“I’ve taken other business valuation courses, but this program is far more practical. The combination of valuation training, deal analysis, models, templates, and real-world examples makes it something I can actually use—not just study. It gave me a much clearer framework for analyzing privately held businesses and evaluating transactions with confidence.”
"Hands down the best course I have taken on business valuation in my entire 30 year career of being a business broker. This course is a must for anyone interested in SME business transactions
Frank ⭐⭐⭐⭐⭐
Business Broker
Kiersten ⭐⭐⭐⭐⭐
CPA
Thanks to this training, I feel like I’ve leveled up. I’m now able to evaluate private businesses globally, build investor-grade valuations, and present proposals that earn trust. It’s an investment that already pays dividends.
Jacob ⭐⭐⭐⭐⭐
Financial Analyst
Josh and team break down even the most complex valuation methods in a way that makes sense. The plug-and-play models saved me hours, and the skills I gained are already helping me with valuation projects.
Christian ⭐⭐⭐⭐⭐
ETA Investor
As an acquiring entrepreneur, what I needed was not just valuation theory but a system I could apply immediately. This course delivered—real world methods, understandable instruction, and financial models I actually use in every analysis.”
Eesha ⭐⭐⭐⭐⭐
Private Equity Analyst
Before this course, I was intimidated by financial statements and blind to many deal risks. Now I can spot hidden issues and opportunities, build a valuation I’m proud of, and negotiate confidently. This isn’t just theory—it’s real tools I use today.”
Ronald ⭐⭐⭐⭐⭐
M&A Professional
If you want to structure better deals, understand what’s really going on behind the numbers, and close more transactions—this is the training.
Jeff ⭐⭐⭐⭐⭐
Managing Director
“As a credentialed valuation professional, I was impressed by how this course distills complex methodologies into actionable frameworks. It’s rare to find training that strikes the right balance between academic depth and practical application.
Ever feel like most valuation courses leave you with half the picture?
Many valuation courses teach the formulas without showing how the pieces fit together in a real privately held business. Others rely on rules of thumb without explaining the financial logic behind them.
This program was built to close that gap—connecting valuation theory with financial analysis, transaction economics, and the practical realities of buying, selling, financing, and advising small-to-midsize businesses.
That’s why I went deep. I earned graduate-level training in finance and economics, collected certifications like CVA, BCA, and FMVA, and read over 400 books on valuation and private equity. At the same time, I’ve been in the trenches—operating, buying, and selling real SMEs, negotiating deals, and putting my own capital on the line.
- Theory without enough real-world application
- Rules of thumb without explaining the “why”
- Little attention to owner adjustments, earnouts & seller financing
- Working capital, CapEx & risk factors often overlooked
- Valuation taught separately from deal economics
Why I Built This Program
Over more than 15 years of working with privately held businesses, valuations, acquisitions, and financial analysis, I’ve seen how difficult it can be to connect valuation theory with the realities of an actual transaction.
I built this program to provide that connection. You’ll learn a structured process for analyzing financial statements, identifying risks, normalizing earnings, selecting appropriate valuation methods, and evaluating the economics of a privately held business.
The program also includes practical models, templates, and examples designed to help you move from understanding the concepts to applying them with greater confidence.
Instructor — Josh Himan, CVA®, BCA®
Josh Himan is the Founder and CEO of Business Valuation Advisors, Inc. and has more than 15 years of experience analyzing privately held businesses, acquisitions, and financial performance. His work focuses on business valuation, Quality of Earnings, transaction due diligence, ownership matters, and financial advisory assignments.
Josh’s interest in valuation began after leaving the military and evaluating businesses to acquire with his own capital at risk. That experience led to a career focused on understanding how privately held companies are valued, financed, acquired, and operated in the real world.
Over his career, Josh has evaluated thousands of privately held businesses and worked with business owners, buyers, investors, attorneys, lenders, brokers, and advisors. His teaching combines recognized valuation principles with the practical financial analysis and transaction experience he uses in professional engagements.
Josh holds graduate degrees in Applied Economics from Johns Hopkins University and Finance from The George Washington University, along with professional credentials in business valuation, machinery and equipment appraisal, financial modeling, turnaround analysis, and small-business consulting.
