[{"data":1,"prerenderedAt":2688},["ShallowReactive",2],{"article-valorisation-portefeuille-courtage-2026":3,"related-valorisation-portefeuille-courtage-2026":913},{"_path":4,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":8,"description":9,"slug":10,"publishedAt":11,"updatedAt":11,"author":12,"cover":16,"categories":21,"tags":23,"readingTime":31,"featured":6,"status":32,"seo":33,"faq":39,"body":55,"_type":907,"_id":908,"_source":909,"_file":910,"_stem":911,"_extension":912},"\u002Fblog\u002F2026\u002Fvalorisation-portefeuille-courtage-2026","2026",false,"","Comment valoriser et vendre un portefeuille de courtage en 2026 (multiples, due diligence, structuration)","Valorisation portefeuille courtage 2026 : multiples commission\u002FEBITDA, due diligence, optimisation 12 mois avant vente, earn-out, fiscalité. Guide stratégique.","valorisation-portefeuille-courtage-2026","2026-01-23T08:00:00Z",{"name":13,"slug":14,"role":15},"Service marketing","service-marketing","Tutassûr",{"src":17,"alt":18,"width":19,"height":20},"\u002Fblog\u002Fvalorisation-portefeuille-courtage-2026\u002Fcover.svg","Valorisation portefeuille courtage — Tutassur",1200,675,[22],"conseils-courtiers",[24,25,26,27,28,29,30],"valorisation","M&A courtage","vendre cabinet","due diligence","earn-out","multiple commission","Tutassur",10,"published",{"ogImage":34,"metaKeywords":35},"\u002Fblog\u002Fvalorisation-portefeuille-courtage-2026\u002Fcover.png",[36,37,38],"valorisation portefeuille courtier","vendre cabinet courtage","multiple commission courtier",[40,43,46,49,52],{"question":41,"answer":42},"Multiple actuel pour un portefeuille particulier vs pro ?","Les fourchettes de marché publiques observées en 2026 placent un portefeuille majoritairement particuliers (auto, habitation, santé individuelle) entre 1,5× et 2,5× les commissions récurrentes annuelles. Un portefeuille majoritairement pro ou spécialisé (RC pro, MRP, flottes, risques techniques) se négocie plus haut, entre 2,5× et 4× les commissions récurrentes. La méthode EBITDA donne en parallèle un multiple compris entre 5× et 8× selon la taille, la croissance et la qualité de la base de données. Le profil de récurrence (poids du renouvellement par rapport à la production neuve) pèse plus dans la formation du prix que la simple typologie de clientèle.",{"question":44,"answer":45},"Earn-out : combien et sur combien d'années ?","L'earn-out est désormais quasi systématique dans les opérations de cession de cabinet de courtage. La durée typique observée se situe entre 2 et 4 ans. La part variable représente fréquemment 20 % à 40 % du prix total, conditionnée à la conservation d'un seuil de commissions (souvent 90 % à 95 % du portefeuille à l'arrivée) et, dans certains cas, à des objectifs de croissance ou de marge. La rédaction des clauses d'ajustement (perte d'un grand compte, sinistralité exceptionnelle, départ d'un collaborateur clé) est l'enjeu principal de la négociation. Un earn-out mal calibré peut neutraliser jusqu'à 30 % du prix annoncé.",{"question":47,"answer":48},"Vente du cabinet (titres) vs vente du fonds : que choisir ?","La vente des titres de la société (cession de SARL ou de SAS) transfère l'intégralité de la structure : portefeuille, contrats de travail, comptes bancaires, dettes et passifs latents. Elle est rapide juridiquement mais expose l'acheteur à des passifs cachés, d'où une garantie d'actif et de passif systématique. La vente du fonds de commerce (le portefeuille, la clientèle, le nom commercial) isole l'actif et laisse les passifs chez le vendeur. Elle est plus protectrice pour l'acheteur mais plus coûteuse fiscalement et juridiquement (formalités INPI, droits d'enregistrement). En 2026, environ deux tiers des opérations passent par cession de titres pour des raisons fiscales (régime des plus-values mobilières) et de simplicité opérationnelle.",{"question":50,"answer":51},"Quel impact fiscal pour le cédant ?","Trois régimes principaux coexistent. L'article 238 quindecies du CGI prévoit une exonération totale des plus-values de cession d'une PME pour un prix inférieur à 500 000 € et une exonération dégressive jusqu'à 1 000 000 €, sous conditions de durée d'exploitation et d'absence de lien capitalistique. L'article 150-0 D ter du CGI offre un abattement renforcé pour les dirigeants partant en retraite. L'article 150-0 D bis du CGI applique un abattement pour durée de détention sur les plus-values de titres (50 % entre 2 et 8 ans de détention, 65 % au-delà de 8 ans), cumulable avec le prélèvement forfaitaire unique de 30 %. Le choix entre flat tax et barème progressif se calcule au cas par cas avec un expert-comptable.",{"question":53,"answer":54},"Comment garder ses collaborateurs après la vente ?","La continuité des contrats de travail est automatique en cas de cession de titres (article L. 1224-1 du Code du travail), facultative en cession de fonds. Trois leviers ont fait leurs preuves : (1) une prime de fidélité contractualisée avec le repreneur, versée à 12 ou 24 mois, financée par une retenue sur le prix ; (2) une période de transition de 6 à 12 mois pendant laquelle le cédant reste actionnaire minoritaire ou consultant, ce qui rassure les