Capitalisation of earnings
Future maintainable earnings multiplied by a market-derived capitalisation rate. The standard approach for profitable, established trading businesses.
Best for: stable SMEs
Independent · Certified · Court-ready
Business
Valuations
Brisbane
Independent, defensible valuations of Queensland businesses — prepared by Certified Practising Valuers of the Australian Valuers Institute and written to stand up to the ATO, a lender, a buyer or a court.
1300 778 033
Mon–Fri, 9am–5pm AEST · 4/144 Edward St, Brisbane City
Certified Practising Valuers
Expert witness experience
Registered QLD & WA
Fixed-fee engagements
Independent of brokers
The short answer
What is a business valuation?
A business valuation is a formal, independent opinion of what a business is worth at a specific date, prepared by a qualified valuer to a defined standard of value. It normalises the financial statements, establishes future maintainable earnings, applies a market-derived multiple or discount rate, and cross-checks the result against comparable transactions and net asset backing.
It is not a broker's appraisal or an online estimate. A valuation states its purpose, its standard of value, its methodology, its assumptions and its limitations — which is precisely why the ATO, banks, buyers' advisers and the courts will accept one and will not accept the alternative.
01
Normalise the earnings
Owner salaries, related-party rent, one-off costs and personal expenses are adjusted out to reveal true operating profit.
02
Set maintainable earnings
A weighted view of historical and forecast performance that a new owner could reasonably expect to sustain.
03
Apply a market multiple
Derived from comparable Australian transactions, then adjusted for size, risk, owner dependence and revenue quality.
04
Cross-check and report
A second method tests the primary result, and the report documents every assumption behind the conclusion.
Free tool · No email required
Indicative value range calculator
Enter your normalised EBITDA and industry to see the earnings-multiple band Australian SMEs in your sector typically transact within, then see how three value drivers move it.
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Earnings before interest, tax, depreciation and amortisation — after adding back a market salary for the owner.
Industry
Owner dependence
Recurring or contracted revenue
Three-year earnings trend
Indicative enterprise value range
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Indicative only. This tool applies generalised Australian SME earnings multiples and is not a valuation, does not consider your net assets, working capital, debt or contracts, and must not be relied on for tax, finance, sale or legal purposes.
Get the real number — book a free consultValuation methods
Six methods. One defensible conclusion.
No single method fits every business. We select a primary method appropriate to your earnings profile and asset base, then cross-check it against at least one secondary method — and we show our working.
Discounted cash flow
Forecast free cash flows discounted at a risk-adjusted rate to present value. Used where growth, contracts or a finite life make history a poor guide.
Best for: growth & projectsMarket comparables
Benchmarking against observed Australian business sales and listed-company multiples, adjusted for size, liquidity and control.
Best for: cross-checkingNet asset backing
Fair value of plant, equipment, stock, property and intangibles less liabilities — valued in-house by our asset and plant valuation division.
Best for: asset-heavyEarly-stage methods
Berkus, Scorecard, Venture Capital and risk-adjusted DCF for pre-revenue and growth-stage companies raising or issuing equity.
Best for: startupsOption & scenario models
Real options and Black–Scholes treatment for complex capital structures, earn-outs, warrants, options and contingent consideration.
Best for: complex equityWhich method applies to your business?
A quick comparison of the three approaches that decide most Australian SME valuations.
Scroll the table sideways →
| Approach | Best suited to | Core inputs | Typical range |
|---|---|---|---|
| Income | Profitable businesses with three or more years of consistent trading | Normalised EBITDA, add-backs, capitalisation rate, working capital | 2.0×–7.0× EBITDA |
| Market | Sectors with frequent, observable transactions — retail, trades, agencies | Comparable sale prices, revenue and EBITDA multiples, deal terms | 0.5×–3.0× revenue |
| Asset | Asset-heavy, loss-making, or businesses being wound up | Plant and equipment, stock, debtors, property, liabilities | Net assets + goodwill |
Why owners engage us
The purpose changes the number. We ask first.
Selling or exiting
Know your floor before a broker or buyer sets it for you, and identify which drivers to fix in the 12 months before you go to market.
Family law proceedings
Single expert and shadow expert reports prepared to the Federal Circuit and Family Court expert evidence rules, with court attendance where required.
