Business valuation for private companies
Know what your business is worth, and why. We give owners, founders and boards independent valuations that stand up to buyers, investors and auditors.
When clients call us
Every valuation answers a specific question
Most clients come to us with a decision in front of them. The purpose of the valuation shapes the method, the standard of value and the report.
Selling or buying a business
You need a defensible range before you set an asking price or make an offer.
Raising capital
Investors will test your valuation. You want a number you can explain, line by line.
Issuing equity to employees
Options and share plans need a supportable fair market value, and a 409A valuation where US employees are involved.
A shareholder buyout or dispute
Partners are parting ways, and both sides need an independent view of value they can examine.
A SAFE or note conversion
A financing or conversion event needs a clear view of value and of what each holder receives.
Succession or restructuring
An owner is planning a transition or reorganizing the business, and the plan starts with what the company is worth.
How we help
Valuation work for every stage of a company
Business valuation services for private companies in Vancouver and across Canada: transactions, capital raising, equity plans and shareholder matters. Each engagement combines market data with a close reading of how the business makes money.
Transaction valuations
An independent view of value before you sell, buy or merge, with the range and the assumptions that drive it, built to hold up in negotiation and in the buyer’s diligence.
Startup and venture valuations
Valuations for fundraising and for SAFE and convertible note conversions, for early- and growth-stage companies and the investors backing them.
409A and equity plan valuations
Fair market value for option and share plans, including 409A valuations for companies with US employees or cross-border cap tables.
Shareholder and dispute valuations
Independent valuations for buyouts, shareholder disputes and divorce, written so every party can follow the reasoning.
Valuation for planning
Succession, restructuring and strategic plans start with a clear view of what drives value and which levers move it.
Financial models behind the value
Where the forecast carries the valuation, we build or rebuild the model so the numbers behind the value can be tested.
Our view
Accounting numbers are where a valuation starts
Reported earnings, a multiple and a discount rate will always produce a number. They cannot tell you whether the earnings will last, or what a buyer or investor will actually pay for them.
We start with how the company makes money: its customers, its margins, its risks and what would change them. The method follows from the question, and every assumption is written down so the people who rely on the valuation can test it.
Watch: Valuation That Reflects Your Reality
How an engagement works
Five steps from first call to final report
A typical valuation takes one to three weeks, depending on the complexity of the business and how quickly the information comes together.
Need a valuation for a shareholder dispute or an equity plan? Tell us at the start. The standard of value and the form of the report depend on who will rely on it.
- ScopeAgree the purpose, the valuation date, the standard of value and who will rely on the report.
- InformationGather the financial statements, forecasts, cap table and agreements, and the context behind them.
- AnalysisNormalize earnings and apply the methods that fit: discounted cash flow, comparable companies, precedent transactions or assets.
- ReviewWalk through the draft range and the key assumptions with you before anything is final.
- ReportDeliver the final report and answer questions from the buyers, investors, auditors or advisors who rely on it.
Need to know what your business is worth?
What you receive
A valuation you can put in front of others
Every report sets out the reasoning, not just the number, so buyers, investors and boards can follow it.
- A valuation range, the conclusion and the assumptions behind it
- Normalized EBITDA and the adjustments that support it
- Discounted cash flow, comparable company and precedent transaction analysis
- Sensitivity analysis on the assumptions that move value most
- A written report suited to the people who will rely on it
- A summary of what drives value and which levers would change it
Selected clients
Companies we have worked with
Frequently asked questions
Questions we hear most often
How long does a business valuation take?
A typical engagement takes one to three weeks, depending on the complexity of the business and how quickly we can access the information we need.
What methods do you use?
The method depends on the company’s stage and industry. We typically use discounted cash flow, comparable company analysis and precedent transactions, and asset-based methods where relevant, then reconcile the results into a single range.
What information will you need from us?
Recent financial statements, a forecast if you have one, the cap table and any shareholder agreements. We also spend time with management to understand the business behind the numbers.
Do you value startups?
Yes. We work with early- and growth-stage companies on valuations for fundraising, 409A, SAFE and convertible note conversions, and internal planning.
What is the difference between a 409A valuation and Canadian fair market value?
Both estimate fair market value, for different tax systems. A 409A valuation supports option pricing for US taxpayers, while Canadian fair market value applies to Canadian tax and corporate matters. Companies with cross-border cap tables may need both. Read our comparison.
How are fees set?
Fees depend on the purpose, the scope and the complexity of the business. We confirm them in an engagement letter after a first conversation, so the cost is clear before work begins.
Have a question that isn’t covered here? Start a conversation.