- Certified Valuation Analyst (CVA)®
- Business Certified Appraiser (BCA)®
- Certified Machinery & Equipment Appraiser (CMEA)®
- Financial Modeling and Valuation Analyst (FMVA)®
- 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
Instructor — Alex Melesko, CFA®
Alex Melesko, CFA®, is a quantitative finance professional with extensive experience in investment analysis, financial modeling, data science, and institutional investment research.
Prior to joining Business Valuation Advisors, Alex served as a Senior Data Scientist at Bridgewater Associates, one of the world’s largest hedge funds. He has also worked as a quantitative analyst for a mutual fund and as a corporate financial analyst, giving him experience across investment management, financial analysis, and corporate decision-making.
Alex combines quantitative methods with fundamental financial analysis to help translate complex financial concepts into practical frameworks. He has also taught finance and quantitative concepts as an adjunct professor.
Alex holds graduate degrees in Computational Finance and Business Administration from Carnegie Mellon University and a bachelor’s degree in Mathematics and Actuarial Science from the University of Connecticut.
- 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
Program Participant Experiences
"Josh is the Professor Damordran of private businesses. He is skilled in explaining difficult terms in the valuation process. His practical everyday tools are amazing and I have never ever gotten this much value from an online course before."
"Josh is truly the best in the world at what he does and that is valuing companies for business transactions. We worked with accountants and other financial consultants that charged a lot of money but never gave us the financial tools to close deals. If you are looking to buy or broker business, I highly recommend you take this course, as its value will last your entire career."
"Accounting was my least favorite subject as an undergraduate student. Josh does a phenomenal job of explaining, in a logical progression, how financial data fits together for a business valuation, setting this apart from any other course I’ve ever taken! The lessons include a variety of fun learning tools that enhanced my retention of key points. After completing this course, I have the confidence to read financial statements and value any company that comes across my desk."
"This is the course I have been waiting for. As a Wall Street veteran, I was not looking for another generic course on business valuation or financial modeling. This course has given me incredible skills in not only valuing companies but also becoming a true deal engineer. If you are looking to master leveraged buyouts, I strongly recommend this course for its clarity and resource tools."
Program Curriculum
Five-part training in financial analysis, valuation, transactions, private equity, and market-based methods.
Course Details
Part 1: Financial Statement Analysis for Small-to-Midsize Businesses
Privately held companies often have financial statements prepared with varying levels of detail, consistency, and accounting rigor. Before a business can be valued or a transaction analyzed, you need to understand how those statements were created and whether the reported numbers can be relied upon.
Part 1 builds that foundation by teaching you how financial statements, general ledgers, accounting records, cash flow, and working capital fit together—so you can identify issues, understand the economics of the business, and begin the valuation process with better information.
Part 2: Fundamental Valuation for Small-to-Midsize Businesses
Once the financial statements are understood, the next step is determining the sustainable cash flow and risk profile of the business.
Part 2 teaches you how to normalize earnings, evaluate owner compensation, estimate reinvestment needs, analyze working capital and capital expenditures, develop forecasts, assess risk and discount rates, and convert expected cash flow into an indication of intrinsic value.
Part 3: Transaction Analysis for Small-to-Midsize Businesses
A business can have one indicated value but very different economics depending on how a transaction is structured.
Part 3 focuses on the practical mechanics of buying and selling privately held businesses—including balance-sheet adjustments, working capital, equipment value, related-party items, seller proceeds, stock versus asset transactions, and deal structure. The goal is to connect valuation with what actually changes hands in a transaction.
Part 4: Private Equity & Acquisition Analysis for Small-to-Midsize Businesses
Valuation is only one part of deciding whether an acquisition is attractive. Investors also need to understand how financing, operating performance, debt paydown, and exit assumptions affect the return on invested capital.
Part 4 introduces private-equity and acquisition analysis, including leveraged finance, return metrics, advanced DCF concepts, private-equity fundamentals, and cash-flow waterfalls. You’ll learn how to connect purchase price and capital structure to the economics of owning and ultimately exiting the investment.
Part 5: Market Approach for Small-to-Midsize Business Valuation
Market evidence can be powerful, but only when the underlying data and comparable companies are understood.
Part 5 teaches you how to evaluate market data, identify relevant comparables, interpret valuation multiples, and use statistical tools such as regression analysis to better understand relationships in the data. The focus is on applying market evidence thoughtfully rather than relying on a single industry multiple or rule of thumb.
