When a business owner sits down with a potential buyer, a departing shareholder, a court or the tax authority, the question is always the same: how much is this business worth? The answer can cost or save millions. And the difference between a good answer and a bad one does not depend on the method chosen — it depends on who applies it and with what data.
At BMC we have produced more than 350 business valuation reports in Spain. This guide covers everything we explain in every first meeting: when you genuinely need a professional report, which methodologies are used and why, how real sector multiples work in the Spanish market, why automated platforms cannot substitute for professional judgement, how much a report costs, and which mistakes cost more than the valuation itself.
When You Need a Business Valuation
Valuation is not just a formality before a sale. There are eight situations in which knowing the value of your business with rigour is essential — and most of them arrive before the owner anticipates them.
1. Full or partial sale of the business. The most obvious case. If you do not know how much your business is worth before sitting down to negotiate, the buyer does — or believes they do. Information asymmetry is the most significant risk factor in any sale transaction. An independent report levels the table and gives you solid arguments to defend the price.
2. Shareholder exit or entry. When a minority shareholder wants to realise their stake or a new investor wants to come in, the company’s value determines the price of the participation. Without a methodology agreed in advance, conflict between the parties is guaranteed. Well-drafted shareholders’ agreements include a periodic valuation clause and appointment of an independent auditor specifically to prevent this situation.
3. Entrepreneur’s divorce. In divorce proceedings where the entrepreneur holds company shares, the court requires an expert valuation report that is defensible. This is one of the most sensitive contexts because the interests of the parties are directly opposed and the report must withstand scrutiny from the opposing party’s own expert.
4. Inheritance and succession planning (Inheritance Tax, ISD). The transfer of family business shares to heirs can benefit from a 95% reduction in Spanish Inheritance Tax if the requirements of Article 20.2.c of Law 29/1987 are met: active business, the director-shareholder’s remuneration represents more than 50% of their net employment and business income, and a ten-year retention period (in most regions). To plan this reduction correctly and defend it before the tax authority if audited, you need a rigorous valuation. Poor succession planning can cost heirs the equivalent of 30%-40% of the company’s value in perfectly avoidable taxes.
5. Litigation and expert evidence. Shareholder disputes, patrimonial claims, challenges to corporate resolutions, expropriations, insolvency proceedings and arbitration all require expert valuation reports meeting international standards (IVSC, RICS) and defensible before the tribunal. A report prepared for internal management purposes is not an expert witness report: structure, methodology, uncertainty management and format are entirely different.
6. Financing rounds and private equity entry. Venture capital funds, business angels and family offices start from a pre-money valuation to calculate the percentage they acquire with their investment. A documented, methodologically solid valuation improves the entrepreneur’s negotiating position, reduces due diligence time and lends credibility to the management team.
7. Equity-based incentive plans. Stock options, phantom shares, profit sharing and other variable compensation schemes linked to company value require a reference value at the time of grant. If that documented reference value does not exist, the tax authority may determine the exercise price — always in the direction least favourable to the company.
8. Annual reporting and corporate governance. Companies with multiple active shareholders, with private equity in the cap table or with professional boards of directors conduct periodic valuations (annual or biennial) as part of their governance reporting. Knowing the value of the business at any given moment is the primary indicator of whether management is creating or destroying value.
The 5 Main Valuation Methodologies
There is no single correct method. Financial analysts apply two or three methodologies in parallel and present a resulting value range. Each method captures a different dimension of the business and has its own limitations.
To illustrate each methodology we use the same example throughout this guide: Talleres Mecánicos Ibéricos, S.L., a precision components manufacturer for the automotive sector based in Murcia. Revenue €4.2 million, reported EBITDA €620,000 and adjusted EBITDA €780,000 (after normalising the owner-director’s salary and mixed expenses). Net financial debt of €280,000.
1. DCF — Discounted Cash Flow
The DCF is the theoretically most rigorous method: it values the business by what it will generate in the future, not what it has generated in the past. It requires projecting free cash flows, estimating a discount rate and calculating a terminal value.
Step 1: Free cash flow projection
Free cash flow (FCF) is the money the business generates after paying operating costs, taxes and maintenance investment, available to capital providers (shareholders and lenders).
