BUSINESS · PROPERTY · FINANCE

A clear basis for your next decision.

02 / LOCATION ANALYSIS

What changes
in Switzerland?

Assess the financial implications of a Swiss location. Company, owner and wealth in one transparent comparison.

Annual differenceCombined · before one-offs

Current location

Swiss scenario

Illustrative profiles

Annual EBITDAEUR

05M EUR

Staff · excluding ownerFTE

040 FTE

Profit distributed to the owner%

0100 %

Illustrative corporate business · 2026 · full operational relocation

DE CHLIVE SCENARIO

Combined annual economic difference

CHF

The Swiss scenario shows a higher result under these assumptions. Household budget plus retained company profit; retained profit is not personal cash.

GermanyCHF 999’493

Zug · CHCHF 1’153’787

Combined · first year after one-offs*+CHF 4’293

Combined · five years cumulative*+CHF 535’328

* Provisional: exit-related taxes and transfer feasibility remain unassessed.

MAKE IT YOUR SCENARIO

The detail makes the difference.

Replace the example figures. Home-country amounts are in EUR; Swiss costs in CHF. All costs are annual unless stated otherwise.

01 / Your business todayRevenue · EURTotal employer cost per FTE · EURPremises / location costs · EURDepreciation · EURInterest expense · EUR

Your EBITDA already includes personnel, premises and other operating costs.

02 / Your Swiss operationGross salary per FTE · CHFEmployer supplement on gross salary · %

18% is an illustrative budget, not a statutory flat rate. Include social insurance, pension and other employer costs.

Premises / location costs · CHFAdditional running costs · CHF

Extra administration, compliance and other costs beyond your existing budget. All entered FTE relocate.

03 / Taxes & locationGerman municipality

Use my own total effective profit tax rate

Swiss benchmark11.80%Zug · cantonal location benchmark

Corporate profit taxes only. Other business taxes belong in your running costs. Personal taxes are calculated separately when the owner model is enabled.

04 / Market & transitionExchange rate · CHF per EURSwiss revenue change · %Contribution margin on revenue change · %One-off setup / transition · CHFAssessed exit / transfer costs · CHFI have had exit / transfer costs assessed and entered them

Zero does not confirm that no exit taxes arise. This model does not calculate them.

05 / THE OWNER'S PERSPECTIVE

Your company. Your private position.

Single owner, no children, no church tax. All example budgets are editable. Salary is already included in EBITDA; exclude the owner from staff FTE.

Include private finances

Salary & participationOwner gross salary · EUR/yearOwner gross salary · CHF/yearEmployer supplement · %Swiss employer supplement · %Ownership · %Share of annual profit distributed · %

Social costs & householdEmployee social/pension costs · EUREmployee social/pension costs · CHFOther income deductions · EUROther income deductions · CHFHousehold budget including health costs · EUR/yearSwiss household budget including health costs · CHF/year

Wealth & investment incomePortfolio income, excluding own-company dividends · EUR/yearNet wealth at home · EURSwiss taxable net wealth, including business shares · CHF

Wealth and annual investment income are separate. Enter the Swiss taxable base after valuation, allocation and deductions; business shares can be material.

Personal tax modelSwiss personal residence

Custom home personal tax rates

Residence is independent of company location. French income-tax brackets use the published 2026 assessment tariff for 2025 income. Social and household budgets are estimates.

Calculation, methodology & sources

YOUR DECISION BRIEF

Behind the number.

A useful decision starts with understanding what changes. Explore your scenario from several angles.

Annual income statement · all values in CHF
Position	Germany	Zug
Revenue	4’750’000	4’750’000
Personnel · all-in	-427’500	-596’759
Premises	-68’400	-96’000
Owner salary + employer costs	-201’780	-201’780
Other operating costs	-2’342’320	-2’366’320
EBITDA	1’710’000	1’489’141
Depreciation + interest	-142’500	-142’500
Profit before tax	1’567’500	1’346’641
Modelled profit taxes	-472’445	-158’904
Company profit after tax	1’095’056	1’187’737

How resilient is the result?

Three defined scenarios. Combined annual economic difference, before one-offs. These are sensitivities, not probabilities.

Under pressureCHF -38’443

Swiss salaries +10%, premises +10%, revenue change −5 percentage points (floor −30%).

Your scenario+CHF 154’293

Exactly the assumptions you entered above.

More room+CHF 314’760

Swiss salaries −5%, revenue change +5 percentage points (ceiling +30%).

Your numbers are a starting point.

Let's examine what could work in practice. Send your scenario to Joel as the basis for a personal conversation.

