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We tailor every mandate to your company. External CFO y Financial Direction for SMEs without fixed structure or in-house team costs.
M&A and Financial Due Diligence for SMEs. Business valuation and deal structuring with real buyers.
Uncompromising financial analysis. Debt restructuring and viability planning with real data, not estimates.
We don't disappear after signing. With you from your company valuation to the notarial closing. Sell-side and buy-side.
Direct answers to the questions entrepreneurs ask us most.
A company's value is determined by applying adjusted EBITDA multiples, which in Spain range between 3x and 8x for family businesses with EBITDA of €1M to €20M. The usual range is 4x–6x normalized EBITDA, though it varies by sector, revenue recurrence, and owner dependency. Net financial debt and working capital also adjust the final price. A rigorous valuation always starts from normalized EBITDA.
It's not mandatory, but selling without a specialized advisor usually results in a price 15–30% lower than what's achievable with professional support. Institutional buyers have dedicated M&A teams: without an advisor on your side, the information asymmetry always favours the buyer. An advisor also manages confidentiality, filters out non-qualified buyers, and lets the entrepreneur keep running the company throughout the process.
A well-managed M&A process takes between 6 and 18 months from start to notarial closing. The preparation phase — sale memorandum and valuation — takes 2–3 months; buyer search and NDA signing, another 2–3 months; due diligence and SPA negotiation, 3 to 6 months. Working with a specialized advisor significantly reduces the timeline.
Valuing a family business requires normalizing EBITDA by adjusting items that distort the real result: off-market family salaries, personal expenses inside the company, or related-party rentals. Once normalized EBITDA is obtained, multiples from comparable transactions in the sector are applied. Founder dependency is a risk factor that buyers discount directly from the price.
Financial due diligence is the detailed review of a company's accounts before closing a sale/purchase transaction. It analyzes EBITDA quality (Quality of Earnings), net debt, normalized working capital, and potential contingent liabilities. Its goal is to detect red flags that may adjust the price or affect closing. We perform it on both buy-side and sell-side (vendor due diligence).
The essential documents are: annual accounts for the last 3–5 fiscal years, corporate income tax filings, updated trial balance, lease agreements or property deeds, and key contracts with customers and suppliers. At a more advanced stage, you'll be asked for employment contracts, insurance policies, and details on contingent liabilities.
An external CFO (CFOaaS) takes on the role of Chief Financial Officer on a part-time basis: monthly reporting, treasury management, financial planning, banking relationships, and preparation for funding rounds or sale. It's the ideal solution for SMEs with EBITDA of €1M–€20M that need financial rigor but cannot justify a full-time CFO.
The main indicators are: difficulty meeting periodic payments, debt service coverage ratio (DSCR) below 1.2x, urgent renewals of credit facilities, or deteriorating EBITDA versus financial debt. Preventive restructuring — before default — is always more favourable than reactive restructuring.
Organizing debt starts with mapping all financial obligations: bank loans, trade credit, tax deferrals, and supplier debt. At LetsFinance, we classify each position by maturity, cost, and priority to design a structuring plan that improves cash flow and reduces the company's financial risk.
Growth financing can come from bank credit lines, private equity funds, family offices, or debt instruments such as direct lending. We analyze your company's profile and structure the right funding round, connecting you with the most suitable investors for your stage and sector.
Debt analysis involves reviewing the obligation structure (volume, cost, maturities), coverage ratios — Financial Debt/EBITDA, interest coverage — and free cash flow generation. We deliver detailed reports that identify refinancing opportunities and risk alerts before they become problems.
Insolvency proceedings suspend individual enforcement actions and open a negotiation period with creditors. They can be voluntary or mandatory. At LetsFinance, we advise on the pre-insolvency phase to explore alternatives — refinancing agreements, payment plans, asset sales — that avoid formal insolvency and preserve the company's viability.
