Transeo E-newsletter 2014 : News from Transeo and its Members



European Valuation study

Transeo, in collaboration with BNP-Paribas Fortis, is currently studying the valuation of SMEs in the context of SME transfers in its valuation working group. In order to do so, they appointed HEC-Ulg business school in Liège, Belgium (Transeo Member) to carry out a European academic study to identify valuation guidelines for small enterprises in Europe by asking business transfer professionals  through a 30-minute on-line questionnaire.  Transeo Members are involved in the valuation working group. A working group meeting was organized with them in Brussels on 18th February 2014.
The research project aims at identifying the deal-breakers in SME business transfers coming from a price expectation mismatch between potential buyers and sellers. Among the elements that could contribute to this mismatch, it has been observed that the valuation methods used to compute the fair value of a SME (DCF, multiples analysis or asset-based approach) neglected the intrinsic features of this type of companies.The study intends to guide buy-side and sell-side participants of a small business transfer towards a zone of possible agreement by taking into account the characteristics of SMEs during the valuation process.

Respondents to the study are both Transeo Members and non-Members, provided that they are Business Transfer Professionals  with expertise in SME valuation. 10 European countries (France, Belgium, Germany, Luxembourg, Poland, Netherlands, Spain, Italy, Finland and Latvia) are under study. If you fill in the questionnaire, you will receive the results of the study and will be invited to the closing event where results will be presented end 2014.

Interested to fill in the on-line questionnaire and take part in our study?

If you have already received the questionnaire by e-mail, you can also take part using the link mentioned in it.

Other news from Transeo:

  • Transeo Members have also worked on the topic of the awareness-raising among business owners about business transfer. The final report has been submitted to Members to collect the last comments and the final version is ready now and will be sent to Transeo Members. A Position Paper and a summary brochure will be out soon.
  • Transeo is also currently working with DG Enterprise & Industry (EU Commission) on their 17th June European Conference on SME Transfers, which will be held in Brussels. More particularly, Transeo will tackle the “matching platforms” topic.
  • Call for academic papers on business transfer at RENT 2014 : Transeo and ECSB organize the “TRANSEO/ECSB Best Paper Award on Business Transfers”. More info?



  • Propage-S (Belgium) : Propage-S is a consultancy agency in social economy. One of its activities in the area of business transfer is to provide advice in the context of Employee Buy-outs. The report from their last year colloquium on EBO is now available in PDF and if you want to receive a paper copy, please contact Mr François Moens.

  • Luxembourg Chamber of Commerce (Luxembourg): The Luxembourg Chamber of Commerce has developped a brochure on entrepreneurship for starters and takeover entrepreneurs : “Oser Entreprendre, le Guide du Créateur/Repreneur d’entreprise". It is used to raise awareness and inform them. The brochure is available in French and currently being translated into English. A new business transfer brochure is also in preparation. The Luxembourg CCI provides personalized assistance to buyers and sellers during the entire transfer process, a personalized and confidential matching process, as well as a virtual matching platform throughout the Greater Region ( In the same context, the Luxembourg Chamber of Commerce regularly organizes conferences on business transfers to raise awareness among business creators and existing entrepreneurs.

  • EY (Belgium) : EY Belgium organizes, in partnership with L’Echo and BNP-Paribas-Fortis the 2014 Best Business of the Year. The ceremony will take place on 13th October 2014 from 4pm in Brussels, Belgium (Auditorium 2000, Parc des Expositions de Bruxelles - Heysel). Last year, at the 2013 edition of the “Entreprise de l’année”, Transeo Members took part in the ceremony (a working group meeting on awareness-raising of the seller was organized the same day in Brussels). If you would like to receive an invitation, please click here.

  • University Bordeaux IV- Institut d'Administration des Entreprises (France): Pr Céline Barredy from the University Bordeaux IV is currently conducting research on SMEs from the aerospace industry (having a relatively high turnover in this sector). The objective is to test a model explaining the relationship between the strategy and the financing needs of SMEs. The SMEs who fill in the on-line questionnaire will receive the executive summary of the results found in this research. Please circulate the information to SMEs from the aerospace industry in your network! Link to the questionnaire :

  • Cédants et Repreneurs d’Affaires (France) : Transeo Member CRA has been appointed to work on business transfer by the French Government! The French Government has decided to launch the 2014 edition of the « Assises de l’Entrepreneuriat », in order to build action programs aimed at motivating students and young professionals towards the world of enterprises. 3 working groups have been set up to propose a dozen of improvement measures to the government. One of these groups, co-chaired by Jean-Marie CATABELLE, Honorary Chairman of CRA and Member of the Board of Transeo, has the task of proposing measures in the field of sale/acquisition of SMEs by young entrepreneurs ( for example less than 40 years). As a reminder, Mr Jean-Marie Catabelle was already involved in the 2013 edition of the Assises de l’Entrepreneuriat. See the video of the 2013 Assises de l'Entrepreneuriat, where Jean-Marie Catabelle was interviewed by the French television.

