3.0–8.5x
EBITDA multiple by size
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M&A in the advisory sector, explained.
Advisory and professional firms —tax, accounting, payroll, audit and business services— with recurring revenue and generational handover. Here is how a firm is valued, who buys it and how it is sold in Spain.
0.9–2.0x
Revenue multiple
~65,000
Advisory firms in Spain
Valuation calculator
How much is your firm worth? Find out in 3 minutes.
A tool built specifically for advisory and professional firms. It estimates your value range from revenue, EBITDA, recurring income and client-portfolio profile, using the same methodology we apply in real transactions.
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Reference ranges: 3.0–8.5x EBITDA · 0.9–2.0x revenue, depending on the size of the firm.
What you get
- Value range (Enterprise Value) based on your EBITDA and revenue
- Equity bridge: adjustment for financial debt and cash
- Implied multiples on EBITDA and on revenue
- Multiple breakdown by each value driver
The multiple rises with size
3.0–4.5x
<€300K EBITDA
4.0–5.5x
€300–700K
5.0–6.5x
€700K–1.5M
6.0–8.5x
>€1.5M
The market
The sector, in figures.
Spain has around 65,000 professional firms. Our database covers more than 36,000, and the picture is clear: a highly fragmented market of small firms.
~65,000
Professional firms in Spain
78%
Bill under €500,000 a year
10%
Bill more than €1M
~3
Employees per firm (median)
Madrid (25%) and Catalonia (~22%) hold close to half of all firms; Valencia is the third hub. In services, almost all provide tax, accounting and payroll.
The trend
Why firms are being bought now.
The advisory sector is going through the largest wave of consolidation in its history. Private equity has moved in strongly since 2022 and is competing to buy firms.
Private equity enters
Funds and PE-backed platforms buy firms as a buy-and-build strategy, and that keeps multiples at record highs.
Generational handover
Many founding partners are approaching retirement (65–70) with no clear succession. Selling is the natural way out.
Digitalisation and e-invoicing
Mandatory e-invoicing and automation reward the firms that are ready and pressure those that are not.
Economies of scale
Integrating firms cuts costs, cross-sells services and lifts margins — which is why buyers pay for size and recurrence.
The buyers
Who buys advisory firms in Spain?
Three profiles buy advisory firms: PE-backed consolidation platforms, international professional networks and national groups on the rise. Since 2022 private equity has led the activity and kept multiples at record highs.
We track more than a dozen active consolidators and close to a hundred documented transactions in the sector.
PE-backed consolidation platforms
The most active buyer today. They acquire firms with recurring revenue and a stable team to grow by acquisition (buy-and-build). Examples: Afianza Asesores (Spain's most prolific consolidator), Adlanter —controlled by Artá Capital, part of Grupo March—, Auren —with Waterland entering in 2025— or Asenza (Ufenau Capital).
International professional networks
They seek territorial coverage and recurring-portfolio volume. ETL Global, a German group, has integrated more than 140 firms in Spain since 2014; Talenom, listed on the Nordic exchange, has closed more than 16 acquisitions since 2021.
Firms opening their capital to funds
Firms that bring in a private equity investor to fund their own buy-out plan. ECIJA (Alia Capital, 2024) was the first large Spanish firm to do so; Grant Thornton joined a New Mountain Capital-backed platform in 2025.
National groups and expanding networks
Firms and networks (PKF Attest, Andersen, ADADE) that add firms to gain size and coverage before making their own leap.
Behind the sector are top-tier funds —BlackRock, Waterland, Ufenau, Artá Capital or New Mountain—: consolidating advisory firms is now an investment thesis, not a passing fad.
Valuation
How is an advisory firm valued?
An advisory firm is valued on normalised EBITDA, not on accounting profit. The multiple ranges from 3.0x to 8.5x EBITDA depending on firm size; on recurring revenue, typically 0.9x–1.3x and up to ~2x for platforms.
The multiple rises with size
3.0–4.5x
Small firm (<€300K EBITDA)
4.0–5.5x
€300–700K EBITDA
5.0–6.5x
€700K–1.5M EBITDA
6.0–8.5x
Platform (>€1.5M EBITDA)
Accounting profit is misleading
It is usually distorted by the salary the partner assigns themselves. The first step is always to normalise EBITDA to the market rate for the role.
Margin drives the revenue multiple
A firm at 25–30% margin approaches 1.2x sales; one at 10% sits clearly below.