For Talleres Mecánicos Ibéricos we project five years assuming moderate revenue growth of 3% per annum, maintained adjusted EBITDA margin at 18.6%, maintenance capex of €45,000 per annum and working capital movement of €20,000 per annum:
| Year | Adj. EBITDA | Capex | WC Change | Tax (25%) | FCF |
|---|---|---|---|---|---|
| 1 | €803,000 | €45,000 | €20,000 | €185,000 | €553,000 |
| 2 | €827,000 | €45,000 | €20,000 | €190,500 | €571,500 |
| 3 | €852,000 | €45,000 | €20,000 | €196,750 | €590,250 |
| 4 | €877,000 | €45,000 | €20,000 | €203,000 | €609,000 |
| 5 | €903,000 | €45,000 | €20,000 | €209,500 | €628,500 |
Step 2: Terminal value
The terminal value captures all cash flows generated from year 6 to infinity under a perpetual growth assumption. Using a terminal growth rate (g) of 1.5% and a discount rate (WACC) of 9.5%:
Terminal value = €628,500 × (1 + 1.5%) / (9.5% − 1.5%) = €7,986,375
Step 3: Discount to present value (WACC)
For a mid-sized manufacturing company in Spain, a reasonable WACC sits between 9% and 11%. Using 9.5% as the central reference:
| Component | Value |
|---|---|
| Present value of FCF years 1-5 | €2,231,000 |
| Present value of terminal value | €5,037,000 |
| Enterprise Value (EV) | €7,268,000 |
| Less net debt | (€280,000) |
| Equity Value | €6,988,000 |
The DCF is extremely sensitive to assumptions. Changing the WACC from 9.5% to 8% raises the EV to €9.2M; raising it to 11% reduces it to €5.8M. This is why professional reports always include a WACC × growth rate sensitivity table — not a single number.
2. Comparable EBITDA Multiples
This is the most widely used method in actual M&A transactions in Spain because it is straightforward, comparable across transactions and understandable by all parties. The process has three clear steps.
Step 1: Calculate adjusted EBITDA (see the normalisation section below).
Step 2: Select the sector multiple based on recently closed transactions with businesses of the same sector and comparable size.
Step 3: Deduct net debt to arrive at Equity Value.
For Talleres Mecánicos Ibéricos: adjusted EBITDA of €780,000 × multiple of 6.5x (industrial components manufacturing, OEM contracts, medium complexity) = €5,070,000 Enterprise Value. Less €280,000 net debt = €4,790,000 Equity Value.
A 6.5x multiple sits in the mid-to-upper range for Spanish manufacturing in 2026. The company holds OEM contracts with three customers in the automotive and industrial sectors and machinery under five years old, which justifies positioning above the sector median of 5.5x–6x.
3. Adjusted Net Asset Value
This method starts from the company’s balance sheet but adjusts each asset and liability to its real market value rather than book value. It is the preferred method as a valuation floor or as the primary method for businesses with significant tangible assets.
For Talleres Mecánicos Ibéricos:
| Item | Book value | Adjustment | Market value |
|---|---|---|---|
| Land and facilities | €890,000 | +€310,000 | €1,200,000 |
| Precision machinery | €420,000 | -€80,000 | €340,000 |
| Inventory | €185,000 | -€15,000 | €170,000 |
| Trade receivables | €310,000 | -€25,000 | €285,000 |
| Financial liabilities | (€280,000) | — | (€280,000) |
| Adjusted net assets | €1,525,000 | €1,715,000 |
The adjusted net asset value of €1.72M is the floor: below this figure no rational buyer would acquire the business when they could liquidate the assets and recover more. For a going concern the true value sits above this floor — future cash flows and goodwill add value that the balance sheet does not capture.
4. Dividend Discount Model
The dividend discount model (DDM) values the business based on the dividends expected to be distributed to shareholders. It applies primarily to mature businesses with a stable and predictable dividend policy: family businesses with high cash generation and regular distributions, utilities, concession operators or regulated businesses.
For Spanish SMEs without a systematic dividend policy, the DDM has limited application and tends to produce values below the DCF because it does not consider cash flows retained for reinvestment. In succession planning contexts or when valuing minority interests that only carry economic rights (no control), it can be a useful cross-check.
5. Precedent Transactions
This method searches for buyout transactions closed recently in Spain and Europe with businesses in the same sector and of comparable size, and extracts the implied multiples from those transactions. Control premium — the premium paid by a strategic buyer for 100% of a business relative to what market multiples imply — is a key concept here.
