{"id":4409,"date":"2016-04-04T10:47:30","date_gmt":"2016-04-04T15:47:30","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/business-finances\/before-beginning-the-valuation-process.html"},"modified":"2024-06-06T03:54:21","modified_gmt":"2024-06-06T08:54:21","slug":"before-beginning-the-valuation-process","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/business-finances\/before-beginning-the-valuation-process.html","title":{"rendered":"Before Beginning The Valuation Process"},"content":{"rendered":"\n<div class=\"fl-sectionWithSidebar fl-container fl-flex fl-flex-wrap fl-gap30  wp-container-core-columns-is-layout-8f761849 fl-sectionWithSidebar fl-container fl-flex fl-flex-wrap fl-gap30\">\n    \n    <div class=\"fl-section-main fl-page-articles fl-section-main fl-section-main-full-width\">\n        <h1 class=\"fl-no-margin-top\">Questions to Ask Before the Valuation Process <\/h1>\n<section class=\"fl-gutenberg-byline\">\n    <div class=\"fl-gutenberg-byline-content\">\n                    <p><i>Created by <a href=\"https:\/\/www.findlaw.com\/company\/our-team.html\">FindLaw&#8217;s team<\/a> of legal writers and editors<\/i><\/p>\n\n                | Last updated\n        <time>\n                            June 06, 2024\n                    <\/time>\n    <\/div>\n\n            <div class=\"fl-gutenberg-byline-editorial-note fl-text-sm\">\n            <p>Editorial Note: We earn a commission from affiliate partner links on FindLaw. Commissions do not affect the editorial integrity of our legal content.<\/p>\n\n        <\/div>\n    \n    <details class=\"fl-gutenberg-byline-toggle fl-gutenberg-byline-legally-reviewed\">\n        <summary>\n            <i class=\"fl-gutenberg-byline-icon\" aria-hidden=\"true\"><\/i>\n            Legally Reviewed\n        <\/summary>\n\n        <div class=\"fl-gutenberg-byline-toggle-content\">\n            <p><em>This article has been written and reviewed for legal accuracy, clarity, and style by <a href=\"https:\/\/www.findlaw.com\/company\/our-team.html\">FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with <a href=\"https:\/\/www.findlaw.com\/company\/company-history\/editorial-policy.html\">our editorial standards<\/a>.<\/em><\/p>\n\n        <\/div>\n    <\/details>\n\n    <details class=\"fl-gutenberg-byline-toggle fl-gutenberg-byline-fast-checked\">\n        <summary>\n            <i class=\"fl-gutenberg-byline-icon\" aria-hidden=\"true\"><\/i>\n            Fact-Checked\n        <\/summary>\n\n        <div class=\"fl-gutenberg-byline-toggle-content\">\n            <p><em>The last updated date refers to the last time this article was reviewed by FindLaw or one of our <a href=\"https:\/\/www.findlaw.com\/company\/our-team\/contributing-authors.html\">contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please <a href=\"https:\/\/lawyers.findlaw.com\/?fli=bylinelink\" target=\"_blank\" rel=\"noopener\">contact an attorney in your area<\/a>.<\/em><\/p>\n\n        <\/div>\n    <\/details>\n<\/section>\n<h2>What is the Valuation Process?<\/h2>\n<p>You may be wondering, &quot;How much is my company worth?&quot; When you go through the <a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/valuation-and-accounting-terms.html\">valuation process<\/a>, you are basically determining what the company is worth. What that means is making reasonable estimates of the value of a <a href=\"https:\/\/dictionary.findlaw.com\/definition\/current-assets.html\" target=\"_blank\" rel=\"noopener\">company&#8217;s assets<\/a>.<\/p>\n<p>Many companies measure their value by revenue streams and users. Newer companies, or <a href=\"https:\/\/www.findlaw.com\/smallbusiness\/starting-a-business\/start-up-basics.html\">startups<\/a>, tend to tie their value to whatever funds they can raise at any given time.<\/p>\n<h2>How Valuators Determine Your Company&#8217;s Worth<\/h2>\n<p>A valuator not only needs to see a business&#8217;s financial information, but needs to know many other details about a company in order to properly appraise it.