DEVELOPMENT OF THE COMPARATIVE MODEL FOR THE VALUATION OF INTANGIBLES OF THE RESTAURANT INDUSTRY FRANCHISES IN MEXICO

      This doctoral thesis is set in the field of the evaluation of businesses, applying the methodology of comparative analysis to franchise businesses in the catering sector in Mexico.  
      
      The main objective is the development of an evaluation model for the whole sector of franchise restaurant businesses that operate in the country, for the purpose of supplying to entrepreneurs with this business model a tool for the calculation of commercial value and for facilitating decision-taking related to such value.  
      
      To that end the existing franchise model of Mexico was first analysed. Then the different valuation methods based on companies’ financial information and appraisal were analysed, as were those related to companies’ financial results, based on the current bibliography on the subject.  
      
      Primary information sources have been used, for which an exhaustive market study was performed, identifying a total of 160 franchises belonging to the restaurant industry in Mexico. A survey was carried out with the goal of obtaining information about each one of them, with regards to economic or other related parameters. In all, a database was compiled with 18 qualitative and 16 quantitative variables, such as: Initial investment (thousands of US dollars), % of royalties, % of advertising contribution, average break-even time (in months), years in the market, years of franchising, total units 2006, growth rate, average annual sales, average sales overheads, average annual profits, internal rate of return, current net value, current net value index and the cost-benefit ratio. After analysing the variables it was determined that the model that best explains the price of franchises was: 

Log Valor de la franquicia= 6.671 + .0000299 rn+ 0.017 am +0.043af + 0.458 amf+ 0.002 succ_04 – 0.27 ret +0.0000310eua1 +0.901 rri

      The results of the multiple linear regression model, established to calculate the value of the desired market, are statistically good, in that adequate tools are being used so that the information handled is within an acceptable range of trustworthiness; furthermore we see that the results show distribution in the data, which are adequate, and from the economic point of view the results are also convenient and logical for the purpose of having useful estimates. 
  


Resum
Axel Rodríguez Batres