Data sources for the Spanish market include: TTR Data, ASCRI (Asociación Española de Capital Riesgo e Inversión), M&A firm transaction reports, commercial registry merger filings and public announcements by private equity funds. For SMEs below €10M in revenue, data availability is limited because most transactions are not public. Advisers with private transaction databases have a significant accuracy advantage.
Consolidated value range for Talleres Mecánicos Ibéricos:
| Methodology | EV | Equity Value |
|---|---|---|
| DCF (central case, WACC 9.5%) | €7.27M | €6.99M |
| EBITDA multiples (6.5x) | €5.07M | €4.79M |
| Adjusted net asset value | — | €1.72M (floor) |
| Precedent transactions | €5.2M – €6.1M | €4.9M – €5.8M |
Reasonable value range: €4.8M – €6.0M (Equity Value). The DCF produces a higher value than multiples because the terminal value captures a perpetuity; in practice, transactions in this size segment close closer to the multiples range than to the DCF.
Sector EBITDA Multiples in Spain (2026)
The following ranges are indicative for businesses with EBITDA between €300,000 and €5M. Larger businesses, with greater visibility and lower risk concentration, trade at the upper end of the range or above. Multiples apply to adjusted EBITDA, not reported EBITDA.
| Sector | EV/EBITDA Multiple | Key determinants |
|---|---|---|
| SaaS / recurring technology | 10x – 15x | ARR, churn rate, LTV/CAC, YoY growth |
| Technology services / IT consulting | 5x – 8x | Multi-year contracts, management team, specialisation |
| Food and beverage | 6x – 8x | Own brand, distribution channels, gross margin, exports |
| Industrial manufacturing / components | 5x – 7x | Machinery condition, OEM contracts, order backlog |
| Professional services | 5x – 8x | Revenue recurrence, client tenure, revenue per head |
| Healthcare, clinics and pharma | 7x – 12x | Patient portfolio, regulation, demographic tailwinds |
| Renewable energy | 8x – 12x | Signed PPAs, installed capacity, senior financing |
| Logistics and transport | 4x – 6x | Fleet age, exclusive routes, contracted clients |
| Retail | 4x – 6x | Locations, omnichannel capability, net margins, seasonality |
| Hospitality and tourism | 3x – 5x | Owned vs leased assets, RevPAR, seasonality |
| Construction and civil works | 3x – 5x | Contracted backlog, operating margin, public/private split |
| Wholesale distribution | 5x – 7x | Exclusivity contracts, inventory turnover, customer concentration |
| Environmental services and waste | 6x – 9x | Administrative concessions, favourable regulation, municipal contracts |
| Real estate investment | Based on NAV | Net yield, occupancy rate, tenant quality, location |
An important note on these ranges: the market adjusts quickly. The multiples of 2021-2022 were exceptionally high due to the zero-interest-rate environment. In 2024-2026 with normalised rates, multiples in mature sectors have fallen by 1x to 2x relative to those peaks. The figures in the table reflect the current market, not the market of two years ago.
Why Automated Platforms Cannot Replace a Professional Report
Platforms such as Nimbo, Deale and other automated valuation tools provide an indicative range in minutes by applying multiples to the financial data the user enters. They are useful as a first reference but have structural limitations that make them unsuitable for any situation where the number has real consequences.
What an automated platform cannot do:
1. Normalise related-party items. The biggest single value adjustment in Spanish SMEs is the difference between the actual owner’s salary and the market cost of an equivalent executive. A platform does not know whether the entrepreneur pays themselves €40,000 for tax optimisation purposes when a replacement would cost €90,000. Nor does it know whether the factory where the business operates is leased from the owner at a token rent of €1,000/month when the market rate is €4,500/month. These two adjustments alone can move normalised EBITDA by €120,000–€150,000 per annum, which at 6x translates to €720,000–€900,000 of difference in the company’s value.
2. Apply a key-person (founder dependency) discount. If the business owner is the salesperson, the main technical reference, the only contact with key clients and the sole negotiator, a buyer will apply a 15%–30% discount to the technical value. This is one of the most significant value destroyers in Spanish SMEs and no algorithm can quantify it from a balance sheet.
3. Detect contingencies and price them. An open Spanish Tax Agency (AEAT) investigation, an open Labour Inspectorate procedure, a lawsuit for misclassification of freelancers as self-employed, or a contract with hidden defects are contingencies that affect value but do not appear in audited financial statements. A professional identifies them during the pre-report due diligence phase; a platform cannot.
