{"id":6060,"date":"2022-10-07T07:17:00","date_gmt":"2022-10-07T07:17:00","guid":{"rendered":"http:\/\/www.monprojetpme.fr\/?p=6060"},"modified":"2023-03-10T13:49:58","modified_gmt":"2023-03-10T13:49:58","slug":"quels-sont-les-agregats-financiers-cles-lors-de-la-cession-de-sa-pme","status":"publish","type":"post","link":"https:\/\/www.monprojetpme.fr\/quels-sont-les-agregats-financiers-cles-lors-de-la-cession-de-sa-pme\/","title":{"rendered":"Quels sont les agr\u00e9gats financiers cl\u00e9s lors de la cession de sa PME\u00a0?"},"content":{"rendered":"<div  class=\"tatsu-BJWbacMyBX tatsu-section    tatsu-clearfix\" data-title=\"ARTICLE\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"0px 0px 50px 0px\"}' data-padding-top='0px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-Hyeb6qzkS7\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-column-no-bg tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-H1ZacGySQ\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-inline-text clearfix tatsu-S1TuM9LBX   \" >\n<style>.tatsu-S1TuM9LBX .tatsu-inline-text-inner{width: 100%;text-align: left;padding: 0px 0px 50px 0px;}.tatsu-S1TuM9LBX.tatsu-inline-text{margin: 0px 0px 0px 0px;}<\/style>\n<div class=\"tatsu-inline-text-inner tatsu-align-center\">\n<p>Lorsque un dirigeant envisage de c\u00e9der sa PME, il est indispensable pour lui d\u2019avoir une vision claire de ses agr\u00e9gats financiers, et notamment de ceux qui seront utilis\u00e9s par les investisseurs pour valoriser son activit\u00e9 et calculer le prix de ses titres. M\u00eame si la valeur r\u00e9elle ne r\u00e9side pas uniquement dans les r\u00e9sultats comptables, ces derniers permettent aux investisseurs de d\u00e9terminer une <a href=\"..\/valorisation\/\" target=\"_self\" rel=\"noopener\"><span class=\"tatsu-inline-link-style2\">fourchette de valorisation<\/span><\/a> en utilisant la m\u00e9thode des comparables (analyse des multiples de valorisation d\u2019op\u00e9rations pass\u00e9es de soci\u00e9t\u00e9s concurrentes ou du m\u00eame secteur).<\/p>\n<\/div><\/div><div  class=\"tatsu-single-image tatsu-module tatsu-image-lazyload tatsu-S1UXZFLrX  \" ><div class=\"tatsu-single-image-inner \" style=\"background : rgba(245,246,246,1);width : 1000px;\" ><div class = \"tatsu-single-image-padding-wrap\" style = \"padding-bottom&nbsp;: 66.6%;\" ><\/div><img class = \"tatsu-gradient-border\" alt = \"L\u2019EBITDA, l\u2019agr\u00e9gat de r\u00e9f\u00e9rence pour les op\u00e9rations financi\u00e8res\" title = \"L\u2019EBITDA, l\u2019agr\u00e9gat de r\u00e9f\u00e9rence pour les op\u00e9rations financi\u00e8res\" data-srcset = \"https:\/\/www.monprojetpme.fr\/wp-content\/uploads\/2022\/10\/ARTICLE_EBITDA_2-e1670451814161.png 1000w, https:\/\/www.monprojetpme.fr\/wp-content\/uploads\/2022\/10\/ARTICLE_EBITDA_2-e1670451814161-300x200.png 300w, https:\/\/www.monprojetpme.fr\/wp-content\/uploads\/2022\/10\/ARTICLE_EBITDA_2-e1670451814161-768x511.png 768w, https:\/\/www.monprojetpme.fr\/wp-content\/uploads\/2022\/10\/ARTICLE_EBITDA_2-e1670451814161-75x50.png 75w, https:\/\/www.monprojetpme.fr\/wp-content\/uploads\/2022\/10\/ARTICLE_EBITDA_2-e1670451814161-650x433.png 650w, https:\/\/www.monprojetpme.fr\/wp-content\/uploads\/2022\/10\/ARTICLE_EBITDA_2-e1670451814161-50x33.png 50w\" sizes = \"(max-width: 1000px) 100vw, 1000px\" src =\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAQAAAC1HAwCAAAAC0lEQVR42mNkYAAAAAYAAjCB0C8AAAAASUVORK5CYII=\"  \/><\/div>\n<style>.tatsu-S1UXZFLrX{margin: 0px 0px 50px 0px;}.tatsu-S1UXZFLrX .tatsu-single-image-inner{border-style: solid;max-width: 100%;background-color: rgba(245,246,246,1);}.tatsu-S1UXZFLrX.tatsu-single-image{transform: translate3d(0px,0px, 