équipes ; (3) un plan d'intégration formalisé (entretiens individuels, audit des rémunérations, maintien des avantages acquis). Les départs subis après cession proviennent presque toujours d'un défaut d'information préalable plutôt que du changement d'actionnaire lui-même.",{"type":56,"children":57,"toc":893},"root",[58,78,138,145,171,181,216,266,276,282,287,294,313,318,357,369,375,387,399,422,427,433,445,451,456,466,483,493,503,533,539,557,567,577,587,597,607,624,630,642,760,791,828,834,843,852,861,870,879,889],{"type":59,"tag":60,"props":61,"children":62},"element","p",{},[63],{"type":59,"tag":64,"props":65,"children":66},"em",{},[67,70,76],{"type":68,"value":69},"text","Mise à jour : janvier 2026. Cet article s'adresse aux ",{"type":59,"tag":71,"props":72,"children":73},"strong",{},[74],{"type":68,"value":75},"dirigeants de cabinets de courtage",{"type":68,"value":77}," qui envisagent une cession à 6, 12 ou 24 mois. Les fourchettes de multiples et les références juridiques citées proviennent de sources publiques (L'Argus de l'Assurance, La Tribune de l'Assurance, Legifrance, communiqués des groupes consolidateurs). Cet article ne constitue ni un conseil patrimonial ni un avis fiscal individualisé : toute opération de cession doit être validée par un expert-comptable et un avocat d'affaires.",{"type":59,"tag":60,"props":79,"children":80},{},[81,83,88,90,95,97,102,104,109,111,116,118,123,125,129,131,136],{"type":68,"value":82},"Le marché du courtage français vit une phase de ",{"type":59,"tag":71,"props":84,"children":85},{},[86],{"type":68,"value":87},"consolidation accélérée",{"type":68,"value":89},". Diot-Siaci, Finaxy, +Simple, Verlingue ou April Group rachètent chaque trimestre des cabinets indépendants. Pour un dirigeant qui a passé 15 ou 25 ans à construire son portefeuille, la question n'est plus ",{"type":59,"tag":64,"props":91,"children":92},{},[93],{"type":68,"value":94},"si",{"type":68,"value":96}," on vendra, mais ",{"type":59,"tag":64,"props":98,"children":99},{},[100],{"type":68,"value":101},"quand",{"type":68,"value":103}," et ",{"type":59,"tag":64,"props":105,"children":106},{},[107],{"type":68,"value":108},"à quel prix",{"type":68,"value":110},". Ce guide détaille les ",{"type":59,"tag":71,"props":112,"children":113},{},[114],{"type":68,"value":115},"trois méthodes de valorisation",{"type":68,"value":117}," utilisées en 2026, les ",{"type":59,"tag":71,"props":119,"children":120},{},[121],{"type":68,"value":122},"facteurs qui montent le multiple",{"type":68,"value":124},", la ",{"type":59,"tag":71,"props":126,"children":127},{},[128],{"type":68,"value":27},{"type":68,"value":130}," que conduira tout acheteur sérieux, et un ",{"type":59,"tag":71,"props":132,"children":133},{},[134],{"type":68,"value":135},"plan d'action sur 12 mois",{"type":68,"value":137}," pour maximiser le prix de cession. Il s'appuie sur des données publiques, des références au CGI et un cas anonymisé bouclé en 2025.",{"type":59,"tag":139,"props":140,"children":142},"h2",{"id":141},"le-marché-du-ma-courtage-en-2026",[143],{"type":68,"value":144},"Le marché du M&A courtage en 2026",{"type":59,"tag":60,"props":146,"children":147},{},[148,150,155,157,162,164,169],{"type":68,"value":149},"Le courtage français reste un marché atomisé : plus de ",{"type":59,"tag":71,"props":151,"children":152},{},[153],{"type":68,"value":154},"20 000 entités immatriculées à l'ORIAS",{"type":68,"value":156},", dont la majorité réalise moins de 500 000 € de commissions annuelles. Cette structure alimente une ",{"type":59,"tag":71,"props":158,"children":159},{},[160],{"type":68,"value":161},"vague de consolidation",{"type":68,"value":163}," intensifiée depuis 2022. Fonds d'investissement spécialisés et groupes capitalistiques rachètent à un rythme inédit, dans une logique de ",{"type":59,"tag":64,"props":165,"children":166},{},[167],{"type":68,"value":168},"build-up",{"type":68,"value":170}," : 5, 10, 20 acquisitions pour bâtir un acteur national en 4-5 ans.",{"type":59,"tag":60,"props":172,"children":173},{},[174,179],{"type":59,"tag":71,"props":175,"children":176},{},[177],{"type":68,"value":178},"Trois acteurs concentrent une part visible des opérations publiques",{"type":68,"value":180}," sur 2023-2024 :",{"type":59,"tag":182,"props":183,"children":184},"ul",{},[185,196,206],{"type":59,"tag":186,"props":187,"children":188},"li",{},[189,194],{"type":59,"tag":71,"props":190,"children":191},{},[192],{"type":68,"value":193},"Diot-Siaci",{"type":68,"value":195},", premier courtier français en grands risques d'entreprise, a annoncé plusieurs acquisitions de cabinets régionaux IARD entreprises et poursuivi sa croissance externe sur les niches (transport, santé internationale, lignes financières).",{"type":59,"tag":186,"props":197,"children":198},{},[199,204],{"type":59,"tag":71,"props":200,"children":201},{},[202],{"type":68,"value":203},"Finaxy",{"type":68,"value":205},", soutenu par Ardian, a publié une série d'opérations sur des cabinets spécialisés (équin, marine, aviation, événementiel), confirmant son positionnement de plateforme