Business consulting
Business valuation
We value companies and shareholdings transparently and in a way that fits the purpose. We explain methods, assumptions and value ranges so that you can use the result for your decision.
Service area Business consulting
What matters to you
Whether you are buying or selling a business, paying out a co-shareholder, arranging succession within the family or contributing assets in kind to a company: the starting point is almost always the question of what the business or the shareholding is really worth. A sound valuation provides an objective basis for this.
We value companies, business units and shareholdings using recognised business valuation methods. We disclose the assumptions we make and how changes affect the result, so that you understand the value and can defend it towards buyers, banks, co-heirs or authorities.
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The purpose determines the valuation
Before every valuation we clarify its purpose, valuation date and applicable standards. Purchase negotiations, corporate transactions or court proceedings may call for different standards of value and requirements.
The Italian Civil Code (Codice Civile) expressly requires a valuation in several cases, for example for contributions in kind to a corporation, which must be supported by a sworn valuation report (relazione giurata di stima), or for the exit payment to a withdrawing shareholder (recesso).
- Buying, selling and investing in businesses
- Business succession and estate division
- Withdrawal or exclusion of shareholders
- Contributions in kind, business contributions and conversions
- Expert reports for courts, arbitration proceedings and authorities
Methods and assumptions
In practice, income-based approaches are used above all, in particular the discounted cash flow (DCF) method and the capitalised earnings method (metodo reddituale). In addition, we use asset-based methods (metodo patrimoniale), mixed methods and market comparisons using multiples to check the plausibility of the result.
What matters is the quality of the planning on which the valuation is based. Together with you, we check whether revenue, cost and investment assumptions are realistic, adjust historical figures for one-off or non-operating effects and derive a capitalisation rate that reflects the company’s actual risk.
What to watch out for
In small and medium-sized family businesses in particular, value often depends heavily on the owner, individual customers or non-operating assets such as privately used properties. If these factors are not properly identified, the result can easily be a value that cannot be achieved on the market.
The difference between the value of the entire business and the value of a minority stake is also often underestimated. Lack of influence, transfer restrictions in the articles of association or pre-emption rights can significantly affect the value of a share and should be explicitly considered in the valuation.
Tax aspects
Valuations often have tax consequences, for example when calculating capital gains, for gifts and inheritances, or for the redetermination of the tax value of shareholdings (rideterminazione del valore delle partecipazioni) based on a sworn appraisal. We therefore align the economic valuation with the tax assessment from the outset, so that no conflicting values arise.
Step by step
How we work together
Clarifying purpose and engagement
We discuss the purpose, valuation date and addressees of the valuation and determine which type of value is to be established.
Documents and analysis
We analyse financial statements, plans and contracts, hold discussions with management and normalise the figures.
Valuation and plausibility check
We apply the appropriate methods, cross-check the result with comparative methods and show the impact of key assumptions.
Report and explanation
You receive a written valuation report, which we discuss with you and, on request, with your negotiating partners or advisers.
Frequently asked questions
Answers on the purpose of the valuation, methods and required documents.
Which business value is the right one?
There is no single correct value. Depending on the purpose, either an objectified value or a decision value for a particular party is required. At the outset, we clarify which concept of value is relevant to your situation.
What documents are required?
Usually the annual financial statements of recent years, a current interim balance sheet, the business plan and key contracts, such as lease, supplier and financing agreements. If there is no plan, we prepare one together with you.
Does a valuation make sense for small businesses too?
Yes, particularly in the case of a family handover or the departure of a partner, a valuation creates an objective basis and helps prevent disputes. The scope is adapted to the size of the business and the occasion.
When is a sworn valuation report required?
The law requires a sworn valuation report, among other things, for contributions in kind to corporations and for certain tax valuations. We clarify in advance whether such a report is needed in your case and who is authorised to prepare it.
How can we help you?
In the initial meeting, we clarify your request and discuss what support you need.