Hi, I’m Chris Walton, author of this guide and CEO of Eton Venture Services.
I’ve spent much of my career working as a corporate transactional lawyer at Gunderson Dettmer, becoming an expert in tax law & venture financing. Since starting Eton, I’ve completed thousands of business valuations for companies of all sizes.
Read my full bio here.
Whether you’re issuing your first employee stock options, navigating significant business changes (what we call “material events”), or conducting your annual valuation update, finding the right 409A valuation consultant is essential for maintaining compliance and ensuring accurate fair market value of your company’s stock.
In this article, I’ll highlight the key factors that distinguish reliable firms, so you’re better equipped to make the right choice. I’ll also detail our approach at Eton and review six other established 409A valuation providers to help you evaluate all your options.
It’s critical for compliance reasons that your 409A consultant has these five things:
Without these, your 409a will be at greater risk of being found faulty by the IRS and could have significant financial consequences for you and the employees you’ve given stock to.
Below is a detailed analysis of seven 409A valuation providers, starting with our methodology at Eton. Every assessment covers what sets each firm apart and addresses what to weigh for your decision.
Eton Venture Services is the go-to 409A valuation provider for startups at all stages that need audit-ready reports fast — without compromising on quality or blowing your budget.
Led by former Big 4 consultants and professionals from top-tier law firms, Eton brings decades of combined financial and legal expertise to every engagement. This means you can count on a 409A valuation that holds up under audit, withstands IRS scrutiny, and to set the strike price of your employee stock options.
Unlike automated or outsourced valuation firms, Eton’s senior experts stay hands-on from start to finish. The result is a valuation that supports your 409A compliance requirements and scales into the kind of strategic partnership founders need as they grow, raise again, and aim for a high-value exit.
Three reasons why people choose Eton Venture Services:
Startups don’t have time to wait or room for mistakes when it comes to 409A valuations. Eton eliminates the wait. Their team delivers fully IRS-compliant reports in just a few days — so you can issue options, close rounds, and move forward without delays.
Eton’s pricing is built for startups: affordable, scalable, and transparent, so you don’t have to trade speed for quality or stretch your budget just to stay compliant.
With more than 10,000 valuations delivered and a perfect audit record, Eton is trusted by founders, CFOs and legal teams for accuracy and reliability.
Automated platforms usually miss the nuances in cap tables, SAFEs, and complex equity structures, and small errors can have serious tax or compliance consequences.
Eton’s approach is different: every 409A valuation report is prepared by seasoned professionals—not AI, not junior analysts, not a spreadsheet with your logo.
This hands-on process ensures the report reflects the true economics of the company and avoids mistakes that could delay grants or raise audit concerns.
Eton was founded by Stanford Law alumni and includes professionals trained in top law firms.
That legal layer complements our financial expertise, adding depth to how we interpret equity agreements, apply IRS rules under Section 409A, and structure valuations that meet safe harbor requirements.
This legal fluency reduces the risk of errors or last-minute changes, helps clients avoid compliance issues, and minimizes back-and-forth with board counsel and auditors.
Here’s what clients say about working with Eton:
Click here to get a free valuation consultation with Eton Venture Services.
If you’re looking for another solid 409A valuation provider, I’d be remiss not to mention Kruze Consulting. They’re a trusted partner of Eton, and I have a lot of respect for the work they do in startup accounting and finance.
Kruze is a strong choice for venture capital-backed startups that need a 409A valuation done fast, accurately, and in line with IRS rules. They understand early-stage valuations well.
One of their biggest strengths is their experience with startup financials. Kruze isn’t just a 409A firm—they also handle tax and accounting for thousands of VC-backed startups.
That means they know how 409A valuations fit into the bigger financial picture. They also know what auditors expect. This ensures your valuation holds up under review.
Plus, Kruze’s team partners with certified valuation experts, so every report meets the right standards. If the IRS ever takes a closer look, you’ll be in good shape.
In short, if you need a reliable 409A valuation, Kruze is a solid choice. Their process is smooth, their team is responsive, and they make it easy to stay compliant without unnecessary hassle.
If you feel Eton or Kruze may not be the best fit or you want to keep looking around before you settle on your 409a valuation consultant, then the first recommendation I’d make is for VRC.
VRC is a well-respected firm. Like us, they offer valuation & advisory services to businesses. 409a valuations is one of them.
While not a freelance 409A valuation consultant so to speak, they have 1,500 professionals with offices located across the US and the world. VRC’s international presence is a strength, but it can also mean its focus is divided across many markets. For clients needing very specific local market expertise, a more regionally focused firm might provide more in-depth local insights.
The one caveat I would add is that firms of this size usually move slower on your valuations, are more expensive, and are less flexible to your requirements.
There are often more bureaucratic boxes to check off with firms of this size, so you lose the personalized service.
