La Rama que Quiere Salir

One family branch of a fictional second-generation drip-irrigation maker in Elche, Alicante, Spain, asks to sell its 30 percent: the learner is the independent director who chairs the board ad hoc committee that runs the exit through four sessions of 2027, each projecting the deal to its December signing.

Block 1 (the value): the price basis (the executive chairman book value of 11.40 million euros, an independent expert jointly appointed and not the company auditor using discounted cash flows and comparables at about 15.84 million, or the sellers banker at 19.62 million), the process (negotiate the number, split the difference between two valuations, or agree the method, expert, date and timetable in writing before any number exists), and the information (approved accounts, a data room with the same information as the buyers, or the buying chairman presenting the numbers).

Block 2 (who buys and how it is paid): the buyer (the other two branches personally under the statutory preferential right, an investment fund, or a mixed route where the company buys 40 percent of the stake with free reserves under Spain Capital Companies Act arts.

140-141 and redeems it while a holding of the two branches buys 60 percent), the payment (all cash at signing, 40 percent at signing and 60 percent in four annual instalments at 4 percent with a pledge, or half as an earn-out on 2028-2030 EBITDA), and the company plan (keep the new extrusion line and the dividend, suspend the dividend and postpone the line, or keep the dividend, phase the line and cap the operation debt at 2.5 times EBITDA).

Block 3 (the people): the branch story (purely financial, a facilitated family meeting where the leaving branch is heard, or a letter from the buying chairman), the communication (silence, an early announcement, or an agreed message on signing day), and after the exit (a clean break, a 2 percent token stake, or keeping the family ties apart from ownership).

Block 4 (the close): the bank request for the company guarantee (postpone to 2028, give it, or a loan secured only on the acquired shares and the holding dividends), the rules for the next exit (none, a valuation method with a five-year liquidity window and a buyback reserve, or a ten-year transfer ban), and a price-adjustment clause (refuse, an open-ended share of any gain for ten years, or a declining three-year clause).

The model is deterministic: the basis and process set the price, the buyer and payment set the operation debt against EBITDA and the bank money needed at signing, and every option moves the probability of closing in 2027, the leaving branch trust, family cohesion and governance.

The score combines the quality of each choice with those outcomes and is capped when the company guarantees the loan that buys its own shares, financial assistance forbidden to a limited company by art. 143.2. Spanish (primary, Spain) and English.

Una simulación de nivel intermedio para participantes que ya conocen los conceptos básicos de la materia, pensada para programas de máster y MBA.