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Part 1: Confidential Consultation & Scope We begin by understanding the business, purpose of the valuation, effective date, ownership interest, intended users, timing, and available information. From there, we determine the appropriate scope and report format for the assignment. -
Part 2: Engagement Letter & Information Request Once the scope is confirmed, we provide an engagement letter describing the assignment, responsibilities, timing, and professional terms. We also provide a focused document request tailored to the purpose and complexity of the valuation. -
Part 3: Document Collection & Management Discussion We review the available financial statements, tax returns, ownership documents, operating information, and other relevant records. When appropriate, we conduct a management discussion to clarify business operations, financial trends, unusual items, risks, and valuation assumptions. -
Part 4: Valuation Analysis & Reconciliation We analyze historical and current financial performance, normalize earnings where appropriate, evaluate the relevant income, market, and asset approaches, and consider ownership-level factors. The indications of value are then reconciled into a well-supported conclusion. -
Part 5: Report Delivery & Discussion We deliver the agreed valuation report or memorandum documenting the analysis, assumptions, methods, and conclusion. We remain available to discuss the findings and respond to reasonable questions from the client and other authorized professional advisors.
Independent Business Valuation & Financial Analysis for Decisions That Matter
Independent valuation, transaction advisory, litigation support, tax and estate valuation, acquisition analysis, and related financial advisory services for privately held businesses.
HOW WE HELP
Business Valuation Services for Privately Held Companies
TRANSACTION ADVISORY & FINANCIAL DUE DILIGENCE
Financial Analysis Beyond the Valuation
BVA provides focused transaction analysis to evaluate sustainable earnings, cash conversion, working capital, debt-service capacity, and transaction risk for buyers, sellers, lenders, and investors.
A Clear, Disciplined Valuation Process
HOW THE ENGAGEMENT WORKS
"Working with Josh has been one of the best decisions we've made. We're happy to recommend him to anyone looking to understand the value of their company."
James Wacksman ⭐⭐⭐⭐⭐
Verified Client Reviews
Newlin W. ⭐⭐⭐⭐⭐
IRS-Compliant Business Valuation
“Joshua was excellent to work with, extremely knowledgeable, and someone I will use again. He understands business valuation forwards and backwards…”
Will A. ⭐⭐⭐⭐⭐
Internal Sale Business Valuation
“Joshua was great to work with. Professional, knowledgeable, thorough, friendly. He was very detailed in his explanations, yet explained things in simple terms. I highly recommend his services!”
Emil Q. ⭐⭐⭐⭐⭐
Independent Valuation Memo
“Fast turnaround, skilled valuer, and very easy communication throughout the project. Delivered exactly what was needed on time and with professionalism.”
Stacy C. ⭐⭐⭐⭐⭐
Business Valuation Report
“Very impressed with the report Josh delivered. Very detailed and extremely helpful to help us understand where we are now to chart a path to the future. Would highly recommend!”
John M.⭐⭐⭐⭐⭐
Quality of Earnings Assessment
“Joshua really knows his stuff in the M&A space for SMB and SBA. I highly recommend!”
Zion M. ⭐⭐⭐⭐⭐
Business Acquisition Advisory
“Josh is a competent and reliable M&A Professional who will go all out to make his clients happy.”
ABOUT THE VALUATION ANALYST
Valuation Experience Behind Every Engagement
Business Valuation Advisors is led by Joshua Himan, CVA®, BCA®, CMEA®, a private-company valuation specialist with more than 15 years of experience analyzing closely held businesses.
Josh’s work includes tax and estate valuation, shareholder and partner matters, litigation support, acquisition and SBA valuation, ROBS and retirement-plan assignments, financial reporting, intangible assets, and Quality of Earnings and financial due diligence.
His perspective combines professional valuation standards with practical transaction experience as an investor, operator, buyer, and advisor. That experience is particularly valuable when financial statements require normalization, ownership interests are complex, or the purpose of the valuation demands a well-supported and defensible conclusion.
Each engagement is developed around the specific valuation date, purpose, ownership interest, standard of value, available evidence, and intended users.
