{"id":475,"date":"2026-04-03T12:01:10","date_gmt":"2026-04-03T10:01:10","guid":{"rendered":"https:\/\/bazanne.com\/?p=475"},"modified":"2026-04-03T17:20:01","modified_gmt":"2026-04-03T15:20:01","slug":"le-goodwill-comment-mesurer-et-maximiser-la-vraie-valeur-de-votre-pme","status":"publish","type":"post","link":"https:\/\/bazanne.com\/en\/le-goodwill-comment-mesurer-et-maximiser-la-vraie-valeur-de-votre-pme\/","title":{"rendered":"The Goodwill: Maximizing the True Value of Your SME"},"content":{"rendered":"
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A pragmatic and up-to-date approach for business leaders who want to understand the real profitability of their invested capital and calmly prepare a business transfer or sale.<\/strong>
Auteur <\/strong>: Jean-Marie Longin \u2013 Founder of Bazanne<\/summary>\n

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The goodwill (surplus value) <\/strong>is one of the most powerful \u2014 and most misunderstood \u2014 concepts in business valuation.
For an SME leader, it is a key strategic indicator: it measures the company\u2019s ability to generate a return superior<\/strong> to that of a risk-free investment, thanks to its intangible assets and unique positioning.

At Bazanne, we regularly use this analysis to help our clients and prospects better manage their performance, negotiate a sale under better conditions, or prepare a fundraising round.

What is Economic Goodwill?
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Economic goodwill represents the excess profitability<\/strong> generated by your company compared to what the same capital would produce if invested in a \u201crisk-free\u201d placement (government bonds or equivalent).
than the simple sum of its net tangible assets. more <\/strong>than the simple sum of its net tangible assets.

The Recommended Method:
<\/strong>The Excess Earnings MethodThe most robust and widely used method for SMEs is the Excess Earnings Method.<\/strong> (Excess Earnings Method).

It breaks down into four key steps:
Determine the normalized result
<\/strong>We generally use normalized EBITDA <\/strong>or recurring EBIT,<\/strong>after adjusting for exceptional items.
Calculate the normal remuneration of invested capital<\/strong>
Shareholders\u2019 equity \u00d7 Weighted Average Cost of Capital (WACC), typically between 8% and 12% for an SME depending on its risk profile and sector.
Isolate the annual excess profitability<\/strong>
Normalized result \u2013 Normal remuneration of capital = Excess profitability.
Capitalize this excess<\/strong>
Apply a multiple (generally between 3 and 6 years) based on the sustainability of the company\u2019s competitive advantages.

Concrete Example
<\/strong>An industrial SME generates \u20ac6 million in revenue with a normalized EBITDA of \u20ac900k and shareholders\u2019 equity of \u20ac2.2 million.
- Cost of capital applied: 9%
- Normal remuneration of capital: \u20ac2.2m \u00d7 9% = \u20ac198k
- Excess profitability: \u20ac900k \u2013 \u20ac198k = \u20ac702k
- Capitalization over 4 years (average for this sector): \u20ac702k \u00d7 4 = \u20ac2.808 million<\/strong>

Estimated Goodwill = \u20ac2.8 million<\/strong>

Indicative enterprise value:
Shareholders\u2019 equity (\u20ac2.2m) + Goodwill (\u20ac2.8m) = \u20ac5 million<\/strong>

How to Increase the Goodwill of Your SME<\/strong>

<\/strong>Goodwill is not a fixed figure. It can be actively developed through several strategic levers:
- Strengthening market positioning and differentiation
- Developing recurring revenue streams (multi-year contracts, subscriptions, maintenance)
- Protecting and enhancing intangible assets (brand, data, processes, patents)
- Professionalizing the organization and governance
- Reducing the risk perceived by a buyer or investor

These actions have a direct impact on the sale value and the company\u2019s ability to attract investors or partners.

Conclusion
<\/strong>Understanding and managing your goodwill allows an SME leader to move from a purely accounting view to a true economic and strategic vision<\/strong> of their company.
It is a valuable tool for steering performance, calmly preparing a business transfer, negotiating a fair sale price, or structuring a fundraising round.
At Bazanne, we support business leaders with a precise analysis of their goodwill and the implementation of concrete actions to develop it sustainably.
Would you like to assess the real goodwill of your company and identify the actions needed to maximize its value?
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Contact us for a confidential discussion.\n+33 6 20 86 70 64
Jean-Marie Longin
Founder \u2013 Bazanne<\/summary>\n
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