<\/p>\n<p>Below is a list of questions that you will likely be asked as part of the evaluation. Not all questions apply to all types of businesses. For more information, see FindLaw&#8217;s <a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-finances.html\" adhocenable=\"false\">Business Finances section<\/a>.&nbsp;<\/p>\n<h2>Business Organization<\/h2>\n<ul>\n<li>How is the business <a href=\"https:\/\/www.findlaw.com\/smallbusiness\/incorporation-and-legal-structures\/types-of-business-structures.html\" adhocenable=\"false\">legally organized<\/a> (corporation, sole proprietorship, partnership, etc.)?<\/li>\n<li>If the business is a <a href=\"https:\/\/www.findlaw.com\/smallbusiness\/incorporation-and-legal-structures\/partnerships.html\" adhocenable=\"false\">partnership<\/a>, how many partners are there, and who are they?<\/li>\n<\/ul>\n<ul>\n<li>If the business is a <a href=\"https:\/\/www.findlaw.com\/smallbusiness\/incorporation-and-legal-structures\/corporations.html\" adhocenable=\"false\">corporation<\/a>:<br>\n&nbsp;&nbsp;&nbsp; &#8211; How many shareholders are there?<br>\n&nbsp;&nbsp;&nbsp; &#8211; Who are the major shareholders, and what percentage of the total outstanding stock does each own?<br>\n&nbsp;&nbsp;&nbsp; &#8211; Is the stock publicly traded?&nbsp; If so:<br>\n<ul>\n<li>On which market?<\/li>\n<li>What is the recent market price for shares?<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Business History<\/h2>\n<ul>\n<li>How long has the business existed, and for how long under its present owners?<\/li>\n<li>Is the company engaged in any joint ventures or similar undertakings?<\/li>\n<li>What are the company&#8217;s major accomplishments?&nbsp; What are its failures?<\/li>\n<li>What government agencies have regulatory or other control over the business?&nbsp; Is the business currently in compliance with all requirements?<\/li>\n<li>Does the company&#8217;s success depend heavily on one or more key employees?<\/li>\n<li>Are there any potentially threatening situations in connection with management, products, services, finances, legal obligations, etc.?<\/li>\n<li>What is the company&#8217;s litigation history?<\/li>\n<\/ul>\n<h2>Products and Services<\/h2>\n<ul>\n<li>What are the company&#8217;s main products and\/or services?<\/li>\n<li>How long has the company been selling each product\/service?<\/li>\n<li>What has the sales volume been for each product\/service within the last five years?<\/li>\n<li>What are the costs and <a href=\"https:\/\/dictionary.findlaw.com\/definition\/gross-profit.html\" adhocenable=\"false\" target=\"_blank\" rel=\"noopener\">gross profit<\/a> of each product\/service?<br>\n&nbsp;&nbsp;&nbsp; &#8211; What portion of the cost is attributable to labor, overheard, and materials?<br>\n<\/li>\n<li>What is the forecast for future sales of these products\/services?<\/li>\n<li>What other products or services could be offered with the current facilities and staff?<\/li>\n<li>Which products\/services are proprietary?<\/li>\n<li>What distinguishes your company&#8217;s products\/services from those of competitors?<\/li>\n<li>What <a href=\"https:\/\/www.findlaw.com\/consumer\/consumer-transactions\/product-warranties-returns.html\" adhocenable=\"false\">warranties<\/a> does your company provide?<\/li>\n<li>Which products does the company purchase from others for resale?<\/li>\n<li>What sorts of agreements does the company have with these suppliers?<\/li>\n<li>How much does the business rely on outside vendors?<\/li>\n<\/ul>\n<h2>Marketing<\/h2>\n<ul>\n<li>What are the main uses and markets for each major product\/service?<\/li>\n<li>What are the prospects for growth in these markets?<\/li>\n<li>Who are your current principal customers?<\/li>\n<li>What percentage of sales for given major products do these principal customers represent?