multi-spécialités.",{"type":59,"tag":186,"props":207,"children":208},{},[209,214],{"type":59,"tag":71,"props":210,"children":211},{},[212],{"type":68,"value":213},"+Simple",{"type":68,"value":215},", soutenu par KKR, a accéléré le rachat de cabinets TPE et professionnels indépendants, avec une stratégie d'industrialisation digitale du back-office.",{"type":59,"tag":60,"props":217,"children":218},{},[219,221,226,228,233,234,239,240,245,247,256,257,264],{"type":68,"value":220},"À ces trois consolidateurs s'ajoutent ",{"type":59,"tag":71,"props":222,"children":223},{},[224],{"type":68,"value":225},"Verlingue",{"type":68,"value":227},", ",{"type":59,"tag":71,"props":229,"children":230},{},[231],{"type":68,"value":232},"Adelaïde",{"type":68,"value":227},{"type":59,"tag":71,"props":235,"children":236},{},[237],{"type":68,"value":238},"WTW",{"type":68,"value":103},{"type":59,"tag":71,"props":241,"children":242},{},[243],{"type":68,"value":244},"April Partenaires",{"type":68,"value":246},", chacun avec ses critères. La presse spécialisée (",{"type":59,"tag":248,"props":249,"children":253},"a",{"href":250,"rel":251},"https:\u002F\u002Fwww.argusdelassurance.com",[252],"nofollow",[254],{"type":68,"value":255},"L'Argus de l'Assurance",{"type":68,"value":227},{"type":59,"tag":248,"props":258,"children":261},{"href":259,"rel":260},"https:\u002F\u002Fwww.latribunedelassurance.fr",[252],[262],{"type":68,"value":263},"La Tribune de l'Assurance",{"type":68,"value":265},") publie régulièrement le détail des opérations.",{"type":59,"tag":60,"props":267,"children":268},{},[269,274],{"type":59,"tag":71,"props":270,"children":271},{},[272],{"type":68,"value":273},"Conséquence",{"type":68,"value":275}," : la demande est forte, les multiples sont historiquement élevés, mais les acheteurs ont professionnalisé leurs méthodes. Une cession en 2026 se prépare, se documente et se chiffre comme une vraie opération de capital-investissement.",{"type":59,"tag":139,"props":277,"children":279},{"id":278},"les-méthodes-de-valorisation",[280],{"type":68,"value":281},"Les méthodes de valorisation",{"type":59,"tag":60,"props":283,"children":284},{},[285],{"type":68,"value":286},"Trois méthodes coexistent en pratique. La plupart des transactions utilisent une combinaison des deux premières, avec un croisement pour borner la fourchette.",{"type":59,"tag":288,"props":289,"children":291},"h3",{"id":290},"méthode-1-le-multiple-de-commissions-récurrentes",[292],{"type":68,"value":293},"Méthode 1 : le multiple de commissions récurrentes",{"type":59,"tag":60,"props":295,"children":296},{},[297,299,304,306,311],{"type":68,"value":298},"C'est la méthode historique du courtage. Elle consiste à appliquer un coefficient sur les ",{"type":59,"tag":71,"props":300,"children":301},{},[302],{"type":68,"value":303},"commissions récurrentes annuelles",{"type":68,"value":305}," (souvent appelées ",{"type":59,"tag":64,"props":307,"children":308},{},[309],{"type":68,"value":310},"renewal commissions",{"type":68,"value":312},"), c'est-à-dire les commissions sur les contrats reconduits chaque année hors production neuve.",{"type":59,"tag":60,"props":314,"children":315},{},[316],{"type":68,"value":317},"Les fourchettes de marché observées en 2026 placent :",{"type":59,"tag":182,"props":319,"children":320},{},[321,340],{"type":59,"tag":186,"props":322,"children":323},{},[324,326,331,333,338],{"type":68,"value":325},"Un portefeuille à dominante ",{"type":59,"tag":71,"props":327,"children":328},{},[329],{"type":68,"value":330},"particuliers",{"type":68,"value":332}," (auto, habitation, santé individuelle, emprunteur) entre ",{"type":59,"tag":71,"props":334,"children":335},{},[336],{"type":68,"value":337},"1,5× et 2,5× les commissions récurrentes",{"type":68,"value":339},".",{"type":59,"tag":186,"props":341,"children":342},{},[343,344,349,351,356],{"type":68,"value":325},{"type":59,"tag":71,"props":345,"children":346},{},[347],{"type":68,"value":348},"pro \u002F spécialisé",{"type":68,"value":350}," (RC pro réglementée, MRP, flottes, lignes techniques, RC décennale) entre ",{"type":59,"tag":71,"props":352,"children":353},{},[354],{"type":68,"value":355},"2,5× et 4× les commissions récurrentes",{"type":68,"value":339},{"type":59,"tag":60,"props":358,"children":359},{},[360,362,367],{"type":68,"value":361},"Avantage : la méthode est lisible, rapide et compréhensible par un cédant qui n'est pas familier des techniques de ",{"type":59,"tag":64,"props":363,"children":364},{},[365],{"type":68,"value":366},"corporate finance",{"type":68,"value":368},". Inconvénient : elle ignore la rentabilité réelle du cabinet et peut surévaluer une structure dont les coûts opérationnels mangent l'essentiel des commissions.",{"type":59,"tag":288,"props":370,"children":372},{"id":371},"méthode-2-le-multiple-debitda",[373],{"type":68,"value":374},"Méthode 2 : le multiple d'EBITDA",{"type":59,"tag":60,"props":376,"children":377},{},[378,380,385],{"type":68,"value":379},"Importée par les fonds d'investissement, la méthode EBITDA s'impose progressivement sur les cabinets de plus de 1 M€ de commissions. Elle applique un multiple à l'",{"type":59,"tag":71,"props":381,"children":382},{},[383],{"type":68,"value":384},"EBITDA retraité",{"type":68,"value":386}," (résultat avant