What are non-core assets. Non-core business funds of banking institutions

Non-core assets are not directly related to the main activities of the enterprise, but are listed on its balance sheet as property. The legislation of the Russian Federation does not contain a precise definition of core or non-core resources, however, there are various Methodological Guidelines that you can focus on. Consider the basic concepts and nuances accounting sale of non-core assets.

What applies to non-core assets

The main difference between non-core assets and core assets is that they do not participate in production and marketing processes, are not involved in the implementation of both short-term and long-term business development programs (clause 2.7 Guidelines). Such resources are considered secondary and can be profitable without affecting the leading activity. For example, profile banking products are - financial and credit proposals, and non-core - shares from participation in other organizations.

In accordance with sub. 3.1-3.2 of the Order of the Federal Property Management Agency No. 526 dated December 30, 2014, non-core assets are those resources that:

Does not meet the goals of the formation of the enterprise.
Completely unused.
They are used not for the sake of achieving the goals fixed in the Charter and without observing the technical requirements regulated by law.
Are owned by the organization in excess (technically acceptable norms are taken as a starting point).

Allocation of the amount of non-core assets in the total amount of resources makes it possible to increase the efficiency of managing objects, concentrate investments on profitable areas of activity, save on investments and develop other profitable areas of work to secure the business as a whole.

Sale of non-core assets

In the process economic activity it is not uncommon for “dormant” non-core assets to generate no income, but to take over a significant share of resources, including monetary ones. At the same time, the owners have 2 main mechanisms of action - restructuring or sale. When is restructuring appropriate?

If the assets are not related to the main activities and under no circumstances can they go into the category of core ones.
If the assets require large financial investments to make a profit and justify itself.
If the assets have a high cost price, and the demand in the market falls.

There are many ways to transfer such objects, the most profitable is determined depending on the type and purpose of the asset. This can be, for example, leasing an object (including leasing), transferring it to the management of auxiliary production or another legal entity, replacing a position with a similar one in terms of properties, etc. Liquidation, as well as a sale that requires preparation, are radical methods.

The advantages of implementation are obvious - the efficiency of generating income, reducing the overall costs of the organization, growth investment attractiveness business. Availability of additional Money allows you to improve the main production by modernizing technological processes, automating equipment, increasing labor productivity, increasing staff earnings, etc.

Main pre-sale activities:

Comprehensive assessment and analysis of the core business.
Allocation of objects of non-core assets.
Conducting an analysis of the effectiveness of the asset, its evaluation.
Development of a restructuring / sale plan.
Choice best way work with the asset.

In accounting, transactions for the sale of non-core assets are reflected in accordance with the provisions on income and expenses of the company - RAS 9/99, 10/99. Accounts are used in accordance with the Chart of Accounts by Order No. 94n.

Typical postings are drawn up as follows:

D 62 K 91 - reflects the contractual price of the sale of the object as part of the company's other income.
D 91 K 68 - allocated under the VAT transaction.
D 91 K 01, 07, 10, 08 - the write-off of the asset at the book value is reflected.

Conclusion - work with non-core assets is a labor-intensive process that requires special knowledge and practical skills. Such objects can both be owned by the enterprise, and be attracted from outside. Competent management requires not only an analysis of the prospects for owning such resources, but also an assessment of possible risks, taking into account the economic situation in the country.

Until recently, the maintenance of non-core facilities in the housing and communal services sector cost a pretty penny. In 2014 alone, industry losses in this area amounted to more than 150 billion rubles. The costs in one way or another fell on the cost of housing and communal services. And no matter how much we, ordinary consumers, would like, but in a veiled form, we also covered these costs. However, life does not stand still. Public utilities are actively getting rid of excess cargo. We decided to see what is happening in this area today.

Collage by Yulia KOSTIKOVA

In 2014, a bullet point was put on this issue. In February, a working group was created to identify non-core assets of the housing and communal services under the leadership of Alexander Yakobson, who at that time headed the Committee state control. At the same time, an inventory of unproductive infrastructure facilities and non-core housing and communal services was carried out. And they proposed to transfer any objects to the balance of housing and communal services with the definition of a source of financing and with the allocation of real money. And the non-core property itself should be serviced on contractual relations. Almost three years have passed. What changed?