Recurrence is the first pricing lever
At the same revenue, a firm with stable retainer income and low churn is worth more than one with one-off income.
Size lifts the multiple
The larger the firm, the higher the profit per employee and buyer interest: that is why multiples grow with revenue.
The price is rarely paid in full at closing
The norm is part in cash and part tied to the partner's continuity and client retention over the following years.
Value drivers
What a buyer looks at to pay more.
Recurring revenue
The greater the weight of recurring retainer income versus one-off work, the more predictable the business and the more a buyer pays.
Portfolio concentration
If a few clients account for much of the revenue, risk rises and the multiple falls. A diversified portfolio is worth more.
Partner dependence
If the business depends on the founder, the buyer fears losing clients after the sale. Less dependence, more value and less deferred payment.
Service mix
The balance between tax, accounting, payroll and higher-value services defines the resilience of income and the appeal to each type of buyer.
Digitalisation
Management software, automated processes and well-organised data raise value: they cut the buyer's integration cost.
Subsectors
Where the value reading changes.
Tax and accounting
Compliance and planning for SMEs and the self-employed.
- Recurrence
- Portfolio
- Monthly retainer
Payroll and labour
Payroll, social security and labour relations.
- Payroll volume
- Retention
- Software
Audit and consulting
Higher-value services and larger tickets.
- Qualified team
- Premium portfolio
- Average ticket
Business services and BPO
Integrated management and process outsourcing.
- Scalability
- Processes
- Diversification
The process
How an advisory firm is sold, step by step.
An orderly sale of a firm closes in 6–9 months. These are the seven phases.
01
Preparation
Normalising figures, analysing the portfolio and partner dependence.
02
Valuation
A defensible value range on EBITDA and recurring revenue.
03
Buyer map
Selecting consolidators, groups and funds with a real fit.
04
Approach under NDA
Confidential contact and signing of confidentiality agreements.
05
Offers
Competitive tension between several buyers to defend the price.
06
Due diligence
Review of portfolio, contracts, tax and labour.
07
Closing and continuity
Signing, payment structure and partner transition.
Key points
What makes the difference when selling.
Sell before you need to
The best time is with the portfolio growing and the partner still active, not when retirement is pressing. Rushing destroys price.
Do not confuse profit with EBITDA
The partner's salary distorts the result. Normalising EBITDA before sitting down with a buyer avoids leaving value on the table.
Reduce your own dependence
The less the firm depends on you, the more they pay in cash and the less is tied to continuity.
Compete, don't negotiate with one
A single buyer sets the price; several defend it. Competitive tension is the most underrated value lever.
Expertise
Articles and analysis on the advisory sector.
We are preparing specialised content for the sector. In the meantime, explore all our analysis on M&A, valuation and selling companies on the blog.
Go to the blogPrefer to discuss it directly with the team?Contact an advisor
FAQ
Frequently asked questions about the sector.
How is an advisory or professional firm valued?
Mainly by a normalised EBITDA multiple (3.0x–8.5x by size) and, as a complement, on recurring revenue (0.9x–1.3x, up to ~2x for platforms). EBITDA is adjusted to the partner's market salary, because accounting profit is usually distorted.
What makes an advisory firm worth more?
The recurrence and predictability of income, a diversified and loyal portfolio, a team that does not depend on the founding partner, and digitalisation. These factors explain most of the multiple gap between two firms with the same revenue.
Who buys advisory firms in Spain?
PE-backed consolidation platforms, international professional networks and national groups on the rise. Since 2022 private equity has led the activity and kept multiples at record highs.
How long does it take to sell an advisory firm?
An orderly process closes in 6 to 9 months, from preparation and valuation to due diligence and signing. Timelines depend on the size of the firm and the quality of the information available.
How is the sale of a firm paid?
It is rarely paid in full at closing. The norm is part in cash and part tied to the partner's continuity and client retention in the years following the deal.
When is a good time to sell?
With the portfolio growing and the partner still active, not when retirement is pressing. Selling from a position of strength, rather than out of need, is what lets you defend the price.
What happens to my team and my clients?
The continuity of the team and portfolio is exactly what the buyer values. A good process protects both: the transition is structured to retain clients and keep the team after the sale.
Can I calculate my firm's value before selling?
Yes. With Capittal's dedicated calculator you get a first estimate of the value range from your revenue, EBITDA, recurrence and portfolio profile, in a few minutes and confidentially.
Do you own an advisory firm and want to know what it's worth?
We give you a first confidential read and the next steps.