Hire the Top 3% of Freelance Valuation Specialists
Toptal is a marketplace for top valuation specialists, consultants, and experts. Top companies and startups hire valuation freelancers from Toptal for their mission critical projects.
Jason is a former managing director at KPMG, director at SoftBank Vision Fund, and M&A finance director at Coinbase. He advised Fortune 30 clients on transformational acquisitions and led valuation and portfolio monitoring of $50+ billion in venture capital investments. Jason graduated top of his class from Michigan-Ross with his EMBA. He joined Toptal as he enjoys working directly with clients, big and small, to think beyond the numbers to get things done and add value to business partners.
Sven is a qualified valuation expert delivering services for market caps up to $250 million for state-owned entities, public companies, and privately held entities. Sven successfully bid for and subsequently was a team member for the privatizations of an O&G and a utility entity. Sven holds the CBV designation, is IVS trained for the IVSC standards, and has an MBA in finance. Sven enjoys working across cultures and providing his expertise to clients located around the globe.
Elizabeth has around 15 years of experience in finance, consulting, and doggedly finding answers to things most people consider "too hard." She thrives at competitive analysis, valuation, growth strategies, pitch decks, and financial models and forecasts. She started in equity research at the investment bank Raymond James. She moved to a hedge fund before becoming an independent financial consultant. Elizabeth is also a business writer; she managed Toptal's Finance Blog for nearly six years.
Andrew has deep expertise in valuation techniques for hard-to-value securities, which he developed while working at AEP Capital (private equity) and Houlihan Lokey (portfolio valuation). During these five years, he applied the knowledge he gained to his own startup ventures, Sports Scene, and Ostrich. Andrew enjoys the freedom and variety that comes with freelancing, and he can be counted on to deliver high-quality work in a timely fashion.
Olivia has over a decade of advisory experience, specializing in valuation, financial and business planning, M&A, capital raising, and due diligence. She has advised business owners globally on financial planning and strategy optimization during the fundraising and exit process. Olivia also works with investors for portfolio valuation work, the development of fund models, and due diligence. She is a Certified Valuation Analyst and is specialized in early-stage valuations.
Irakli has advised on investments, equity, and M&A transactions worth more than $200 million. He also constructed a valuation of assets with a total value of more than $2.5 billion while working at Toptal. He has worked with the largest private equity fund in the Caucasus region, the largest banking group in Georgia, and a deal advisory department of KPMG Georgia. Irakli enjoys advising clients on complex investment, M&A, valuation, and private equity projects and transactions as a freelancer.
Rogier is a seasoned finance expert who has worked for 100+ clients including startups such as Rocket Internet and corporations such as Heineken, Akzo Nobel, and Veon. He leverages his valuation, investment, FP&A, and accounting skills to solve pressing financial problems and enable actionable investment decisions. Freelancing gives him the flexibility to drive high-quality outcomes for clients across industries.
Temo is an experienced finance professional who has participated in four out of the five largest transactions in Georgia while working at EY. With 11+ years of experience, he worked with clients from different countries in financial analysis, business valuation, market and feasibility studies, transaction support, and financial due diligence. Temo is a Caucasus University graduate and member of ACCA who enjoys freelancing for its opportunity to work with international companies.
Sachin has over 16 years of experience in valuations and financial modeling. He has worked with the valuation teams at KPMG, Deloitte, and other boutique investment research firms. He has worked on valuation engagements across sectors and countries. In 2020, Sachin started his consulting firm, which offers global financial modeling services to clients. He is a CFA Charterholder and holds a Master's degree in Finance.
Mark has 10+ years of investment and finance experience at global transportation investor Buss Global Management, closing $4 billion of M&A and fundraising mandates. He has worked across industries covering the shipping, offshore/marine, property, hospitality, biotechnology, telecommunications, and media sectors. Mark leverages his buy and sell-side expertise to offer practical advice to companies across stages and industries.
