{"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\/fr_fr\/le-goodwill-comment-mesurer-et-maximiser-la-vraie-valeur-de-votre-pme\/","title":{"rendered":"Le Goodwill : maximiser la vraie valeur de votre PME"},"content":{"rendered":"\n
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Une approche pragmatique et actualis\u00e9e pour les dirigeants qui veulent conna\u00eetre la rentabilit\u00e9 r\u00e9elle de leur capital investi et pr\u00e9parer sereinement une transmission ou une cession.<\/strong>
Auteur <\/strong>: Jean-Marie Longin \u2013 Fondateur de Bazanne<\/summary>\n

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Le goodwill (survaleur) <\/strong>est l\u2019un des concepts les plus puissants \u2013 et les plus mal compris \u2013 en valorisation d\u2019entreprise.
Pour un dirigeant de PME, il constitue un indicateur strat\u00e9gique essentiel : il mesure la capacit\u00e9 de l\u2019entreprise \u00e0 g\u00e9n\u00e9rer une rentabilit\u00e9 sup\u00e9rieure<\/strong> \u00e0 celle d\u2019un placement sans risque, gr\u00e2ce \u00e0 ses actifs immat\u00e9riels et \u00e0 son positionnement unique.

Chez Bazanne, nous utilisons cette analyse pour aider nos clients et prospects \u00e0 mieux piloter leur performance, n\u00e9gocier une cession dans de meilleures conditions, ou pr\u00e9parer une lev\u00e9e de fonds.

Qu\u2019est-ce que le goodwill \u00e9conomique ?
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Le goodwill \u00e9conomique repr\u00e9sente l\u2019exc\u00e9dent de rentabilit\u00e9<\/strong> que g\u00e9n\u00e8re votre entreprise par rapport \u00e0 ce que produirait le m\u00eame capital investi dans un placement \u00ab sans risque \u00bb (obligations d\u2019\u00c9tat ou \u00e9quivalent).
Il refl\u00e8te la valeur des actifs immat\u00e9riels de l\u2019entreprise : marque, savoir-faire, relation clients, organisation, r\u00e9currence des revenus, positionnement concurrentiel, etc. Autrement dit, ce qui fait que votre soci\u00e9t\u00e9 vaut plus <\/strong>que la simple addition de ses actifs nets.

La m\u00e9thode recommand\u00e9e : l\u2019Excess Earnings Method
<\/strong>La m\u00e9thode la plus robuste et la plus utilis\u00e9e en pratique pour les PME est celle des exc\u00e9dents de rentabilit\u00e9<\/strong> (Excess Earnings Method).

Elle se d\u00e9compose en quatre \u00e9tapes :
1 – D\u00e9terminer le r\u00e9sultat normatif
<\/strong>On retient g\u00e9n\u00e9ralement l\u2019EBITDA <\/strong>ou l\u2019EBIT r\u00e9current<\/strong>, apr\u00e8s retraitement des \u00e9l\u00e9ments exceptionnels.
2 – Calculer la r\u00e9mun\u00e9ration normale des capitaux investis<\/strong>
Capitaux propres \u00d7 Co\u00fbt moyen pond\u00e9r\u00e9 du capital (WACC), g\u00e9n\u00e9ralement compris entre 8 % et 12 % pour une PME selon son risque et son secteur.
3 – Isoler l\u2019exc\u00e9dent de rentabilit\u00e9 annuel<\/strong>
R\u00e9sultat normatif \u2013 R\u00e9mun\u00e9ration normale des capitaux = Exc\u00e9dent de rentabilit\u00e9.
4 – Capitaliser cet exc\u00e9dent<\/strong>
On applique un multiple (g\u00e9n\u00e9ralement entre 3 et 6 ans) selon la durabilit\u00e9 des avantages concurrentiels de l\u2019entreprise.

Exemple concret
<\/strong>Une PME industrielle r\u00e9alise un chiffre d\u2019affaires de 6 M\u20ac avec un EBITDA normalis\u00e9 de 900 k\u20ac et des capitaux propres de 2,2 M\u20ac.
– Co\u00fbt du capital retenu : 9 %
– R\u00e9mun\u00e9ration normale des capitaux : 2 200 k\u20ac \u00d7 9 % = 198 k\u20ac
– Exc\u00e9dent de rentabilit\u00e9 : 900 k\u20ac \u2013 198 k\u20ac = 702 k\u20ac
– Capitalisation sur 4 ans (dur\u00e9e moyenne pour ce secteur) : 702 k\u20ac \u00d7 4 = 2 808 k\u20ac<\/strong>

Goodwill estim\u00e9 = 2,8 M\u20ac<\/strong>

Valeur indicative de l\u2019entreprise :
Capitaux propres (2,2 M\u20ac) + Goodwill (2,8 M\u20ac) = 5 M\u20ac<\/strong>

Comment augmenter le goodwill de votre PME ?<\/strong>

<\/strong>Le goodwill n\u2019est pas une donn\u00e9e fig\u00e9e. Il peut \u00eatre activement d\u00e9velopp\u00e9 gr\u00e2ce \u00e0 plusieurs leviers strat\u00e9giques :
– Renforcer le positionnement et la diff\u00e9renciation sur le march\u00e9
– D\u00e9velopper des revenus r\u00e9currents (contrats pluriannuels, abonnements, maintenance)
– Prot\u00e9ger et valoriser les actifs immat\u00e9riels (marque, data, processus, brevets)
– Professionnaliser l\u2019organisation et la gouvernance
– R\u00e9duire le risque per\u00e7u par un repreneur ou un investisseur

Ces actions ont un impact direct sur la valeur de cession et sur la capacit\u00e9 de l\u2019entreprise \u00e0 attirer des fonds ou des partenaires.

Conclusion
<\/strong>Comprendre et piloter son goodwill permet au dirigeant de PME de passer d\u2019une vision comptable \u00e0 une vision \u00e9conomique et strat\u00e9gique<\/strong> de son entreprise.
C\u2019est un outil pr\u00e9cieux pour piloter la performance, pr\u00e9parer une transmission sereine, n\u00e9gocier une cession au juste prix, ou structurer une lev\u00e9e de fonds.
Chez Bazanne, nous pouvons accompagner les dirigeants dans l\u2019analyse fine de leur goodwill et dans la mise en \u0153uvre des leviers concrets pour le d\u00e9velopper durablement.
Vous souhaitez \u00e9valuer le goodwill r\u00e9el de votre entreprise et identifier les actions \u00e0 mener pour maximiser sa valeur ?
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Contactez-nous pour un \u00e9change confidentiel. +33620867064 jean-marie.longin@bazanne.com
Jean-Marie Longin
Founder \u2013 Bazanne<\/summary>\n
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