Earn Completion Certificates
Each course in the program includes a certificate of completion recognizing your successful completion of the training. Certificates can be added to your résumé, LinkedIn profile, or professional portfolio to document your continuing education in private-business valuation and financial analysis.
Certificates of completion recognize completion of the training program and do not represent a professional valuation credential or license.
Models, Templates & Professional Resources
The program includes practical valuation models, financial analysis tools, due diligence workpapers, transaction templates, and other resources designed to help you apply the training to privately held businesses and real-world deal analysis.
E-Book Library
Access a growing library of 70+ guides covering private-business valuation, financial analysis, M&A, acquisition strategy, cash flow, and related topics. Below is a sample of the resources included with the program.
Everything You Need to Analyze and Value Privately Held Businesses
Built from more than 15 years of experience in private business valuation, M&A, and transaction analysis, this program combines practical training with the models, templates, and reference tools used to analyze privately held businesses and transactions.
The goal is to give you a clear, repeatable framework you can return to when valuing a business, evaluating an acquisition, or supporting client work—without having to piece the process together from disconnected resources.
- Complete Private Business Valuation & Deal Analysis Program
- Valuation Models, Spreadsheets & Analytical Tools
- Transaction, Acquisition & Private Equity Templates
- 70+ E-books & Professional Reference Resources
- Lifetime Access to Course Content & Future Updates
- Certificates of Completion
- Business Valuation Advisors Mastermind Community & Supplemental Lessons
Mike
I’ve spent years in business brokerage, but I always felt like my valuations were more art than science. This program gave me the frameworks and tools to back my numbers with confidence. The models alone save me hours every week, and my clients notice the difference."
⭐⭐⭐⭐⭐
Michael R., Business Broker
Sammie
As a first-time buyer, I was overwhelmed by financials and didn’t know who to trust. This course broke it down step-by-step and showed me exactly how to value a business without second-guessing myself. For the price, the value is insane.
⭐⭐⭐⭐⭐
Sammie, Acquisition Entrepreneur
Jared
Josh clearly knows the academic side inside-out, but he’s also been in the trenches of real M&A deals. That combination makes the training incredibly practical.
⭐⭐⭐⭐⭐
Jared, Private Equity
Frequently Asked Questions
The program is self-paced, so completion time depends on your schedule and prior experience. Many students work through the core material over several weeks, while others move more quickly and return to the models, templates, and lessons as needed. You have lifetime access, so there is no deadline to finish.
Yes. The program is designed around practical application. You’ll learn how to analyze financial statements, normalize earnings, apply valuation methods, evaluate deal economics, and use the included models and templates to assess privately held businesses. The course is educational and does not replace an independent appraisal when one is required for tax, litigation, financing, or other formal purposes.
This program was developed by practitioners who work directly with privately held businesses, acquisitions, financial due diligence, and valuation assignments. The training combines recognized valuation principles with real-world financial analysis, transaction experience, practical models, templates, and case-based examples. The goal is not simply to explain valuation theory, but to show you how the analysis is actually performed and applied in practice.
You receive lifetime access to the course content and included tools and materials, so you can revisit the training whenever you need it. You’ll also receive access to future course updates, including new lessons, case studies, and resources added to the program. This makes the course a reference library you can continue using as your valuation and deal-analysis skills develop.
Yes. Each course in the program includes a certificate of completion after you successfully complete the applicable lessons and assessments. You can add the certificates to your résumé, LinkedIn profile, or professional portfolio to demonstrate your continued education in private-business valuation and financial analysis.
The certificates document completion of the training program; they do not represent a professional valuation credential or license.
Yes. The core valuation principles apply across many privately held businesses, including service companies, contractors, professional practices, retail businesses, manufacturing companies, and other small-to-midsize enterprises.
The program also explains how industry economics, customer concentration, owner involvement, capital expenditures, working capital, and other company-specific factors can affect valuation. The goal is to teach a framework you can adapt to the facts and circumstances of the business being analyzed.
Yes. The program builds practical skills that are directly relevant to business valuation, M&A, private equity, financial analysis, transaction advisory, business brokerage, and related finance roles.
You’ll work through financial statement analysis, earnings normalization, cash flow, valuation methods, transaction analysis, deal structure, and market comparables using practical models and examples. These skills can strengthen your résumé, portfolio, and ability to discuss valuation concepts in interviews and on the job.
The program is professional education and does not by itself confer a valuation credential or professional license.