- Certified Valuation Analyst (CVA)®
- Business Certified Appraiser (BCA)®
- Certified Machinery & Equipment Appraiser (CMEA)®
- Financial Modeling and Valuation Analyst (FMVA)®
- Professional Bookkeeper (PB)®
- Profit and Growth Expert (PGE)®
- Certified Turnaround Analyst (CTA)®
- Accredited Small Business Consultant (ASBC)®
- Masters of Science in Applied Economics (MSAE) — Johns Hopkins University
- Masters of Science in Finance (MSF) — George Washington University
- B.B.A. in Finance — Radford University
- Certificate Forecasting in Organizations — Johns Hopkins University
- Certificate Real Estate Finance and Investment — New York University
QUANTITATIVE & MARKET ANALYSIS
Alex Melesko, CFA
Alex Melesko supports Business Valuation Advisors with quantitative analysis, market data, financial modeling, and research for complex private-company valuation assignments.
Prior to BVA, Alex worked as a Senior Data Scientist at Bridgewater Associates and has also served as a quantitative analyst and corporate financial analyst. His background combines fundamental financial analysis with advanced quantitative methods and market-data research.
Alex’s experience is particularly valuable in assignments involving market evidence, financial modeling, statistical analysis, benchmarking, and the evaluation of complex financial information.
- Charted Financial Analyst (CFA)®
- Master of Science in Computational Finance (MS) – Carnegie Mellon University
- Master of Business Administration (MBA) – Carnegie Mellon University
- Bachelor of Science in Mathematics and Actuarial Science – University of Connecticut
Frequently Asked Questions
A business valuation may be needed whenever the value of a privately held business or ownership interest affects an important decision, transaction, reporting requirement, or dispute.
Common purposes include estate and gift planning, partner or shareholder buyouts, ownership transfers, litigation, business acquisitions or sales, SBA financing, ROBS and retirement-plan matters, financial reporting, and other tax or ownership-related matters.
The appropriate scope, standard of value, valuation date, and report format depend on the specific purpose of the engagement.
The information required depends on the purpose and complexity of the valuation.
Typical items include recent tax returns and financial statements, interim financial information, ownership records, governing agreements when relevant, owner compensation, nonrecurring or discretionary expenses, debt information, and background on the company’s operations, customers, industry, and recent financial performance.
BVA provides a focused document request tailored to the engagement so you know what is actually needed and can avoid gathering unnecessary information.
BVA considers the Income, Market, and Asset Approaches as appropriate for the specific assignment.
Depending on the facts and available information, methods may include discounted cash flow, capitalization of earnings, guideline public company or transaction analysis, and adjusted net asset methods.
Not every approach or method is appropriate for every business. The valuation analyst selects and reconciles the methods based on the purpose of the engagement, characteristics of the subject company and ownership interest, available evidence, and the applicable standard of value.
Timing depends on the complexity of the business, the report format, the availability and quality of the information provided, and the intended use of the valuation.
Straightforward assignments can often be completed within several business days after complete information is received, while more complex tax, litigation, multi-entity, or specialized assignments may require additional time.
If you are working against a specific deadline, let us know at the outset. BVA will confirm a realistic timetable and whether an expedited engagement is appropriate.
Yes. BVA performs independent business valuations for estate and gift tax planning, ownership transfers, minority and noncontrolling interests, and other tax-sensitive matters involving privately held businesses.
These engagements are developed around the applicable valuation date, ownership interest, standard of value, and intended tax purpose. The analysis may consider company-level value, ownership-level adjustments, marketability or control considerations when appropriate, and the specific facts affecting the subject interest.
Where the assignment is intended for tax reporting or a qualified appraisal requirement, the scope and documentation are tailored to the applicable purpose and professional requirements.
Yes. BVA performs independent business valuations and related financial analysis for acquisition financing, SBA transactions, and other lender-related purposes.
The required scope depends on the transaction, financing structure, lender requirements, and applicable SBA or underwriting standards. When an independent valuation is required, BVA works with the parties to establish an appropriate scope, valuation date, ownership interest, and report format.
Final acceptance of any valuation rests with the lender, SBA, or other intended user, so BVA does not guarantee third-party or governmental acceptance.