intérêts, impôts, dotations, amortissements, corrigé des éléments exceptionnels et de la rémunération normalisée du dirigeant).",{"type":59,"tag":60,"props":388,"children":389},{},[390,392,397],{"type":68,"value":391},"Les multiples observés en 2026 se situent entre ",{"type":59,"tag":71,"props":393,"children":394},{},[395],{"type":68,"value":396},"5× et 8× l'EBITDA",{"type":68,"value":398},", selon :",{"type":59,"tag":182,"props":400,"children":401},{},[402,407,412,417],{"type":59,"tag":186,"props":403,"children":404},{},[405],{"type":68,"value":406},"La taille (plus le cabinet est gros, plus le multiple monte).",{"type":59,"tag":186,"props":408,"children":409},{},[410],{"type":68,"value":411},"La croissance organique annuelle (au-delà de 8 % par an, le multiple gagne 1 à 1,5 point).",{"type":59,"tag":186,"props":413,"children":414},{},[415],{"type":68,"value":416},"La rentabilité opérationnelle (marge EBITDA supérieure à 30 % = multiple haut de fourchette).",{"type":59,"tag":186,"props":418,"children":419},{},[420],{"type":68,"value":421},"La concentration de la clientèle (un cabinet dépendant d'un seul grand compte est décoté).",{"type":59,"tag":60,"props":423,"children":424},{},[425],{"type":68,"value":426},"Avantage : la méthode reflète la rentabilité réelle. Inconvénient : elle exige un retraitement précis des comptes et donne au repreneur un levier de négociation important sur la qualification des \"éléments exceptionnels\".",{"type":59,"tag":288,"props":428,"children":430},{"id":429},"méthode-3-la-méthode-mixte-croisement",[431],{"type":68,"value":432},"Méthode 3 : la méthode mixte (croisement)",{"type":59,"tag":60,"props":434,"children":435},{},[436,438,443],{"type":68,"value":437},"En pratique, ",{"type":59,"tag":71,"props":439,"children":440},{},[441],{"type":68,"value":442},"la majorité des opérations bouclées en 2025-2026 utilisent les deux méthodes en parallèle",{"type":68,"value":444}," puis croisent les résultats. Si la valorisation par les commissions donne 1,8 M€ et celle par l'EBITDA donne 2,1 M€, la transaction se négocie typiquement entre ces deux bornes, ajustée par les facteurs qualitatifs décrits ci-dessous. Un repreneur sérieux présentera systématiquement les deux méthodes dans sa lettre d'intention.",{"type":59,"tag":139,"props":446,"children":448},{"id":447},"les-facteurs-qui-montent-le-multiple",[449],{"type":68,"value":450},"Les facteurs qui montent le multiple",{"type":59,"tag":60,"props":452,"children":453},{},[454],{"type":68,"value":455},"À taille équivalente, deux cabinets peuvent se vendre du simple au double. Les facteurs structurels qui font basculer la valorisation vers le haut de la fourchette sont au nombre de cinq.",{"type":59,"tag":60,"props":457,"children":458},{},[459,464],{"type":59,"tag":71,"props":460,"children":461},{},[462],{"type":68,"value":463},"La récurrence du portefeuille.",{"type":68,"value":465}," Plus la part du renouvellement est élevée (idéalement > 80 %), plus le risque pour l'acheteur est faible. Un cabinet dont la moitié des commissions provient de production neuve chaque année est valorisé sur sa capacité à reconstituer cette production, ce qui suppose la présence durable des producteurs : risque opérationnel maximal.",{"type":59,"tag":60,"props":467,"children":468},{},[469,474,476,481],{"type":59,"tag":71,"props":470,"children":471},{},[472],{"type":68,"value":473},"Le mix produit et la diversification.",{"type":68,"value":475}," Un portefeuille mono-produit (uniquement santé individuelle, uniquement emprunteur) est mécaniquement décoté : un seul risque réglementaire, un seul cycle commercial. Un cabinet équilibré IARD particuliers, IARD pros, santé\u002Fprévoyance et niches affiche une ",{"type":59,"tag":71,"props":477,"children":478},{},[479],{"type":68,"value":480},"multi-distribution",{"type":68,"value":482}," robuste qui rassure. C'est pourquoi nos courtiers partenaires travaillent plusieurs gammes Tutassur en parallèle.",{"type":59,"tag":60,"props":484,"children":485},{},[486,491],{"type":59,"tag":71,"props":487,"children":488},{},[489],{"type":68,"value":490},"Le niveau de digitalisation.",{"type":68,"value":492}," Un cabinet équipé d'un logiciel à jour, d'un CRM exploité, d'une production sans papier et d'une API grossistes vaut 10 à 20 % de plus qu'un cabinet équivalent géré sur tableurs. La raison : l'acheteur n'a pas à investir des mois pour intégrer la cible dans son SI consolidé.",{"type":59,"tag":60,"props":494,"children":495},{},[496,501],{"type":59,"tag":71,"props":497,"children":498},{},[499],{"type":68,"value":500},"L'ancienneté moyenne des clients.",{"type":68,"value":502}," Une base dont 70 % des contrats ont plus de 3 ans signale une fidélité forte et un taux de chute faible. Les acheteurs valorisent explicitement cette ancienneté : c'est le proxy le plus fiable du renouvellement futur.",{"type":59,"tag":60,"props":504,"children":505},{},[506,511,513,518,520,525,527,532],{"type":59,"tag":71,"props":507,"children":508},{},[509],{"type":68,"value":510},"La qualité de la base de données.",{"type":68,"value":512}," Une base propre, déduplicquée, segmentée, avec champs renseignés (adresse, mail, téléphone, date de naissance, type