Selling a company is only done well once.

Between 6 and 9 months on average in the mid-market; complex processes can take up to 12 months, depending on the company, market conditions and the availability of qualified buyers.

First, diagnosis: value range, natural buyer and risks. Second, preparation: vendor due diligence, EBITDA normalisation, teaser, information memorandum and data room. Third, competitive process: buyer approach, Q&A, non-binding offers (NBOs) and shortlist. Fourth, negotiation and closing: price, earn-out, warranties and sale and purchase agreement (SPA).

The usual structure combines an adjusted monthly retainer and a success fee that is only charged if the transaction closes. It is agreed in writing before the mandate starts and depends on the size and complexity of the transaction.

Companies in the Spanish mid-market, mainly family-owned businesses and founders, in full or partial sale processes.

With confidentiality agreements, an anonymous profile (teaser) at first contact and progressive access to sensitive information only after signing the NDA and showing serious interest and financial capacity.

The most common method in the mid-market is a multiple of normalised EBITDA, cross-checked with comparable transactions and discounted cash flows. For solid family-owned companies the indicative median is around 5.5x EBITDA, with ranges from 2.6x to 7.8x by sector. Net debt and working capital are adjusted on enterprise value to reach the equity price.

If an individual sells, the gain is taxed as savings income in Spanish personal income tax, at rates of up to 30%. If a holding company sells a stake of at least 5% held for more than one year, the participation exemption under Article 21 of the Spanish Corporate Income Tax Law can exempt 95% of the capital gain. Structuring the transaction before opening the process can materially change the net proceeds.

Financial statements for recent years, customer and contract information, organisation structure, key assets and relevant legal documentation.

Yes. In fact, it is key that the business continues performing. The advisor coordinates buyers, materials and negotiation to reduce distraction for the owner.

Team continuity is usually relevant for the buyer. We analyse structures that protect company value and help retain key people.

When results are solid and growing, not when they decline. A buyer pays more for an upward trend; selling at peak results maximises the price.

An earn-out is a portion of the price conditional on the company meeting targets after the sale. It is used to bridge the price expectation gap between seller and buyer.

No. Price, payment structure, earn-out, warranties, financing, team continuity and real probability of closing are all compared. A higher but uncertain offer can be worth less than a firm one.