Jatin is the winner of Asia's Greatest CFO award for his work as the APAC CFO of Rocket Internet, one of the world's largest incubators and investors in technology companies. During his 20+ years of experience, he has advised 100+ fast-growing companies as a co-founder, CFO, board member, and advisor worldwide. His experience is multi-fold and multi-dimension. Jatin considers various perspectives when leading projects, including investors, co-founders, shareholders, and customers.
Valuation experts can tell you how much a business is worth and explain why. This guide to hiring a Business Valuation Specialist features interview questions and answers, as well as best practices that will help you identify the best candidates for your company.
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Martin so far is a complete Rockstar.
His first bit of work produced a tool for us to model and forecast our financials and is far and away worth every penny we paid and more.
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Pete Pellizzari
CEO
Erik has been an extremely valuable member of our team who has tremendous breath of experience with start ups in our lifecycle phase. What makes his contribution unique and highly effective is not only his excellent financial modeling skills and knowledge, but also the emotional intelligence with which he manages each relationship at Vault, understands our team dynamics, and helps us tackle start up challenges effectively. It is rare to find a part-time consultant who makes you feel like he/she is genuinely invested in the success of your company.
Romy Parzick
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Toptal has been an incredible key partner for Sidekick. As an early-stage start-up, we’ve leveraged both design and financial talent. The experience has been incredible, with those professionals bringing creativity, expertise, and advice to ensure Sidekick succeeds. My Toptal financial expert helped steer Sidekick’s business model, which resulted in an initial ROI of 650x! My experience with Toptal has given me great confidence in the future.
Doug MacKay
Founder / CEO
Chris was great to work with and was always available on my schedule. His communication skills and personality were a 10/10. His outputs on the project were top notch and allowed us to develop more efficient forecasting and initiative prioritization frameworks. I would definitely use Chris again.
Chris Pozek
CEO
What really sets Toptal apart is the caliber of finance talent available in their network. I had a very specific and pressing need, and Toptal quickly matched me with the perfect person for the job. The expert produced a thoughtful and robust financial analysis that has ultimately allowed us to forecast and prioritize initiatives much more efficiently.
Chris Pozek
CEO
How to Hire Valuation Specialists Through Toptal
1
Talk to One of Our Client Advisors
A Toptal client advisor will work with you to understand your goals, technical needs, and team dynamics.
2
Work With Hand-selected Talent
Within days, we'll introduce you to the right Valuation specialist for your project. Average time to match is under 24 hours.
3
The Right Fit, Guaranteed
Work with your new Valuation specialist for a trial period (pay only if satisfied), ensuring they're the right fit before starting the engagement.
Find Experts With Related Skills
Access a vast pool of skilled finance experts in our talent network and hire the top 3% within just 48 hours.
Valuation is the process of calculating a value at which willing and unrelated parties (free from undue duress) would likely buy and sell a business under normal operating conditions.
Why do I need to hire a Valuation specialist?
Business valuation determines how much a company (or part of a company) is worth. This is important information to have when you’re buying or selling a business, contemplating a partnership or dissolution, planning for estate purposes, gathering information for tax reporting, or seeking an accurate, unbiased assessment of a fair price for your company. Typically, you’ll need an impartial outside expert to determine this.
What do I need to look for when I choose to hire a Valuation specialist online?
Whether you’re hiring a valuation professional online or in person, what’s most important is their history of work in valuation and their experience in the industry under consideration. But you’ll also want to note how they present their experience online, since clear, persuasive written and graphic communication skills are critical in this job.
How do I choose between two quality Valuation specialists?
If you’ve narrowed the field down to two candidates with otherwise comparable credentials, you may want to consider which one has greater experience in the specific kind of valuation that applies, such as M&A valuation or private business valuation. Another differentiating factor to look at is the candidates’ expertise in the industry of the company you want to have valued.
Is company valuation a necessary part of the M&A process?