0);}<\/style>\n<\/div><div  class=\"tatsu-module tatsu-inline-text clearfix tatsu-Skkq5ww-o   \" >\n<style>.tatsu-Skkq5ww-o .tatsu-inline-text-inner{width: 100%;text-align: left;}.tatsu-Skkq5ww-o.tatsu-inline-text{margin: 0px 0px 50px 0px;}<\/style>\n<div class=\"tatsu-inline-text-inner tatsu-align-center\">\n<h2 style=\"background-color: #ffffff;\">L\u2019EBITDA, l\u2019agr\u00e9gat de r\u00e9f\u00e9rence pour les op\u00e9rations financi\u00e8res<\/h2>\n<p><a href=\"https:\/\/www.legalstart.fr\/fiches-pratiques\/comptabilite\/ebitda\/\" target=\"_self\" rel=\"noopener\"><span class=\"tatsu-inline-link-style2\">L\u2019EBITDA<\/span><\/a> ou \u00ab\u00a0Earnings Before Interest, Taxes, Depreciation and Amortization\u00a0\u00bb (R\u00e9sultat avant int\u00e9r\u00eats, imp\u00f4ts, d\u00e9pr\u00e9ciation et amortissement) peut approximativement \u00eatre compar\u00e9 \u00e0 l\u2019EBE comptable fran\u00e7ais. Il \u00e9quivaut \u00e0 la marge op\u00e9rationnelle d\u2019une entreprise et mesure sa capacit\u00e9 de cr\u00e9ation de richesse. Cet agr\u00e9gat sert de r\u00e9f\u00e9rence aux investisseurs pour la valorisation car il a la particularit\u00e9 de ne pas prendre en compte les diff\u00e9rences de traitement comptable entre les diff\u00e9rentes entreprises (m\u00e9thode et dur\u00e9e des amortissements des actifs ou du cycle d\u2019investissement par exemple).<\/p>\n<\/div><\/div><div  class=\"tatsu-module tatsu-inline-text clearfix tatsu-rJ4FeBJGi   \" >\n<style>.tatsu-rJ4FeBJGi .tatsu-inline-text-inner{width: 100%;text-align: left;}.tatsu-rJ4FeBJGi.tatsu-inline-text{margin: 0px 0px 50px 0px;}<\/style>\n<div class=\"tatsu-inline-text-inner tatsu-align-center\">\n<h2 style=\"background-color: #ffffff;\">Les retraitements, une pratique de march&eacute; indispensable &agrave; comprendre et &agrave; maitriser<\/h2>\n<p>Comme expliqu&eacute;, l&rsquo;EBITDA vise &agrave; d&eacute;montrer la rentabilit&eacute; d&rsquo;une soci&eacute;t&eacute;. Pour &ecirc;tre pertinent, il doit donc &ecirc;tre retrait&eacute; de tout &eacute;l&eacute;ment non normatif ou non r&eacute;current. En pratique, cet agr&eacute;gat est donc retrait&eacute; de mani&egrave;re plus ou moins objective et sera souvent source de discussions entre le dirigeant et l&rsquo;investisseur (ou leurs conseils) lors d&rsquo;une op&eacute;ration financi&egrave;re.<\/p>\n<p>Il existe diff&eacute;rentes cat&eacute;gories d&rsquo;&eacute;l&eacute;ments &agrave; retraiter (ou non) qui auront un impact direct sur cet agr&eacute;gat, en voici quelques exemples&nbsp;:<\/p>\n<ul>\n<li>les retraitements comptables comme l&rsquo;activation des frais de R&amp;D, la reprise de provisions sans objet, les loyers de cr&eacute;dit-bail, la participation des salari&eacute;s, etc.<\/li>\n<li>les retraitements fiscaux avec l&rsquo;int&eacute;gration de la CVAE ou du CIR<\/li>\n<li>les retraitements d&rsquo;&eacute;l&eacute;ments pro-forma, lors d&rsquo;une modification de p&eacute;rim&egrave;tre pendant l&rsquo;exercice comptable (entr&eacute;e ou sortie) ou la prise en compte de la performance normative d&rsquo;ouvertures r&eacute;centes (run rate)<\/li>\n<li>les retraitements &eacute;conomiques, cat&eacute;gorie tr&egrave;s large, pouvant int&eacute;grer &laquo;&nbsp;tout &eacute;l&eacute;ment exceptionnel&nbsp;&raquo; impactant l&rsquo;activit&eacute;, comme un contrat extraordinaire, une perte de client, un co&ucirc;t anormal\/ponctuel, une r&eacute;mun&eacute;ration excessive (salaire du dirigeant), etc.<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><\/div>\n<style>.tatsu-row > .tatsu-H1ZacGySQ.tatsu-column{width: 100%;}.tatsu-H1ZacGySQ.