Value Drivers

Los Value Drivers (elementos que favorecen la creacin de valor) son aquellas
magnitudes fundamentales en las que debemos fijarnos al analizar una

compaa concreta. Estos Value Drivers varan en funcin del sector, y nos
sirven para comparando unas compaas con otras ver cuales estn mejor
posicionadas.
Los Value Drivers de cada sector seran:
Sector Construccin
La facturacin del grupo

La cartera de pedidos
La evolucin de las divisiones de edificacin y obra civil
Gasto en infraestructuras del estado
Tipos de inters
PIB Producto Interior Bruto del Pas
Grado de Diversificacin
Sector Telecomunicaciones
N de lneas en servicio por empleado

Evolucin de ingresos por operaciones y estudio de los mrgenes por divisiones
Grado de liberalizacin del sector en los mercados donde opere
Nuevos productos y servicios (ADSL, UMTS, RDSI, Infova,)
Vida media de los productos
Nmero de lneas de telefona mvil
Expansin en otros mercados
Barreras de Entrada
Sector Banca
Indicadores de rentabilidad como ROE, ROA, RORWA

Indicadores de Capital
Mrgenes de intermediacin y comisiones sobre Activos Totales Medios
Evolucin del Ratio de Eficiencia (Gastos de Explotacin / Margen Ordinario)
Tasa de morosidad
Tasa de cobertura de morosidad
Tipos de Inters
Evolucin de los Mercados Financieros
Evolucin de las Divisiones de Negocio y por reas geogrficas
Sector Elctrico
La capacidad instalada MW
La produccin de electricidad y el nmero de clientes y estudio de los
consumos medios
Crecimiento del PIB
Los Tipos de Inters
La climatologa
Incidencias de fenmenos climticos
El IPC
Precio del petrleo y carbn

Grado de liberalizacin del sector
Los costes de transicin a la competencia
Pluviomtrica en las diferentes regiones
Sector Energa
Precio del petrleo

Tipo de cambio $/
Nivel de stock de la OCDE
Evolucin y perspectivas del PIB de USA, Europa y Japn
Nivel de reservas probadas sobre ventas mundiales
Precio de otras energas
Grado de liberalizacin
Diversificacin geogrfica y por actividades
Margen por litro
Elasticidad de la demanda
Tipos de Inters
Evolucin de los productos qumicos
Sector Alimentacin
Precios indexados al IPC

Economas de escala va fusiones
Coste de materias primas
Sector Acero
Tipo de cambio $/
Precio del Nquel
Evolucin del PIB
Sector construccin/infraestructuras
Sector Inmobiliario
Segmentos donde opera, vivienda, oficinas, suelo industrial, apartamentos,

hoteles
Tasa de ocupacin
Precio del metro cuadrado de alquiler
N de promociones en construccin sobre total superficie en alquiler
Sector Distribucin
Canales de distribucin
Fuentes de financiacin
Ventas por m2
Poder negociador de proveedores
Sector Hotelero
Nmero de habitaciones en gestin

Tasa de Ocupacin
Nmero de das de estancia media
Orientacin a mercado urbano o vacacional
Diversificacin geogrfica y/o por actividades
Sensibilidad al tipo de cambio $/
Master Ten Value Drivers to Sell Your Business at the Highest Price
By Rose Stabler, May 26, 2014
See Rose's profile in our advisor directory.
Takeaway: Evaluate your company through the eyes of a buyer. Master these
ten value drivers and sell at the higher range of the multiples normally
associated with your industry.
Source: flickr/Frederic BARON