4. Accurately price customer concentration. An algorithm can apply a generic reduction for “high concentration” but cannot calibrate whether the client representing 45% of revenue has been with the business for ten years and just signed a four-year contract, or whether it is a transactional relationship with no contract that could end tomorrow. The applicable discount difference can be 0.5x to 1.5x EBITDA.
5. Value complex intangible assets. Proprietary software, registered trademarks with documented market recognition, active patents, exclusive distribution or licensing contracts, hard-to-replicate certifications: these assets have real value but do not appear on the balance sheet unless they were externally acquired. A professional report identifies them, describes them and applies specific methodologies (relief from royalty, replacement cost, real options) to assign them a value.
6. Value real estate integrated in the business. Many Spanish SMEs hold real estate assets — warehouses, premises, offices — on the corporate balance sheet. The platform values them at book value (historical cost less accumulated depreciation). A professional applies a separate market valuation and analyses whether it makes more sense to demerge the asset before the sale, keep it within the perimeter, or structure a sale-and-leaseback.
What a Professional Valuation Report Contains
A complete professional valuation report is not a spreadsheet with numbers — it is a technical document that must be readable and defensible by a third party who does not know the business. Its minimum sections are:
Section 1 — Scope and engagement. Who commissions the valuation, the purpose (sale, litigation, succession, etc.), the valuation date, what is included in and excluded from the scope of analysis, and the limitations of the work.
Section 2 — Business description. Activity, corporate structure, competitive position, key dependencies, management team, and summary of the financial, patrimonial and tax situation.
Section 3 — Historical financial analysis. Three to five years of normalised profit and loss and balance sheets, with identification and quantification of all normalisation adjustments applied. This section is the most labour-intensive and provides the most value: adjusted EBITDA is the foundation of the entire valuation.
Section 4 — Methodologies applied and assumptions. Description of each methodology used, the underlying assumptions (growth, margins, WACC, sector multiples), the source of comparable data and the justification for methodological decisions.
Section 5 — Sensitivity analysis. A table showing how the value changes with changes in the principal assumptions: what happens if growth is 2% instead of 4%, what happens if WACC rises to 11%, what happens if the sector multiple falls 0.5x. Sensitivity analysis transforms a number into a range with a probability distribution.
Section 6 — Conclusion and value range. The reasonable value range (minimum — central — maximum) with an explanation of which scenarios correspond to each end of the range. A good report does not give a point number — it gives a range and explains the conditions for the value to sit at the high or the low end.
Section 7 — Caveats and limitations. Information that could not be verified, elements excluded from the analysis, unquantified contingencies and warnings about the use of the report. This section protects the professional and gives the reader an honest picture of residual uncertainty.
How Much a Professional Valuation Costs
Pricing transparency is one of the areas where the financial advisory sector most often falls short. At BMC we publish indicative ranges because we understand that cost is a legitimate criterion in the decision to commission a report.
| Report type | Scope | Indicative cost |
|---|---|---|
| Indicative opinion letter | Single entity, standard business, no subsidiaries | €1,500 – €3,000 |
| Full valuation report — standard SME | Single entity, operating business, no special complexities | €3,000 – €8,000 |
| Full valuation report — business group | 2-5 subsidiaries, real estate assets, holding structure | €8,000 – €20,000 |
| Complex expert report — multi-entity groups | 5+ subsidiaries, complex assets, litigation or ISD | €15,000 – €40,000 |
| Expert witness report for litigation | Any scope, with expert testimony and declaration | Base report + €200–€350/hour expert time |
Factors that increase cost:
- Multiple subsidiaries in different jurisdictions
- Real estate assets requiring a separate appraisal
- Tax or labour contingencies requiring legal analysis
- Litigation purpose (report must meet additional procedural requirements)
- Urgency (deadline under three weeks)
- Complex intangibles (patents, software, brands)
Factors that reduce cost:
- Clean accounts and a recent audit available
- Single-activity business with no corporate complexity
- Internal purpose or as a reference for a conversation between shareholders (not litigation)
- Complete financial information delivered from day one
The cost of a valuation report is always a small fraction of the value at stake. For a €5M business, a €6,000 report represents 0.12% of the capital at risk. The cost of a poorly executed valuation — or no valuation at all — can be a multiple of the report cost.
Common Valuation Mistakes That Cost More Than the Report
After 350 valuations in Spain our team recognises the same mistakes systematically. Here are the six with the greatest impact on the final outcome.
