas d’entrée d’un nouvel actionnaire au capital. La loi prévoit de libérer au minimum un quart de la valeur au moment de l’augmentation du capital et le solde dans les cinq ans. Le solde doit être libéré dans les cinq ans. Les statuts peuvent prévoir un montant supérieur à la libération du capital. Remarque : Le paiement de la prime d’émission ne dépend pas forcément d’une clause statutaire mais de la forme juridique de la société.

Pacte d’actionnaires

A l’inverse des statuts, le pacte d’actionnaires est confidentiel. Les tiers ne peuvent pas en avoir connaissance. Il permet aux parties de préserver l’investissement réalisé face à la concurrence. Le pacte d’actionnaires est un contrat entre une partie ou tous les actionnaires de la société. Le pacte d’actionnaires ne doit pas venir en contradiction des statuts ou de la législation. Il n’est pas prévu pour durer dans le temps, au contraire des statuts qui dépendent de la durée de vie de la société. Il gère les relations entre les actionnaires au cours de son existence et prévoit la rupture entre les actionnaires.

Le pacte d’actionnaires peut également contenir des clauses :

• Clauses de préemption : Un ou plusieurs associés seront prioritaires pour la reprise des parts d’un associé.

• Clause de non-concurrence

• Clause d’exclusivité : Un ou plusieurs associés doivent se consacrer pleinement au projet de la société.

En résumé, lors d’un besoin de financement, l’entrée d’un partenaire est souvent idéale. Il apporte son savoir-faire, son expérience, des procédures mais ne connaît pas forcément le cœur de l’activité. Pour cette raison ou pour d’autres, la conservation du contrôle de la société s’avère d’une grande importance. La relation doit être encadrée et protégée juridiquement.

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