There are positive results. Housing and communal services managed to get rid of the majority of non-core facilities. Now there are hundreds of them on the balance sheet, although a couple of years ago it was about thousands. What is the secret of such a quick solution to the problem? In the relevant ministry, they believe that the point is to reform the housing and communal services system.

It should be recalled: the essence of the changes is the separation of the functions of the customer and the contractor. Two years ago they were in the same hands - ZhREO. Reforming isolated from ZhREO new structure- Municipal unitary enterprise "Housing and communal services". And these two organizations work in their own legal field: the housing and communal property lease remains, housing and communal services represent the interests of residents, manages the housing stock, forms the costs of basic and additional housing and communal services, holds competitions, technical Supervision and signs the acts of completed work. For a simple consumer, such changes mean that they receive a transparent and detailed fat bill, and the housing and communal services system has been relieved of unusual functions and non-core assets - everything that “presses” on the total cost of servicing a square meter. The wheat was separated from the chaff.

“Currently, the Municipal Unitary Enterprise “ZhKKH” does not provide any outside services, they have no or almost no non-core assets on their balance sheet, Oleg Poskrobko, First Deputy Minister of Housing and Communal Services, assures.

According to him, a vivid and so far the most significant example is Minsk. Municipal unitary enterprise "Housing and communal services" in the capital got rid of objects that are not related to the main activity. How? The owner, within the framework of management, transferred these assets to the ZhREO (as a contractor, she has the right to have any objects in her asset and dispose of them at her own discretion). The main thing is that all these manipulations are not related to the provision of services to the population. The interests of the consumer are now represented by the Municipal Unitary Enterprise "ZhKH". This means that a person does not pay for the maintenance of non-core objects.

Although there are pitfalls here too. Today, organizations that provide LCD services are organizations of a communal form of ownership. Their owner is the local executive and administrative body. And quite often problems are solved with the help of housing and communal services. It happens that a communal worker repairs a fence, participates in the sowing campaign, and takes out fertilizers to the fields. In general, he is engaged in work that is clearly unusual for himself. Yes, sometimes this is the only manpower and the ability to lend a shoulder in the field. But after all, the main activity of public utilities is the provision of LCD services. And under it, an enterprise was formed - the number of employees, the material and technical base. And when these sometimes scarce resources are diverted to other tasks, this also affects the quality of the main work. Therefore, the basis of all foundations is contractual relations. Work on servicing non-core property should be based on contractual relations and be compensated from the appropriate budgets, Oleg Poskrobko is sure. Moreover, we will come to this anyway.

Today, the sphere of housing and communal services has received a new impetus and is developing. Only yesterday only public utility organizations provided services to the population. Today, a private owner of a non-communal form of ownership is entering the LCD services market. What does it mean? What commercial organizations within the framework of the contract, they provide the service at tariffs established by law. The key word here is agreement. This means that non-core assets can no longer be transferred to the balance sheet of such organizations. And there are more and more of them. What to do in this case? Think about lining up legal framework in solving problems on the ground. So that it does not turn out the way it did in Kobrin, where the water park is still listed on the balance sheet of the local housing and communal services. The object is unprofitable, the costs of it are covered by the proceeds received from the provision of services, including housing and communal services. Although this money could go to the development of the industry. And only a working group has identified several dozens of such objects across the country. And how many such objects have successfully passed through the sieve of checks?

With regard to compensation for the costs of maintaining and servicing non-core assets, not everything is going smoothly here either. Presidential Decree No. 535 “On the provision of housing and communal services” provides for the maintenance and servicing of non-core facilities at the expense of local budgets. These rules imply that in cases where certain objects are transferred to housing and communal services and can in no way be used in production, economic activities or for the provision of any services, the costs of maintaining these objects must be fully reimbursed local budgets. These funds should be provided annually, regardless of certain conditions.

How does it work in practice? Unfortunately, these norms of the decree have not been fully accepted by local executive and administrative bodies, Gennady Aktilovich, head of the department of the Ministry of Housing and Communal Services, clarifies. Moreover, non-core facilities that are not provided with funding are still being transferred to the balance of organizations. To solve this problem, as we have already said, building contractual relations will help.