de risque, échéance) est un actif à part entière. Une base sale, avec 30 % de fiches incomplètes ou dupliquées, ",{"type":59,"tag":71,"props":514,"children":515},{},[516],{"type":68,"value":517},"se retrouve immédiatement dans la décote",{"type":68,"value":519},". C'est ici que l'",{"type":59,"tag":71,"props":521,"children":522},{},[523],{"type":68,"value":524},"extranet Tutassur",{"type":68,"value":526}," apporte une vraie valeur : exporter en quelques clics un état complet et structuré de la production réduit drastiquement le délai de préparation des ",{"type":59,"tag":64,"props":528,"children":529},{},[530],{"type":68,"value":531},"data rooms",{"type":68,"value":339},{"type":59,"tag":139,"props":534,"children":536},{"id":535},"la-due-diligence-ce-que-demandent-les-acheteurs",[537],{"type":68,"value":538},"La due diligence : ce que demandent les acheteurs",{"type":59,"tag":60,"props":540,"children":541},{},[542,544,548,550,555],{"type":68,"value":543},"Une fois la lettre d'intention signée, l'acheteur déclenche une ",{"type":59,"tag":71,"props":545,"children":546},{},[547],{"type":68,"value":27},{"type":68,"value":549}," d'une durée typique de ",{"type":59,"tag":71,"props":551,"children":552},{},[553],{"type":68,"value":554},"6 à 12 semaines",{"type":68,"value":556},". Cette phase a un seul objectif : confirmer ou ajuster le prix indicatif au regard de la réalité du cabinet. Les documents demandés se regroupent en cinq familles.",{"type":59,"tag":60,"props":558,"children":559},{},[560,565],{"type":59,"tag":71,"props":561,"children":562},{},[563],{"type":68,"value":564},"Documents juridiques.",{"type":68,"value":566}," Statuts à jour, registre des assemblées et des mouvements de titres, conventions réglementées, attestation ORIAS valide, conventions de courtage signées avec chaque compagnie\u002Fgrossiste, contrat RC pro, justificatifs de capacité professionnelle.",{"type":59,"tag":60,"props":568,"children":569},{},[570,575],{"type":59,"tag":71,"props":571,"children":572},{},[573],{"type":68,"value":574},"Documents financiers.",{"type":68,"value":576}," Liasses fiscales des 3 derniers exercices, comptes intermédiaires en cours, balance générale, état des créances et dettes, conventions de compte courant d'associé, justification de l'EBITDA retraité ligne par ligne.",{"type":59,"tag":60,"props":578,"children":579},{},[580,585],{"type":59,"tag":71,"props":581,"children":582},{},[583],{"type":68,"value":584},"Documents sociaux.",{"type":68,"value":586}," Contrats de travail, conventions collectives, registre du personnel, DSN sur 12 mois, état des congés et RTT acquis, accord d'intéressement\u002Fparticipation, PEE, avenants des 3 dernières années.",{"type":59,"tag":60,"props":588,"children":589},{},[590,595],{"type":59,"tag":71,"props":591,"children":592},{},[593],{"type":68,"value":594},"Documents portefeuille.",{"type":68,"value":596}," Liste exhaustive des contrats actifs (anonymisée jusqu'à la signature si besoin), commissions par compagnie et produit sur 3 exercices, statistiques sinistralité (S\u002FP par ligne), taux de renouvellement, ancienneté moyenne, top 20 des clients.",{"type":59,"tag":60,"props":598,"children":599},{},[600,605],{"type":59,"tag":71,"props":601,"children":602},{},[603],{"type":68,"value":604},"Documents techniques.",{"type":68,"value":606}," Procédures internes (LCB-FT, devoir de conseil DDA, réclamations), registre RGPD, contrats sous-traitants informatiques, contrats SaaS, licences en cours.",{"type":59,"tag":60,"props":608,"children":609},{},[610,615,617,622],{"type":59,"tag":71,"props":611,"children":612},{},[613],{"type":68,"value":614},"Cas concret anonymisé.",{"type":68,"value":616}," Un cabinet lyonnais affichant ",{"type":59,"tag":71,"props":618,"children":619},{},[620],{"type":68,"value":621},"820 000 € de commissions annuelles récurrentes",{"type":68,"value":623}," (75 % IARD pros, 25 % santé TNS, EBITDA retraité 245 000 €, marge 30 %) a été cédé en septembre 2025 à un consolidateur soutenu par fonds d'investissement. Valorisation initiale annoncée : 1,9 M€ (multiple commissions 2,3×, multiple EBITDA 7,8×). Après due diligence, prix final à 1,76 M€ : décote de 7 % imputable à un grand compte de 14 % des commissions sans contrat pluriannuel et à un SI vieillissant à migrer. Earn-out de 30 % du prix sur 3 ans, conditionné à la rétention de 92 % des commissions à 24 mois.",{"type":59,"tag":139,"props":625,"children":627},{"id":626},"optimiser-son-cabinet-12-mois-avant-la-vente",[628],{"type":68,"value":629},"Optimiser son cabinet 12 mois avant la vente",{"type":59,"tag":60,"props":631,"children":632},{},[633,635,640],{"type":68,"value":634},"Le prix de cession se construit dans les 12 mois qui précèdent la signature, pas dans les 6 semaines de négociation. Voici un ",{"type":59,"tag":71,"props":636,"children":637},{},[638],{"type":68,"value":639},"plan d'action en 10 points",{"type":68,"value":641}," que les meilleurs cédants déroulent méthodiquement.",{"type":59,"tag":643,"props":644,"children":645},"ol",{},[646,656,666,676,686,696,706,723,733,750],{"type":59,"tag":186,"props":647,"children":648},{},[649,654],{"type":59,"tag":71,"props":650,"children":651},{},[652],{"type":68,"value":653},"Auditer