<\/li>\n<li>What major potential customers have not yet been secured as customers?<\/li>\n<li>How do sales break down geographically?<\/li>\n<li>Who are your main competitors?<br>\n&nbsp;&nbsp;&nbsp; &#8211; What are their major strengths and weaknesses?<br>\n&nbsp;&nbsp;&nbsp; &#8211; What is their estimated sales volume?<br>\n&nbsp;&nbsp;&nbsp; &#8211; What is your company&#8217;s position among its competitors with regard to sales volume\/reputation?<br>\n&nbsp; &nbsp;<\/li>\n<li>Does your company have a backlog for any of its major products\/services? &nbsp;<\/li>\n<li>What is your company&#8217;s forecast for sales of the major products\/services?<\/li>\n<li>Does your business regularly use any advertising or public relations firms?&nbsp;<\/li>\n<li>Who is responsible for market research, advertising, and sales promotion?<\/li>\n<li>Who is responsible for exploiting new markets?<\/li>\n<li>How is your direct selling group structured (if any)?<\/li>\n<li>How is your distribution and\/or sales representative group organized?<\/li>\n<\/ul>\n<h2>Finances<\/h2>\n<ul>\n<li>What are the business&#8217;s sales and earnings for the past five years?<\/li>\n<li>What salaries\/dividends have been paid to owners\/stockholders for the past five years?<\/li>\n<li>What is the state of inventory?<br>\n&nbsp;&nbsp;&nbsp; &#8211; What is the normal inventory level, and where is it presently?<br>\n&nbsp;&nbsp;&nbsp; &#8211; What is the condition of the existing inventory?<br>\n&nbsp;&nbsp;&nbsp; &#8211; Is any inventory on consignment?<br>\n&nbsp;&nbsp;&nbsp; &#8211; If so, how much, to whom, and on what terms?<\/li>\n<li>What are the details of the accounts receivable and accounts payable?<\/li>\n<li>What loans are outstanding, to whom are they payable, and on what terms?<\/li>\n<li>What is included in accrued expenses payable, and what is the current amount?<\/li>\n<li>Are all taxes current?<\/li>\n<li>What overhead rates are used in determining costs?<\/li>\n<li>What are the company&#8217;s departmental budgets?<\/li>\n<li>What is the advertising and promotion budget?<\/li>\n<li>What is the total payroll?<\/li>\n<li>Does the company own equity in any other businesses?<\/li>\n<li>What liabilities exist in connection with warranties?<\/li>\n<li>Are there any existing claims or known liabilities?<\/li>\n<li>Are there any contract disputes or negotiations?<\/li>\n<li>Are there any outstanding stock options or the like?<\/li>\n<\/ul>\n<h2>Facilities<\/h2>\n<ul>\n<li>Is real estate owned or <a href=\"https:\/\/www.findlaw.com\/smallbusiness\/business-operations\/negotiating-a-lease-for-commercial-real-estate.html\" adhocenable=\"false\">leased<\/a>?<\/li>\n<li>If owned:<br>\n&nbsp;&nbsp;&nbsp; &#8211; What is the appraised value?<br>\n&nbsp;&nbsp;&nbsp; &#8211; When and by whom was the appraisal made?<\/li>\n<li>If leased, what are the terms of the lease?<\/li>\n<li>What are the zoning restrictions on the current real estate?<\/li>\n<li>Is any equipment leased?&nbsp; Which?<\/li>\n<li>Is there excess or idle capacity?&nbsp; How much?<\/li>\n<\/ul>\n<h2>Personnel and Organization<\/h2>\n<ul>\n<li>What are the roles of key executives and personnel?<\/li>\n<li>How many employees does the company have?<\/li>\n<li>Has the company established standard pay rates for its various positions?<br>\n&nbsp;&nbsp;&nbsp; &#8211; How do these compare with pay rates of other similar employers in the area?<br>\n&nbsp;&nbsp;&nbsp; &#8211; What is the salary review policy?<br>\n&nbsp;&nbsp;&nbsp; &#8211; What are the employee benefits?<br>\n&nbsp;&nbsp;&nbsp; &#8211; Does the company pay all benefits, or do employees pay part?<br>\n&nbsp;&nbsp;&nbsp; &#8211; If so, how much is the employer contribution?<\/li>\n<li>Are any employees relatives of the executives or owners?<br>\n&nbsp;&nbsp;&nbsp; &#8211; If so, what are their duties and how much are they paid?<\/li>\n<li>Are there any employees on the payroll for special reasons (friend of the owner, long-term service, etc.) who do not pull their weight?