Life is out of line

A visiting film director would surely appreciate the surroundings of the former military camp in the Stepyanka microdistrict. Abandoned barracks, unfinished buildings, empty boiler rooms, trenches... Only public utilities are not up to figurative ideas: all these structures have fallen on their shoulders like a heavy burden. Almost all buildings require serious repairs, and provide tenants with comfortable conditions. How to solve these problems from life.

Photo by Vitaliy PIVOVARCHIK

The military town spread over a rather impressive territory. Today, the former barracks, medical unit, warehouses, hangars, military canteen and sports complex are either empty or converted for other purposes. For many years now there has been information that in place of these objects will appear high-rise buildings with a developed infrastructure, and the old buildings will be demolished. But that's in the future. In the meantime, they must be kept in a decent form. However, every year it becomes more and more difficult to do this - time does not save anything.

Together with the Deputy Head of the Department non-residential fund UE "ZhREO Partizansky district" by Elena Ananich we approach one of the buildings, the view, to be honest, is very deplorable:

Experts, speaking about non-core objects, ask themselves:
how to find a tenant when most of the premises of the military camp do not have heating, hot water, and some do not even have electricity
Photo by Vitaliy PIVOVARCHIK

- See, the walls are starting to crumble slowly. At one time, vegetables were most likely stored here. Once the organization rented it out as a warehouse, but now we cannot find tenants. Although the cost of rent is already reduced to a minimum: a square meter - 4 rubles 76 kopecks. There are no conditions here, the location is also not the best. Other objects that can boast of conditions and a more advantageous location can be rented out at a higher price - from 6 rubles 80 kopecks.

But how to find a tenant when most of the premises of the military camp do not have heating, hot water, and some do not even have electricity, Elena Ananich asks:

According to the rules fire safety tenant must install fire alarm. Only how can you install it when there is no light. Some vicious circle. But we don't give up. We understand that for every product there is a buyer.

Now, out of over 10,000 square meters Rent 3.5 thousand. There are 34 tenants in total, which, you see, is also not bad.

We drive up to 9 Karvata Street. Before our eyes is a massive three-story building. Irina Zhdanok, head of the non-residential fund of the UE "ZhREO Partizansky district", waves her hand in his direction:

There was an officer's canteen, on the third floor there were sleeping rooms. But only the first floor looks "alive". Elena Ananich explains:

There are several tenants here, you see, signs on the walls. Residents of the microdistrict can repair shoes, hand over clothes for repair - conveniently. Once upon a time, this building had to be worked on. She's huge in size. We sat, calculated and realized that the organization would have to pay a lot of money just for heating. As a result, they decided to redo the system - now only part of the building is heated. Unfortunately, we are preparing it for conservation - the second and third floors are in disrepair. Dangerous. Therefore, it is necessary to resettle the "guests".

In the cold, empty buildings of such facilities are a potential hazard. People without a fixed place of residence are just looking for such abandoned places to settle there. They can light a fire even inside - to keep warm. Elena Stepanovna approaches one of the buildings, points to the windows:

On each - an iron lattice. You can't take it with your bare hands. They were specially installed so as not to fall into the statistics on fires. And, to be honest, it’s calmer this way - teenagers won’t fit either.

How much does non-core assets cost for organizations and is the load as heavy as it is painted? Irina Zhdanok schematically shows expenses-incomes on a sheet of paper:

Let's take statistics from last year. For nine months, rental income amounted to 86.5 thousand rubles, the cost of maintaining the adjacent territory - 26 thousand rubles, profit - 60.5 thousand rubles. Last year, we transferred 50 percent of the rent to the budget, starting this year, according to the new rules, we will transfer 25 percent. Then we distribute the remaining amount to pay taxes - on real estate, land, utility costs. All that remains - you can use for your own needs, but this money is small.

