INDEPENDENT BUSINESS VALUATION SPECIALISTS
XVALUNITED
KINGDOM

Business sale & acquisition
Negotiate from evidence, not expectation.

A credible transaction starts with a clear distinction between enterprise value, equity value and the price actually payable. We assess the business on a standalone basis, then identify the assumptions that a strategic buyer or financial investor may challenge.

Request a proposal Read the technical brief
Independent opinionSame-day reviewStrictly confidential

EV → Equity

Bridge reconciled line by line

Normalised

Maintainable earnings, not reported profit

Pre-deal

Ideally before heads of terms

A confidential conversation

An important decision deserves an independent view.

Tell us about your company, your objectives and your timeframe. We will review the instruction before proposing a scope, fee and delivery timetable.

  • Independent opinion, never an automated estimate
  • Scope, fee and timetable agreed before work begins
  • Confidential from the outset

Prefer to call? +44 20 3996 6807

Prefer WhatsApp? Message us on WhatsApp

What happens next

  1. 1.We review your enquiry the same working day
  2. 2.A short call to understand your circumstances
  3. 3.A written scope, fee and timetable is proposed

No obligation. No automated valuation. No documents required.

When you need it

Typical situations
we are instructed on.

01

Preparing a trade sale or approach from a buyer

02

Testing an offer or an adviser’s asking price

03

Setting a walk-away price and negotiation range

04

Structuring earn-outs, deferred or rollover consideration

Technical brief

Maintainable performance, not just reported profit

We examine recurring earnings, owner remuneration, related-party transactions, non-recurring expenditure and working-capital seasonality. An adjustment is justified only where evidence supports it. Owner dependence, customer concentration and capital expenditure requirements may materially change the earnings a buyer can sustain.

From enterprise value to equity proceeds

A multiple applied to EBITDA usually indicates enterprise value, not the amount received by shareholders. The equity bridge must address debt, surplus cash, debt-like liabilities and the agreed working-capital mechanism. Deferred consideration, earn-outs and vendor loans also change the risk and timing of proceeds.

A documented negotiating position

Our analysis reconciles appropriate income, market and asset approaches rather than treating a sector multiple as a conclusion. Buyer-specific synergies are identified separately from standalone value. A valuation is not a guarantee of an achievable sale price: execution, due diligence and the competitive process remain decisive.

Methodology

The methods we apply — and why.

01

Capitalised earnings

Normalised, maintainable EBITDA or EBITA applied to multiples evidenced by comparable transactions, adjusted for size, growth and risk.

02

Discounted cash flow

Explicit forecasts discounted at a cost of capital reflecting the business’s actual risk, used to test what a buyer can afford to pay.

03

Market cross-checks

Transaction databases and sector evidence used to challenge, never replace, the primary analysis.

Key valuation issues

Where value is won or lost.

Quality of earnings

Owner remuneration, one-off items, related-party costs and revenue recognition reshape maintainable profit.

Net debt & working capital

Debt-like items, cash traps and a normalised working-capital peg frequently move equity value more than the multiple.

Customer & key-person risk

Concentration and founder dependence drive both the multiple and the deal structure a buyer will propose.

Deferred consideration

Earn-outs transfer risk to the seller; their present value and tax treatment must be assessed separately.

Your instruction, clearly defined

Scope agreed before work begins.

We agree the valuation purpose and date, the interest being valued, the methods considered, the information required and permitted reliance. The written proposal sets out the fee, VAT treatment and delivery timetable. The result is a documented expert assessment — not a transaction guarantee or an automated estimate.

Primary sources & professional references

IVSC — International Valuation StandardsICAEW — Business and share valuation

General technical information. Legislation must be checked at the instruction date. Legal, tax and accounting advice are outside the valuation scope unless expressly agreed.

Questions

No. It is an evidenced assessment of value. Price is the outcome of negotiation, buyer synergies, structure and timing — the valuation gives you a defensible reference point.

Related expertise

Other valuations we perform.

All valuation services
Management buy-outs

Management buy-outs

Independent valuation for management teams, sellers and financing discussions.

EXPLORE THIS VALUATION
Employee ownership trusts

Employee ownership trusts

Evidence-based valuation for an EOT transition and trustee decision-making.

EXPLORE THIS VALUATION
Investment & fundraising

Investment & fundraising

Pre-money, post-money and share-class analysis for investor negotiations.

EXPLORE THIS VALUATION