son EBITDA retraité avec un expert-comptable spécialisé",{"type":68,"value":655}," dès le mois 0. Beaucoup de dirigeants sortent en rémunération, dividendes et frais pros davantage que le marché : le retraitement remonte l'EBITDA affichable.",{"type":59,"tag":186,"props":657,"children":658},{},[659,664],{"type":59,"tag":71,"props":660,"children":661},{},[662],{"type":68,"value":663},"Sécuriser les conventions de courtage",{"type":68,"value":665}," avec chaque compagnie et grossiste. Un code ouvert sans convention écrite à jour est un point de friction systématique en due diligence.",{"type":59,"tag":186,"props":667,"children":668},{},[669,674],{"type":59,"tag":71,"props":670,"children":671},{},[672],{"type":68,"value":673},"Nettoyer la base client",{"type":68,"value":675}," : déduplication, complétion des champs, suppression des contrats clôturés. Une base passe typiquement de 7 000 à 5 200 fiches mais ces 5 200 fiches valent 30 % plus cher.",{"type":59,"tag":186,"props":677,"children":678},{},[679,684],{"type":59,"tag":71,"props":680,"children":681},{},[682],{"type":68,"value":683},"Documenter les procédures internes",{"type":68,"value":685}," (LCB-FT, DDA, RGPD, réclamations) dans un manuel formalisé. Signal de maturité opérationnelle puissant.",{"type":59,"tag":186,"props":687,"children":688},{},[689,694],{"type":59,"tag":71,"props":690,"children":691},{},[692],{"type":68,"value":693},"Diversifier la production",{"type":68,"value":695}," si le cabinet est trop mono-produit. Ajouter une ligne IARD pros ou santé collective fait monter le multiple de tout le portefeuille.",{"type":59,"tag":186,"props":697,"children":698},{},[699,704],{"type":59,"tag":71,"props":700,"children":701},{},[702],{"type":68,"value":703},"Réduire la dépendance aux grands comptes",{"type":68,"value":705}," : si un client unique pèse plus de 10 % des commissions, ouvrir 2-3 nouveaux comptes équivalents avant cession.",{"type":59,"tag":186,"props":707,"children":708},{},[709,714,716,721],{"type":59,"tag":71,"props":710,"children":711},{},[712],{"type":68,"value":713},"Industrialiser la production via un grossiste outillé",{"type":68,"value":715},". Un extranet performant, une API et une ",{"type":59,"tag":71,"props":717,"children":718},{},[719],{"type":68,"value":720},"équipe souscription pro humaine",{"type":68,"value":722}," accessible (comme celle que Tutassur opère depuis Grenoble) divisent les délais et augmentent le volume traitable à effectif constant.",{"type":59,"tag":186,"props":724,"children":725},{},[726,731],{"type":59,"tag":71,"props":727,"children":728},{},[729],{"type":68,"value":730},"Formaliser un plan de continuité management",{"type":68,"value":732}," : qui prend le relais opérationnel les 6 premiers mois après cession ? L'acheteur paie plus cher quand la question est résolue.",{"type":59,"tag":186,"props":734,"children":735},{},[736,741,743,748],{"type":59,"tag":71,"props":737,"children":738},{},[739],{"type":68,"value":740},"Établir un dossier de présentation propre",{"type":68,"value":742}," : un ",{"type":59,"tag":64,"props":744,"children":745},{},[746],{"type":68,"value":747},"memorandum",{"type":68,"value":749}," de 20-30 pages avec chiffres clés, pipeline, KPI portefeuille et plan stratégique 3 ans. C'est le premier document que lira l'acheteur.",{"type":59,"tag":186,"props":751,"children":752},{},[753,758],{"type":59,"tag":71,"props":754,"children":755},{},[756],{"type":68,"value":757},"Choisir un conseil M&A spécialisé courtage",{"type":68,"value":759}," au moins 6 mois avant les négociations. Les conseils généralistes sous-évaluent les cabinets car ils ignorent la spécificité du multiple commissions et du calcul des récurrences.",{"type":59,"tag":60,"props":761,"children":762},{},[763,765,769,771,775,777,782,784,790],{"type":68,"value":764},"Sur les volets 3, 4 et 7, un partenaire ",{"type":59,"tag":71,"props":766,"children":767},{},[768],{"type":68,"value":480},{"type":68,"value":770}," doté d'un ",{"type":59,"tag":71,"props":772,"children":773},{},[774],{"type":68,"value":524},{"type":68,"value":776}," complet raccourcit le travail de mise à niveau. Plus la donnée est propre, traçable et exportable, moins la due diligence trouve de friction. Notre approche ",{"type":59,"tag":71,"props":778,"children":779},{},[780],{"type":68,"value":781},"tech first",{"type":68,"value":783}," sert ce besoin : la propriété et la qualité de la donnée sont la vraie valeur de revente d'un cabinet moderne, bien plus que la comptabilité de fin d'année. Les courtiers qui démarrent et veulent construire dès le départ un portefeuille valorisable trouveront les bases dans le parcours ",{"type":59,"tag":248,"props":785,"children":787},{"href":786},"\u002Fblog\u002Fonboarding-courtier-debutant-90-jours",[788],{"type":68,"value":789},"onboarding courtier débutant 90 jours",{"type":68,"value":339},{"type":59,"tag":60,"props":792,"children":793},{},[794,796,802,804,810,812,818,820,827],{"type":68,"value":795},"Pour approfondir, consultez aussi notre ",{"type":59,"tag":248,"props":797,"children":799},{"href":798},"\u002Fblog\u002Fmanifeste-courtage-gros-nouvelle-generation",[800],{"type":68,"value":801},"manifeste