Non-core objects are more often perceived as burdensome cargo. But while some perceive them as an unbearable burden, others launch foreign assets into circulation and even earn money from them. You don't have to go far for an example. There were no non-core facilities assigned to the Nesvizh housing and communal services. The lists included a dairy kitchen, and a laundry, and shops, and a chemical laboratory, and even a carriage with horses. But all of them have already been sold or transferred to other organizations. The buildings of the military camp were also inherited by the local housing and communal services. Their fate could be very deplorable. But they quickly got their bearings in the area: the building of the medical unit became the administrative center of RUES, the barracks were reclassified as a gymnasium, the club of the military unit as a youth center, and the former barracks turned into a cozy hotel with 86 beds. But there are many factors to consider here. In the first case, when we are talking about Minsk, it is planned that the military camp will be demolished over time. Naturally, it is not worth investing heavily in it. But at the same time, waiting for the buildings to completely dilapidate is also not an option. Therefore, here they relied on tenants. The situation with the Nesvizh region is different. This is more of an example for inspiration. When even the most burdensome assets can be brought out of passive mode.

Direct speech

Alexey GERASIMCHIK, Deputy CEO GO "Minsk City Housing":

- There are 68 non-core facilities on the balance sheet of Minsk ZhREO. These are some objects of the military camps of Masyukovshchina and Stepyanka, hostels for the visually impaired, production facilities of the Minsk Porcelain Factory, the building of the military registration and enlistment office and the former cowshed. All of them require payment land tax and tax on real estate, on the maintenance and protection of objects. There are other expenses as well.

In monetary terms, this amounts to 2.8 million rubles a year. However, the costs of maintaining non-core facilities are not included in the cost of maintenance housing stock. This means that we, consumers of housing and communal services, do not reimburse them.

And yet, non-core objects do not hang on organizations, as they say, dead weight. We are working on involving them in the economic turnover (this is leasing, concluding contracts for free use with the obligation of borrowers to reimburse the lender for operating expenses, current repairs, utilities etc.). Thus, last year UE “ZHREO of the Soviet District of Minsk” and the military commissariat signed an agreement to cover the cost of central heating, utility and depreciation payments for the maintenance of the buildings of the military registration and enlistment office, their warehouses and garages. Many properties have tenants.

If non-core facilities cannot be used by organizations in economic activities, then local executive bodies reimburse the costs of maintaining and servicing capital structures and engineering networks. So, in 2016, 158 thousand rubles were allocated from the budget to cover the costs of maintaining JSC "Minsk Porcelain Factory". And 396 thousand - for the demolition of unused facilities.

Accounting is perhaps the most difficult topic that an entrepreneur has to deal with. Of course, almost every organization for such calculations contains a special employee. However, for the implementation of the most successful activities, the director of the company himself must understand the fundamental financial terms. For example: the assets of the enterprise - what is it? What are they like? And what is the formula to calculate them?

Company assets - all the physical and monetary property of the company

Company assets: what are they and why are they important

The assets of the organization is the value of all the property that the company has, which is used for the purposes of production and profit from the services provided.

There are three sources of enterprise resources according to the form of functioning:

material(material) are felt by the literal touch of the hand: apartment and garage, buildings and factories, tools and equipment, land, transport, raw materials, final product, jewelry.
Intangible(intangible) cannot be touched, but only the copyright holder can use them for free, the rest will have to pay: intellectual development, patent, computer program, trademark, logo, business reputation, technology, organizational ideas, privileges.
Financial(monetary) means all non-cash and cash resources: money, currency, insurance policy, securities, stocks, bonds, loans, deposits, cash.

The assets of an enterprise are characterized by three main parameters:

they bring profit in any case: sooner or later, a lot or a little,
increase in value over time
the firm has the ability to control the use of resources,
the asset already legally, on paper, and not in words, belongs to the company.

Enterprise liquidity

Liquidity is the ability to quickly turn any property into "live" money if they are urgently needed.

The resources themselves can be classified according to the degree of their liquidity:

illiquid (transport, equipment, buildings),
low liquidity (raw materials, goods, materials),
medium liquid (deposits up to six months, loans),
highly liquid (own money in cash, cash on hand, currency, settlement accounts).

How to determine the most liquid, that is, convertible into money, resource of the company? Make a comparison: the one that will bring maximum income per minimum term, and become the most liquid.

Note that the most highly liquid resources are at the same time the most short-term and current, and illiquid - these are non-current assets.

The degree of coverage of the obligations of the organization by its assets is the liquidity of balance sheet indicators, according to which it can be concluded: how much the company's income keeps pace with expenses.

