A civil business valuation practice serving privately held companies, operating entities, and entrepreneurs. Every engagement begins with a signed engagement letter that defines the purpose, standard of value, and scope before analysis begins.
Certified by the National Association of Certified Valuators and Analysts (NACVA). The CVA credential is awarded to qualified financial professionals who meet NACVA's standards for education, examination, and professional experience in business valuation.
Business valuation services are available to any privately held company or operating entity that requires a formal, documented opinion of value for a specific and stated purpose. There is no requirement to operate in any particular industry or sector.
The purpose of the engagement determines the standard of value applied, the depth of analysis required, and the form of the deliverable. Every engagement is scoped individually.
If you are uncertain whether a formal valuation is appropriate for your situation, an initial conversation will help establish what is needed and whether this practice is the right fit.
Each engagement produces a formal written opinion. Methodology, depth, and report form are determined by the purpose and the standard of value applicable to that purpose.
Common stock valuation for equity compensation plan compliance in private companies. Required under IRC Section 409A before issuing stock options. A compliant 409A opinion requires an independent, qualified appraisal of fair market value prepared by a qualified appraiser.
IRC §409A · Fair market valueA formal opinion of the fair market value of a company's equity interest or a specific equity class. Prepared for financing events, investor reporting, equity transfers, or internal governance purposes where an independent value reference is required.
Fair market value · Investment valueFormal valuation of patents, trademarks, trade secrets, proprietary technology, customer relationships, or other intangible assets. Applicable to licensing negotiations, asset transactions, financial reporting, or any context requiring a documented opinion of intangible asset value.
Fair market value · Relief-from-royalty · Excess earningsA current value opinion prepared for planning and governance purposes — not tied to a specific transaction. Used by boards, management, and advisers to establish a value reference point for strategic decisions, compensation design, or investor communications.
Fair market value · Investment valueA valuation prepared in anticipation of a sale, acquisition, or significant capital raise. Assists management and their advisers in establishing a realistic, defensible value range before approaching counterparties. Not a transaction opinion — a preparation tool.
Fair market value · Strategic valueValuation for the establishment or execution of a buy-sell agreement, shareholder agreement, or equity transfer between existing partners, co-founders, or shareholders. Typically prepared to establish a price or a pricing formula for a defined triggering event.
Fair market value per agreement termsAn independent written opinion that the financial terms of a proposed transaction are fair, from a financial point of view, to a specified party or class of stakeholders. Prepared for boards of directors who require independent confirmation before approving a merger, acquisition, recapitalisation, or other significant financial transaction. The scope, standard, and form of a fairness opinion are defined at engagement outset and depend on the nature of the transaction and the requesting party.
An independent review and critique of a valuation opinion prepared by another analyst. Examines methodology selection, normalising adjustments, discount and capitalisation rates, comparable company and transaction selection, approach weighting, and the overall reasonableness of the conclusion. Common situations include a buyer or seller questioning the counterparty's valuation in an M&A context; a board or trustee seeking independent confirmation before relying on an existing opinion; an audit committee or lender requiring a second review before accepting a management-prepared valuation for financial reporting; and any situation where a party holds a valuation in hand but requires a qualified, independent assessment of its adequacy before acting on it. The engagement may result in a written review opinion, a critical analysis memorandum, or a parallel valuation, depending on what the situation requires. Scope exclusions apply — this practice does not review valuations prepared for family law, divorce, personal injury, or tort-related purposes.
This practice does not provide valuations for family law proceedings, divorce or marital dissolution matters, personal injury claims, wrongful termination or employment disputes, or any matter involving tort-related damages calculations. Engagements are accepted at the sole discretion of the practitioner.
The engagement type is not a style preference — it is a professional classification with distinct analytical requirements and reporting obligations. It is confirmed in the engagement letter before work begins.
A comprehensive engagement in which all relevant valuation approaches are applied, all appropriate normalising adjustments are made, and the work is fully documented. The analyst forms an independent conclusion of value based on the analysis. This is the highest level of analytical rigor available under NACVA Professional Standards.
A more limited engagement applying agreed-upon procedures specified in advance by the analyst and the client. A Calculated Value is explicitly not a Conclusion of Value. Scope limitations are explicitly disclosed in the written deliverable, and the report cannot be used for purposes requiring a Conclusion of Value. The appropriate type is determined by the intended use and documented in the engagement letter.
On fees: Fees for all engagements are established in the engagement letter before any analysis begins. They are fixed or estimated at that point and are never contingent on the value reached in the opinion. Contingent fees are prohibited under NACVA Professional Standards and compromise independence. If a provider offers a fee tied to the outcome, that is a disqualifying conflict.
We discuss the purpose of the engagement, the subject company, the relevant valuation date, and what the opinion will be used for. This conversation determines whether the engagement is within scope, what engagement type is appropriate, and what form the deliverable will take.
Scope, engagement type, standard of value, intended use, fees, and expected timeline are documented in a signed engagement letter before any analysis begins. No work proceeds without a fully executed letter. The letter is the governing document for the engagement.
Financial statements, corporate documents, cap table, relevant contracts, market and industry data, and a management discussion. The depth of information required depends on the engagement type and scope defined in the letter. For most engagements, a direct conversation with management is part of this step.
Financial statements are examined and normalising adjustments applied before any approach is used — removing non-recurring items, adjusting owner compensation, and identifying items that would not reflect ongoing operations. Applicable valuation methodologies are then applied and comparable companies and transactions researched to provide external market context.
Conclusions are reviewed with you before the report is finalised — to confirm that the reasoning is clear, all relevant facts have been addressed, and the report accurately reflects the engagement scope. The analytical conclusions are not subject to negotiation at this stage, but factual corrections and clarifications are addressed before issuance.
Analytical conclusions are not subject to revision at this stage.
A formal written opinion of value is issued in accordance with NACVA Professional Standards, in the format appropriate to the engagement — a comprehensive valuation report, a calculation engagement report, or a financial reporting opinion, as defined in the engagement letter. The report documents what was considered, what was applied, and how the conclusion was reached.
Every engagement is scoped individually. The letter defines everything before work begins.
Business valuation is an exercise in disciplined analysis under uncertainty. The opinion reflects the application of recognised methods to the information available as of a defined date. It is not a prediction of future performance, a guarantee of transactional outcome, or a certification of any amount a buyer will pay or a seller will receive.
The engagement letter is the governing document. It defines what is being valued, for what purpose, as of what date, under what standard of value, and to whom the opinion is addressed. Engaging parties are encouraged to involve their legal and financial advisers in reviewing the letter before signing.
A valuation is a professional opinion — two qualified analysts applying the same methodology to the same data can reach different conclusions. Judgment is inherent at every stage of the process: in the selection of methods, the determination of adjustments, the assessment of risk, and the weighting of conclusions. What distinguishes a well-prepared opinion is the transparency and discipline of the reasoning, not the number it reaches.
Opinions of value are prepared in accordance with NACVA Professional Standards. They represent an independent professional judgement as of a stated date and should not be relied upon for purposes other than those defined in the engagement letter.
There is no standard template. Scope — depth of analysis, report format, and applicable standard — depends on what the opinion needs to accomplish and how it will be used. Four factors shape every engagement.
Practical answers to questions that come up at the start of most valuation engagements. If your question is not here, the contact form is the right place to start.
Use the contact form to describe your situation and what you need a valuation for. An initial conversation costs nothing and establishes whether this practice is the right fit for your engagement.
Begin an inquiry →