Mergers and acquisitions require company valuations to help the parties agree on a sales price for the business being acquired. Having reliable independent valuations can also aid the business leaders as they make decisions pertaining to the M&A, both before and after the process is complete.
What is the difference between an appraisal and a valuation (or evaluation)?
Each approach is used to arrive at the value of the business. But while there isn’t any formal or legal definition of—or differentiation between—the terms, they’re used differently. Typically, an appraisal tends to be less rigorous than a valuation.
How quickly can you hire with Toptal?
Typically, you can hire a Valuation specialist with Toptal in about 48 hours. For larger teams of talent or Managed Delivery, timelines may vary. Our talent matchers are highly skilled in the same fields they’re matching in—they’re not recruiters or HR reps. They’ll work with you to understand your goals, technical needs, and team dynamics, and match you with ideal candidates from our vetted global talent network.
Once you select your Valuation specialist, you’ll have a no-risk trial period to ensure they’re the perfect fit. Our matching process has a 98% trial-to-hire rate, so you can rest assured that you’re getting the best fit every time.
How do I hire a Valuation specialist?
To hire the right Valuation specialist, it’s important to evaluate a candidate’s experience, technical skills, and communication skills. You’ll also want to consider the fit with your particular industry, company, and project. Toptal’s rigorous screening process ensures that every member of our network has excellent experience and skills, and our team will match you with the perfect Valuation specialists for your project.
How are Toptal Valuation specialists different?
At Toptal, we thoroughly screen our Valuation specialists to ensure we only match you with the highest caliber of talent. Of the more than 200,000 people who apply to join the Toptal network each year, fewer than 3% make the cut.
In addition to screening for industry-leading expertise, we also assess candidates’ language and interpersonal skills to ensure that you have a smooth working relationship.
When you hire with Toptal, you’ll always work with world-class, custom-matched Valuation specialists ready to help you achieve your goals.
Can you hire Valuation specialists on an hourly basis or for project-based tasks?
You can hire Valuation specialists on an hourly, part-time, or full-time basis. Toptal can also manage the entire project from end-to-end with our Managed Delivery offering. Whether you hire an expert for a full- or part-time position, you’ll have the control and flexibility to scale your team up or down as your needs evolve. Our Valuation specialists can fully integrate into your existing team for a seamless working experience.
What is the no-risk trial period for Toptal Valuation specialists?
We make sure that each engagement between you and your Valuation specialist begins with a trial period of up to two weeks. This means that you have time to confirm the engagement will be successful. If you’re completely satisfied with the results, we’ll bill you for the time and continue the engagement for as long as you’d like. If you’re not completely satisfied, you won’t be billed. From there, we can either part ways, or we can provide you with another expert who may be a better fit and with whom we will begin a second, no-risk trial.
Eric is a financial services professional with 14+ years of experience as a sell-side, buy-side, and startup professional, advising on debt and equity deals from $10 million to more than $1 billion. While at Apollo Global Management, he deployed more than $2 billion into funds across various structures and sectors.
As M&A Ramps Up Again, Companies Need Good Business Valuation Specialists
Since the slowdown of the early pandemic, demand has been growing for talented business valuation professionals. More than 60% of 800 business owners interviewed for the 2022 MassMutual Business Owner Perspectives Study said that knowing the value of their business was important. “Measuring business health” was the primary reason, but there are many situations in which a company needs a definitive and defensible figure—for example, when the business is up for sale. In 2022, M&A was almost back to pre-pandemic levels, according to The 2022 M&A Report from Boston Consulting Group. Robust demand for business valuation specialists will likely continue throughout 2023 and beyond.
Valuing a business accurately isn’t a job for novices. Unlike real estate deals, business valuations and transactions aren’t published in a public database or otherwise readily accessible. It takes experience to know which of the widely varying techniques and methodologies to use—why the special valuation approaches appropriate for a fintech startup may not be right for more established businesses, for example.