Mistake 1: Confusing revenue multiples with EBITDA multiples. “Companies like mine sell for 1x or 2x sales.” Revenue multiples are indicative references, not transaction prices. What determines the price in almost all Spanish SME M&A transactions is the EBITDA multiple. A business turning over €3M with a 5% EBITDA margin (€150,000) is worth in the range of €750,000–€1.2M. A business turning over €2M with a 30% EBITDA margin (€600,000) is worth in the range of €3M–€4.8M. EBITDA, not revenue, is the denominator that matters.
Mistake 2: Using reported EBITDA without adjustment. The EBITDA on your profit and loss includes items a buyer will reverse in due diligence: the owner’s salary, mixed expenses, below-market intercompany rents, benefits in kind, non-recurring extraordinary income. If you do not make the adjustments before entering a negotiation, the buyer will — always in their direction.
Mistake 3: Ignoring working capital in the closing price. In most M&A transactions with a closing condition, the price is adjusted based on the level of working capital at the moment of closing. If the business closes with a level of inventory or outstanding receivables below what the negotiation balance reflects, the final price falls. This adjustment surprises sellers who are unaware of it and can mean differences of €200,000 to €500,000 in mid-sized businesses.
Mistake 4: Assuming historical growth continues indefinitely. In a DCF, projecting 15% annual growth for five years when the business has grown at 15% for the past two years due to a favourable sector cycle produces valuations that no buyer will take seriously. Analysts apply systematic haircuts to exceptional historical growth rates and use conservative terminal growth rates (1%–2%). If your valuation relies on maintaining aggressive growth rates, it is a red flag for the buyer.
Mistake 5: Emotionally anchoring the price to a prior number. “A consultant told me three years ago my business was worth €8M.” If the market has changed, if results have changed, or if interest rates have risen 400 basis points since then, that €8M figure is no longer relevant. Emotional anchoring to a prior number prevents the seller from objectively evaluating real market offers and can lead to rejecting a fair offer by comparison with a number that is no longer valid.
Mistake 6: Comparing against transactions involving much larger businesses. The multiples paid by large private equity funds for businesses with €20M EBITDA do not apply to a business with €500,000 EBITDA. The size discount exists and is empirically documented: in Spain, businesses with EBITDA below €1M consistently trade at a 15%–30% discount to mid-market comparables, precisely due to lower liquidity, higher execution risk and limited capacity for leveraged financing.
Spanish-Specific Considerations That Impact Valuation
Business valuation in Spain has regulatory and structural specificities that any analyst must understand to produce a reliable report.
Collective bargaining agreements (convenio colectivo) and their impact on labour costs. The applicable convenio colectivo determines future labour costs more accurately than the historical accounts. If the sector agreement has agreed 3% annual wage increases for three years, or if there are minimum staffing commitments, the impact on projected cash flows can be hundreds of thousands of euros. The analyst must know the applicable agreement and its current revisions.
Tax contingencies within the 4-year statute of limitations. In Spain, the AEAT (Tax Agency) can audit the last four tax years (with exceptions that extend this period in cases of fraud or years with losses). A business with tax irregularities in that period has a contingency that does not appear on the balance sheet but that affects the price. Buyers typically require price retention (escrow) of 10%–20% for two to four years to cover these contingencies.
Deferred tax assets and tax loss carryforwards (bases imponibles negativas — BINs). A business that has accumulated tax losses has BINs that can offset future taxes subject to a 70% cap on positive taxable income in any given year (with exceptions). These BINs have real economic value — they reduce future taxes — but their exploitation in an M&A transaction depends on the chosen structure. In a share purchase, the BINs transfer with the entity; in an asset purchase, they do not.
Fair value of real estate assets vs. book value. In Spain, many SMEs hold real estate (warehouses, premises, offices) on the balance sheet at historical acquisition cost less accumulated depreciation — which can be far below current market value, especially for properties acquired before 2008 or those that have appreciated due to location. A book value of €400,000 versus a market value of €900,000 generates a hidden asset of €500,000 that the asset analysis must surface. The decision to demerge prior to sale or transfer integrated has significant tax implications (capital gains tax, VAT or ITP).
Family business tax regime (Article 4.Eight.Two of the Wealth Tax Law). Interests in family businesses meeting the Wealth Tax exemption requirements receive special treatment in wealth and succession planning. The valuation must be consistent with the amount declared in the Wealth Tax return and defensible before the AEAT, which is increasingly auditing family business valuations in succession contexts.