Liquidity designations of the balance sheet for assets and liabilities

Assets and liabilities

To understand the assets of a company - what it is, you need to understand the concept of liabilities. Assets and liabilities in balance sheet always go together.

If assets are property (things or finances) that always brings and increases income (shares, deposits), then liabilities are property that, although it satisfies daily needs, still requires repair and depreciation costs (apartment, car) .

Let's give an example of the work of an asset and a liability. You have 2 million rubles, which you plan to dispose of at your own discretion. There are two available options for implementing these tools. (All figures are arbitrary and selected for ease of calculation.)

Option number 1. You put 2 million rubles under annual interest coefficient 10. Then a year later your 2 million will become 2200 million rubles. In other words, your source of 2 million brought you 200 thousand additional income.

Option number 2. For 2 million you buy one-room apartment in a new building and move into it to live. You spend 200,000 rubles on repairs, and another 200,000 rubles on arranging and furnishing. The monthly payment for housing and communal services will be about 4 thousand rubles, which means that 48 thousand rubles will be spent on utility needs a year. That is, buying an apartment brought you an expense equal to 448 thousand rubles.

Results: the asset increases itself (if 2,200 million rubles are put again at the same interest, in a year the amount will be 2,420 million rubles, and so on), and the liability spends money irrevocably (no one will return the cost of repairs and utility bills) ..

Nevertheless, it must be said of liabilities that they are inevitable, since they satisfy our current needs and generally accompany human or industrial activity.

Liabilities of the enterprise- these are 1) obligations in relation to other persons that a businessman must fulfill (pay a loan from a bank, buy raw materials from a supplier, pay salaries to employees, make contributions to state structures) and 2) contributions to his own authorized capital for the future of the company.

Examples of assets and liabilities

Ideally, the indicators for resources at the end of the billing period should exceed the indicators for liabilities, or at least be equal to them. In this case, we can talk about the successful development of the business. In a different scenario, it is worth attending to an analysis of the effectiveness of the strategy being pursued, since when income from active resources remains negative for a long period of time, the company may sooner or later go bankrupt.

Current and non-current assets

The assets of the organization are used in the course of its activities. Based on the involvement in the process of production itself, financial statements allocates current and non-current resources.

Non-current assets of an enterprise are property and financial resources, which indirectly support the process of production of goods, but are not fully involved in it. In other words, they are outside the turnover, or production cycle of the company: they do not "wear out" and therefore can serve in long term. If one is taken as a conditional settlement period calendar year, as is usually done, non-current long-term resources will last more than 12 months.

Non-current (or main) include both tangible and intangible, as well as financial resources:

land,
private reservoirs and subsoil,
woodlands,
structures and buildings,
transport,
equipment,
trade marks,
patents,
securities,
financial obligations.

That is, non-current resources are the very solid foundation, thanks to which it was possible to create a company (authorized capital, property in property, working personnel) and establish its production activities.

When the organization already exists and is ready to start working, working capital comes into play.

The current assets of the enterprise are property and finance, thanks to which the current production process is implemented. Due to their full involvement in product creation operations, they are often called operational and short-term, because they are spent within one year.

What is included in current assets

Current (or current) resources include tangible and intangible property:

machines,
equipment,
transport,
technology,
organizational ideas.

Financial assets among circulating are found only of a short-term nature, that is, those that can be quickly withdrawn and spent on production needs: for example, stocks, cash on hand, securities, loans. And all long-term financial resources (stocks, bonds, deposits) including current assets cannot be named.

Core and non-core assets

Depending on the direction of business and the type of activity of the enterprise, core and non-core resources are distinguished.

Core assets are those property and finances that are directly used for the implementation of activities for the production and marketing of products. These are almost all the savings of the enterprise, as they correspond to the type of activity, and therefore without them it will be impossible to develop and make a profit.

Non-core assets are any property and finances that are this moment are not used by the organization and bring only costs. A similar alignment exists as a consequence:

privatization,
reprofiling, transition to a new market segment,
redemption on the cheap of property from a bankrupt entrepreneur.

Most often, non-core resources are property (buildings and premises of former factories, kindergartens and camps, schools, clinics, sanatoriums and recreational facilities).

