What’s your business really worth?

Complete Advisors Performs Valuations to Help Improve Your Financial Life & Legacy 



Our valuation services are performed by professionals with specialized expertise who dedicate their time and talent to valuations. That focus, plus ongoing involvement in industry and professional associations, assures we can offer the most accurate information to make the right decisions.

All relevant approaches, such as assets, income, and market are considered when a valuation is conducted. We follow a comprehensive due diligence process which includes conducting onsite interviews, performing industry and competitor research, and examining company specific and other relevant factors.

Consider these important questions when valuing your business

  • Is the purpose of the valuation clear (gift tax planning, buy / sell agreement, etc.)?
  • Were all approaches used or was the lack of use justified (market, income, asset)?
  • Were the projected earnings or cash flow consistent?
  • Were market multiples adjusted?
  • Were the discounts for lack of marketability and lack of control supported?
  • Does the report pass the “sanity check”?
  • Is the analyst independent?
  • Is the analyst qualified (CVA, CFA)?

What makes Complete Advisors different from other valuation providers?
As a mid-sized valuation firm, we tend to provide more “customization” and “hand-holding” relative to established valuation companies.

Our head of valuation, Nainesh Shah, CFA, CVA, was a portfolio manager on Wall Street for 25 years and has valued hundreds of large, complex businesses. The skillset of Nainesh, and his staff, position Complete Advisors to prepare valuations for traditional closely-held businesses – as well as more complex assets including SPAZ interest, earnout agreements, and intellectual property.

Head of wealth management, Evan Levine, has 30 years of business and financial services experience assisting the team in providing critical valuation and “valuation enhancement” advice in certain situations.

What information will I need to provide you to obtain my valuation?
A valuation engagement starts with the purpose. Why is that engagement initiated/ A valuation can be of many reasons. Is it a regular business valuation for a gift in taxes or divorce? Subsequently, the valuation premise and standard of value have to be defined. Of course, a valuation is as of a specific date, and the client has to clarify the valuation date in advance. Once this is clear, we collect corporate structure documents and recent financial.

The purpose helps us define a list of information that we need upfront, and as the project is underway, other documents might be required. Once valuation engagement initiates interviews with the management, and critical decision-maker is necessary. This interaction helps us come to the proper valuation for the business.

What is a SPAC valuation?

SPAC or a special purpose acquisition company raises money through an initial public offering to buy another company. At the time of their IOPs, SPACs have no existing business operations or even stated targets for acquisition. Investors in SPACs can range from well-known private equity funds to the general public.

Private companies usually sponsor SPACs. This private company has to value its ownership of SPACs for gift and estate tax planning. The private market valuation of SPAC is different from the public market value because of the complication of a SPAC structure.

The sponsors do have SPAC stocks and have warrants; this ownership is restricted and cannot be sold easily in the market. SPAC ownership valuation can become quite complicated as the future expectations need to be calculated based on the other industry transactions. There are two valuation models, one for stock ownership and the other for warrant ownership, both components of the security ownership a type of option valuation method.

What is valuation enhancement?
A business owner should compute the value of their business as an overall financial plan. Once the value is measured, there are ways to improve that value. With enough time and action, a significant increase in value is possible. Valuation enhancement touches on many aspects of the business, including strategy, marketing and sales, operations, human resources, legal, etc. Applying techniques to improve valuation is an excellent way to enhance business owners’ retirement.

What is an earnout valuation?

An earnout, also called contingent consideration, is a contractual provision stating that the seller of a business is to obtain future compensation if the company achieves certain financial goals. The earnout eliminates uncertainty for the buyer, as they only pay a portion of the sale price upfront and the remainder based on future performance.

If contingency consideration, if significant, should be valued for gift and estate tax purposes. Valuation of earnout becomes very critical, and it is different from the underline business valuation. Because of the nuances of your earnout structure, and differences in earnout risk.

critical factors to consider in business valuation


  Nature and history of the company

  • How risky or stable is it?
  • How strong is its management?
  • How diverse are its operations?
  • Is it growing or shrinking?
  • What significant events have shaped its past or could shape its future?

The economic outlook in general and for a specific industry

  • What’s happening in the general economy?
  • What’s happening in the specific industry?

Book value

  • To what extent is book value misleading?
  • Are asset components adjusted properly to bring it to fair market value?

Earnings capacity

  • What is the business’ future income potential?
  • How are salaries, travel and entertainment expenses, non-recurring items, and potential legal or tax liabilities adjusted?
  • Are there shareholder loans that are disguised dividends because they are equity rather than debt?

Dividend-paying capacity

  • What do cash flow projections show?


  • What level of earnings over normal expected return can be reasonably projected?

Sale of stock

  • Have there been recent sales? If so, at what price?
  • Under what conditions and to whom was the stock sold?
  • Have there been events since the sale that signficantly affect the value of the business?


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