{"id":70590,"date":"2026-10-15T10:34:08","date_gmt":"2026-10-15T08:34:08","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?post_type=diccionario&#038;p=70590"},"modified":"2026-10-26T11:34:00","modified_gmt":"2026-10-26T10:34:00","slug":"how-to-calculate-normalised-ebitda-before-selling-a-company","status":"publish","type":"diccionario","link":"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/","title":{"rendered":"How to calculate your normalised EBITDA before selling your business"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Contents\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Que_es_el_EBITDA_normalizado_y_por_que_el_comprador_lo_recalcula\" >What is normalised EBITDA and why does the buyer recalculate it?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Cinco_ajustes_que_pueden_modificar_tu_EBITDA_normalizado\" >Five adjustments that can affect your normalised EBITDA<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Ajuste_1_Ingresos_facturados_por_servicios_que_aun_debes_prestar\" >Adjustment 1: Invoiced revenue for services you have yet to provide<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Ajuste_2_Costes_de_desarrollo_capitalizados\" >Adjustment 2: Capitalised development costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Ajuste_3_Gastos_extraordinarios_que_se_repiten_cada_ano\" >Adjustment 3: One-off expenses that recur every year<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Ajuste_4_Ahorros_anunciados_pero_aun_no_conseguidos\" >Adjustment 4: Savings announced but not yet achieved<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Ajuste_5_La_remuneracion_del_propietario\" >Adjustment 5: The owner\u2019s remuneration<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Por_que_llegar_sin_preparacion_debilita_tu_posicion_negociadora\" >Why turning up unprepared weakens your negotiating position<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Cinco_pasos_para_construir_un_EBITDA_defendible_antes_de_vender_tu_empresa\" >Five steps to building a defensible EBITDA figure before selling your business<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Paso_1_Fija_una_base_que_cuadre_con_tus_cuentas\" >Step 1: Set a budget that suits your finances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Paso_2_Separa_el_beneficio_recurrente_de_las_partidas_excepcionales\" >Paso 2: Separa el beneficio recurrente de las partidas excepcionales<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Paso_3_Prepara_una_ficha_para_cada_ajuste\" >Step 3: Prepare a worksheet for each setting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Paso_4_Explica_como_se_convierte_el_beneficio_en_caja\" >Step 4: Explain how profit is converted into cash<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Paso_5_Haz_una_revision_con_ojos_de_comprador\" >Step 5: Take a look at it from a buyer\u2019s perspective<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/como-preparar-ebitda-normalizado-antes-de-vender-empresa\/#Preparar_un_EBITDA_para_una_valoracion_defendible\" >Preparing EBITDA for a defensible valuation<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Que_es_el_EBITDA_normalizado_y_por_que_el_comprador_lo_recalcula\"><\/span>What is normalised EBITDA and why does the buyer recalculate it?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">El <strong>standardized EBITDA<\/strong> is an estimate of a company\u2019s recurring operating profit, after adjusting for items that distort the period under review: non-recurring revenue, exceptional expenses, missing costs or accounting policies that bring forward results. When a company is sold, this is the figure to which the buyer applies the valuation multiple; therefore, every adjustment is directly reflected in the price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An example illustrates the significance of this. If you report an EBITDA (earnings before interest, tax, depreciation and amortisation) of 1.5 million euros and the buyer offers eight times that figure, the enterprise value is 12 million. If, upon review, the buyer reduces the EBITDA to 1.3 million, the value becomes 10.4 million using the same multiple: <strong>1.6 million fewer, without the multiple having changed<\/strong> (and before deducting debt and other adjustments that determine what shareholders receive).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In <a href=\"https:\/\/techma.bakertilly.es\/en\/sale-of-companies\/\" target=\"_blank\" rel=\"noreferrer noopener\">sales processes<\/a> , it is common for these discussions to arise in the middle of negotiations and to wear down owners who know their business inside out. The root cause is usually the same: a lack of <strong>prior review<\/strong> to anticipate the buyer\u2019s questions. In case you\u2019re not yet familiar with it, we\u2019ve published a <a href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/business-plan-for-selling-your-company\/\" target=\"_blank\" rel=\"noreferrer noopener\">6-step business plan on our M&amp;A Academy to help you win the buyer\u2019s trust<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Your accounts show the results for a specific period. The buyer uses them to estimate <strong>what profit they will be able to retain<\/strong> following the acquisition, and to do so, they review which revenue streams will continue and which costs they will have to keep paying.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Having audited accounts helps, but reviewing a purchase raises another question: <strong>how much of that outcome is sustainable<\/strong>. That is why it is possible to have audited accounts and still discuss adjustments. Furthermore, there is no universal list of items that all buyers accept; each adjustment must be explained and documented.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The buyer will carry out their own analysis during the <a href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/que-es-proceso-due-diligence-ss-a2\/\" target=\"_blank\" rel=\"noreferrer noopener\">due diligence<\/a>process, which involves a thorough review of the company prior to completion. Your advantage will be that you are aware of the differences in advance and can discuss them in an informed manner.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cinco_ajustes_que_pueden_modificar_tu_EBITDA_normalizado\"><\/span>Five adjustments that can affect your normalised EBITDA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The adjustments that have the greatest impact on a technology company\u2019s normalised EBITDA tend to fall into five categories. This table summarises what the buyer looks at in each category and what documentation it is advisable to have ready:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Adjustment<\/th><th>What the buyer checks<\/th><th>What documentation supports this?