The core program is 100% self-paced, so you can work through the lessons whenever your schedule allows and revisit the material as often as needed.
When live Q&A sessions, case studies, or supplemental lessons are offered, recordings and related materials are added to the program whenever possible so students can benefit even if they cannot attend live.
No. The program is designed to be useful for both beginners and experienced professionals. It starts with the fundamentals of financial statement analysis and valuation, then progresses into more advanced topics such as transaction analysis, private equity, and market approaches.
Prior experience in accounting, finance, investing, or business ownership can help you move through the material more quickly, but it is not required. The lessons, models, and examples are structured so you can build your knowledge step by step.
The program is designed to be practical and self-directed, but you are not expected to learn in isolation. Students can use the available course resources, examples, models, and supplemental materials to work through the concepts step by step.
When additional guidance, updated examples, or supplemental instruction is added to the program, those resources become part of the course library so you can continue building your skills over time.
The program is designed primarily for privately held small-to-midsize businesses. Most examples and frameworks are especially relevant to companies ranging from owner-operated businesses to lower-middle-market companies.
The course addresses issues that frequently matter in this market—owner compensation and add-backs, working capital, capital expenditures, customer concentration, seller financing, equipment, transaction structure, and company-specific risk—rather than relying solely on public-company valuation concepts.
No. You do not need an advanced mathematics background to complete the program. Valuation does involve financial formulas and quantitative analysis, but the concepts are explained step by step and with an emphasis on understanding what the calculations mean and when to use them.
Basic familiarity with Excel is helpful, and the included models and templates handle much of the mechanical calculation. The goal is to help you understand the financial logic behind the analysis—not turn you into a mathematician.
Yes. The program includes practical spreadsheets, valuation models, checklists, templates, and supporting documents designed to help you apply the concepts covered in the lessons.
These resources are intended to save time and provide a structured starting point for financial analysis, earnings normalization, valuation, transaction analysis, and related work. You should still review and adapt each tool to the specific facts, purpose, and circumstances of the business being analyzed.
We want students to feel confident in their decision to enroll. If you are unsure whether the program is appropriate for your background or goals, review the curriculum and course description before purchasing or contact us with your questions.
Any refund or cancellation rights are governed by the refund policy in effect at the time of purchase. Please review the applicable terms before enrolling.
Yes. The program teaches practical valuation methods, financial analysis, earnings normalization, market research, and report-development concepts that can be applied in professional work.
However, certain assignments—such as tax, litigation, SBA financing, employee benefit plans, or other regulated purposes—may require specific credentials.
The goal is to give you a strong practical foundation while helping you understand when additional professional qualifications or standards may apply.
You do not need specialized valuation software to complete the program. A computer, internet access, and basic spreadsheet software such as Microsoft Excel are sufficient for most of the coursework.
The program includes practical models, spreadsheets, templates, and supporting resources that you can use alongside the lessons. If a particular lesson references another tool or data source, the course explains how it is used and why it may be helpful.
Yes. Acquisition analysis is a major focus of the program. You’ll learn how to evaluate a company’s financial statements, normalize EBITDA and SDE, estimate sustainable cash flow, assess working capital and capital expenditure needs, and determine a reasonable range of value.
The transaction modules also address deal structure, seller financing, leverage, buyer returns, and other factors that can materially affect what a business is worth to a specific buyer.
The objective is not simply to calculate a valuation—it is to help you understand the economics and risks of the entire transaction before committing capital.
Yes. The program explains both Seller’s Discretionary Earnings (SDE) and EBITDA and when each measure is commonly used in privately held business valuation.
You’ll learn how to normalize reported earnings, evaluate owner compensation and discretionary expenses, identify appropriate add-backs, and distinguish between adjustments that are supportable and those that may overstate sustainable earnings.
The course also shows how earnings measures connect to valuation multiples, cash flow, debt capacity, buyer returns, and transaction structure so you can evaluate the business as a whole rather than relying on a single multiple.
Yes. The program covers the major approaches used to value privately held businesses, including the income, market, and asset approaches.
You’ll learn how methods such as capitalization of earnings, discounted cash flow, and transaction multiples, and asset-based analysis work, when each approach may be appropriate, and how the underlying assumptions affect the indicated value.
Just as importantly, the program emphasizes professional judgment—selecting methods that fit the facts of the business rather than applying a formula or multiple mechanically.
Yes. The program goes beyond estimating business value and examines how a transaction may actually work financially.
