From Enterprise Value to Purchase Price
How the enterprise value becomes the amount that actually lands in your account — understanding the equity bridge before you learn it the hard way.
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Table of contents
Chapter 1
Purchase Price Fundamentals
Enterprise value vs. equity value (purchase price)
The debt-free, cash-free valuation principle
Building the equity bridge step by step
Chapter 2
The Equity Bridge in Practice
Worked example: from €10m EV to €7.6m purchase price
Working capital adjustments — the underestimated lever
Locked box vs. closing accounts mechanisms
Chapter 3
Pitfalls, Negotiation and Conclusion
Where sellers lose money in the bridge
Practical negotiation tips
Winning the price before the sale process starts
Here's what founders and advisors say
Sophie van der Berg
CEO @ VDP Partners
“I read this before our first advisor meeting, and it completely changed how we approached the deal structure.”
About the authors
Thomas Eriksen
Partner @ Northvane
Transaction advisor focused on mid-market PE exits across DACH. Has structured deal terms on 30+ transactions over the past decade.
James Whitford
Partner @ Northvane
Corporate finance specialist with a background in cross-border M&A. Advises founders on governance, rollover mechanics, and post-exit positioning.
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