Independent business valuations are crucial when you need to assess the value of a business. A professional valuator’s expertise is needed in cases of marital separation, buying or selling a business, developing a succession plan, or litigating a shareholder dispute.

Our team

Our Toronto-based team of Chartered Business Valuation professionals has earned a reputation in the industry for providing objective, comprehensive, and well-reasoned valuation reports.

Our services

We provide valuations for a variety of purposes, including:

Marital separation valuations

  • Business and stock options valuations
  • Assessment of income for support purposes
  • Tax and foreign exchange implications of cross-border support arrangements
  • Tracing of funds
  • Assessments of shareholder loans and contingent income taxes

Shareholder disputes and buyouts

  • Sale to existing shareholders, management groups, or third parties
  • Minority interest valuation
  • Oppression remedy cases

Income tax, estate and succession planning

  • Corporate reorganizations
  • Shareholder estate planning
  • Business valuations for succession planning
  • Deemed dispositions on the death of a shareholder

When required, we provide expert witness testimony, critiques of opposing experts’ reports, assistance with examinations for discovery, and expert cross-examination at trial.

If you are looking for a court-appointed independent trustee, learn more about our Estate Trustee During Litigation service.

For more information, contact us or meet our team.

Frequently asked questions about business valuations

A business valuation is a process of determining the economic worth of your business. It involves normalizing the earnings of a business to reflect the ongoing future maintainable level of earnings and applying multiples to the earnings level that consider the positive and negative risk factors associated with realizing the maintainable level of earnings.

In a litigation context, business valuations are needed in circumstances of divorce proceedings, shareholder disputes, and loss of profit matters. Business valuations are also needed for purposes of succession planning, shareholder buyouts, corporate re-organizations, income tax, goodwill impairment/financial accounting valuations, intellectual property valuation and strategic planning.

A business valuation begins with deciding on the valuation date(s), the percentage interest to be valued and the type of deliverable required. The valuation process involves collecting relevant information, analyzing financial statements and other data, conducting industry research, discussing valuation issues, and preparing the valuation analysis and report.

There are three types of valuation reports: (i) Calculation, (ii) Estimate and (iii) Comprehensive. The type of valuation report is dependent on the nature of the engagement. Calculation reports provide the lowest level of review and corroboration of relevant information, whereas Estimate reports and Comprehensive reports provide higher levels of scope of review and assurance.

The valuations team also provides expert loss quantification reports required for litigation cases involving breach of contract, construction damages, breach of fiduciary duty, loss of profit, fraud/forensic accounting, misappropriation of funds, etc. In these cases, an expert report is prepared for court, arbitration or mediation purposes.

Our valuation and expert reports are prepared objectively and independently for litigation purposes. We provide expert witness testimony, critiques of opposing experts’ reports, assistance with examinations for discovery, and cross-examinations at trial.

A proper business valuation is a complex process that requires expertise in generally accepted valuation principles and their application. In the case of a shareholder dispute, the purpose of a valuation is to determine how much the shares are worth, at a certain point in time, so that an equitable buy-out can be facilitated.

Special considerations – including the practical realities of tax issues related to the sale of shares, determining the effective date of the valuation, and whether a minority discount should apply – must be made when preparing business valuation reports for shareholder disputes.

Business Valuations insights

To tell the truth: Damages in breach of duty of honest performance

Bruce Roher • January 29, 2024

As set out in the 2020 Supreme Court of Canada (SCC) case of C.M. Callow Inc. v Zollinger (“Callow”), the duty of honest performance of a contract requires that parties must not lie or otherwise misled each other about matters directly linked to the performance of the contract.[1] This article will review the method by

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Which path forward is right for your business?

Fuller Landau team • October 26, 2023

The past few years have significantly impacted many businesses, in many cases disrupting even the best laid plans. As society moves towards a semblance of normalcy, many owners are finding themselves at a crossroads in terms of planning a future path for their businesses. Perhaps that path is investing to sustain operations or spur growth.

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Reducing the risk of business fraud

Bruce Roher • July 21, 2022

Employees are entrusted to safeguard and control bank accounts, receivables, inventory, and the books and records of the company. While most employees will never abuse this trust, those who do commit fraud schemes can cause organizations to suffer significant financial losses. Fraud perpetrated by employees is known as “occupational fraud”. The Association of Certified Fraud

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