76 articles in this category
Before signing a Letter of Intent on a French target, a buyer should validate 20 financial points: adjusted EBITDA, net debt, normative working capital, off-balance items, latent tax. The pre-LOI checklist for 2026.
Asset-based, EBITDA multiples or DCF: three methods that never produce the same price. How to choose, normalise EBITDA and build a sale price range that holds up with a buyer and the tax authorities.
A practical 2026 guide to French acquisition debt, holding structures, OBOs and management buy-outs for SME buyers, with bank criteria and tax structuring.
An earn-out theoretically aligns seller and buyer on the target's future performance. In practice, a poorly drafted clause is a litigation source: manipulable indicators, contested management scope, unfavourable taxation. A French CPA's playbook on building a balanced earn-out: robust indicators and 2026 tax watchpoints.
Buying out an operating shareholder — a disagreeing co-founder, a retiring director, an exiting manager-shareholder — is not an asset deal. Here is the methodical, defensible pricing framework, fiscally optimised and financially sustainable for the company.
Before signing a letter of intent (LOI) to acquire a French SME, twenty financial checks must be completed: adjusted EBITDA, normalised working capital, net debt, off-balance-sheet commitments, latent tax exposure, customer concentration. A French CPA's playbook with actionable checklist and 2026 watchpoints.
Transaction Services (TS) sit at the heart of every serious M&A process, yet remain opaque for many business owners approaching their first deal. This article explains what TS teams actually deliver — Quality of Earnings, normalised working capital, net debt analysis, and pricing mechanisms — and when to engage them, on the buy side or the sell side.
How to read valuation multiples (EBITDA, revenue) by sector, what justifies a premium or a discount, and why these benchmarks are only a starting point. A cautious reading of the 2026 benchmarks to situate your company's value.
Transferring a French business in 2026 is not something you improvise. Valuation methods (EBITDA multiple, DCF, restated net assets), deal structures (LBO, OBO, Dutreil, family buy-out), and the tax treatment of professional capital gains: this guide gives owners and investors the tools to steer a sale and defend a credible price in front of a demanding buyer.
Selling shares in a French company (cession de titres) means transferring the legal shell itself — including all liabilities. In 2026, the seller must navigate the 31.4% flat tax, potential 500,000 € retirement relief for retiring directors, and possible deferral via a holding. Here is how the rules work in practice.
Five-to-ten-year anticipation window, €100,000 personal allowance every 15 years, donation-partage at frozen valuation, Family Buy-Out, 15-year deferral of duties under Article 397 A: the levers of a successful family business transfer in 2026.
LOI, due diligence, SPA, assets and liabilities warranty, earn-out, closing, capital gains tax and registration duties: what a Paris-based seller needs to lock down to sign the final sale agreement in 2026.
What financial forecasts should you prepare when selling your business? From normalised EBITDA to the data-room, Hayot Expertise's guide to building a credible transaction file in 2026.
From the letter of intent to closing, the sale protocol structures the price mechanics, guarantee of assets and liabilities (GAP), earn-out and non-compete provisions. Discover the critical clauses, common pitfalls and the concrete role of the chartered accountant in a share or business asset sale in France in 2026.
Restaurant, hotel, boutique, bakery: how to build a defensible valuation before selling a French fonds de commerce in 2026. Sector turnover benchmarks by activity, EBE multiple method, worked example at €600,000 CA, registration duties under Article 719 CGI, and the chartered accountant's role. A rigorous seller's file changes the negotiation.
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