<\/th><\/tr><\/thead><tbody><tr><td>Revenue invoiced in advance<\/td><td>If the payment relates to a service that has already been provided<\/td><td>Contracts, invoices and a breakdown of services provided by project<\/td><\/tr><tr><td>Capitalised development<\/td><td>What proportion of EBITDA comes from capitalising costs, and how much is required to maintain the product?<\/td><td>Projects launched, requirements met and cost calculations<\/td><\/tr><tr><td>Recurring exceptional expenses<\/td><td>If the business will have to bear similar costs every year<\/td><td>Invoices, settlement agreements and historical trends for these items<\/td><\/tr><tr><td>Unconsolidated savings<\/td><td>Has the savings scheme been implemented, and since when?<\/td><td>Terminated or renegotiated contracts and implementation costs<\/td><\/tr><tr><td>Owner\u2019s remuneration<\/td><td>How much will it cost to fill these roles at market rates?<\/td><td>Job description and estimated replacement cost<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ajuste_1_Ingresos_facturados_por_servicios_que_aun_debes_prestar\"><\/span>Adjustment 1: Invoiced revenue for services you have yet to provide<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If, in June, you invoice 12,000 euros for a twelve-month subscription and provide the service throughout that period, the revenue is recognised at a rate of 1,000 euros per month. Charging in advance improves cash flow, but it <strong>does not mean that the entire invoice amount is recognised as profit for that month<\/strong>. Recognising it all at once boosts the EBITDA for one financial year at the expense of the next, and the buyer will adjust the figures accordingly. In Spain, the criteria for recognising revenue from the provision of services are set out in the <a href=\"https:\/\/www.boe.es\/boe\/dias\/2021\/02\/13\/pdfs\/BOE-A-2021-2155.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">ICAC Resolution of 10 February 2021<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For technology services, the buyer will also verify that the revenue from each project corresponds to the work performed: prepare a breakdown that <strong>links contracts, invoices, and services rendered<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ajuste_2_Costes_de_desarrollo_capitalizados\"><\/span>Adjustment 2: Capitalised development costs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Capitalizing a cost means recording it as an asset rather than as an expense for the period. When a software company capitalizes development costs, its EBITDA may be higher than if it had recorded them as expenses, even though <strong>the cash outflow is the same<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This treatment may be correct (the <a href=\"https:\/\/www.boe.es\/boe\/dias\/2013\/06\/03\/pdfs\/BOE-A-2013-5827.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">ICAC Resolution of May 28, 2013<\/a> , establishes the requirements for capitalizing development expenses), but you must explain which projects have been capitalized, which requirements they meet, and how their costs were calculated. The buyer will also want to know how much the company must invest each year to maintain the product, and may accept the accounting treatment but question its impact on profitability. Present that expense separately to address each objection accurately.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ajuste_3_Gastos_extraordinarios_que_se_repiten_cada_ano\"><\/span>Adjustment 3: One-off expenses that recur every year<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Excluding fees related to an exceptional legal dispute from EBITDA may make sense if the matter has been resolved and you can demonstrate that it is not part of your normal business operations. The situation changes if <strong>different expenses are excluded each year<\/strong>: legal fees, compensation payments, or consulting fees. Even if each invoice is a one-time occurrence, the business may need to incur similar costs on a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The key question is whether the buyer will have to pay an equivalent amount to continue operating. The same principle applies to <strong>extraordinary income<\/strong>: a one-time subsidy boosts earnings without representing a recurring profit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ajuste_4_Ahorros_anunciados_pero_aun_no_conseguidos\"><\/span>Adjustment 4: Savings announced but not yet achieved<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you want to include the savings from closing an office or renegotiating with a supplier in your normalized EBITDA, you\u2019ll need to show <strong>what has been implemented and when<\/strong>: a lease agreement that has already been terminated provides more evidence than a mere intention. Also include the costs necessary to achieve those savings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With a new customer, a signed contract may warrant analyzing its annual impact, provided that the cost of serving the customer is included. Keep these impacts <strong>separate from historical results<\/strong> and avoid counting the same profit twice.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ajuste_5_La_remuneracion_del_propietario\"><\/span>Adjustment 5: The owner\u2019s remuneration<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It is common for the owner to run the business and handle sales while receiving compensation below market rates. The buyer will need to know <strong>how much it will cost to fill those roles<\/strong> once you leave. The opposite may also be true: compensation above market rates or personal expenses paid by the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Any adjustment requires identifying what is being eliminated and what will need to be replaced. Your compensation cannot be eliminated entirely as long as your tasks remain necessary: describe what you do and estimate a <strong>reasonable cost<\/strong> to cover it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Por_que_llegar_sin_preparacion_debilita_tu_posicion_negociadora\"><\/span>Why turning up unprepared weakens your negotiating position<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Going into a sale without a normalized EBITDA figure gives the buyer the upper hand regarding the numbers, and the doubts extend beyond the final calculation. If a management report shows one margin and the annual financial statements show another, the buyer will request a <strong>reconciliation<\/strong>\u2014that is, an explanation that links the two figures. If this cannot be provided, the buyer will expand the scope of its due diligence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The team will have to search for documentation while continuing to serve customers, and the process may be <strong>delayed and the conditions may become stricter<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">El riesgo aumenta tras firmar una <a href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/negotiation-of-the-law\/\" target=\"_blank\" rel=\"noreferrer noopener\">The risk increases after signing an exclusive letter of intent<\/a>\u2014the document that sets forth the main terms of the offer and prevents you from negotiating with other buyers for a certain period. Receiving a significant objection at that point may force you to make a decision under pressure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Preparing your EBITDA in advance allows you to correct errors and <strong>distinguish between a valid objection<\/strong> and a proposal worth discussing. Even if some adjustments lower your figure, knowing about them beforehand allows you to negotiate from a more reliable basis.