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Score, gaps, and preparation

Preparation is measured across five dimensions with a 0 to 100 score, prioritized gaps before the table, and range as consequence under reconciled tripartite valuation. Every model constant traces to published sources (Capital En Orden, IBBA, Damodaran, Rosenbaum & Pearl).

View by sector

Choose a sector: tables recalculate with that profile's margins, weights, and multiples.

Sellability score (0–100)

El score de vendibilidad (0–100) combina análisis financiero (68%), diagnóstico operativo (32%) y Preparación México (12%): IMSS, PTU, postura SAT y gastos personales — autodiagnóstico, no certificación de cumplimiento.

Composición del score de vendibilidad
ComponentePesoQué incluye
Financial analysis68%Profitability, growth, efficiency (3-year P&L)
Operational diagnostic32%Owner, predictability, concentration, team, processes
Mexico readiness12%IMSS, PTU, SAT, personal expenses self-check (q16–q19)
Target threshold≥75/100Reference for institutional counterparty
Middle zone60–74Close gaps before negotiating

Interpretación por tier

  • Requiere optimización (<60/100). Priorizar mejora operativa y financiera antes de salir al mercado.
  • Con áreas de mejora (60–74/100). Cerrar brechas prioritarias antes de negociar con contraparte.
  • Muy atractivo (≥75/100). Negocio listo para proceso de venta o inversión; preparar data room.

Cinco dimensiones

  • Rentabilidad. Margen EBITDA sostenible y consistencia de resultados. Base del múltiplo que pagará una contraparte.
  • Crecimiento. Tendencia de ingresos y EBITDA; un negocio estancado recibe penalización en valuación.
  • Eficiencia operativa. Productividad por empleado y estructura de costos. Señales de escalabilidad sin dependencia excesiva del dueño.
  • Diversificación de clientes. Concentración en pocos clientes reduce el múltiplo; un cliente >40% de ingresos es brecha típica.
  • Calidad de documentación. De registros informales a documentación lista para due diligence. Cada escalón sube tu score.

Escalera de documentación

  1. Informal. Sin contador / registros informales
  2. Básica. Contador externo, sin auditoría
  3. Organizada. Estados consistentes, contratos clave
  4. Lista para due diligence / data room

How we quantify price

Three reconciled methods, prioritized gaps, and market references, with published sources at each layer. Full definitions are in the sections below, with tables, sources, and a map of constants.

View score, gaps, and valuation in the sample report →

Tripartite valuation

La valuación tripartita (EBITDA, DCF, patrimonial) cuantifica el precio que corresponde a tu nivel de preparación. No al revés. Weights and spread documented below; methodology version v1.6.0.

Pesos del método tripartita Vestcrest
MétodoPesoNota
EBITDA × multiple35%Margin base + sector + operational adjustments
DCF (5 years + terminal)28%Sector discount rate (Damodaran + SMB spread)
Asset-based / NAV37%Declared NAV or estimate by sector asset intensity
Reconciled range±10%Spread when the operational diagnostic is complete

EBITDA multiple in Mexico

Starting point: Mexican market bands (Capital En Orden). The multiple is calibrated with margin tier, sector modifier, and operational adjustments (concentration, owner, predictability).

Bandas de referencia — PyME mexicana (EBITDA MXN 2M–15M)
RangoPerfil típico
Below 3×Material due diligence risk, distress, or business not operating independently of the owner
3×–4×Moderate-to-high concentration, owner dependence, or small EBITDA (< MXN 3–4M)
4×–5×Stable SMB, EBITDA MXN 2M–15M, most common range in MX transactions
5×–6×Recurring or contracted revenue, lower owner dependence
Above 6×Uncommon for MX SMB MXN 2M–15M; requires contracted recurrence and a competitive process
Tier base por margen EBITDA — Comercio / Retail
MargenMúltiplo baseReferencia
Margen >22%3.5×Capital En Orden — MX band by risk profile
Margen 12–22%2.8×Capital En Orden — MX band by risk profile
Margen <12%2×Capital En Orden — MX band by risk profile
Referencia SDE complementaria por tamaño (no sustituye tripartita)
Banda ingresosSDE ×Referencia
$0–$1.0M avg. revenue2.8×IBBA Market Pulse Q4 2024 (deal size proxy)
$1.0M–$2.0M avg. revenue3×IBBA Market Pulse Q4 2024 (deal size proxy)
$2.0M–$null avg. revenue3.2×IBBA Market Pulse Q4 2024 (deal size proxy)

Normalized EBITDA

The multiple applies to normalized EBITDA, not reported EBITDA (Capital En Orden). In the Diagnostic, the main adjustment is owner compensation versus market salary in year 3. If you do not declare those inputs, the report uses reported EBITDA and flags it as a gap.