Most best example non-core resource - the property of debtors, which the bank withdraws in favor of paying off debts under financial obligations. Banks often seek to sell their newly acquired property as quickly as possible, but sometimes it is difficult to do so in a short time, so banks are forced to keep the ballast for some time.

Although the state reserves the right to the owners of such property further action, long-term maintenance of non-core assets that do not work for the company and do not generate income can be costly for the entrepreneur: they have to pay property taxes, as well as make payments to housing and communal services.

Thus, the most rational solution would be the sale or transfer of ownership of the object. But owners of non-core property should be prepared for the fact that the lowest price will be offered for them.

Net assets

According to the source of formation, gross and net resources are distinguished.

The gross asset consists of equity and loans that were taken at interest (on credit). Typically, such resources are not taken into account when the final accounting is made.

Net assets is the total amount of cash that can be obtained if all production is sold. In simple words, a net resource means the value of the entire company in the bottom line, minus all debts.

It is according to the indicators of net resources that the degree of well-being of the company is assessed.

To calculate the balance net assets subtract liabilities from assets

Calculation of the net assets of the enterprise according to the balance sheet

Every entrepreneur knows that it is impossible to develop successfully in the chosen market segment if you do not analyze key factors from time to time. financial indicators, which include pure resources.

When calculating net savings, it is necessary to check the balance for compliance with the following points:

quarterly (optional) and yearly (optional)
display in the annual financial report.

The calculation of the net resources of the enterprise, given by the Ministry of Finance in order No. 84n of 2014, can be used:

GUP, MUP,
cooperatives,
business partners.

What is the net assets of the enterprise on the balance sheet? A separate special indicator, with line code 3600, in accordance with the order of the Ministry of Finance No. 66n of 07/02/2010. To calculate them, it follows from the value of assets (current, non-current) to subtract the amount of liabilities and future income.

The formula for calculating net assets on the balance sheet looks like this:

(Ak - Duch - Zva) - (P - Db) \u003d CHA, where

Ak– assets,

Duch– the debt of the founders to the authorized capital (if any),

Zva- the cost of buying company shares from co-owners (if any),

P- liabilities

dB- future income

CA- net assets.

Evaluation of the results of the calculation of net assets

The result of the calculation of net assets on the balance sheet can be an indicator that will largely determine the company's further development strategy. If the analysis revealed a negative net resource, then this indicates a possible bankruptcy of the enterprise, because income does not keep pace with expenses.

The exception is a newly opened organization that needs a longer period to stabilize its economic performance.

An important role in the assessment is played by the authorized capital. Compare the result of calculating net resources: if it is greater than the capital stock, then the enterprise can continue to exist, making a profit; if less, then the company will inevitably collapse and it should be voluntarily closed, because in the future it will make its owners bankrupt.

Work with non-core assets.

The topic of non-core assets is currently very popular. Many former state-owned enterprises, as a result of privatization, ended up with their own sanatoriums, recreation centers, hostels, subsidiary farm, unformed land plots, non-core production, numerous subsidiaries and "non-subsidiaries" firms and these are far from our only clients dealing with non-core assets. In practice, any organization can face this problem.

The first thing to be defined is the very concept of non-core assets. Non-core assets are assets that are involved in non-core activities for the organization. The question, however, is what is the main activity for this organization. The owners of corporations, in the early 90s, were actively buying up all available assets, and it is sometimes quite difficult to answer this question. Moreover, if dependent companies operate in adjacent markets or use the same raw materials or similar equipment, then without qualified consultants, enterprises have difficulty identifying non-core assets, not to mention options for their restructuring. Therefore, it is a mistake to consider a non-core asset as bad by definition. The non-core asset depends on many factors: the economic situation, business development prospects, the market, etc. The concept of asset non-core is subjective and is related to the owner's business development strategy. If the asset in question is involved in the main activities of the business, determined by its strategy, then it is profiled for this owner. Everything else is non-core assets.