Teknos is a firm of valuation consultants offering a wide range of valuation products. You can use them for 409a valuations.
They have a special focus on technology-related companies.
What I like about them is that they’re upfront about who they help and why they’re specialized to help them. I believe Teknos, and its founder Neil Thakur, are well-respected.
If their pricing and delivery timelines meet your requirements, Teknos is worth your consideration.
Aranca is a firm that does more than valuations. They divert focus to advisory services and research services in addition to their financial valuations.
It’s important to note that Aranca is headquartered and staffed overseas. This geographical factor may introduce certain challenges, particularly regarding time zone differences, which could impact their availability and promptness in service delivery.
Aranca’s ability to support US-based clients in English may also be something that should be assessed. Lastly, I would add that some online reviews indicate mixed feedback from Aranca’s clients.
Aranca may be an appealing option for you, but I would caution that it’s always best to choose a 409a valuation firm that specializes in the service you need. Only then can they truly be on top of rules, regulations, and best practices.
Carta offers 409A valuations as part of its broader equity management platform, which many startups already use to manage their cap tables.
If you’re already on Carta, the process is seamless; your company data is already in the system, which can speed up turnaround and reduce the need for back-and-forth.
Their valuation team uses software to deliver over 16,000 audit-ready 409A reports annually across sectors like tech, healthcare, and Web3.
However, Carta requires a platform subscription. Their 409A service isn’t available as a standalone product. This bundling offers convenience for those using multiple Carta services but may not be ideal for companies seeking just a 409A valuation.
When searching for valuations, you’re likely to come across Simple409A. Admittedly, I put them on the list not to recommend them but to acknowledge their popularity and to give my two cents.
“But, Chris, you said to choose a valuation consultant who focuses on valuations exclusively and 409A is literally in their name.”
You’re right. I did, but in this instance, you have to also weigh up that focus with the customer service and valuation quality that the firm can provide.
If by “Simple409a” they mean “streamlined and automated” valuation processes, this would give me pause because such an approach might not suit businesses with complex valuation needs requiring more nuanced and bespoke analysis.
A quality firm will always have an edge over an independent 409a consultant because they can:
I’ll break these down in more detail:
1. A firm is a team not an individual and this team is full of experts.
And these experts, with years of experience behind each one of them, collectively contribute a depth of knowledge and a breadth of perspectives that an individual consultant might not match.
(In Eton’s case, our experts have experience from Deloitte, Ernst & Young (EY), KPMG, and PwC).
2. Another key differentiator is access to expensive databases.
409A firms invest in high-quality, expensive databases that provide comprehensive market data, trends, and comparables. These resources are crucial for accurate valuations but are often financially out of reach for independent consultants. This access not only enhances the quality of the valuation but also ensures a more data-driven and market-aligned approach.
3. And finally, individual consultants work… well, individually.
Whereas firms have processes that include checks and balances including a second set of eyes during the valuation process that mitigates errors and biases, ensuring a more objective and thorough analysis.
Ultimately, a firm like we have at Eton will get the job done faster, will have a greater chance of being accurate, and entirely defensible against the IRS.
409a valuations cost anywhere from $2000-$8000 when you use Eton VS. The price is based on the company stage and turnaround time.
Most of our clients spend $3000 on their 409a valuation. Other firms such as Deloitte will charge up to $30k for the same service.
There are cheaper options available, usually priced in a subscription model rather than a one-off project fee but the quality and safe harbor status of your valuation is immediately put into question with such consultants.
Related Deep Dive: How Much Does a 409a Valuation Cost?
You can get a 409a valuation from Eton Venture Services (that’s us!) and you’ll have your valuation in your possession within 10 days, if not sooner.
409a valuations are performed by Chartered Financial Analysts (CFAs).
They’re trained to understand and choose methodologies that are most relevant for every valuation and to ensure USPAP compliance.
As long as you choose an experienced valuation firm with a proven track record you will receive an incredibly accurate 409a valuation.
Accuracy is important because an inaccurate valuation could be picked apart by the IRS in an audit and lead to high fees to both you as a company and to the employees you’ve given stock to.
The accuracy of your report will be influenced by:
At Eton, our 409a valuation services take anywhere from 1 day up to 10. It’s the same process regardless of the timeline.
At firms such as Deloitte, the 409a valuation takes months.
We’ve explained the nuances behind timelines in our article here: “how long does a 409a valuation take?“.
Schedule a free consultation meeting to discuss your valuation needs.
Chris Walton, JD, is is President and CEO and co-founded Eton Venture Services in 2010 to provide mission-critical valuations to private companies. He leads a team that collaborates closely with each client’s leadership, board of directors, internal / external counsel, and independent auditors to develop detailed financial models and create accurate, audit-ready valuations.