03 / PROPERTY & CAPITAL

What does a sale
make possible?

From the sale proceeds to a new investment. A financial decision about capital, income and risk.

Available at closingTax budget provisional

Expected sale price · CHF

500K15M

Mortgage repaid at sale · CHF

06M

Property-sale tax budget · CHF

01.2M

Illustrative assumptions. Replace them with your own figures.

YOUR CAPITAL AT CLOSING

After debt, entered transaction costs and tax budget.

Sale priceCHF 4’000’000

Mortgage repaymentCHF -1’700’000

Costs, penalty & taxesCHF -300’000

Your ownership100%

Provisional until sale taxes have been assessed.

THE NEXT USE OF YOUR CAPITAL

What could follow the sale?

Allocate the immediately available proceeds. Compare the effect of investing without debt or with property financing.

Capital to reinvest · %

0100

Investment horizon · years

120

New debt / property price · %

085

Annual gross rental yield · %

010

Financing interest · %

010

Costs & risk assumptions

Acquisition costs / price · %Vacancy allowance · %Annual costs / price · %Amortisation / initial loan · %Stress interest · %Property price decline · %

ReinvestedCHF 1’600’000

Liquid reserveCHF 400’000

First-year cash flow · before personal tax

Property priceCHF 4’210’526

New debtCHF 2’736’842

Cash at stress interestCHF -29’474

Property equity after price decline 20%CHF 631’579

Constant property value; interest on remaining debt. Total includes illiquid property equity. Before personal/property taxes and future sale costs.

03 / PROPERTY & FINANCING

What remains
from your property?

See what remains after financing, how much pressure the property can withstand and where your purchase-price limit lies.

Annual cashAfter financing

Investment property · CHF

Purchase priceCHF

500K10M CHF

Annual scheduled rentCHF

0600K CHF

Your equityCHF

100K3.1M CHF

Mortgage interest%

08 %

YOUR ANNUAL CASH FLOW

After interest and amortisation. Before personal and property taxes.

TEST THE RESILIENCE

Annual cash flow in your stress scenario

Higher interest rate%

2.58 %

Vacancy · both scenarios%

030 %

Financing remains covered by income.

Cash return on equity5.79%

Interest at cash flow zero5.31%

FINANCING PRICE CEILINGCHF 2’831’636

At your target return and stress coverage, holding rents and costs fixed. A financing limit, not a valuation.

ANNUAL RENT AT CASH FLOW ZEROCHF 105’258

Scheduled rent needed to cover entered costs, interest and amortisation.

Interest × vacancy · annual cash flow before tax

Change two risk factors together. Red cells need additional cash.
Vacancy / interest	2.50%	3.50%	4.50%
3.00%	57’950	37’350	16’750
8.00%	49’700	29’100	8’500
13.00%	41’450	20’850	250

Acquisition eligibility

Your figures show the property's annual cash flow before tax, including your interest and amortisation assumptions. For foreign purchasers, residence, nationality, control and actual property use must be assessed separately.

01 / BUSINESS TRANSFER

What is your company
worth to you?

Understand the value, negotiate the payment structure and see what your capital can do next.

Available at closingTax budget provisional

Reported EBITDA · CHF/year

100K3M

EBITDA multiple · ×

112

Company shares sold · %

5100

Illustrative assumptions. Replace them with your own figures.

YOUR CAPITAL AT CLOSING

After debt, entered transaction costs and tax budget. Deferred and conditional payments are excluded.

Enterprise valueCHF 4’400’000

Value of your sold sharesCHF 4’000’000

Earn-out & seller loanCHF -1’000’000

Costs & tax budgetCHF -110’000

Provisional until sale taxes have been assessed.

TWO WAYS TO EXAMINE VALUE

Make the assumptions visible.

Choose which method drives your proceeds. These are model values, not a market appraisal.

THE NEXT USE OF YOUR CAPITAL

What could follow the sale?

Allocate the immediately available proceeds. Compare the effect of investing without debt or with property financing.

Capital to reinvest · %

0100

Investment horizon · years

120

Assumed gross investment return · %

-1012

Annual investment fees · %

Effective tax on positive return · %

050

ReinvestedCHF 2’312’000

Liquid reserveCHF 578’000

First-year income · after modelled tax

Constant assumed net return, reinvested annually. No guarantee; actual returns fluctuate.

01 / BUSINESS ACQUISITION & FINANCING

What purchase price
can the business support?

Translate earnings into financing capacity. Test the asking price, equity needs and the cash remaining in a weaker year.