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cinco_pasos_para_construir_un_EBITDA_defendible_antes_de_vender_tu_empresa\"><\/span>Five steps to building a defensible EBITDA figure before selling your business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Paso_1_Fija_una_base_que_cuadre_con_tus_cuentas\"><\/span>Step 1: Set a budget that suits your finances<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Gather the financial statements for the last three fiscal years and the most recent monthly breakdown, and verify that the EBITDA you report can be derived from the accounting records. Explain the differences between annual financial statements and management reports. Use a consistent definition across periods.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Paso_2_Separa_el_beneficio_recurrente_de_las_partidas_excepcionales\"><\/span>Paso 2: Separa el beneficio recurrente de las partidas excepcionales<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Review revenue recognition, capitalized development, and operating costs, and identify expenses and revenues that distort ordinary income. Include both <strong>positive and negative adjustments<\/strong>: a calculation that only increases profit warrants particularly careful review.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Paso_3_Prepara_una_ficha_para_cada_ajuste\"><\/span>Step 3: Prepare a worksheet for each setting<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Record the amount, the period, and the accounting account; explain the reason and whether it is likely to recur; and attach the supporting document (invoice, contract, pay stub, or settlement agreement). If you\u2019re including a recent cost savings, document the date it was implemented. If any supporting documentation is missing, assign someone the task of obtaining it before submitting the figure.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Paso_4_Explica_como_se_convierte_el_beneficio_en_caja\"><\/span>Step 4: Explain how profit is converted into cash<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Prepare a table showing investments and <strong>working capital<\/strong>needs\u2014the resources the business ties up in its day-to-day operations. Break down the capitalized costs to show how much cash is required to maintain the product. This helps explain why an accounting profit can coexist with low cash on hand.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Paso_5_Haz_una_revision_con_ojos_de_comprador\"><\/span>Step 5: Take a look at it from a buyer\u2019s perspective<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ask someone with experience in transactions to review your adjustments: whether the expense actually disappears, whether the revenue can be verified, and whether any necessary costs are missing. Depending on the size and complexity of the transaction, it may be advisable to conduct an external review of the <strong>quality of earnings<\/strong>, which helps identify discrepancies before negotiations and prepare documented responses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Preparar_un_EBITDA_para_una_valoracion_defendible\"><\/span>Preparing EBITDA for a defensible valuation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A company's price depends on both the multiple and the profit to which it is applied. A <strong>standardized EBITDA<\/strong> figure prepared in advance (documented adjustment by adjustment and reconciled with your financial statements) reduces the buyer's ability to impose its own calculation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The starting point is clear: meet with your CFO or accounting advisor and ask for a <strong>table that compares reported EBITDA with normalized EBITDA<\/strong>, starting with the most recent fiscal year and the most recent period available. Review each discrepancy, ask for supporting evidence, and assign a person to follow up on each outstanding issue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When the buyer's review comes in, you'll have documents to respond to and time to evaluate their proposals. With the history clearly explained, the next step will be to demonstrate that your <a href=\"https:\/\/techma.bakertilly.es\/en\/como-hacer\/prepare-your-strategy-to-maximise-value-in-a-sales-process\/\" target=\"_blank\" rel=\"noreferrer noopener\">growth projections<\/a> are just as solidly grounded.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you want to review your financials from a buyer\u2019s perspective before entering the market, Baker Tilly\u2019s <a href=\"https:\/\/techma.bakertilly.es\/en\/ready-4-exit\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ready4Exit<\/a> method includes a financial assessment (profit quality, normalizations, and net debt) and an action plan to address any discrepancies before entering into negotiations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"author":4,"featured_media":0,"template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":""},"tags":[],"paso-howto":[2297],"sectores":[],"class_list":["post-70590","diccionario","type-diccionario","status-publish","hentry","paso-howto-2-financieros"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/diccionario\/70590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/diccionario"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/diccionario"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/4"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=70590"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=70590"},{"taxonomy":"paso-howto","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/paso-howto?post=70590"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=70590"}],"curies":[{"name":"well played","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}