Revista de Estudios Empresariales. Segunda Época (Dec 2009)
IMPORTANCIA DE LA VALORACIÓN DE LA EMPRESA FAMILIAR: LOS PROBLEMAS DE ILIQUIDEZ
Abstract
It is clear the importance of Family Business (FB) around de word and the impact of family managers on company value. Nonetheless, little has been research on the importance of knowing the value of BF for the management and succession planning.This work brings us closer to this problem, and in particular the issue of lack of marketability and securities' illiquidity, which usually exist in FB, which is reflected in its value, demonstrating the practice of reducing a rate of between 20 por 100 and 50 por 100 of value without a clear theory that supports this.Seeking to avoid the subjectivity some practice-oriented models have been developed, either by looking for percentage according to the type of company, or incorporating the specific risk onto rate when using the discount cash flow model. Within this orientation fits the model of AECA (2005) with value reductions of around 20 por 100.The aim of this paper is to contribute to a better understanding of the reality of the valuation of the company and, in particular, the FB, opening a line of research under-exploited in Europe and Spain, however, is of considerable practical significance.