Annual cashAfter financing

Acquisition scenario · CHF

Sustainable annual EBITDACHF

100K3M CHF

Purchase price / EBITDA×

112 ×

Your equityCHF

100K4.3M CHF

EBITDA available as cash%

1100 %

ANNUAL CASH AFTER DEBT SERVICE

Cash conversion includes your cash taxes, investments and working-capital needs.

A WEAKER YEAR

Annual cash remaining after debt service

EBITDA decline%

060 %

Full loan repaymentyears

120 years

Earnings no longer cover debt service.

Debt-service coverage1.20×

Stress coverage0.96×

FINANCING CEILING · ENTERPRISE VALUECHF 3’907’131

At your chosen cash conversion and coverage. Not an appraisal or a bank commitment.

EBITDA NEEDED AT TARGET COVERAGECHF 830’865

Compare this with sustainable earnings, after a market-based owner salary.

Sources and uses · repayment schedule

Enterprise valueCHF 4’000’000

Equity purchase priceCHF 3’700’000

Total funding needCHF 4’300’000

New financingCHF 2’500’000

Existing net debt is refinanced at closing. Enterprise value plus transaction costs and additional working capital equals total funding needs.

Year	Interest	Principal	Remaining debt
1	125’000	307’050	2’192’950
2	109’648	322’402	1’870’548
3	93’527	338’522	1’532’026
4	76’601	355’448	1’176’578
5	58’829	373’221	803’357
6	40’168	391’882	411’476
7	20’574	411’476	0

A DIFFERENT QUESTION?

Insights

Ideas, figures and perspectives for your next decision.

Browse the archive

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Profit says little about the sale price: working capital, payment terms and the agreed handover mechanics shape the transaction.

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Cross-border trade and Swiss operating costs

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Euro revenue, Swiss franc costs: Can your Swiss site pass the exchange-rate test?

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A 6% yield on yesterday’s price: what is your property capital earning today?

Compare the historical rental yield, the current sale value and a new project in the same calculation. Three original charts show the capital base, the proceeds that can really be redeployed, and the role of time and downside risk in project returns.

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An apartment building model as a basis for financing

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Why the financeable amount comes before the interest-rate comparison. Two charts illustrate equity requirements and cash flow at different financing ratios.

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How adjusted EBITDA and valuation multiples work together. An illustrative example and a practical starting point for Swiss SME owners.

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Deferred payments connecting buyer and seller

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Compare immediate cash, contingent consideration and vendor financing. An illustrative payment example and questions for a sale negotiation.

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1–3 / 7 articlesBrowse the archive

JOEL SCHMID · FOUNDER

THE PERSON AT THE TABLE

A banker's understanding.
An owner's perspective.

I know finance from the banking side. And investment decisions from putting my own capital to work.

My career spans Credit Suisse, Raiffeisen, PostFinance and Valuu. Alongside banking, I built my own experience in property investment, financing and development—from a first apartment to larger investment projects.

Today I work selectively with entrepreneurs and investors. Company sales, negotiations and the next use of capital are particular areas of focus. I enjoy finding the commercial logic and bringing the right people together. Direct, discreet and personally involved.

EMBA · Digital TransformationMAS · Business AdministrationHSG Executive Education · M&A & Corporate Strategy

Also a partner at Capital Protect. The relevant firm, services and responsibilities are clarified for each mandate.

LET'S SEE IF THERE IS A FIT

A coffee.
A conversation.
A new perspective.

An interesting project. A question that deserves a second opinion. Or an introduction with potential. That is a good place to start.

Coffee in Zurich · Lunch · Video from anywhereconnect@jbschmidconsulting.com

What changesin Switzerland?

The detail makes the difference.

Your company. Your private position.

Behind the number.

How resilient is the result?

Your numbers are a starting point.

What does a salemake possible?

What could follow the sale?

What remainsfrom your property?

What is your companyworth to you?

Make the assumptions visible.

What could follow the sale?

What purchase pricecan the business support?

Insights

Selling a business: how much working capital belongs in the price?

Euro revenue, Swiss franc costs: Can your Swiss site pass the exchange-rate test?

A 6% yield on yesterday’s price: what is your property capital earning today?

Financing first: how much equity does your property tie up?

Valuing your company: understand EBITDA, test the assumptions

Earn-outs and vendor loans: the same price, a different risk

Company value and sale proceeds: how much capital actually arrives?

A banker's understanding.An owner's perspective.

A coffee.A conversation.A new perspective.

What changes
in Switzerland?

What does a sale
make possible?

What remains
from your property?

What is your company
worth to you?

What purchase price
can the business support?

A banker's understanding.
An owner's perspective.

A coffee.
A conversation.
A new perspective.