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: none;}.tatsu-H1ZacGySQ > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-H1ZacGySQ > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-H1ZacGySQ > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-H1ZacGySQ > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}@media only screen and (max-width:1377px) {.tatsu-row > .tatsu-H1ZacGySQ.tatsu-column{width: 100%;}}@media only screen and (min-width:768px) and (max-width: 1024px) {.tatsu-row > .tatsu-H1ZacGySQ.tatsu-column{width: 100%;}}@media only screen and (max-width: 767px) {.tatsu-row > .tatsu-H1ZacGySQ.tatsu-column{width: 100%;}}<\/style>\n<\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div>\n<style>.tatsu-BJWbacMyBX .tatsu-section-pad{padding: 0px 0px 50px 0px;}.tatsu-BJWbacMyBX > .tatsu-bottom-divider{z-index: 9999;}.tatsu-BJWbacMyBX > .tatsu-top-divider{z-index: 9999;}<\/style>\n<\/div><div  class=\"tatsu-H1O1N3-mo tatsu-section    tatsu-clearfix\" data-title=\"CTA MIDDLE GUIDE VENDEUR\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"0px 0px 0px 0px\"}' data-padding-top='0px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-has-two-cols tatsu-no-gutter tatsu-reg-cols  tatsu-clearfix tatsu-Hyeuk43WQs\" >\n<style>.tatsu-Hyeuk43WQs.tatsu-row-wrap > .tatsu-row{box-shadow: 0px 0px 15px 0px rgba(57,158,114,0.2);border-radius: 5px;}<\/style>\n<div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-column-no-bg tatsu-one-third tatsu-column-image-none tatsu-column-effect-none  tatsu-S1bd1E3ZXo\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-shortcode-module tatsu-module tatsu-r1GOk4nbQs   \"  ><a href=\"#ninja-popup-6085\" class=\"snppopup-content\" rel=\"6085\"> <img decoding=\"async\" class=\"alignnone size-full wp-image-107\" title=\"Le Guide du Vendeur\" src=\"https:\/\/www.monprojetpme.fr\/wp-content\/uploads\/2022\/09\/GUIDE_DU_VENDEUR_V2.png\" alt=\"Le Guide du Vendeur\">  <\/a><br \/>\n<style>.tatsu-r1GOk4nbQs{padding: 0 0 0px 0;margin: 0 0 0px 0;}<\/style>\n<\/div><div  class=\"tatsu-module tatsu-inline-text clearfix tatsu-SyXOkV2-Xj   \" >\n<style>.tatsu-SyXOkV2-Xj .tatsu-inline-text-inner{width: 100%;text-align: center;}@media only screen and (max-width: 767px) {.tatsu-SyXOkV2-Xj .tatsu-inline-text-inner{width: 100%;}}<\/style>\n<div class=\"tatsu-inline-text-inner tatsu-align-center\">\n<p><span style=\"font-family: 'Proxima Nova', -apple-system, 'system-ui', 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif; font-size: 11px; font-weight: 600; letter-spacing: 1px; text-align: center; text-transform: uppercase; background-color: #ffffff;\">CLIQUEZ POUR AVOIR UN APER\u00c7U<\/span><\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><\/div>\n<style>.tatsu-row > .tatsu-S1bd1E3ZXo.tatsu-column{width: 33.3%;}.tatsu-S1bd1E3ZXo.tatsu-column{margin: 20px 20px 20px 20px !important;}.tatsu-S1bd1E3ZXo.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: none;}.tatsu-S1bd1E3ZXo > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-S1bd1E3ZXo > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-S1bd1E3ZXo > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-S1bd1E3ZXo > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}.tatsu-S1bd1E3ZXo.tatsu-column > .tatsu-column-inner{border-radius: 5px;}.tatsu-S1bd1E3ZXo.tatsu-column > .tatsu-column-inner > .tatsu-column-bg-image-wrap > .tatsu-column-bg-image{border-radius: 5px;}@media only screen and (max-width:1377px) {.tatsu-row > .tatsu-S1bd1E3ZXo.tatsu-column{width: 33.33%;}}@media only screen and (min-width:768px) and (max-width: 1024px) {.tatsu-row > .tatsu-S1bd1E3ZXo.tatsu-column{width: 33.33%;}}@media only screen and (max-width: 767px) {.tatsu-row > .tatsu-S1bd1E3ZXo.tatsu-column{width: 