<\/li>\n<li>Are <a href=\"https:\/\/www.findlaw.com\/employment\/wages-and-benefits\/unions.html\" adhocenable=\"false\">workers unionized<\/a>? &nbsp;If so:<br>\n&nbsp;&nbsp;&nbsp; &#8211; Which workers?<br>\n&nbsp;&nbsp;&nbsp; &#8211; What are the details of the labor contracts?<br>\n&nbsp;&nbsp;&nbsp; &#8211; Have their ever been any strikes?<\/li>\n<li>What has been the turnover rate?<\/li>\n<li>Does the company provide formal job training?<\/li>\n<li>Are there written personnel policies?<\/li>\n<li>Are any employees or management <a href=\"https:\/\/www.findlaw.com\/employment\/hiring-process\/contractor-or-employee.html\" adhocenable=\"false\">under contract<\/a>?&nbsp; If so, what are the terms?<\/li>\n<\/ul>\n<h2>Management<\/h2>\n<ul>\n<li>What are the key management members&#8217; backgrounds\/salaries?&nbsp;<\/li>\n<li>Does management receive any &quot;perks?&quot;&nbsp; If so, what, and how much are they worth?<\/li>\n<li>What are the management capabilities of persons in charge of key departments?<\/li>\n<li>Are there strong differences of opinions between management members?&nbsp; What are they?<\/li>\n<li>Do various departments work well together, or is there friction?<\/li>\n<li>If the business is a corporation:<br>\n&nbsp;&nbsp;&nbsp; &#8211; What control do major stockholders exercise over the business&#8217;s policies and activities?<br>\n&nbsp;&nbsp;&nbsp; &#8211; Have there been <a href=\"https:\/\/dictionary.findlaw.com\/definition\/proxy-contest.html\" adhocenable=\"false\" target=\"_blank\" rel=\"noopener\">proxy fights<\/a> or attempts to take over the company?<\/li>\n<\/ul>\n<h2>If the Business Is For Sale<\/h2>\n<ul>\n<li>What <a href=\"https:\/\/www.findlaw.com\/smallbusiness\/closing-a-business\/business-valuation-methods-for-when-you-re-ready-to-sell.html\" adhocenable=\"false\">assets and liabilities<\/a> are expected to be included or excluded from the sale?<\/li>\n<li>If the business is a corporation, will the sale include the capital stock or just the assets?<\/li>\n<li>What are the preferred payment terms?<\/li>\n<li>Do you expect a broker to be involved?&nbsp; If so, what is the fee and who will pay it?<\/li>\n<li>Are key management staff aware of the sale?<\/li>\n<li>Will a sale require substantial management reorganization?<\/li>\n<li>Which management members would remain following the sale?<\/li>\n<li>Will management cooperate in the sale and post-sale activities?<\/li>\n<li>Will the sale significantly impact union labor?<\/li>\n<li>What licenses, contracts, etc. must be transferred to the buyer?<\/li>\n<li>Are any partners or major shareholders opposed to a sale, and who big a hurdle will this create?<\/li>\n<\/ul>\n<h2>Getting Help from an Attorney<\/h2>\n<p>If you are considering buying a business or closing an existing one, the valuation process is a necessary task. Let a skilled <a href=\"https:\/\/lawyers.findlaw.com\/business-commercial-law\/\" adhocenable=\"false\" target=\"_blank\" rel=\"noopener\">business and commercial law attorney<\/a> walk you through the steps and explain the laws.&nbsp;<\/p>\n<div class=\"was-this-helpful\">\n    <div\n            class=\"was-this-helpful__question-container\"\n            aria-labelledby=\"was-this-helpful__question\"\n            role=\"group\"\n    >\n        <span\n                id=\"was-this-helpful__question\"\n                class=\"was-this-helpful__question fl-text-lg-bold\"\n        >Was this helpful?<\/span>\n        <button\n                class=\"was-this-helpful__button fl-text-sm\"\n                aria-label=\"Yes\"\n                value=\"yes\"\n        >\n            <span class=\"was-this-helpful__button-text fl-text-bold\">Yes<\/span>\n            <i class=\"was-this-helpful__button-icon\">\n                <svg width=\"22\" height=\"22\" viewBox=\"0 0 22 22\" fill=\"none\" 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