Shareholder & partner exits
Independent determination of a departing party's interest, including minority discounts and control premiums, under buy–sell or shareholder agreements.
Tax & ATO compliance
Market value substantiation for CGT events, small business concessions, restructures, Division 7A and superannuation fund holdings.
Finance & capital raising
Reports lenders and investors accept, with the asset schedules, earnings analysis and sensitivity work a credit or investment committee expects.
Succession & estates
Valuations that let a family business pass to the next generation, or be divided between beneficiaries, on an evidenced and equitable basis.
Accountants and lawyers: we work as your independent expert and never approach your client for other work.
Refer a clientIndustry coverage
Fourteen sectors, each with its own multiple
Professional services
Legal, accounting, consulting and advisory firms
Healthcare
Medical and dental practices, allied health, aged care
IT & digital
SaaS, managed services, agencies and tech startups
eCommerce
Online retail, marketplaces and D2C brands
Manufacturing
Fabrication, food production, industrial plant
Construction
Builders, subcontractors and civil works
Transport & logistics
Freight, warehousing and distribution
Trades & services
Electrical, plumbing, HVAC and maintenance
Hospitality & retail
Cafés, restaurants, venues and shopfront retail
Mining services
Contractors, equipment hire and site services
Agribusiness
Primary production, processing and rural supply
Education & training
RTOs, childcare, tutoring and colleges
Real estate & property
Agencies, rent rolls and property management
Financial services
Brokers, financial planners and insurance books
Who signs your report
Certified valuers, not analysts
Every report is prepared and signed by a Certified Practising Valuer of the Australian Valuers Institute. Business Valuations Brisbane is the business valuation division of Asset Valuations Group, which also values property, plant and equipment in-house — so asset-heavy engagements never need a second firm.
Paul Khoury
Chief Executive Officer · Head of Asset Valuations
Forty-two years in property, asset and business valuation, and a practising auctioneer. Paul leads asset investigations and independent opinions of value, with extensive experience as an expert witness in court proceedings.
- —Certified Practising Valuer (AVI)
- —Certified Business Valuer (AVI)
- —Certified Asset Valuer (AVI)
- —Registered Auctioneer
Jarrad Khoury
Director · Head of Valuations
Leads the Business Valuation Services division. Jarrad specialises in financial investigations and expert opinions on business value, loss, damages and solvency, and values small to medium businesses, tangible assets and intellectual property.
- —Registered Valuer, Queensland (Not Limited)
- —Licensed Valuer, Western Australia (Not Limited)
- —CPV (Australian Property Institute) & CPV/CBV (AVI)
- —Registered Business Valuer (AIBB)
Anthony Khoury
Director · Head of Property Valuations
Oversees valuation services across Victoria and New South Wales. Anthony brings seven years in residential, commercial, specialised and industrial property valuation — the asset side of any business that owns or occupies real property.
- —Certified Practising Valuer (AVI)
- —Certified Asset Valuer (AVI)
- —Bachelor of Business
- —Property & asset valuation, VIC & NSW
Representative engagements
What an engagement looks like
Anonymised summaries of the engagement types we handle most often. Client identities and figures are withheld under our confidentiality undertakings.
Single expert valuation of a two-entity trading group
A trading company and an asset-holding trust, valued together for property settlement. Owner remuneration and related-party rent were normalised to market, and the plant and equipment register was valued in-house rather than accepted at book value.
- Method
- FME with net asset cross-check
- Output
- Single expert report + court attendance
Pre-sale valuation of an owner-operated services business
Engaged eighteen months before going to market. The report separated transferable goodwill from personal goodwill and set out the specific changes — management depth, contracted revenue, customer concentration — that would move the multiple.
- Method
- Capitalisation of earnings
- Output
- Valuation + value-driver roadmap
Buy–sell determination of a minority shareholding
Appointed jointly by both parties under a shareholders' agreement. The engagement turned on the standard of value in the deed and on whether a minority discount applied — both addressed explicitly in the report so neither side could reopen them.
- Method
- FME with minority discount analysis
- Output
- Binding expert determination
Get ready faster
Document readiness checklist
The clock on your valuation starts when the information is complete, not when you engage us. Tick off what you already have — most businesses can assemble the full set in an afternoon with their accountant.
Fees & timelines
Fixed fees, quoted before we start
We scope your engagement on a free call and quote a fixed fee in writing. No hourly billing surprises. The bands below show where engagements typically sit — your written quote is the only figure that matters.