A Quality of Earnings report is a form of financial due diligence focused on the sustainability, reliability, and quality of a company’s reported earnings rather than simply estimating the value of the business.
Depending on the engagement, the analysis may include EBITDA or SDE normalization, review of seller add-backs, revenue and margin trends, Proof of Cash, working-capital analysis, recurring and nonrecurring items, related-party transactions, customer concentration, and other factors affecting sustainable earnings.
A QoE analysis is particularly useful in business acquisitions, sales, SBA-financed transactions, recapitalizations, and other situations where buyers, sellers, lenders, or investors need to understand the earnings that are reasonably expected to continue after the transaction.
Yes. BVA performs independent valuations for partner buyouts, shareholder disputes, internal ownership transfers, buy-sell matters, succession planning, ownership restructuring, and minority or noncontrolling interests.
These assignments may require analysis of the business as a whole as well as the specific rights, restrictions, and economic characteristics of the ownership interest being valued.
Depending on the purpose and applicable standard of value, the analysis may also consider control, marketability, transfer restrictions, governing agreements, and other ownership-level factors that can affect value.
The appropriate report depends on the purpose of the valuation, intended users, complexity of the assignment, available information, and applicable professional or regulatory requirements.
Depending on the engagement, the deliverable may be a focused valuation memorandum, a calculation or summary report, or a more detailed narrative valuation report.
BVA determines the appropriate scope by considering the effective date, ownership interest, standard and premise of value, intended use, and level of documentation needed to support the conclusion. We discuss the recommended report format with you before the engagement begins.
The cost of a business valuation depends on the purpose of the engagement, complexity of the business, number and type of ownership interests being valued, quality of the available records, required report format, and timing.
After a brief confidential discussion, BVA will recommend an appropriate scope and provide the engagement terms and fee before work begins.
Our fees are based on the scope of work and professional effort required.
The contents of the final report depend on the agreed scope and report format.
A detailed business valuation report will generally identify the subject company or ownership interest, purpose of the valuation, effective date, standard and premise of value, information considered, financial analysis and normalization adjustments, valuation approaches and methods, significant assumptions, reconciliation, conclusion of value, and applicable assumptions and limiting conditions.
More concise reports or valuation memoranda may present the core analysis in a shorter format while still documenting the basis for the conclusion.
In private-company valuation, the terms “valuation” and “appraisal” are sometimes used interchangeably, although their meaning can depend on the type of property, professional standard, and purpose of the assignment.
“Appraisal” is also commonly used for real estate, machinery, equipment, and other tangible property, while “business valuation” more specifically refers to the analysis of a business, ownership interest, or related intangible asset.
For each BVA engagement, the engagement letter defines the subject interest, effective date, purpose, standard of value, scope of work, and report format so the service being performed is clear.
Yes. BVA performs independent valuations involving employer stock, privately held business interests, promissory notes, and other assets held in or connected with retirement plans.
These assignments may arise in connection with ROBS arrangements, annual valuation requirements, plan termination or distribution, ownership changes, self-directed retirement accounts, or other retirement-plan matters.
The appropriate scope depends on the asset being valued, the purpose of the valuation, the applicable valuation date, and the requirements of the plan, trustee, administrator, or other intended user.
Yes. BVA provides litigation-related valuation and financial analysis services for matters involving privately held businesses and ownership interests.
Depending on the engagement, services may include independent business valuation, appraisal review and rebuttal, shareholder or partner dispute analysis, lost profits or economic damages analysis, attorney consulting, and deposition or trial support.
Expert witness services are accepted on a case-by-case basis after considering the nature of the matter, applicable professional requirements, conflicts, available evidence, and the scope requested by counsel.
Yes. BVA can assist with international and cross-border private-company valuation matters when the assignment is within our expertise and sufficient information is available.
These engagements are scoped around the applicable valuation date, purpose, ownership interest, currency, standard of value, and the financial and market information relevant to the subject company.
When jurisdiction-specific tax, legal, accounting, or regulatory issues are involved, BVA may coordinate with the client’s local attorneys, accountants, or other advisors as appropriate.
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