100%;}}<\/style>\n<\/div><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-two-third tatsu-column-image-none tatsu-column-effect-none  tatsu-B1EOkVnW7s\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-inline-text clearfix tatsu-SkHukVnZXs   \" >\n<style>.tatsu-SkHukVnZXs .tatsu-inline-text-inner{width: 100%;text-align: left;}.tatsu-SkHukVnZXs.tatsu-inline-text{margin: 0px 0px 0px 0px;}@media only screen and (max-width: 767px) {.tatsu-SkHukVnZXs .tatsu-inline-text-inner{width: 100%;}}<\/style>\n<div class=\"tatsu-inline-text-inner tatsu-align-center\">\n<p><span style=\"color: #4a4f54; font-family: 'Proxima Nova', -apple-system, 'system-ui', 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif; font-size: 16px; font-weight: 600; letter-spacing: -0.128px; background-color: #ffffff;\">Renseignez votre adresse e-mail pour recevoir le Guide du Vendeur&nbsp;:<\/span><\/p>\n<\/div><\/div>        <div  class = \"tatsu-wp-forms tatsu-module  tatsu-H1IOyE3ZQo \" >\n            \n<style>.tatsu-H1IOyE3ZQo{border-width: 0px 0px 0px 0px;border-style: solid;padding: 0 0 0px 0;margin: 0 0 0px 0;}<\/style>\n            <div class = \"tatsu-wp-forms-inner tatsu-wp-form-rounded tatsu-wp-form-submit-rounded\">\n                <div class=\"wpforms-container wpforms-container-full wpforms-form-abandonment\" id=\"wpforms-5135\"><form id=\"wpforms-form-5135\" class=\"wpforms-validate wpforms-form wpforms-ajax-form\" data-formid=\"5135\" method=\"post\" enctype=\"multipart\/form-data\" action=\"\/wp-json\/wp\/v2\/posts\/6060\" data-token=\"901ec6ac35c6e58d68d0ad26085d0a7f\"><noscript class=\"wpforms-error-noscript\">Veuillez activer JavaScript dans votre navigateur pour remplir ce formulaire.<\/noscript><div class=\"wpforms-field-container\"><div id=\"wpforms-5135-field_1-container\" 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style=\"display: none;\" width=\"26\" height=\"26\" alt=\"Chargement en cours\"><\/div><\/form><\/div>  \n<!-- .wpforms-container -->\n            <\/div>\n        <\/div>\n<\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div>\n<style>.tatsu-row > .tatsu-B1EOkVnW7s.tatsu-column{width: 66.7%;}.tatsu-B1EOkVnW7s.tatsu-column{margin: 20px 20px 20px 20px !important;}.tatsu-B1EOkVnW7s.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-B1EOkVnW7s > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-B1EOkVnW7s > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-B1EOkVnW7s > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-B1EOkVnW7s > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}@media only screen and (max-width:1377px) {.tatsu-row > .tatsu-B1EOkVnW7s.tatsu-column{width: 66.67%;}}@media only screen and (min-width:768px) and (max-width: 1024px) {.tatsu-row > .tatsu-B1EOkVnW7s.tatsu-column{width: 66.67%;}}@media only screen and (max-width: 767px) {.tatsu-row > .tatsu-B1EOkVnW7s.tatsu-column{width: 100%;}}<\/style>\n<\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div>\n<style>.tatsu-H1O1N3-mo.tatsu-section{margin: 0px 0px 50px 0px;}.tatsu-H1O1N3-mo > .tatsu-bottom-divider{z-index: 9999;}.tatsu-H1O1N3-mo > .tatsu-top-divider{z-index: 9999;}<\/style>\n<\/div><div  class=\"tatsu-SyB2jgLZi tatsu-section    tatsu-clearfix\" data-title=\"ARTICLE SUITE\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"0px 0px 0px 0px\"}' data-padding-top='0px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-SyeShjgLZj\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-column-no-bg tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-HyZBhjeIZi\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-inline-text clearfix tatsu-r1cowPP-i   \" >\n<style>.tatsu-r1cowPP-i .tatsu-inline-text-inner{width: 100%;text-align: left;}.tatsu-r1cowPP-i.tatsu-inline-text{margin: 