Gap prioritization

Up to five gaps ordered by estimated dollar impact: fraction of base multiple × normalized EBITDA. Customer concentration and owner dependence use the compression modeled in the multiple (Capital En Orden cites 1–2× compression for extreme concentration).

Impacto estimado = fracción del múltiplo EBITDA × EBITDA normalizado, alineado con compresión por riesgo operativo (Capital En Orden; Rosenbaum & Pearl). No sustituye una transacción comparable individual.

Scope and limits

Transparency on what the Diagnostic does and does not promise:

  • The report is not a certified expert opinion for courts.
  • In the Diagnostic, the main normalization is owner compensation (year 3); optionally you can declare extended year-3 normalization (non-recurring items, related parties). It does not replace a full QoE bridge or the Transaction DD ledger.
  • Dollar amounts next to gaps are model estimates (fraction of multiple × EBITDA), not an opinion or comparable transaction. See calibration in methodology.
  • The DD adjustment ledger in Transaction Ops extends the negotiation model (addendum); it does not automatically update the Diagnostic report PDF.
  • Operational coefficients (predictability, owner, concentration) calibrate Capital En Orden's qualitative framework. They are not literals published in a table.
  • The optimized 3-year scenario is an internal projection if you close gaps; it is not a comparable transaction.
  • SDE and revenue × multiple references are complementary; reconciled valuation uses EBITDA, DCF, and asset-based methods.

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Market reference

M&A definitions in the Mexican market

Editorial references for market terms. They are not part of the Vestcrest report and do not replace the preparation methodology.

Respaldo de constantes

Cada grupo de números del informe se traza a fuentes publicadas o marcos estándar de M&A. Versión metodológica actual: v1.6.0.

Mapa constante → fuente
ÁreaConstantes (código)Fuentes
Múltiplo EBITDA base (margen + sector)

Bandas MX 3×–6× (Capital En Orden); tier por margen aproxima perfil de riesgo; modificador sectorial calibra asset-light vs asset-heavy dentro de la banda 4×–5× PyME estable.

marginTiers + sector.ebitdaMultModifier
Ajuste operativo al múltiplo

Capital En Orden: concentración puede comprimir 1–2×; dependencia del dueño y recurrencia mueven el múltiplo. Coeficientes expresan compresión/prima como fracción del múltiplo base.

multipleAdj (predictibilidad, dueño, concentración)
Impacto $ de brechas

No hay tabla publicada ingreso→% EV; el informe traduce brechas a delta de múltiplo × EBITDA normalizado, coherente con compresión citada en Capital En Orden.

gaps.impacts × EBITDA × múltiplo base
Tasa de descuento DCF por sector

Piso de riesgo país (Damodaran) + spread sectorial PyME privada; triangulación Rosenbaum & Pearl.

sector.discount + primas dueño/diagnóstico
Referencia SDE por tamaño

Medianas IBBA por banda de deal; contextualizadas para PyME MX en rango ICP.

reference.sdeMultipleBands
Umbrales de nómina en brechas

Rangos 15–30% generales; servicios profesionales hasta ~40%.

sector.payrollEfficient*
Valuación tripartita y escenarios

Triangulación de métodos estándar en banca de inversión; escenario optimizado es proyección interna, no transacción comparables.

tripartite.*, optimizedScenario.*
EBITDA normalizado

Subconjunto mínimo viable: ajuste por compensación del dueño (Y3). No sustituye QoE completo.

ownerNormalization()

Fuentes

Security and confidentiality

Privacy and security program for financial data

Vestcrest operates with a documented privacy and security program. These four pillars support every report.

  • LFPDPPP privacy

    Full notice, purpose limitation, processor registry and ARCO procedure (access, rectification, cancellation and objection) under Mexican personal data law.

  • Security program

    Documented controls designed under SOC 2 Trust Service Criteria (Security and Confidentiality) and ISO 27001 good practices: access management, event logging, incident response and vendor assessment.

  • Access control

    Your report is delivered via personal link; it is not indexed in search engines. Data is not publicly readable: access restricted to authorized team and contracted infrastructure under contract.

  • Service scope

    Diagnostic and preparation for capital movements, sale, partner, financing or succession. Not a certified expert opinion or regulated intermediation: Transaction covers support in processes you initiate, within scope agreed in writing.

Controls operate since 2026-06-09. Type I readiness target July 2026; independent audit August 2026. No SOC 2 Type II certification yet, control design does not wait for an institutional client to request it.

NDA available on request · contacto@vestcrest.com · subject «NDA»

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