Small Business Valuation

Professional valuation services for small businesses. Get accurate, reliable valuations for companies under $10M using proven methodologies and current market data.

Small business valuations vary significantly by industry, size, and unique factors. This guide provides general information. Professional valuation recommended for legal, tax, or transaction purposes.
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What Is Small Business Valuation?

Small business valuation determines the economic worth of businesses typically generating under $10M in annual revenue. Unlike large corporations, small businesses require specialized approaches that account for:

  • Owner dependency: Impact of key person involvement
  • Limited marketability: Fewer potential buyers than public companies
  • Personal expenses: Owner benefits flowing through the business
  • Industry-specific factors: Unique characteristics by business type
Learn Our Methods
Small Business Market Facts
99.9%
Of US businesses are small businesses
32.5M
Small businesses in the US
47%
Of private workforce
$13T
Annual economic impact

Source: Small Business Administration (SBA)

When Do You Need Small Business Valuation?

Selling Your Business
Partnership Changes
  • • Partner buyouts
  • • New partner admission
  • • Ownership restructuring
  • • Buy-sell agreement triggers
Legal & Tax Purposes
Financial Decisions
  • • SBA loan applications
  • • Insurance coverage
  • • Investment decisions
  • • Financial reporting
Strategic Planning
  • • Performance benchmarking
  • • Growth planning
  • • Value enhancement
  • • Succession planning
Dispute Resolution
  • • Shareholder disputes
  • • Contract breaches
  • • Damage calculations
  • • Expert witness testimony

Small Business Valuation Methods

SDE Multiple Method (Most Common)
The preferred method for owner-operated small businesses under $5M in revenue

What is SDE?

Seller's Discretionary Earnings (SDE) represents the total financial benefit a single owner-operator derives from the business:

  • • Net income before taxes
  • • + Owner's salary and benefits
  • • + Depreciation and amortization
  • • + Interest expense
  • • + Personal expenses paid by business
  • • + One-time or non-recurring expenses

Typical SDE Multiples

Service businesses1.5x - 3.5x
Manufacturing2.5x - 4.0x
Technology/Software3.0x - 6.0x
Healthcare2.0x - 4.5x

*Multiples vary by specific industry, size, growth, and risk factors

Market Approach
Using comparable business sales and market data

Comparable Sales Method

Analyzes recent sales of similar businesses in your industry and market area.

  • • Similar business size and type
  • • Same geographic market
  • • Recent transaction data
  • • Adjusted for differences

Rules of Thumb

Industry-specific multiples and benchmarks used as cross-checks.

  • • Industry association data
  • • Broker databases
  • • Professional guidelines
  • • Sanity check on values
Asset-Based Approach
Most appropriate for asset-heavy businesses or liquidation scenarios

When to Use Asset Approach

  • • Real estate holding companies
  • • Equipment-intensive businesses
  • • Investment companies
  • • Businesses with losses
  • • Liquidation scenarios

Key Considerations

  • • Fair market value of assets
  • • Replacement cost estimates
  • • Liquidation vs. going concern
  • • Hidden or intangible assets
  • • Debt and liability adjustments

Unique Challenges in Small Business Valuation

Key Person Dependency

Most small businesses depend heavily on the owner's involvement, creating valuation challenges:

  • • Customer relationships tied to owner
  • • Specialized knowledge and skills
  • • Management and operational control
  • • Supplier and vendor relationships

Impact: May require significant discounts for businesses that cannot operate without the owner.

Financial Statement Quality

Small businesses often have incomplete or informal financial records:

  • • Cash-based vs. accrual accounting
  • • Personal and business expenses mixed
  • • Lack of detailed financial statements
  • • Inconsistent record keeping

Solution: Professional normalization and adjustment of financial data is critical.

Limited Marketability

Small businesses face restricted market conditions:

  • • Smaller pool of potential buyers
  • • Longer time to sell
  • • Limited financing options
  • • Geographic market constraints

Impact: May require marketability discounts of 10-30% depending on circumstances.

Earnings Volatility

Small businesses often experience irregular earnings patterns:

  • • Seasonal fluctuations
  • • Economic sensitivity
  • • Customer concentration risk
  • • Limited diversification

Approach: Requires careful analysis of multiple years and normalization of non-recurring items.

Our Small Business Valuation Process

1

Business Assessment & Data Gathering

We analyze your business model, industry, and collect 3-5 years of financial records, tax returns, and operational data.

2

Financial Normalization

We adjust financial statements for owner compensation, personal expenses, and one-time items to determine true economic earnings.

3

Market Research & Comparables

We research industry multiples, comparable sales, and market conditions affecting your business type and location.

4

Multiple Valuation Approaches

We apply appropriate methods (typically SDE multiples and market approach) and reconcile to a final value conclusion.

5

Risk Assessment & Adjustments

We evaluate business-specific risks and apply appropriate discounts or premiums based on marketability, control, and other factors.

Small Business Valuation Report Includes
Executive summary with value conclusion
Business and industry analysis
Financial statement analysis & adjustments
Market research and comparable analysis
Detailed valuation methodology
Risk assessment and adjustments
Supporting schedules and exhibits

Typical Timeline

Simple valuations2-3 weeks
Standard complexity3-4 weeks
Complex situations4-6 weeks

Small Business Valuation FAQ

How much does a small business valuation cost?

Costs typically range from $3,000-$8,000 depending on business complexity. We offer Business Value Assessments for simpler needs starting at lower fees.

What's the difference between SDE and EBITDA?

SDE includes owner's salary and benefits, while EBITDA assumes market-rate management. SDE is better for owner-operated businesses under $5M.

Can I use online calculators for my valuation?

Online calculators provide rough estimates but can't replace professional analysis. Use them for initial estimates, but get professional valuation for important decisions.

How do I increase my small business value?

Focus on reducing owner dependency, improving financial systems, diversifying revenue streams, and building management team. See our value enhancement guide.

What documents do I need for a valuation?

Financial statements (3-5 years), tax returns, business licenses, lease agreements, customer/supplier contracts, and any buy-sell agreements. We provide a detailed document checklist.

Is my business too small for professional valuation?

No business is too small if the valuation serves an important purpose. Even very small businesses benefit from professional analysis for sales, legal matters, or strategic planning.

Industry-Specific Small Business Valuations

Service Businesses
  • • Professional services (law, accounting)
  • • Consulting and advisory
  • • Personal services (salons, fitness)
  • • Home services (HVAC, cleaning)

Key Factors: Client relationships, recurring revenue, owner dependency, service delivery systems

Retail & E-commerce
  • • Brick-and-mortar retail stores
  • • Online e-commerce businesses
  • • Restaurants and food service
  • • Specialty retail niches

Key Factors: Location, inventory management, brand value, online presence, customer base

Manufacturing
  • • Light manufacturing
  • • Custom fabrication
  • • Food processing
  • • Contract manufacturing

Key Factors: Equipment value, customer contracts, production capacity, supply chain relationships

Need Industry-Specific Expertise?

We have experience valuing businesses across dozens of industries. Each sector has unique characteristics that affect value.

Discuss Your Industry

Ready to Value Your Small Business?

Get an accurate, professional valuation from a certified expert. Whether you're selling, planning, or need it for legal purposes, we provide reliable valuations you can trust.