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.
If you’re seeking a third-party valuation, you’re likely facing a moment that calls for more than internal estimates or quick calculators. Maybe you’re issuing stock options and need a 409A valuation, preparing financial statements under ASC 350, structuring a deal, or resolving a dispute.
Whatever the case, the numbers need to hold up to auditors, tax authorities, investors, or legal teams.
At Eton Venture Services, we’ve supported thousands of valuations for financial reporting, equity compensation, M&A, and more. But we also know no single firm is the right fit for every situation.
In this article, I’ll walk through what to look for in a third-party valuation partner and highlight six firms, ours included, that consistently deliver reliable, defensible results.
For a business valuation to be accurate and audit-defensible, your third-party provider must have four characteristics:
One of the most crucial factors to consider is the expertise and experience of the valuation firm.
The firm you choose should have experience completing the valuation type you need (whether for an M&A, 409A, or something else entirely). They should ideally also specialize in your industry or have experience working with companies similar to yours.
You should also consider the firm’s experience in handling valuation projects of varying complexities.
A firm that has successfully completed valuations for companies at different stages of growth, from startups to established enterprises, are more likely to be able to adapt their methodologies and provide reliable valuations across different business scenarios.
A reliable valuation firm should have a track record of producing defensible valuations that withstand scrutiny from auditors, regulators, and other stakeholders.
To choose a firm like such, research their accreditations, certifications, professional memberships, and any awards they’ve received.
It’s also important to check if the firm’s professionals are members of reputable valuation associations or hold relevant certifications, such as the Certified Valuation Analyst (CVA) or Accredited Senior Appraiser (ASA) designations.
It can also be valuable to reach out to other professionals in your industry and ask about their experiences with different valuation firms. Their insights and recommendations can help you gauge the firm’s reputation and credibility from a firsthand perspective.
While cost shouldn’t be the sole determining factor, it’s important to consider the pricing structure of the valuation firm.
Compare pricing models, understand what is included in the package, and evaluate the overall value for money.
But keep in mind that choosing a valuation firm solely based on the lowest price may compromise the quality and accuracy of the valuation. You want to ensure the valuation services are reasonably priced and provide good value for the fees charged.
Also, make sure you ask about any additional fees or charges ahead of the valuation. Some firms may have hidden costs, such as charges for additional research or consultations. Understanding the full cost structure upfront will help you make an informed decision and avoid any unexpected financial surprises.
During a complex (and often overwhelming) process like a business valuation, you want to be working with a responsive, friendly, and empathetic business partner.
When you’re researching a valuation firm, look for reviews or recommendations by past clients that attest to this quality.
If all other things are equal (like accreditations and cost), choose a firm that is committed to providing excellent customer service throughout the engagement.
A reputable third-party valuation company that excels in these four areas is more likely to deliver an accurate, audit-defensible valuation that can withstand scrutiny from various stakeholders, such as the IRS, potential partners, buyers, or investors.
The best third-party valuation companies to have on your team this year are the following:
| Valuation Firm | Description |
| Eton Venture Services | A fast, reliable, and customer-obsessed boutique valuation firm that blends Big 4 expertise with personalized service. Eton focuses on delivering defensible and audit-ready valuations for business sales, venture-backed firms, mergers and acquisitions, and high-net-worth individuals. |
| Kroll (formerly Duff & Phelps) | A large firm with decades of valuation experience. Kroll provides comprehensive valuation services across various sectors and geographies, specializing in M&A, financial reporting, compliance, and strategic advisory, known for handling complex and large-scale engagements. |
| Teknos | A valuation provider with a specialization in tech-focused businesses. Teknos offers strategic insights and accurate valuations tailored to the unique needs of technology companies, providing support for growth, transactions, and financial reporting. |
| Aranca | An overseas valuation provider with a strong presence in international markets. Aranca delivers valuation and advisory services focusing on business and intangible assets, catering to corporations, startups, and financial institutions. |
| ResearchValuation | A globally recognized valuation service provider operating since 1975. They are known for their extensive experience, international reach, and comprehensive valuation research services, serving a wide range of industries and business sizes. |
| Stout | A global advisory firm with one of the largest valuation practices in the U.S., serving public and private companies across industries since 1991. They provide comprehensive business and asset valuation services for transactions, compliance, and litigation purposes. |
Below, I’ll go into why these third party valuation firms made the cut as the most trustworthy, high-quality firms around.
Eton Venture Services is a trusted third-party valuation provider for businesses that need independent, high-quality valuations delivered quickly and at affordable rates.
Our approach combines responsive service, senior-level insight, and rigorous methodology refined across thousands of engagements, all without stretching your budget or timeline.
With a reputation built on precision and reliability, clients count on us for reports that meet deadlines, hold up under scrutiny, and support smarter decisions.
Here are three reasons people choose Eton Venture Services:
Many third-party valuation providers force you to choose between speed, quality, and budget. Eton eliminates that tradeoff. You get:
With more than 10,000 valuations delivered and a perfect audit record, Eton is trusted by management teams, boards, and auditors when defensibility isn’t optional.
Whether you’re preparing for a transaction or reporting to stakeholders, you’ll get accurate numbers backed by an expert team that stays involved from start to finish.
Third-party valuation providers often rely on automation or rigid templates. Eton doesn’t. Every valuation is prepared by experienced professionals with over 20 years of combined expertise. We work directly with you to understand the business and the context behind the numbers.
This hands-on, human approach ensures precision when handling:
Instead of forcing your business into a generic model, the final valuation captures your company’s actual strengths and risks, delivering results you can rely on for negotiations, audits, or strategic decisions.
