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.
The results of a business valuation can influence many critical decisions for your business.
Whether you need an edge in merger negotiations or a reliable partner to handle ASC 350 and 409A compliance, having a top-tier valuation consultant is a valuable asset for any firm.
In this article, I’ll outline the services offered by my firm, Eton, where our team specializes in business valuations for compliance, sales, acquisitions, and other key areas.
I’ll also suggest four alternative business valuation consultants in case we’re not the right fit for you at the moment.
There’s no shortage of business valuation consultants on the market, from Big 4 firms to small specialized teams and everything in between.
How do you know where to place your trust?
From my 15 years experience in the valuation industry and as a business founder, these are the four factors I’d consider:
If you were to go to the hospital, you would trust what the nurses and doctors did. That’s because they have credentials to prove their expertise.
While not a matter of life and death, business valuators are the same. We have different types of professional accreditations to indicate specialization and level of expertise in the valuation field.
You only want to consider business valuation consultants with professional accreditation.
For example, at Eton our valuators have the following:
You also have to consider the consultants track record in the industry.
These are all part of what makes the valuator trustworthy. If they have client testimonials you can look there for proof of value and demonstrated experience.
At Eton, we’ve been in the business valuation business since 2010. Ever since then, our team has conducted over 3,000 business valuations for hundreds of venture-backed startups and high-growth companies.
When it comes to business valuations, speed is as important as accuracy. This is because the valuation is often prompted by a need and that need has a timeline.
Standard business valuations should be completed in no more than 10-14 days.
A quality firm will be able to deliver sooner if needed but may charge additional costs.
If the valuation firm insists it will take months, they probably don’t have the resources or expertise required to complete your valuation. Or as with larger firms, they have too many bureaucratic processes holding up progress.
Business valuation is a service that should come with an excellent client experience.
You and other key stakeholders should be able to ask questions and get answers quickly as well as be guided through the entire process. That way you feel supported and confident in the results of the valuation.
The best business valuation consultants to have on your team this year are the following:
| Consultant | Description |
|---|---|
| Eton Venture Services | Eton is a boutique consultancy that specializes in business valuations, offering services like 409A valuations, M&A valuations, and complex valuations (e.g., crypto assets). Eton is known for combining Big 4 expertise with personalized client service and quick turnaround times. They provide audit-ready, defensible valuations for startups, VC-backed companies, and high-net-worth individuals. |
Kroll (formerly Duff & Phelps) | A global leader in valuation, Kroll offers services for M&A, tax, financial reporting, and strategic advisory. Their expertise spans industries and geographies, providing robust, defensible valuations supported by extensive data and industry knowledge. Known for handling complex valuations, including disputes and litigation. |
| Teknos | Teknos offers valuation and advisory services, including business valuations for M&A, financial reporting, and compliance. They are recognized for their experience in handling valuations for high-growth and middle-market companies, providing detailed and defensible reports to guide strategic business decisions. |
| Aranca | Aranca is a global research and advisory firm offering a wide range of valuation services, including business, intangible asset, and IP valuations. Known for their comprehensive reports, they cater to corporations, financial institutions, and startups, with a focus on detailed analysis and market insights. |
ResearchValuation.com | Specializes in providing valuation research, offering comprehensive insights into a company’s worth by leveraging advanced methodologies. They focus on research-driven approaches and custom solutions tailored to client needs. Known for accuracy and depth, they serve a range of businesses from startups to established firms. |
Below, I’ll go into why these business valuation consultants made the cut as the most trustworthy, high quality firms around.
At Eton, our valuation consultancy team brings the expertise gained from years at Big 4 firms and blends it with the personalized attention and client focus of a boutique practice.
Every service is tailored to meet the unique needs of our clients. We dedicate our full attention to each valuation, delivering results promptly without compromising on precision.
Now, let me walk you through the types of valuations we offer, the process we follow, our typical clients, and our standard pricing.
Business valuations can be intricate, with some cases more complex than others. That’s why it’s crucial to choose a provider who has successfully navigated these complexities and can make the process seamless for you.
At Eton, we specialize in a wide range of business valuations, including:
Our valuation process typically takes no more than 10 days once we receive your documents—regardless of the complexity.
If you require a faster turnaround, we offer expedited services that can deliver results in as little as one day, though additional costs apply.
Here’s a breakdown of our 10-day valuation process:
Day 1: Information Collection
Once we receive all your documents (financials and business details), we begin by thoroughly reviewing everything to ensure nothing is missing and to gain a deep understanding of your business.