0px 0px 50px 0px;}<\/style>\n<div class=\"tatsu-inline-text-inner tatsu-align-center\">\n<h2>La DFN, l\u2019agr\u00e9gat permettant de passer de la Valeur d\u2019Entreprise \u00e0 la Valeur des Titres<\/h2>\n<p>Il n\u2019existe pas de d\u00e9finition pr\u00e9cise de la <a href=\"https:\/\/www.mazars.fr\/Accueil\/Services\/Financial-Advisory\/Glossaire-Definition\/D\/Dette-financiere-nette\" target=\"_self\" rel=\"noopener\"><span class=\"tatsu-inline-link-style2\">DFN<\/span><\/a> ou \u00ab&nbsp;Dette Financi\u00e8re Nette&nbsp;\u00bb, elle correspond aux dettes financi\u00e8res au passif moins la tr\u00e9sorerie \u00e0 l\u2019actif (elle peut donc \u00eatre n\u00e9gative ou positive). Cet agr\u00e9gat est particuli\u00e8rement important pour le dirigeant car il lui permet de connaitre la valeur de ses titres, en retranchant la DFN \u00e0 la Valeur d\u2019Entreprise. Cependant, comme pour l\u2019EBITDA, certains \u00e9l\u00e9ments pourront \u00eatre retrait\u00e9s \u00e0 la vision bilancielle pour obtenir une vision normative, tels que&nbsp;:<\/p>\n<ul>\n<li>les retraitements comptables li\u00e9s \u00e0 des modalit\u00e9s de comptabilisation &lsquo;non \u00e9conomiques&rsquo; comme du cash reconnu par anticipation<\/li>\n<li>les retraitements li\u00e9s au mode de financement utilis\u00e9s afin de lisser les modes de financement<\/li>\n<li>les provisions pour risques et charges, cash out court terme<\/li>\n<li>la fiscalit\u00e9 diff\u00e9r\u00e9e&nbsp;: cash out futur<\/li>\n<li>la normativit\u00e9 du BFR li\u00e9e \u00e0 la r\u00e9currence et la saisonnalit\u00e9 possible de l&rsquo;activit\u00e9<\/li>\n<\/ul>\n<p>L\u2019id\u00e9e ici n\u2019est pas d\u2019\u00eatre exhaustif, certains professionnels (cabinets d\u2019audits) sont sp\u00e9cialis\u00e9s dans l\u2019analyse de ces agr\u00e9gats. Cependant, il est primordial pour le dirigeant de connaitre l\u2019existence de ces pratiques de march\u00e9, car ils pourront avoir un impact significatif sur la valorisation de sa soci\u00e9t\u00e9.<\/p>\n<\/div><\/div><div  class=\"tatsu-module tatsu-inline-text clearfix tatsu-BJALZ-U-o   \" >\n<style>.tatsu-BJALZ-U-o .tatsu-inline-text-inner{width: 100%;text-align: left;}.tatsu-BJALZ-U-o.tatsu-inline-text{margin: 0px 0px 50px 0px;}<\/style>\n<div class=\"tatsu-inline-text-inner tatsu-align-center\">\n<h5>En conclusion, quelle que soit l\u2019op\u00e9ration que vous envisagez, il est indispensable de choisir les bons partenaires afin de maximiser les chances de r\u00e9ussite de votre projet&nbsp;! Un conseil M&#038;A et un audit de qualit\u00e9, seront cr\u00e9ateur de valeur tout au long du processus. N\u2019h\u00e9sitez pas \u00e0 venir nous en parler, nous aurons plaisir \u00e0 r\u00e9pondre \u00e0 vos questions.<\/h5>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><\/div>\n<style>.tatsu-row > .tatsu-HyZBhjeIZi.tatsu-column{width: 100%;}.tatsu-HyZBhjeIZi.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: none;}.tatsu-HyZBhjeIZi > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-HyZBhjeIZi > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-HyZBhjeIZi > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-HyZBhjeIZi > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}@media only screen and (max-width:1377px) {.tatsu-row > .tatsu-HyZBhjeIZi.tatsu-column{width: 100%;}}@media only screen and (min-width:768px) and (max-width: 1024px) {.tatsu-row > .tatsu-HyZBhjeIZi.tatsu-column{width: 100%;}}@media only screen and (max-width: 767px) {.tatsu-row > .tatsu-HyZBhjeIZi.tatsu-column{width: 100%;}}<\/style>\n<\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div>\n<style>.tatsu-SyB2jgLZi > .tatsu-bottom-divider{z-index: 9999;}.tatsu-SyB2jgLZi > .tatsu-top-divider{z-index: 9999;}<\/style>\n<\/div><div  class=\"tatsu-H14DEnbmo tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"CTA BAS ARTICLE\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"90px 0px 90px 0px\"}' data-padding-top='90px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-ryeVP4nWmj\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-B1-NDN2-Xi\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-call-to-action tatsu-clearfix  tatsu-HyMVwV2ZQs  \" ><div class=\"tatsu-cta-inner\"><h4 class=\"tatsu-action-content\" >Faites-vous contacter par un de nos experts<\/h4><a class=\"mediumbtn tatsu-button rounded tatsu-action-button   \" href=\"https:\/\/www.monprojetpme.fr\/contact\/#parlez-nous-de-votre-projet\" data-gdpr-atts={} ><span>Me faire recontacter<\/span><\/a>\n<style>.tatsu-HyMVwV2ZQs.tatsu-call-to-action{background-color: rgba(57,158,114,1);}.tatsu-HyMVwV2ZQs .tatsu-action-content{color: rgba(255,255,255,1) ;}.tatsu-HyMVwV2ZQs .tatsu-action-button:hover{background: rgba(255,255,255,1);border-color: rgba(255,255,255,1); }.tatsu-HyMVwV2ZQs .tatsu-action-button span{color: rgba(255,255,255,1) ;}.tatsu-HyMVwV2ZQs .tatsu-action-button:hover span{color: rgba(57,158,114,1) ;}.tatsu-HyMVwV2ZQs .tatsu-action-button{border-width: 1px;border-color: rgba(255,255,255,1); }.tatsu-HyMVwV2ZQs{border-radius: 5px;}@media only screen and (max-width: 767px) {.tatsu-HyMVwV2ZQs{margin: 0px 0px 0px 0px;padding: 0px 30px 0px 30px;}}<\/style>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div>\n<style>.tatsu-row > .tatsu-B1-NDN2-Xi.tatsu-column{width: 100%;}.tatsu-B1-NDN2-Xi.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-B1-NDN2-Xi > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-B1-NDN2-Xi > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-B1-NDN2-Xi > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-B1-NDN2-Xi > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}@media only screen and (max-width:1377px) {.tatsu-row > .tatsu-B1-NDN2-Xi.tatsu-column{width: 100%;}}@media only screen and (min-width:768px) and (max-width: 1024px) {.tatsu-row > .tatsu-B1-NDN2-Xi.tatsu-column{width: 100%;}}@media only screen and (max-width: 767px) {.tatsu-row > .tatsu-B1-NDN2-Xi.tatsu-column{width: 100%;}}<\/style>\n<\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div>\n<style>.tatsu-H14DEnbmo .tatsu-section-pad{padding: 90px 0px 90px 0px;}.tatsu-H14DEnbmo .tatsu-section-offset-wrap{transform: translateY(-0px);}.tatsu-H14DEnbmo > .tatsu-bottom-divider{z-index: 9999;}.tatsu-H14DEnbmo > .tatsu-top-divider{z-index: 9999;}.tatsu-H14DEnbmo .tatsu-section-overlay{mix-blend-mode: normal;}<\/style>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Lorsque un dirigeant envisage de c\u00e9der sa PME, il est indispensable pour lui d\u2019avoir une vision claire de ses agr\u00e9gats financiers, et notamment de ceux qui seront utilis\u00e9s par les investisseurs pour valoriser son activit\u00e9 et calculer le prix de ses titres.<\/p>\n<div><a href=\"https:\/\/www.monprojetpme.fr\/quels-sont-les-agregats-financiers-cles-lors-de-la-cession-de-sa-pme\/\" class=\"exp-read-more exp-read-more-underlined\">Lire la suite<\/a><\/div>","protected":false},"author":1,"featured_media":6073,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,29],"tags":[38,49],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Quels sont les agr\u00e9gats financiers lors de la cession de sa PME ?<\/title>\n<meta name=\"description\" content=\"Lorsque un dirigeant envisage de c\u00e9der sa PME, il est indispensable pour lui d\u2019avoir une vision claire de ses agr\u00e9gats financiers.\" \/>\n<meta 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