du courtage de gros nouvelle génération",{"type":68,"value":803}," et le ",{"type":59,"tag":248,"props":805,"children":807},{"href":806},"\u002Fblog\u002Ftop-10-courtiers-grossistes-france-2026",[808],{"type":68,"value":809},"top 10 des courtiers grossistes en France en 2026",{"type":68,"value":811},". Si votre trajectoire implique de rebâtir une partie de votre distribution, ",{"type":59,"tag":248,"props":813,"children":815},{"href":814},"\u002Fdevenir-partenaire",[816],{"type":68,"value":817},"devenir partenaire Tutassur",{"type":68,"value":819}," ouvre un code en quelques jours. Les textes fiscaux cités sont consultables sur ",{"type":59,"tag":248,"props":821,"children":824},{"href":822,"rel":823},"https:\u002F\u002Fwww.legifrance.gouv.fr",[252],[825],{"type":68,"value":826},"Legifrance",{"type":68,"value":339},{"type":59,"tag":139,"props":829,"children":831},{"id":830},"foire-aux-questions",[832],{"type":68,"value":833},"Foire aux questions",{"type":59,"tag":60,"props":835,"children":836},{},[837,841],{"type":59,"tag":71,"props":838,"children":839},{},[840],{"type":68,"value":41},{"type":68,"value":842},"\nLes fourchettes 2026 placent un portefeuille particuliers entre 1,5× et 2,5× les commissions récurrentes annuelles, un portefeuille pro ou spécialisé entre 2,5× et 4×. La méthode EBITDA donne en parallèle un multiple de 5× à 8× selon profil. Le degré de récurrence et la qualité de la base de données pèsent plus dans la formation finale du prix que la simple typologie de clientèle.",{"type":59,"tag":60,"props":844,"children":845},{},[846,850],{"type":59,"tag":71,"props":847,"children":848},{},[849],{"type":68,"value":44},{"type":68,"value":851},"\nLa durée typique est de 2 à 4 ans, la part variable représente fréquemment 20 % à 40 % du prix total, conditionnée à la conservation de 90-95 % du portefeuille. La rédaction précise des clauses d'ajustement (perte de grand compte, sinistralité exceptionnelle, départ d'un collaborateur clé) conditionne le réel niveau de paiement.",{"type":59,"tag":60,"props":853,"children":854},{},[855,859],{"type":59,"tag":71,"props":856,"children":857},{},[858],{"type":68,"value":47},{"type":68,"value":860},"\nLa cession de titres transfère l'intégralité de la structure (rapide mais expose aux passifs cachés, d'où la garantie d'actif et de passif). La cession du fonds isole l'actif portefeuille (plus protectrice pour l'acheteur, plus coûteuse fiscalement). Environ deux tiers des opérations 2025-2026 passent par cession de titres pour des raisons fiscales et de simplicité opérationnelle.",{"type":59,"tag":60,"props":862,"children":863},{},[864,868],{"type":59,"tag":71,"props":865,"children":866},{},[867],{"type":68,"value":50},{"type":68,"value":869},"\nTrois régimes principaux : article 238 quindecies du CGI (exonération PME jusqu'à 500 k€, dégressive jusqu'à 1 M€), article 150-0 D ter du CGI (abattement dirigeant retraite), article 150-0 D bis du CGI (abattement durée détention 50 % entre 2 et 8 ans, 65 % au-delà). Le choix flat tax 30 % ou barème progressif se calcule au cas par cas.",{"type":59,"tag":60,"props":871,"children":872},{},[873,877],{"type":59,"tag":71,"props":874,"children":875},{},[876],{"type":68,"value":53},{"type":68,"value":878},"\nTrois leviers : prime de fidélité contractualisée avec le repreneur à 12 ou 24 mois, période de transition de 6 à 12 mois avec présence du cédant, plan d'intégration formalisé (entretiens individuels, audit des rémunérations, maintien des avantages acquis). Les départs subis viennent presque toujours d'un défaut d'information préalable plutôt que du changement d'actionnaire.",{"type":59,"tag":60,"props":880,"children":881},{},[882,887],{"type":59,"tag":71,"props":883,"children":884},{},[885],{"type":68,"value":886},"Combien de temps prend une cession de bout en bout ?",{"type":68,"value":888},"\nComptez 9 à 14 mois entre la décision de vendre et l'encaissement du prix initial : 2-3 mois de préparation du dossier, 1-2 mois de mise en contact avec acheteurs, 1 mois de négociation préliminaire et signature LOI, 6-12 semaines de due diligence, 4-6 semaines de négociation du protocole, puis closing. L'earn-out court ensuite 2 à 4 ans supplémentaires.",{"type":59,"tag":890,"props":891,"children":892},"cta-partner",{},[],{"title":7,"searchDepth":894,"depth":894,"links":895},3,[896,898,903,904,905,906],{"id":141,"depth":897,"text":144},2,{"id":278,"depth":897,"text":281,"children":899},[900,901,902],{"id":290,"depth":894,"text":293},{"id":371,"depth":894,"text":374},{"id":429,"depth":894,"text":432},{"id":447,"depth":897,"text":450},{"id":535,"depth":897,"text":538},{"id":626,"depth":897,"text":629},{"id":830,"depth":897,"text":833},"markdown","content:blog:2026:valorisation-portefeuille-courtage-2026.md","content","blog\u002F2026\u002Fvalorisation-portefeuille-courtage-2026.md","blog\u002F2026\u002Fvalorisation-portefeuille-courtage-2026","md",[914,1561,2187],{"_path":915,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":916,"description":917,"slug":918,"publishedAt":919,"updatedAt":919,"author":920,"cover":921,"categories":924,"tags":925,"readingTime":932,"featured":6,"status":32,"seo":933,"faq":938,"body":954,"_type":907,"_id":1558,"_source":909,"_file":1559,"_stem":1560,"_extension":912},"\u002Fblog\u002F2026\u002Fcode-courtier-vs-code-ape","Code