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<head><meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" > <meta content="http://www.deskshare.com/st.aspx" name="Site Translator"></head> ¿el ou sabe lo que vale su negocio de la tienda de cuerpo? por: Willard Michlin ¿Muchos dueños más pequeños de la tienda de cuerpo he pedido, cómo valoro mi tienda de cuerpo? En el mes pasado me han pedido hacer dos valoraciones en tiendas de cuerpo. La primera valoración era asistir a la disolución de la sociedad; la segunda valoración estaba para la disolución de la unión. (que es lo que llaman los abogados un divorcio.) ¿usted tiene gusto de saber valorar el valor de un negocio de la tienda de cuerpo? Antes de que comencemos, quisiera hacer un comentario. Siempre que un CPA haya hecho una valoración de una tienda de cuerpo, encuentro que su opinión del valor es mucho mayor que el valor real que el mercado pagará. Esto no es porque los CPAs no saben lo que están haciendo porque lo hacen; es justo que el mercado pone un riesgo mucho más alto en comprar una tienda de cuerpo que lo hacen los contables. Lo que sigue es un extracto a partir de la una de esas valoraciones. Las TRES MANERAS DE VALORAR Un NEGOCIO 1. El MÉTODO de la VALUACIÓN del ACTIVO. Este método se utiliza básicamente cuando una tienda de cuerpo hace menos de $400.000 por año en renta gruesa y el vendedor está haciendo salarios, solamente ningún beneficio verdadero sobre cuál él sería pagado si trabajó para otro. En este negocio del tamaño, un comprador está dispuesto a pagar los activos del negocio pero de poco o nada para la voluntad. El equipo es generalmente valor entre $50.000 y $100.000, dependiendo de cuántas máquinas del marco posee el negocio y cómo es agradable una cabina del aerosol el negocio posee. He visto una cierta venta especializada de las tiendas para más que el número antedicho porque tienen una cabina del aerosol del carro u otro negocio unidas al negocio principal. . Examples of attached business might be an auto repair shop or towing operation. . Also the location, size and real estate rental amount will influence the value of any business, to some degree. 2. . The second method, I call the GROSS SALES METHOD. . This is used when the sales are over $1,000,000 a year but the profit is unknown or financials are not available or reliable. . Because of experience, a Body shop buyer can make reasonable estimates of future profits, if they have some basic information. . The basic information includes rent, source of business (DRP, STREET, or a CAR RENTAL AGENCY), and the desirability of the location. . When this method is used, the value appears to be about 3 months sales or 25% of the last 12 months sales. . This method is not very reliable on businesses with sales of less than $1,000,000, because the question of being profitable is very questionable. . Why is this breaking point $1,000,000 in annual sales? . Multi-store buyers will have well paid managers, so many figure their breakeven point is around a million. . Less than $1,000,000 in sales is not even worth their time. . Of course we know that there are exceptions to the rules. . Some of the exceptions are A. . when a new location will be a satellite store to a bigger location. . B. . The buyer must have a location in a specific area to please a DRP. . C. . To get rid of a competitor. 3. . The third and most used method of evaluating any business, including body shops, is the NET PROFIT METHOD. . This method is based on the idea that a business is worth what it generates, in profit and benefits, for an owner. . Body shops, like so many other small businesses, often do not show a profit, at the end of the year. . Strange, how so many businesses of different sizes all just happen to end up with little or no profit. . What I find really amazing is that the IRS doesnt audit more businesses then they currently do. . As a result of showing poor profits, on the books, it becomes very difficult to use the NET PROFIT METHOD for appraising many small businesses. . Luckily for me, I can quite often find hidden profits, of a business, by adding to the books, items we call owners benefits. . These include: Owners salaries, if a corporation. . Personal autos and all the related expenses used by the owner and his family that are written off against the business, fife insurance and health insurance for the owners. . Depreciation is also a hidden profit that is usually added back in to the taxable profit to help build up the total owners benefits. . And lastly, personal utilities, phones, trips, etc. . that are deducted on the tax return but are not really costs to run the business. . After saying all this, what is the value of a business based on the Net Profit Method? . Automotive businesses, especially auto body shops appear to sell for between 1.5 to 2 years adjusted profit (book profit plus owners benefits added back in). . Larger body shops doing over $2,000,000 in annual sales may sell for much more, because the owner is making much more money, than just his salary and a buyer will consider part of the profit a return on his financial investment. . Very large body shops that are being bought by public corporations are evaluated primarily on their return on investment (Percentage profit that is being made on the cash purchase price of the business.) These big buyers can afford to pay between 5 times and 10 times annual net profit, after deducting all officers salaries and perks. . Often these, public corporations, high purchase prices include two important restrictions, which is really why they are buying the business in the first place. . First: The business is bought for little or no real money. . They use restricted corporate stock that is not negotiable for two years. . And second: The management is required to stay and run the company for some period of years. . The bottom-line, as I see it, is that you sold your soul, not your business. . One last comment on selling to large corporations; heaven help the seller who sells his business for corporate stock or the buyers bonds and the buying company goes broke or the stock market crashes. . I had a close friend sell his company for mostly cash and some seller carry back financing in Dec 1997. . By Feb 1998 the buying company was in bankruptcy, making the paper my friend held worthless. . CONCLUSION: Appraising a business, especially body shops, is an art not a science. . No two people will appraise the value of a business the same. . I am amazed that the same thing one buyer thinks is a great asset is what another buyer thinks is a major negative. . Differences of opinion are what make life interesting. <table width=100% cellpadding=8 cellspacing=0 border=0 bgcolor=#dddddd><tr><td> Sobre El Autor . Willard Michlin is an Investor, Business Broker, California Real Estate Broker, Accountant, Financial Distress Consultant, Well known Public speaker and Administrative/Business Consultant. . He can be contacted at his Ventura, California office by calling 805-529-9854 or by e-mail at kismetrei@earthlink.net. . See other article by Willard at <a href="http://www.kismetgroup.com" target=new> . http://www.kismetgroup.com </a> <a href="mailto:kismetrei@earthlink.net"> . kismetrei@earthlink.net </a> </td></tr></table>