Not only is business valuation a specialized skill, but for most use cases, regulations and stakeholders require that the analysis be conducted—and the report published—by a neutral third party in order to avoid conflicts of interest. This means you must hire a valuation expert from outside your company—whether it’s through a specialized investment bank, a public accounting agency, or a valuation agency—or hire an independent contractor.
This hiring guide offers insights into how to hire the best business valuation consultant for your particular needs.
What distinguishes quality Business Valuation Specialists from others?
When you’re looking for a quality business valuation professional, experience should be your primary criterion. Ideally, your candidate will have a minimum of 10 years of experience in conducting business valuations generally, as well as specialized sector experience relevant to your use case. For instance, if the valuation is being used for tax purposes, it will be subject to extensive scrutiny and liability, so you should hire someone who knows how to handle those tax-specific requirements. If you’d like an indicative valuation, to understand your business’s present worth, someone with fewer than 10 years of experience may be acceptable. It’s not advisable to hire a business valuation specialist with less than five years of experience.
A business valuation analyst uses a variety of data sources and business valuation methods to arrive at a value or range of values that a business would likely command in a transaction between willing parties operating in a normal business environment—in essence, its fair market value. While there are a variety of approaches and methodologies to determine an accurate business valuation, some of the most frequently used include discounted cash flow (DCF) analysis, which assesses value based on the company’s future cash flow as projected in different ways; comparable company trading/valuation multiples (comparable company or comps) analysis, which compares the company to others of similar size in the same industry; and precedent transaction valuation (precedent transactions) analysis, which considers prices paid for similar companies to arrive at a valuation. Depending on the methodology, the results can vary. Knowing which approach is most appropriate is a matter of skill and experience.
While you may see a variety of valuation certifications when researching candidates—such as ABV, CBA, CSC, and CVA, among others—a business valuation analyst doesn’t need a specific valuation certification in order to be good at their job. That said, CFA (chartered financial analyst) is a significant qualification. Globally recognized, the CFA is a general credential for investment professionals that evaluates valuation and financial analysis abilities, among other skills. Certification requires a rigorous three-part exam, as well as years of experience in the field.
How can you identify the ideal Business Valuation Specialist for your project?
Your business valuation professional should possess a mix of hard and soft skills to best determine a company’s intrinsic value. These include:
Sector-specific experience relevant to your use case, including industry-related techniques and expectations.
Skills in analyzing, quantifying, and qualifying business-specific risks; a business valuation specialist must understand how to work with risk, as it affects the potential value of the business.
Critical thinking and facility with writing.
Ability to communicate effectively with company management.
In addition to these valuation skills, the following may be relevant:
General knowledge of accounting and tax principles – Most candidates are likely to have relevant financial experience and credentials. If they don’t, it’s a good idea to check their knowledge of basic accounting and tax principles.
Experience with analyzing and adjusting profit margins – Profit margins are a major driver in valuations, so knowledge of how to calculate and interpret them can be useful.
Finally, if your use case pertains to any of the following areas, be sure the business valuation analyst has significant experience (at least five years) with that specialty, as all three are subject to regulations and/or a high level of scrutiny:
Compliance and other legal matters
Tax reporting
VC fundraising
How to Write a Business Valuation Specialist Job Description for Your Project
First, clearly describe your use case and business sector, including the stage in a negotiation when the valuation will be used. This will help candidates with relevant experience self-select, based on their experience, as well as give them a clearer sense of the nature of the project.
Next, list the data sources and financial documents you think the valuation specialist may need. You need not have these materials on hand, but think about the steps to acquire them and at what point in the data collection process you’ll want the business valuation expert to step in. Including information about the scope, intensity, and length of the work you need performed will help both you and potential candidates understand what realistic project deadlines and budgets might look like.
Finally, be clear about your expectations in terms of qualifications and experience, bearing in mind the aforementioned guidance about special cases that require advanced expertise. Be specific about what you need.
What are the most important questions to ask when interviewing Business Valuation Specialists?