  • Centre de Reempresa de Catalunya (Spain) : Transeo Member Reempresa will be at the 2014 edition of BizBarcelona on 4-5 June 2014! Bizbarcelona turns Barcelona into the world capital of entrepreneurship with this unmissable event for finding new ideas and growing businesses. It brings together a large number of entities and institutions that promote an entrepreneurial culture and entrepreneurship, most notably the Barcelona City Council - through Barcelona Activa - the Generalitat of Catalonia, "la Caixa", the Barcelona Provincial Council and the Barcelona Chamber of Commerce. Transeo Member Centre de Reempresa is a partner of this event and will be present. They will have, among others a unique speeddating networking activity. They also organize conferences about business transfer.  For any question, please contact Mr Oriol Alba.

  • Lex van Teeffelen (HU Business School Utrecht, the Netherlands): Pr Lex van Teeffelen is Full Professor at the HU Business School Utrecht. He is in charge of the research and (academic) programs on SME Business Transfers and Acquisitions. Two weeks ago, Pr van Teeffelen gave a presentation at the Association for Corporate Growth, chapter Holland, for 60 private equity managers and corporate advisors active in the SME domain. The subject was how crowdfunding and private equity can join forces to fund SME Business Transfers and Acquisitions. After his presentation, a panel discussion with the audience started. The panel included Rolf Metz, boardmember of the NVP (Dutch Association of PE/VC) and CEO of Ecart Investments and Robin Slakhorst, co-founders of Symbid, an equity-based crowdfunder, operating in Europe and the USA and myself. The meeting was organized and moderated by Bas van Helden (partner) and Surita Reynolds (managing director) of Accuracy, a financial advisory firm active in 9 countries.  Most of the audience was very interested and unaware about the possibilities of crowdfunding and the mutual advantages of combining private equity and crowdfunding. Lex van Teefelen wrote a blog on LinkedIn on the subject, which more or less gives insights on the questions raised and the discussion among the public and the panel.

  • StudioCentroVeneto (Italy): After the promising TRANSEO European SME Transfer Summit of last March, StudioCentroVeneto (SCV) has been working on many issues to foster Business Transfer topic all over Europe. First of all, SCV leader Toni Brunello - Italian representative within the EC Expert Group on Transfer of Business - has been recently invited as speaker in the Conference “NEXT GENERATION” in Naples (Italy). This was the 3rd edition of an initiative promoted by the Industrial Business Association, which would like to transfer the format all over Italy, so to raise awareness on business transfer among entrepreneurs and public/private stakeholders. Here are a couple of interesting articles (unfortunately only in Italian : article#1 & article #2). But most of all, Toni Brunello is putting the basis with the Italian Ministry of Economic Development to design a National Plan on Business Transfer in view of the 3rd European SME Assembly, to be held in Naples next October 2014 (from 1st to 3rd) during the Italian Presidency of the Council of the EU. The cooperation is at its first steps, but it would be oriented from one side to foresee awareness-raising and training actions to be run at national level with an integrated approach; from the other side to promote the same approach at European level, designing a Plan to be implemented in other European Countries, to be possibly funded thanks to European resources. Should your organisation be interested in developing a similar Plan in its own Country, SCV is open to discussion! -

  • M&A Strategie (Germany): Dr. Hartmut Schneider, CEO of M & A Strategie GmbH and Board Member of Transeo pursues consequently a strong focus on corporate succession whether within the family or by a sale to third parties. He held in spring 2014 several lectures in Germany on topics such as "Corporate succession as a real business challenge - How the succession in SMEs succeeds." or "Stubborn Patriarch or Wise Corporate Leader?". He wrote an article in for German Chambers of Commerce magazine - which soon willl be available in English language:"Regulation of handing over a company as an entrepreneurial challenge." A New Website has been published to emphasize the consultancy support of family succession : &
    Filmpresentation on the activities of M & A Strategie has been included on our website: and are now available in English on

  • BDO Corporate Finance (Belgium): BDO Corporate Finance assisted the COMPUTERLAND Group in acquiring the shares of ALTAIR and ORDA-S, two IT companies. For more than 35 years, COMPUTERLAND has been active in the IT industry. The Group’s activities evolved over the years from computer hardware wholesale towards an integrated IT services provider. Indeed, the Group from Liège anticipated the deep industry and market changes and adapted its business model accordingly. Thanks to these two acquisitions, COMPUTERLAND becomes a major player in the IT market in Wallonia, Brussels and Grand Duchy of Luxembourg. The Group should reach an annual turnover of approximately EUR 30 million and employ 190 people in its four locations: Liège, Charleroi, Kortrijk and Grand Duchy of Luxembourg. The management forecasts a 10% growth. ORDA-S is specialized in the implementation of 3 ERP’s: Microsoft Dynamics Nav, Microsoft Dynamics Ax and Powerpartner, its in-house ERP. Thanks to its 35-year experience, the company serves more than 250 customers (4.000 users) and became Microsoft Dynamics number one authorized reseller and implementation partner for Belgium (French speaking part) and Grand Duchy of Luxembourg. ORDA-S generates a turnover of approximately EUR 3,8 million. ALTAIR is specialized in the installation and maintenance of IT systems and networks. The company has its headquarters in the Aéropole Science Park of Charleroi and has a turnover of about EUR 2,8 million.


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