Signs of non-core assets.
Often, a company's ancillary business draws on significant resources, while being inefficient and requiring large investments. In most cases, this asset is one of the first candidates for spin-off. And, for example, in another situation, the company's management, on the contrary, may not have enough time to work with a non-core asset, while it has a high market price. What is the right thing to do in this case?
Often, in the issue of asset allocation, it is important not so much to reduce costs as the ability to focus the company's forces on the core business. Therefore, the choice of non-core assets subject to restructuring is multi-criteria. In practice, non-core assets are identified that meet the following conditions:

Management does not have time to devote time to non-core issues (or vice versa spends too much time on them). The cost of non-core products is higher than the price of market analogues. There is no significant connection with the main business. Low quality of non-core products. Weak dynamics of non-core business. High market price for these assets. Large investments are required in non-core production. The second question that a business owner may have is: "Why do I need this?" Not the non-core asset itself, of course, but the hiring of consultants, possible reshuffles within the company, pre-sale fuss, etc. Isn't it easier to leave everything as it is?
No, and here's why:

A division of a company that provides services or products to the parent company, even for more low prices, does not always do it in the best way. Confidence that its products will find demand, that is, in fact, the absence of competition, does not contribute to high quality. In addition, some part of the business may become unmanageable.
Non-core activities usually divert significant administrative and financial resources, which adversely affects the core business. You can find other reasons, no less important.
The allocation of non-core assets is used to solve specific problems of the enterprise, for example, the problem of increasing the attractiveness of the entire business for potential investors before its sale or issue valuable papers; Mobilization of resources to finance projects by core activities.

Expanding or maintaining market share in non-core activities requires significant investment. The decision to sell a non-core asset may be caused by an increase in demand from strategic investors and, accordingly, a high price for this species assets.
The need to concentrate the resources of the company's enterprises on the main production activities. Optimization of the structure of assets and liabilities of enterprises engaged in the production or production of the main products.
Achievement of a positive economic effect as a result of restructuring. Increasing the liquidity of the balance sheet structure through proceeds from the sale of non-core assets.
Receiving income from the sale of a non-core asset. Reducing costs associated with the maintenance and use of non-core assets. These and many other factors are pushing owners and top managers to think about the future of certain assets of the company. And contact consultants.
Hiring a consultant to work with non-core assets is a separate task. Consultant services, especially for large enterprise, not cheap.

The cost of services for spinning off a non-core business, like the cost of any other consulting project, depends on the level of complexity and scope of work, which, in turn, determine the required labor costs. For example, major project for a machine-building enterprise located in two regions, to allocate four to five non-core auxiliary industries with a total staff of 4-5 thousand people, it can take from ten months to a year. In addition, in such cases, it is not always possible to save money on choosing a consultant. Consultant remuneration is usually mixed, based on a fixed remuneration and on the basis of a fee for success.

Even if the management of the asset owner has a decision option for a non-core asset, sometimes it is necessary to obtain an independent judgment on the sale of the asset, its pre-sale preparation or restructuring. The reputation of the consultant, his name and experience are important here. But even in cases where a company does not have to report to minority shareholders, there can be many nuances when choosing a consultant.

The main criterion for his selection is the successful practice of the consultant. This approach to choosing a consultant can be considered common to all, but in each separate case it is necessary to take into account the peculiarities of territories and regions. It is important to be sure that the consultant knows not only managerial issues, but is also clearly oriented in the legal and administrative practice of the region, industry, direction.

The value of a consultant lies in his fresh perspective on the situation. Sometimes the solution to a problem already exists within the company, but it just needs to be shaped. At the same time, not a single consulting project can be completed without the active participation of the company's specialists. Otherwise, for the organization it will be a stranger. Moreover, the final project may require contact with several consulting companies. And of course, it is not at all necessary to choose one consultant for working with non-core assets. The spin-off, restructuring and disposal of non-core assets require complete various kinds activities such as business structure optimization, audit and evaluation market value assets, legal expertise and development of optimal schemes for transactions with property, registration and organization of sales.

