Determine the valuation purpose
Collect financial statements and key business data
Normalize earnings and remove one-time items
Project future revenue, expenses, and cash flow
Choose a valuation method
Calculate valuation using discounted cash flow
Calculate valuation using comparable company multiples
Calculate valuation using precedent transactions
Calculate valuation using asset-based valuation
Adjust for debt, cash, and working capital
Apply discounts or premiums if needed
Reconcile results from multiple methods
Estimate final business value