Case Study: The Business the Owner Valued at €12M
This case is an anonymised composite based on several real transactions. The details are representative of situations our team encounters frequently.
The initial situation. The owner of a family metalworking manufacturing company in Alicante, founded 22 years ago, with 45 employees and €5.8M in revenue, comes to BMC with a preliminary acquisition offer from a private equity fund. The fund offers €7.2M for 100% of the shares. The owner believes the business is worth €12M — a figure calculated by multiplying revenue of €5.8M by 2, “because a business like mine is worth twice what it turns over.”
The professional analysis. Our team conducts a financial analysis of the last three financial years and identifies the following elements the owner had not considered:
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Normalisation of the owner-director’s salary. The owner takes €210,000 per annum in a combination of salary and dividends. A market-rate managing director for a business of that size and sector would cost between €90,000 and €110,000. Adjustment: -€100,000 to normalised EBITDA.
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Related-party rents. The main production facility (personally owned by the entrepreneur and spouse) is leased to the business at €18,000 per annum. The market rent, per a separate appraisal, is €54,000 per annum. Adjustment: -€36,000 to normalised EBITDA.
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Open AEAT tax audit contingency. At the time of the analysis, the business has an open Spanish Tax Agency audit covering fiscal years 2022 and 2023, focused on the deductibility of certain R&D expenditure. The estimated contingency (tax, interest and minimum penalty) sits at €280,000–€420,000.
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Customer concentration. The main client represents 38% of revenue. There is no signed contract — the relationship is historical and based on personal trust between the owner and the client’s procurement director. If the owner exits the business, this personal relationship risk becomes business risk.
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Machinery requiring renewal. Three production lines are over 15 years old. The necessary renewal over the next 24 months is estimated at €650,000 — an amount not budgeted.
The valuation result. After adjustments:
| Item | Impact |
|---|---|
| Average reported EBITDA (3 years) | €980,000 |
| Owner salary adjustment | -€100,000 |
| Market rent adjustment | -€36,000 |
| Normalised EBITDA | €844,000 |
| Sector multiple (metal manufacturing) | 5.5x – 6.5x |
| Enterprise Value range | €4.64M – €5.49M |
| Less net debt | -€380,000 |
| Less tax contingency (central estimate) | -€350,000 |
| Less required capex discount | -€650,000 |
| Less customer concentration discount | -€320,000 |
| Adjusted Equity Value | €2.94M – €3.79M |
The professional valuation produces a range of €2.94M to €3.79M, with a central point of €3.4M. The fund’s offer of €7.2M was above the technical value from the analysis, most likely because the fund anticipated operational synergies with another company in its portfolio.
The outcome. The owner initially rejected the fund’s offer, believing €7.2M was “half of what it’s worth.” With the valuation report in hand, he reframed the negotiation correctly: the fund’s offer, although below his initial expectation of €12M, was objectively well above the technical market value of €3.4M. He negotiated additional terms (an earn-out of €1.5M contingent on next-year results and a two-year paid retention) and closed the transaction at a combined €8.7M. Without the professional valuation he would have rejected an offer that was far above his business’s market value.
How to Prepare Your Business to Maximise Value Before a Valuation
A business’s value is not static. There are levers that can increase it significantly in a 12 to 24-month window:
Reduce founder dependency. Delegate key client relationships to a visible management team. Document critical processes. Formalise verbal contracts. An autonomous management team can increase the multiple by 0.5x–1x.
Diversify the client base. If one client represents more than 25% of your revenue, the objective is to reduce that to 20% or below within 12–18 months while growing the overall base. Each point of diversification reduces the discount a buyer applies.
Formalise verbal contracts. Trust-based relationships are hard to value; signed contracts are easy to value. If your best clients buy without a formal contract, a two- or three-year framework agreement can add hundreds of thousands of euros to the value of the business.
Resolve open contingencies. An open AEAT audit, a pending labour claim or a Social Security debt are obstacles for any transaction. Resolving these contingencies before starting a sale process eliminates the associated discount and shortens the due diligence period.
Separate personal and corporate assets. Personal assets integrated in the business (real estate, vehicles, insurance, pension plans) should be separated before the sale to clarify the business perimeter and prevent the buyer from paying for assets the seller intends to retain.
The First Step
If you are considering selling your business, have received an offer, or simply want to know what you have built is worth, the starting point is a no-commitment conversation. In under an hour our team can give you an indicative value range and explain which levers you have available to improve that figure before any formal process.
The best time to know the value of your business is before you need to.
