Elaboration d'un outil financier dynamique d'aide à la décision relatif à la cession ou liquidation de l'entreprise

Abstract

What’s the best solution for owners of a company who want to stop their business but are not aware of the opportunities available to them? In order to answer this question, this project-thesis aims to improve the valuation tool used by BestValue by adding two dimensions to it. The tool will be illustrated by a concrete example. The first dimension is devoted to the voluntary liquidation defined as the decision by the general meeting to put an end to the life of the company. Voluntary liquidation is characterized by the sale of the company's assets, the repayment of debts, the collection of receivables and the distribution of the boni /mali resulting from these various transactions carried out while respecting tax system. Indeed, during this period of liquidation, the company still has its legal personality. What characterizes a liquidation is its certain character and the fact that the cash is valued at 100% of its value. The purpose of the first tab of the tool will be to estimate the amount that would receive the shareholders in the event of liquidation. This would be the minimum price to accept to sell the company. Finding a transaction price to sell the company is the result of important negotiations. This is where the second tab of the tool comes in. This new tool aims to make the negotiation more credible and more constructive by having the ability to explain both the content and the interactions between the various parameters of a business valuation. The tool will have two distinct roles: to summarize all the assumptions made during a valuation and to measure the sensitivity of these assumptions in relation to the final value of the company. We will see that the capital structure plays an important role in the negotiations. This parameter will be included in the tool. The end of life of a company can’t be summarized as the sale or the liquidation of a business. A third solution will also be studied: the corporate spin-off.