You’ll learn how purchase price, buyer equity, seller financing, bank or SBA debt, working capital, capital expenditures, and debt service can affect the economics of an acquisition. The program also discusses concepts such as debt-service coverage, buyer returns, and transaction structure so you can evaluate whether a deal is financially sustainable—not simply whether the asking price appears reasonable.
These concepts are especially useful for acquisition entrepreneurs, investors, business brokers, lenders, and advisors working with privately held companies.
Yes. The program covers key Quality of Earnings and financial due diligence concepts that are important when evaluating privately held companies.
You’ll learn how to analyze reported earnings, normalize EBITDA and SDE, identify unusual or non-recurring items, assess working capital, evaluate cash flow, and identify financial risks that may affect value or deal structure.
The goal is to help you look beyond reported profit and understand the quality, sustainability, and economic reality of the earnings a buyer, investor, lender, or advisor is relying on.
Yes. The program includes private equity and acquisition-focused analysis designed to show how investors evaluate privately held businesses as potential investments.
You’ll learn how purchase price, leverage, seller financing, operating performance, cash flow, exit assumptions, and holding periods affect investor returns. The training also introduces concepts such as leveraged buyout analysis, debt paydown, equity returns, and sensitivity analysis.
The objective is to connect valuation with the economics of actually buying, financing, operating, and eventually exiting a business.
Yes. The program covers the market approach in detail, including how to identify relevant comparable companies and transactions, select appropriate valuation multiples, and adjust for differences in size, growth, profitability, risk, and other business characteristics.
You’ll also learn why simply applying an industry multiple can be misleading and how to evaluate whether a comparable is actually meaningful for the subject company.
The goal is to help you use market evidence thoughtfully and supportably rather than relying on a single rule-of-thumb multiple.
What Students & Professionals Are Saying
"Josh’s course is incredible. I finally enrolled. Honestly, I wish I had taken this before spending thousands on other programs."
⭐⭐⭐⭐⭐Karen Business Broker
"I really enjoyed learning how Josh breaks down valuation. His process is so well thought out, and I’m excited to keep building my skills with his approach."
⭐⭐⭐⭐⭐David Valuation Analyst
"Very practical, very clear. Everything was explained so well that I could immediately adapt it to my own deals and model."
⭐⭐⭐⭐⭐Rich PE Investor
"Worth every penny! Excellent course for learning SME valuation step by step. Thank you Josh for making this accessible."
⭐⭐⭐⭐⭐Ben Business Exit Advisor
"First course I’ve taken on valuation that felt clear and approachable. Josh explained everything in a way that wasn’t intimidating at all. Loved it."
⭐⭐⭐⭐⭐Madeline MBA Student
"Great course in valuation. I always struggled with working capital adjustments, but this course laid it out so clearly."
⭐⭐⭐⭐⭐Muhammed Business Acquisitions
"This is the first course that actually explained owner adjustments and capital expenditures in a way that made sense."
⭐⭐⭐⭐⭐Selena M&A Consulting
"Great course! I loved how the templates are ready to use and easy to customize for my own models. "
⭐⭐⭐⭐⭐Kevin Business Appraiser
"Excellent course! I’ve read valuation books before, but this is the first time it all clicked together for me."
⭐⭐⭐⭐⭐Jacob Exit Advisor
Still Deciding? Here’s What to Know
Choosing a professional training program is an investment of both time and money, and it makes sense to understand what you are getting before you enroll.
This program was built to be a practical, long-term resource—not something you complete once and forget. You receive lifetime access to the training and included materials, so you can revisit the lessons, models, templates, and examples whenever you need them.
You’ll also receive access to future updates and additional course resources as they are added to the program.
Before enrolling, review the curriculum, course details, and applicable refund policy to make sure the program is a good fit for your goals.
- Access forever
- Future course updates included
- One-time payment
- Refund policy available before enrollment
Thanks for considering the program. If you have any questions about the curriculum or whether the training is right for your goals, feel free to reach out.
Financial Statement Analysis for Small-to-Midsize Businesses
25 Lessons
Fundamental Valuation for Small-to-Midsize Businesses
25 Lessons
Transaction Analysis for Small-to-Midsize Businesses
16 Lessons
Private Equity & Acquisition Analysis for Small-to-Midsize Businesses
6 Lessons
Market Approach for Small-to-Midsize Business Valuation
6 Lessons