Full-service valuation for financial reporting and tax
Valgo Partners is an independent valuation firm serving companies, their auditors and advisors, and investors. We value businesses, equity, intangible assets and complex securities for financial reporting and tax.
Financial Reporting
Fair value measurements for the financial statements, from purchase price allocations to share-based compensation.
- Purchase price allocationsintangible assets and noncontrolling interests
- Goodwill, intangible and long-lived asset impairment testing
- Share-based compensationoptions, RSUs, profits interests and market-condition awards
- Level 3 fair value measurements and fair value option elections
- Incremental borrowing ratesfor lease accounting
- Equity-method investments, debt and fresh-start reporting
Complex Securities & Derivatives
Warrants, convertibles, SAFEs, earnouts, embedded derivatives and SPAC instruments.
- Warrants and other equity-linked instrumentsequity- or liability-classified
- Awards and instruments with complex market-based vesting conditions
- Convertible notes, SAFEs and preferred stockdebt modifications and extinguishments
- Embedded derivatives and bifurcated features
- Earnouts and contingent considerationat the deal date and each remeasurement
- SPAC and de-SPAC instrumentswarrants, earnout shares, forward purchase and non-redemption agreements
Tax Valuation
Section 409A, gift and estate, profits interests and other valuations for tax purposes.
- Section 409A common stock valuationsunder the independent appraisal safe harbor
- Gift, estate and trust valuations of closely held interestswith discounts for lack of control or marketability only where the facts support them
- Profits interests, LLC units and Section 83(b) elections
- Charitable gifts, loss limitations, worthless stock, qualified small business stock and parachute payments
Transactions & Capital Markets
Fairness opinions, deal valuation, financing rounds and IPO preparation.
- Fairness opinionsfor boards and special committees, including related-party transactions
- Buy-side and sell-side valuation analysisincluding pre-deal purchase price allocation estimates
- Financing rounds and recapitalizationspre-money value and waterfall analysis
- IPO preparationcheap stock analysis and common stock valuation history
- Buy-sell agreements, buyouts and redemptions
- Business enterprise value for planning
Portfolio Valuation
Fair value of private investments at each reporting date, for funds and family offices.
- Private equity, venture capital and private credit investmentsat each reporting date
- Positions across the capital structurecommon stock, preferred stock and convertible debt
- Valuation policies and quarterly processesfor funds and family offices
Valuation Review & Audit Support
Independent review of third-party valuations, and support through the audit.
- Technical review of third-party valuationsfor management, audit committees and advisors
- Auditor inquiries, schedules and methodology walkthroughsincluded in our fee
- Support with SEC comment letters and IRS examinationson valuation matters
Recognized approaches and models, selected on the facts
- Income approach
- Discounted cash flow; multi-period excess earnings, relief-from-royalty and with-and-without methods for intangible assets.
- Market approach
- Guideline public companies and transactions, calibrated to the company's own financings where they exist.
- Cost and asset approaches
- Replacement cost for software and the assembled workforce; adjusted net asset value where supported.
- Equity allocation
- Option pricing, PWERM and hybrid methods, allocating value across classes of equity.
- Quantitative methods
- Monte Carlo simulation for path-dependent payoffs and market-condition awards; binomial and trinomial lattice models; Black-Scholes-Merton and other closed-form option models; finite-difference and other numerical methods; volatility, correlation and credit spread estimation.
- FASB ASC 350, 360, 718, 805, 815, 820, 842 and 946
- IRC Sections 83, 409A, 2031 and 2512
- AICPA Accounting and Valuation Guides
- Rev. Rul. 59-60
Discuss an engagement
Tell us about the measurement, the standard and the deadline. We scope every engagement on its facts and confirm a fixed fee in writing.
We respond within six hours on business days.