courtier, code compagnie, code APE : démêler les « codes » du courtage","Code courtier, code compagnie, code APE\u002FNAF, numéro ORIAS : ces identifiants n'ont rien à voir. Le guide clair pour comprendre lequel sert à quoi quand on distribue de l'assurance.","code-courtier-vs-code-ape","2026-06-21T08:00:00Z",{"name":13,"slug":14,"role":15},{"src":922,"alt":923,"width":19,"height":20},"\u002Fblog\u002Fcode-courtier-vs-code-ape\u002Fcover.svg","Code courtier vs code APE : démêler les codes du courtage — Tutassûr",[22],[926,927,928,929,930,931],"code courtier","code compagnie","code APE courtier","numéro ORIAS","6622Z","identifiants courtage",6,{"ogImage":922,"metaKeywords":934},[926,928,935,936,937],"code compagnie assurance","différence code courtier code APE","code NAF courtier",[939,942,945,948,951],{"question":940,"answer":941},"Quelle différence entre un code courtier et un code APE ?","Aucun rapport. Le code APE (ou code NAF) est attribué par l'INSEE pour classer l'activité de votre entreprise (le courtage relève généralement du 6622Z). Le code courtier (ou code compagnie) est l'identifiant qu'un assureur ou un grossiste vous attribue pour placer des affaires chez lui et percevoir vos commissions. L'un est administratif, l'autre commercial.",{"question":943,"answer":944},"Le code APE du courtage, c'est lequel ?","Le plus courant est le 6622Z (« Activités des agents et courtiers d'assurances »). Il sert aux statistiques et à l'administration, pas à distribuer des contrats. Il ne remplace ni l'immatriculation ORIAS ni un code compagnie.",{"question":946,"answer":947},"Le numéro ORIAS est-il un code courtier ?","Non. Le numéro ORIAS atteste de votre immatriculation au registre des intermédiaires : c'est l'autorisation d'exercer. Le code courtier, lui, est ouvert par chaque compagnie ou grossiste pour vous identifier dans son système. On peut être immatriculé ORIAS sans avoir encore de code chez une compagnie.",{"question":949,"answer":950},"Faut-il un code chez chaque compagnie ?","En direct, oui : chaque assureur ouvre son propre code, souvent sous condition de volume. En passant par un courtier grossiste, non : vous placez les affaires sous l'accès du grossiste, sans multiplier les codes compagnies.",{"question":952,"answer":953},"Par quoi commencer quand on se lance ?","Par l'immatriculation ORIAS (après validation de la capacité professionnelle) et l'obtention de votre RC Pro. Le code APE est attribué automatiquement à la création de l'entreprise. Les codes compagnies viennent ensuite — ou sont contournés via un grossiste.",{"type":56,"children":955,"toc":1548},[956,971,1017,1023,1122,1128,1179,1185,1232,1238,1263,1306,1325,1331,1432,1438,1470,1476,1488,1499,1505,1533,1536,1540],{"type":59,"tag":60,"props":957,"children":958},{},[959],{"type":59,"tag":64,"props":960,"children":961},{},[962,964,969],{"type":68,"value":963},"Guide 2026 — Cet article clarifie les différents ",{"type":59,"tag":71,"props":965,"children":966},{},[967],{"type":68,"value":968},"« codes »",{"type":68,"value":970}," que rencontre un courtier : code courtier, code compagnie, code APE\u002FNAF, numéro ORIAS.",{"type":59,"tag":60,"props":972,"children":973},{},[974,976,981,983,988,990,994,996,1001,1003,1008,1010,1015],{"type":68,"value":975},"Quand on débute dans le courtage, un même mot — « ",{"type":59,"tag":71,"props":977,"children":978},{},[979],{"type":68,"value":980},"code",{"type":68,"value":982}," » — désigne des choses ",{"type":59,"tag":71,"props":984,"children":985},{},[986],{"type":68,"value":987},"totalement différentes",{"type":68,"value":989},". On confond vite le ",{"type":59,"tag":71,"props":991,"children":992},{},[993],{"type":68,"value":926},{"type":68,"value":995}," d'une compagnie avec le ",{"type":59,"tag":71,"props":997,"children":998},{},[999],{"type":68,"value":1000},"code APE",{"type":68,"value":1002}," de son entreprise. Or l'un sert à ",{"type":59,"tag":71,"props":1004,"children":1005},{},[1006],{"type":68,"value":1007},"distribuer",{"type":68,"value":1009},", l'autre à ",{"type":59,"tag":71,"props":1011,"children":1012},{},[1013],{"type":68,"value":1014},"classer administrativement",{"type":68,"value":1016},". Démêlons tout ça.",{"type":59,"tag":139,"props":1018,"children":1020},{"id":1019},"lessentiel-à-retenir",[1021],{"type":68,"value":1022},"L'essentiel à retenir",{"type":59,"tag":182,"props":1024,"children":1025},{},[1026,1049,1072,1103],{"type":59,"tag":186,"props":1027,"children":1028},{},[1029,1034,1036,1041,1043,1047],{"type":59,"tag":71,"props":1030,"children":1031},{},[1032],{"type":68,"value":1033},"Code APE \u002F NAF",{"type":68,"value":1035}," : identifiant ",{"type":59,"tag":71,"props":1037,"children":1038},{},[1039],{"type":68,"value":1040},"INSEE",{"type":68,"value":1042}," de l'activité de l'entreprise (courtage = souvent ",{"type":59,"tag":71,"props":1044,"children":1045},{},[1046],{"type":68,"value":930},{"type":68,"value":1048},"). 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