Day 2: Valuation Modelling & Analysis
With the information in hand, we dive into the analysis, looking at your cap table, business stage, and more. This is where our expertise shines as we decide on the most accurate methodologies to value your business.
Day 3-7: Valuation Prepared
We apply the chosen methodologies and conduct detailed calculations to prepare your valuation.
Day 8: Draft Report Delivered; Client Review & Return
Once the initial valuation is complete and internally reviewed, we’ll send you a draft report. This report outlines the methods, assumptions, data, and conclusions we’ve reached.
At this stage, you’ll review the report and provide any feedback. We typically discuss this on a call where we answer your questions and address any concerns in real-time.
Most clients approve the valuation here, but occasionally a second revision may be required.
Day 10: Final Valuation Confirmed & Delivered
After incorporating your feedback, we finalize the valuation and send it for your final approval.
Beyond the 10-day process, we provide ongoing audit support and are always available to explain the valuation or answer any follow-up questions.
We collaborate with businesses across various stages, from early-stage startups to fast-growing scale-ups and established corporations. We’ve also frequently work closely with private equity and law firms.
Clients are often referred to us by their legal teams or previous clients who trust us for our accurate valuations and outstanding service.
Here’s what our clients have experienced working with us:
Kroll is a global firm that specializes in risk and financial advisory solutions.
Their expertise includes valuation, compliance and regulation, corporate finance and restructuring, cyber risk management, investigations and disputes, digital technology solutions, and environmental, social, and governance (ESG) advisory.
They have decades of experience in the industry you can count on.
However, they are a very large firm. And that means it will feel very corporate to work with them. If you want high-touch service focused on you as more than just a name on their client roster, we recommend going with someone smaller.
Teknos Associates is a valuation firm specializing in emerging growth companies and their venture capital backers, focusing on industries like information technology, life sciences, alternative energy/cleantech, and blockchain technology/cryptocurrency.
Their services include:
I like that Teknos is so specific about who they work with. It saves businesses who don’t fit that criteria time and effort they could spend assessing relevant firms.
If you do find you fit their criteria and specialty, Teknos is worth the consideration. However if you don’t or if you find they’re turnaround time is too long, you can get in touch with me here.
Aranca is a comprehensive global research, analytics, and advisory firm that also handles some business valuation services.
They specialize in global clients because they are based outside of the US. For some, this is an advantage. While for others, the time difference and misalignment in working hours can prove difficult.
Business valuations are such a high-touch service that requires fast responses. So US based businesses may struggle to get the face-time and attentiveness they need to feel confident in the valuation.
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If Eton doesn’t feel like a fit, the first recommendation I’d make is for valuationresearch.com, or VRC.
VRC is an independent global valuation firm that has been focusing on valuations and advisory services since 1975.
They operate across multiple locations, including major cities in the U.S.
Their in-house valuation services cover businesses, equity and debt securities, loans, derivative instruments, structured products, intangible assets, fixed assets, and real estate.
My one word of caution is that due to their size and scope, you may not get much attention or the hyper-specialization your valuation requires.
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| Experience | Time to completion | Customer service | Cost | ||
|---|---|---|---|---|---|
| 1 | Eton VC | Big 4 trained financial analysts with experience across all business valuation types | Extremely fast (10 days or less) | 10/10 | Affordable (starting at $5000) |
| 2 | VCR | Over 300 U.S.-based professionals and an international network of nearly 1,500 valuation experts | Moderate timeline | 7/10 | Unknown |
| 3 | Teknos | Experience valuing businesses in information technology, life sciences, alternative energy/cleantech, and blockchain technology/cryptocurrency | Moderate timeline | 8/10 | Unknown |
| 4 | Aranca | Experience valuing companies from around the world | Slow | 6/10 | Unknown |
| 5 | Kroll | Has strong experience in retail and real-estate industry valuations | Slow | 7/10 | Unknown |
Have questions about business valuation consultants? I answer them below:
Yes, a business valuation is beneficial in several circumstances.
These include:
The party responsible for paying for a business valuation often depends on the context in which the valuation is being conducted:
Generally, a basic valuation might take a few weeks, while more complex situations could take several months.
How long it takes depends on a few factors:
Schedule a free consultation meeting to discuss your valuation needs.
Chris co-founded Eton Venture Services in 2010 to provide mission-critical valuations to venture-based companies. He works closely with each client’s leadership team, board of directors, internal / external counsel, and independent auditor to develop detailed financial models and create accurate, audit-proof valuations.
