Why Investors Need More Than
a Founder’s Own Estimate
Every investor will form their own view of what your business is worth. The question is whether you walk into that conversation with a documented, independently produced position — or whether you are negotiating from nothing.
Pre-Money Valuation
The pre-money valuation sets the price per share before new investment comes in. It determines how much of the company you give away for a given amount of investment. An independent valuation gives you a documented, defensible position to open negotiations with, rather than a number you have invented.
EIS & SEIS Compliance
Where investors are subscribing for shares under EIS or SEIS, HMRC requires that the shares are issued at a fair market value. An independent valuation provides the documented evidence that the subscription price was set correctly, protecting both the company and the investor's tax relief.
Angel & Seed Rounds
Angel investors and seed funds will conduct informal due diligence on your valuation claim. A signed ICAEW valuation report signals that you understand how valuation methodology works and that your number has a basis beyond founder optimism. It changes how seriously investors take your pitch.
Venture Capital Due Diligence
VC funds have their own portfolio valuation methodologies and will pick apart your numbers during due diligence. Having an independent valuation prepared in advance — before the term sheet is issued — gives you a stronger position during the negotiation and reduces the risk of the valuation being used to chip the deal.
Crowdfunding Platforms
Regulated crowdfunding platforms increasingly require evidence that the company valuation is not misleading. An independent valuation report satisfies this requirement and protects the company from regulatory challenge.
Secondary Share Sales
Where existing shareholders are selling shares to new investors alongside a primary fundraise, the secondary price needs to be set at or near fair market value. An independent valuation protects both the selling shareholder and the company from HMRC scrutiny of the transaction.
Valuation Methods for
Early-Stage Businesses
Valuing a pre-revenue or early-revenue business requires a different approach to a mature SME. There is no three-year EBITDA trend to normalise. The DCF is driven by assumptions about future performance that a sceptical investor will challenge.
We use a combination of methods calibrated to the stage of the business: comparable company multiples from the relevant funding cohort, milestone-adjusted DCF, Berkus-style qualitative scoring, and market-adjusted revenue multiples. The methodology is explained in the report so investors can follow every step of the reasoning.
For businesses with two or more years of revenue, we also apply normalised EBITDA and DCF analysis using sector-specific discount rates, giving investors the institutional-grade analysis they expect.
Stages We Value
Asset-based, milestone-adjusted DCF, comparable funding rounds. Suitable for SEIS applications and early angel rounds.
Revenue multiples, cohort comparables, forward DCF. Suitable for seed and EIS rounds.
DCF, EBITDA multiples, comparable transactions, comparable public companies. Suitable for Series A and growth equity rounds.
Full ICAEW-grade DCF, normalised EBITDA, and comparable transaction analysis. Suitable for private equity and institutional rounds.
From Enquiry to Defensible Report
Three steps. 7-10 days. A number that holds up in any room.
Tell Us Your Situation
Describe the transaction, your role, and what the valuation needs to achieve. Kishen reviews every enquiry personally and responds within one business day.
ICAEW-Grade Analysis
DCF modelling, normalised EBITDA, comparable transactions — calibrated to your sector, your use case, and your specific transaction context.
Your Signed Report
Delivered within 7-10 days. Signed by an ICAEW Chartered Accountant. Ready for HMRC, your lender, investors, solicitors, or the opposing side.
Partner-Led.
Start to Finish.
Kishen leads every engagement personally — reviewing the financials, building the model, writing the report, and signing it. There are no junior analysts and no handoffs. The person who understands your business is the person whose name is on the report.
12+ years across Investment Banking, Big Four audit at Deloitte, and UK SME corporate advisory. Every report is prepared to the standard that HMRC, the Courts, investors, and acquirers recognise.
Kishen Patel
Founder, Consult EFC · BFP ACA
ICAEW Chartered Accountant. Big Four trained at Deloitte. 12+ years across Investment Banking, Big Four audit, and UK SME corporate advisory. Personally leads every engagement from first call to signed report.
“We were heading into our Series A and the lead investor’s team pushed back hard on our valuation. Consult EFC produced a full valuation report with DCF and comparable transaction analysis in eight days. The investor accepted the methodology and we completed the round at the valuation we wanted.”
Frequently Asked Questions
Whatever the situation —
the number has to be right.
No obligation. Fixed fees. ICAEW Chartered Accountant. Response within one business day.