By the interview stage, you’ll have had the opportunity to look at the candidates’ education and prior positions, and you can then delve into their experience and how it applies to your particular use case.
How should this use case be approached?
It’s important to understand how the interviewee would calculate your valuation, especially if you’re in a niche market. If your company is a fintech or a startup, for example, inquire about their experience with fintech valuations or startup valuations. Or if you’re looking to buy a software company, be sure your analyst understands how to value intangible assets. While you may not be familiar with all valuation techniques, the candidate should be able to explain what approach they think is best for your case and why.
Will this valuation require additional information or data beyond what’s provided?
The answer to this question will help you assess how well the candidate understands your use case, as well as give you a sense of whether the time and money you have budgeted for the project are likely to be on target.
What steps do you follow in your workflow?
Regardless of use case or methodology, a business valuation specialist will generally follow a workflow such as this:
Step 1: Define objectives, stakeholders, resources, and methods.
Understand why you need a business valuation, what data is available, and what specific challenges might arise.
Choose methods and data sources based on the valuation objectives and stakeholders.
Step 2: Gather data.
Compile information about the business, including a business operations overview.
Aggregate historical business financials, and develop a financial model and financial projections.
Adjust the model and projections, and define sensitivities and scenarios, incorporating risk in conjunction with business management. (Financial statements prepared for tax purposes and audited financials must be interpreted properly and reclassified as appropriate for business valuation use cases.)
Step 3: Research and analyze data.
Perform in-depth analysis of company documents, audited financial statements or tax returns, business operational information, intangible assets, macro and business-specific risk factors, and other data.
Research macro and industry- and business-specific economic factors, industry trends, and risk factors.
Analyze public and private comparable industry transactions and trading multiples.
Step 4: Produce a valuation report.
Design a comprehensive presentation of specific business risk factors.
Draft a detailed company description and establish market positioning.
Generate an industry-specific review and assessment of prevailing economic conditions and trends.
Create detailed historical and projected financial statements in line with business valuation standards.
Contemplate, underwrite, and execute industry-specific valuation methodologies, utilizing best practices for accurate valuation determination. (No two companies are identical, and each business will have a unique scenario and stakeholders.)
Validate all assumptions and results.
Arrive at a customized, comprehensive, and defensible business valuation.
Step 5: Present and review the preliminary report with management.
Present the preliminary business valuation report to enable a thorough understanding of its conclusions, verify accuracy, and ensure the report fulfills its objectives.
Revise the preliminary draft, if needed, and issue the final report with customary disclaimers, representations, and warranties.
What will the deliverables look like?
The candidate should respond that the final report will include a business overview, market positioning, and industry and macrodynamic reviews, as well as supporting documents to validate and justify their results. If you would like the report to include specific information or formatting, request it. Also, ask how the candidate would defend their conclusions if challenged.
Can you describe how you worked through the last similar business valuation?
Ask how recently this valuation was performed. Expect each candidate to detail how they approached the case and note how nuanced their approach seems. The more recent and robust their experience with your kind of use case, the better.
Why do companies hire Business Valuation Specialists?
There are many reasons you may need a thorough, accurate, data-based business valuation of your company. Besides a potential sale, reasons may include partnership buyouts, estate and gift taxes, buy-sell agreements, divorce, corporate litigation, SBA loan applications, raising equity or debt capital, succession planning, stock options/employee stock/ESOP, incentive programs, fairness opinions, tax allocation and tax reporting, and valuing intangible assets. For any of these use cases, hiring a qualified business valuation specialist will demonstrate due diligence and reduce the likelihood of problems resulting from an incorrect or unsupported valuation during or after a transaction.
No matter what size your business is or what industry you’re in, you’ll probably need to hire a business valuation specialist at some point. Being able to describe the nature and scope of your job will help you identify the specialist with the appropriate skills. Hiring the best specialist for your needs will, in turn, make the valuation process go as smoothly as possible.