Business Value -- What Drives It?
A valuation is not about determining what a company is worth in the current
owner's hands, it is about the company's transferable value. The purpose of
this article is to help you evaluate your company through the eyes of a buyer.
From that perspective we will ask you to focus on ten value drivers. Each driver
is a characteristic of a business that either reduces the risk associated with
owning the business or enhances the prospect that the business will grow
significantly in the future. Simply put, the better your performance in these
areas, the greater the selling price of your business. The likely result is that you
will sell at the higher range of the multiples normally associated with your
industry.
Value Driver #1: Stable and Predictable Cash Flow
Think of revenue and the bottom line cash flow of your business as the first
introduction to a buyer. Revenue and cash flow is the number one attraction. A
business with an established pattern of growth will bring a premium price when
it is sold. The value associated with acquiring the available cash flow is directly
related to risk. The lower the risk of losing that cash flow in a transfer of
ownership, the higher the price will be to acquire it. If recurring revenues
comprise a material portion of a companys overall revenues, the recurring
revenue stream can be valued at a higher level than the non-recurring
revenues. Examples of recurring revenues are maintenance contracts, monthly
support agreements, annual license agreements, warranties, subscriptions, or
other revenue streams that are contractual and repeating in nature. Buyers are
willing to pay the highest amount when their perception is that cash flow is
predictable and will increase into the future. Learn more about building a
recurring revenue base here.
Value Driver #2: Reliable Financial Information
Reliable financial records are not only a critical element of business
management but also support the claim that a company is consistently
profitable. In the purchase of a business, the buyer will perform some level of
financial due diligence. If the buyer is not comfortable when reviewing the
companys past financial performance, there is no deal, or at best a reduced
value for the company. If a buyer faces a seller of a business who asserts that
the company has been making $1 million per year for the past three years and
is projected to make at least that much in the future, the seller will be required
to prove it. If the seller then produces past financial statements that are
incorrect, insupportable, or incomplete, the buyer would most likely be gone.
The lack of financial integrity is one of the most common hurdles encountered
during the sale process.
Value Driver #3: Customer Diversity
A broad customer base in which no single client accounts for more than five to
ten percent of total sales helps to insulate a company from the loss of any
single customer. It reduces the risk of serious cash flow issues if one or more
customers do not stay under new ownership. Learn more here.
Value Driver #4: Human Capital / Quality of Workforce
Keep your talent, they are your business. Buyers look for situations where
management and / or key employees want to stay for the long term. The
quality of the workforce, including experience, expertise and depth of
knowledge, is also considered. An in-place team that can provide continuity
and assist in the growth of the business under new ownership is a valuable
asset. If a companys success is reliant on capable, well-trained employees not the owner - it means the business will not be negatively impacted under
new ownership. This reduction of risk will pay off with increased purchase price.
Learn how to mitigate human capital risk here.
Value Driver #5: Growth Potential
When an owner can describe realistic opportunities for growth that specifically
illustrate the reasons why cash flow and the business itself will grow after it is
acquired, a higher value can be achieved. A documented growth plan
demonstrates the viability of the companys future and may identify
opportunities that a buyer had not considered. Some areas to consider in
developing a growth plan:
Is your business in a growth industry?
Are there additional markets that a new owner should pursue?
What additional products could be delivered to existing customers?
Where are the best profit margins realized and can they be expanded?
Can your technology be licensed?
Will demand for your product or service increase as population grows?
How will enhanced marketing campaigns and sales efforts affect growth?
Are there opportunities to grow through acquisition?
Can growth be achieved by expanding territory or manufacturing capacity?
Value Driver #6: Operating Systems and Procedures
The establishment and documentation of standard business procedures and
systems demonstrate that the business can be maintained profitably after the
sale. Business systems include the computerized and manual procedures used
in the business to generate its revenue and control expenses, as well as the
methods used to track how customers are identified and how products or
services are delivered. The following are examples of business systems that
enhance business value.
Personnel recruitment, training and retention
Human resource management (an employee manual)
New customer identification, solicitation, and acquisition
Product or service development and improvement
Inventory and fixed asset control
Product or service quality control
Customer, vendor and employee communication
Selection and maintenance of vendor relationships
Business performance reports for management
Value Driver #7: Facility and Equipment Condition

The business facilities and equipment should be well maintained to realize
maximum value. A buyer will not pay a premium, and may very well discount
an offer, for a disorganized warehouse, office or other building. Seeing
disorganized or poorly maintained facilities and equipment may cause the
buyer to perceive that other aspects or the business may be similarly
disorganized (employee records, financial records, compliance records, etc.).
Owners should ensure that facilities and equipment are organized and
maintained in peak condition before beginning the sale process. Buyers will
appreciate that their investment will not include major repairs and that all
equipment and inventory will be easy to locate and identify. Lastly, are the
facilities large enough and machinery sufficient to accommodate some level of
modest sales growth? A buyer does not want to have to look for additional
space or immediately invest in new equipment shortly after closing.
Value Driver #8: Goodwill
This value driver involves stability and consistency. Name recognition,
customer awareness, history, ongoing operations, and reputation are all part of
business goodwill and influence value. Even if the company does not have
many hard assets, relationships are key. The fact that customers have been
with the company for a period of time does matter. Brand recognition, service
or product reliability, and high customer satisfaction are distinguishing factors
that add value. This driver of goodwill should not be overlooked in a valuation
because it is helps mitigate perceived risk.
Value Driver #9: Barriers to Competitive Entry
Features that give a business an advantage over its competitors, strengthen its
strategic position, or that can be leveraged for future gain boost value and
lessen perceived risk. Buyers will pay a premium for a niche that has barriers to
competitive entry. One way to describe this Barrier Value Driver is to use
Warren Buffet's term, "Business Moat." Buffet compares a castle's moat to the
protection that a business needs to encroaching competitors. For instance, the
wider the moat, the more easily a castle could be defended. A narrow moat did
not offer much protection and allowed the castle to be breached. To Buffett, the
castle is the business and the moat is the barrier that protects the business'
competitive edge. The following are example barriers that widen the moat and
hinder competitors from breaching the companys castle.
Copyrights
Trademarks
Patents
Trade Secrets
Developed Processes
Proprietary Designs
Proprietary Know-How
Brand or Trade Names
Engineering Drawings
Customized Software Programs
Step-by-Step Training Systems
Customized or Proprietary Databases
Published Articles or Industry Press
Hard-to-get licenses, zoning, permits, or regulatory approvals
Contracts with difficult-to-penetrate entities (government, for example)
Value Driver #10: Product Diversity

A narrow product set increases risk and drives down value. Diversity of revenue
sources lowers the inherent risk of the business. Therefore, businesses with a
healthy product mix, good gross profit diversification, or with products or
services sold into multiple industries, receive a higher perceived value from
prospective buyers.

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Los Value Drivers (elementos que favorecen la creacin de valor) son aquellas

magnitudes fundamentales en las que debemos fijarnos al analizar una

La facturacin del grupo

N de lneas en servicio por empleado

Indicadores de rentabilidad como ROE, ROA, RORWA

Precio del petrleo y carbn

Precio del petrleo

Precios indexados al IPC

Segmentos donde opera, vivienda, oficinas, suelo industrial, apartamentos,

Nmero de habitaciones en gestin

Source: flickr/Frederic BARON

Value Driver #7: Facility and Equipment Condition

Value Driver #10: Product Diversity

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