Eton’s team includes Stanford Law alumni and former Big 4 consultants, bringing both legal fluency and financial depth to every engagement. This cross-disciplinary expertise means we can:
You get a valuation partner who delivers precision in the analysis and confidence in the results, so you can move forward with greater certainty and fewer delays or surprises.
Here’s what clients say about working with Eton:
Click here to get a free valuation consultation with Eton Venture Services.
If Eton doesn’t quite fit the bill, my first recommendation would be Researchvaluation.com, or VRC.
This independent global valuation firm has been solely focused on valuations and advisory services since way back in 1975, giving them more than adequate experience to handle your valuation needs.
RVC operates across multiple locations, including major cities in the U.S., giving them a widespread presence. Their in-house valuation services cover a wide range of assets, from businesses and securities to real estate and intangible assets.
However, one potential downside is that with their size and breadth, you may not receive the hyper-specialized attention or niche expertise your specific valuation requires.
📚 You might also like: 7 Top Healthcare Valuation Firms in 2024
Kroll is a well-established global firm specializing in risk and financial advisory solutions, including valuations.
With decades of industry experience, you can count on their expertise in areas like compliance, corporate finance, cyber risk management, investigations, and ESG advisory.
While their longevity and broad capabilities are impressive, it’s worth noting that as a large firm, working with Kroll may feel quite corporate and impersonal.
If you’re looking for a more high-touch, client-focused experience where you’re more than just another name on their roster, a smaller boutique firm might be a better fit.
For businesses in emerging growth industries like information technology, life sciences, alternative energy, or blockchain/cryptocurrency, Teknos Associates could be an excellent option.
This valuation firm specializes in serving those specific sectors and their venture capital backers, bringing expertise in tech company valuation complexities.
Teknos offers a comprehensive suite of services, including corporate advisory, fairness opinions, M&A support, solvency assessments, tax compliance, financial reporting valuations, and litigation support.
Their niche focus is a double-edged sword – if you fall within their target industries, you’ll likely receive highly specialized expertise.
However, if you operate outside of those realms, you’d be better served looking elsewhere.
Aranca is a global research, analytics, and advisory firm that also provides business valuation services.
One potential advantage for some clients is their international presence outside of the U.S., which could be beneficial for companies with a global footprint.
But, for U.S. based businesses, the time differences and misalignment in working hours could prove challenging, especially for a high-touch service like valuations that often requires prompt responses and real-time communication.
If seamless accessibility and attentiveness are priorities for you, a domestically-based firm might be a more suitable choice.
Stout is a global advisory firm that runs one of the largest valuation practices in the country. Since 1991, they’ve been serving clients across the spectrum, from Fortune 500 corporations to smaller privately held companies.
One thing that stands out about Stout is how extensive their valuation services are, covering businesses, securities, and various asset types including real estate and intangible assets.
If your valuation needs to withstand regulatory, audit, or legal scrutiny, and support better outcomes in transactions and disputes, Stout has the technical rigor to deliver.
That said, as a larger advisory firm, you may experience a more corporate, process-heavy engagement than with a boutique focused solely on valuation.
| 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 $2000 depending on valuation type) |
| 2 | VCR | Over 300 U.S.-based professionals and an international network of nearly 1,500 valuation experts | Moderate timeline | 7/10 | Unknown |
| 3 | Kroll | Has strong experience in retail and real-estate industry valuations | Slow | 6/10 | Unknown |
| 4 | Teknos | Experience valuing businesses in information technology, life sciences, alternative energy/cleantech, and blockchain technology/cryptocurrency | Moderate timeline | 8/10 | Unknown |
| 5 | Aranca | Experience valuing companies from around the world | Moderate timeline | 7/10 | Unknown |
| 6 | Stout | Over 30 years of experience serving Fortune 500 corporations and private companies | Unknown | 8/10 | Unknown |
We’ve gone through the factors to consider when selecting a valuation firm as well as top 5 valuation firms. But it’s also equally important to be aware of common pitfalls to avoid.
Here are some mistakes to watch out for:
Every industry has its intricacies and unique factors that influence valuation.
Choosing a valuation firm that lacks expertise in your industry may result in an inaccurate valuation.
Look for firms that specialize in your specific industry to ensure the valuation is conducted by professionals who understand the nuances of your business.
Client reviews and feedback provide valuable insights into the quality and professionalism of a valuation firm.
Ignoring this feedback may lead to choosing a firm that does not meet your expectations.
Take the time to research and reach out to past clients to gather their experiences and recommendations.
Valuation is not a one-time event. It’s an ongoing process that may require future updates or further analysis.
Neglecting post-valuation support can result in additional costs or the need to seek a new valuation firm altogether.
Ensure that the valuation firm provides ongoing support and is available for future consultations or updates to guarantee a seamless valuation experience.
Have questions about the third-party valuation process? I answer them below:
A third-party company valuation is a comprehensive assessment of a company’s economic value, taking into account various factors such as its assets, liabilities, financial performance, market dynamics, and future prospects.
When conducting a business valuation, experts analyze the company’s financial statements, including its balance sheet, income statement, and cash flow statement.
They also consider the company’s tangible and intangible assets, such as:
The valuation process also involves evaluating the company’s historical financial performance and projecting its future earnings potential.
Business valuation approaches can vary depending on the industry, the purpose of the valuation, and the specific circumstances of the company being valued.
Common valuation methods include:
Here are a few scenarios where a business might need to hire a third-party valuation company:
Schedule a free consultation meeting to discuss your valuation needs.
Chris Walton, JD, 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.