When allocating assets, as a rule, you have to go through several stages.
Scheme of allocation of non-core assets
The process of restructuring non-core assets of an enterprise is divided into the following stages:
a. Determination of asset profile.
b. Analysis of the effectiveness of the assets.
c. Market analysis of relevant products.
d. Study of restructuring options.
e. Asset valuation.
f. Analysis of isolation risks and measures to reduce them.
g. Sale (rent) on competitive terms.
h. Relationship management with dedicated department.
First of all, ANALYSIS, the consultant must analyze the market for non-core assets, assess the degree of their involvement in the main business process, find potential buyers for the asset, assess their requirements for purchased assets and, finally, develop a business plan for each.

asset sale technique. Separation and subsequent sale of non-core assets is the most common mechanism for their restructuring. However, this procedure is often delayed, and the implementation of a dedicated business does not bring the expected income. The fact is that the company often does not realize the need for a professional approach to selling a business. Non-core assets rarely have high attractiveness, so for their effective sale it is not enough just to make a decision and carry out minimal promotional actions. It requires the allocation of a certain financial and human resource, as well as a systematic approach to the preparation of the transaction.

Development and implementation of measures to increase the value of assets.

Cost estimate. Development short description assets being sold. Preparation of an investment memorandum (in case of sale of assets as operating business). Selection of potential buyers (counterparties) and direct communication of information about the sale to them. Implementation of promotional activities (if necessary). Conduct of negotiations. Ensuring that the counterparty conducts an audit of the company (duediligence). Preparation of documents and implementation of the transaction. Depending on the situation and the desire of the Client, our consulting company provides various service packages.
We can provide all the necessary range - from diagnosing a problem to a pre-sale audit and the sale of a non-core asset, we can also work only with individual stages of the project at the request of the client - for example, to diagnose an asset or its proper registration. Pre-sale preparation may or may not be included in the package of services for spinning off a non-core business.

At the same time, as in any large business process, there can be many pitfalls. And not all of them can be predicted even by an experienced and highly qualified consultant. Nevertheless, some troubles can still be prevented. First of all, our consultants deal with a specific situation, and do not draw conclusions based on well-known facts. Always base their conclusions on their own rigorous analysis of objective data, and on the basis of a large number expert assessments. Also, they always focus on the correctness of the calculation methodology, careful study of market opportunities to increase the efficiency of asset use. In most cases, living people work in non-core business areas for the company, it is not always easy to fire them, and work experience helps us in this legal activity. We always pay attention to the social and administrative features of the region or city where the restructuring is being carried out. After all, the restructuring activity is, first of all, work with people who are employed in the restructured production.

You can, of course, simply separate a non-core area from the main business structure and sell it to someone, less often its further structural use is carried out - leasing or creating joint venture for the operation of the facility. But selling an asset is not always easy. The most common problem for Russian companies when selling a non-core business - difficulties in finding buyers due to low profitability or unprofitability of non-core assets. That is why one of the components of the project often becomes the pre-sale preparation of the enterprise.

Depending on the chosen strategy, a non-core business can either be sold immediately or undergo a certain pre-sale preparation (creating a stable client base, building an effective management system, developing its own strategy, etc.), the purpose of which is to form appropriate expectations in a potential buyer stable growth the profitability of this business, the presence of which, in turn, will allow him to sell this business to him at a higher price.
Even after you, in your opinion, successfully attached an unnecessary unit to good hands, the problems may not end there. For example, being financed by the parent company, the branch is good or bad, but necessary services supplied. Once thrown into free swimming, and even with an inexperienced owner, the unit can simply die a natural death. If the parent company still remains a buyer of the services or products of its former part, then its disappearance may be quite painful for the "mother". Most often, this can happen if the former "mother" of the asset is a monopolist on its services.

When spinning off non-core assets, it is important to understand whether there is a competitive market for the products/services of the spin-off unit. If there is no market, that is, the spin-off business unit continues to occupy more than 50% in its segment, selling it to a new owner carries the threat of becoming dependent on the monopolist. In addition, if the new owner is not able to effectively manage the spin-off company, it may go bankrupt and cease operations, and it will be very problematic to replace the products or services it provides.

Also, if the change of ownership does not occur, that is, the asset simply becomes separate legal entity, then in the absence of competition, the allocation of an asset occurs only on paper: the allocated business unit remains in practice structural unit and has no market incentives to reduce costs and improve quality. It may turn out that the main task of the consultant will be, in fact, the creation of a market for this former "daughter". For example, if two large companies simultaneously allocate similar non-core assets, then further they will be able to compete with each other in this market, albeit a small number of participants, but still.

Consulting company "USI"

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