Indicative assessment
Low four figures
A short-form opinion of value for internal planning, an early exit conversation or a first negotiating position. Not intended for court or the ATO.
3–5 business days
Most common
Formal valuation report
Mid four figures
A full report for an established SME: normalised earnings, method selection, cross-checks, assumptions and a signed valuer's declaration. Accepted by the ATO, lenders and buyers.
10–15 business days
Expert & complex
Five figures
Multi-entity groups, court-appointed single expert work, loss and damages quantification, and engagements requiring conferral with another expert or evidence in court.
Scoped to the timetable
What moves the fee
Number of entities, quality of records, purpose of the valuation, and whether expert evidence is required.
What never changes
The fee is agreed in writing before work starts, and it does not depend on the value we conclude.
Independence
We are not brokers and we do not sell businesses. We have no interest in the number being high or low.
Deductibility
Often deductible for business purposes; capital-transaction valuations usually form part of the CGT cost base.
Frequently asked
Straight answers, with numbers
The questions Brisbane business owners, accountants and lawyers ask us most — answered without hedging.
See all 26 questions →Fees are fixed and quoted up front after a free scoping call. A concise valuation for a small owner-operated business sits in the low four figures; a full formal report for an established SME sits in the mid four figures; and complex, multi-entity or court-appointed engagements move into five figures. The fee is driven by entity count, the quality of your records, the purpose of the valuation and whether expert evidence is required — never by the value we conclude.
Most SME engagements are delivered within 10 to 15 business days from the date complete financial information is received. A short-form indicative assessment can be turned around in 3 to 5 business days. Court-directed reports are scheduled to the single expert timetable set by the court.
Three years of financial statements and tax returns, the current year’s management accounts, an aged debtors and creditors listing, the asset and depreciation register, lease and finance agreements, key customer and supplier contracts, the shareholder or partnership agreement, and details of owner remuneration and any non-recurring expenses. The checklist above covers the full set.
Profitable trading businesses with three or more years of consistent results are usually valued on capitalisation of future maintainable earnings. Asset-heavy businesses such as transport, construction and manufacturing are cross-checked on a net asset basis. High-growth or pre-revenue companies use discounted cash flow or early-stage methods. In practice we apply one primary method and at least one cross-check, and the report explains why.
Yes. Reports are prepared to meet ATO market value substantiation guidance and the expert evidence practice directions of the Federal Circuit and Family Court of Australia — including the expert’s declaration, the instructions received, the assumptions relied on and the methodology applied. Our lead valuer has extensive experience giving expert evidence in court proceedings.
A valuation obtained for an income-producing or business purpose — tax compliance, a dispute, an insurance claim — is generally deductible. A valuation obtained as part of acquiring or disposing of a capital asset is usually a cost of that asset and forms part of the CGT cost base rather than an immediate deduction. Confirm the treatment for your circumstances with your accountant.
An appraisal is an informal price opinion, usually given free by a party who benefits from a sale, with no professional standards behind it. A valuation is a formal opinion of market value prepared by a certified valuer, with a defined standard of value, a stated methodology, disclosed assumptions and a signed declaration. Only a valuation is defensible to the ATO, a lender or a court.
Goodwill is the residual between the total value of the business as a going concern and the fair value of its identifiable net tangible assets. It is derived, not assumed: we value the business on future maintainable earnings, deduct the net tangible assets, and the remainder is goodwill. Heavy owner dependence reduces transferable goodwill, which is why owner-operated businesses often sell for less than their profit suggests.
Yes. We are based at 4/144 Edward Street, Brisbane City and regularly value businesses across South East Queensland, regional Queensland and nationally. Our valuers hold registrations in Queensland and Western Australia, and our directors cover Victoria and New South Wales.
Yes. Every engagement is covered by a confidentiality undertaking and your information is used solely for the valuation. Where a report is prepared for court proceedings, disclosure is limited to what the expert evidence rules require.
Know what your business is actually worth.
A free 15-minute call. We scope the engagement, tell you which method fits, and quote a fixed fee in writing. No obligation.
1300 778 0334/144 Edward St, Brisbane City QLD 4000
Mon–Fri, 9am–5pm AEST
Request a fixed-fee quote
We reply within one business day. Everything you send is confidential.