Business Valuation by a Chartered Accountant in Paris: SME Appraisal

What is your business actually worth? Entrusting that question to a chartered accountant specialised in business valuation means getting an appraisal built from your real accounts, your normalised earnings and your market, not from a one-size-fits-all formula. A well-conducted valuation enables you to negotiate a business sale on a reasoned basis, defend your position in a shareholder dispute, justify the terms of an investor entry, or calibrate a Pacte Dutreil in a family succession.

Hayot Expertise, at 58 rue de Monceau, Paris 8, delivers business valuation missions for every context that requires a credible, documented and defensible appraisal: sale preparation, acquisition analysis, fundraising, divorce proceedings, shareholder disputes, family gift transfers and contribution audits. Our expertise combines proven valuation methodology and deep knowledge of French M&A and transfer taxation.

This page presents the valuation engagement: who leads it, in which situations, with which deliverables and at what price. For the methods in detail, the formulas and the sector-by-sector scales, see our complete business valuation guide (methods and 2026 benchmarks).

A registered chartered accountant and statutory auditor can produce two deliverables: a value opinion (concise analysis, reasoned range, from €800 excl. VAT) or a full, reasoned valuation report (from €2,500 excl. VAT for a company with under €2M revenue, €4,500 excl. VAT between €2M and €10M), delivered within 10 to 15 business days. In practice, the value of a profitable SME is often estimated by applying a multiple to its normalised EBITDA, and that multiple varies widely from one sector to another. To get a first range in a few minutes, use our SME business valuation simulator, then read how much is my company worth: the 3-step calculation. The rest of this page covers when to get a valuation, who should run it, with which methods and at what cost.

Several professionals value businesses, but not within the same framework. The title and profession of chartered accountant (expert-comptable) are regulated by the ordinance of 19 September 1945, whose Article 2 provides that a chartered accountant may analyse, using accounting techniques, the situation and operations of businesses and organisations in their economic, legal and financial aspects, and that they report on their findings, conclusions and suggestions.

That is the framework for a valuation that an owner, a shareholder or a buyer entrusts to a chartered accountant registered with the Ordre. For certain operations, the law itself provides for the professional involved.

Samuel Hayot carries out valuations as a chartered accountant and, as a statutory auditor registered on the list drawn up by the Haute autorité de l'audit (H2A), acts as contribution auditor or transformation auditor. An independence rule applies: Samuel Hayot does not accept appointment as contribution auditor for shares or assets the firm has valued, because no one can review a value they set themselves.

A valuation produced by the owner alone is often biased, unintentionally: emotional attachment, optimistic reading of the pipeline, unfamiliarity with the discounts the market applies. The chartered accountant, by contrast, works from the raw material of any valuation: the accounts. Restating the director's pay, neutralising non-recurring items, revaluing assets, documenting a forecast: that is their natural ground, and it is what separates a defensible range from a number thrown into a negotiation.

Engagements are led by Samuel Hayot, chartered accountant registered with the Ordre des experts-comptables of Paris Île-de-France and statutory auditor: the report commits a professional bound by strict independence and ethics rules. This is not a decorative point. On French transfer taxes, the tax authority can reassess a price it deems insufficient (LPF, Article L. 17): a signed report with documented assumptions and discounts justified line by line helps justify the value adopted in a tax audit. Our methodology draws in particular on the business and share valuation guide published by the French tax authority (DGFiP), in its June 2026 edition: the very benchmark the administration itself uses.

Some engagements already carried out, presented anonymously:

• the withdrawal value of a partner's shares in a medical practice company, in a dispute between partners;
• the valuation of shares ahead of their contribution to a holding company;
• the contribution auditor's report on a building contributed to a SARL.

Sale Preparation#

Without an independent valuation, the asking price in a business sale has no documented basis. Basing it on gut feeling or on a rough EBITDA multiple heard at a conference exposes you to two risks: either you leave money on the table by pricing too low, or you block the transaction by pricing too high and losing credibility with serious acquirers.

A professional pre-sale valuation serves three concrete purposes:

1. Anchoring the asking price on a defensible methodology that survives scrutiny by the buyer's financial advisors
2. Identifying value levers: areas where operational or financial improvements before the sale process can be reflected in the valuation (working capital reduction, contract formalisation, key-person risk mitigation)
3. Preparing for buyer objections: understanding in advance which elements of your business a financial buyer will discount, and being ready to respond with data rather than emotion

Acquisition Analysis#

For acquirers, our valuation report constitutes the analytical foundation of the investment decision. We verify whether the asking price is consistent with the fundamental value of the target, identify the risks that justify price adjustments or protection mechanisms (earn-out, price adjustment mechanism based on locked-box or closing accounts, representations and warranties) and provide an independent view on the business plan assumptions.

Fundraising and Investor Entry#

In a capital raise (business angel, venture capital, growth equity), the pre-money valuation determines the founders' dilution. A valuation that is too low creates excessive dilution; too high, it may block negotiations or create a painful down-round at the next financing stage. Our valuation report provides a structured, scenario-based analysis (base, upside, downside) that enables productive negotiations on objective foundations rather than positional bargaining.

Divorce and Matrimonial Asset Division#

When a business forms part of a matrimonial community or an inheritance estate, its valuation is central to the asset division. Where the parties disagree on that value, the judge may order an expert valuation. Our valuation reports are structured to be usable before the juge aux affaires familiales (family law judge) or the tribunal judiciaire (judicial court).

Shareholder Disputes#

Conflicts between shareholders (buy-out, squeeze-out, exclusion, departure) frequently require an expert valuation, either agreed between the parties (amiable) or ordered by a court (judiciaire). We can act as jointly appointed amiable expert, or produce the expert report for one party in preparation for a contradictory judicial expertise.

Family Business Succession: Pacte Dutreil#

The transmission of a business to children or grandchildren under the Pacte Dutreil (CGI Article 787 B) can benefit from a partial exemption: the transferred shares are exempt from gift tax on 75% of their value. For transfers made since 21 February 2026, the individual holding commitment lasts 6 years from the end of the collective commitment (minimum 2 years), and the fraction of value representing certain luxury assets (notably pleasure boats, passenger cars, housing not used exclusively for the business) is excluded from the exemption. The valuation of the transferred shares is one of the points the tax authority examines in these operations: a documented expert report helps justify the value declared. And where the succession involves contributing the shares to a family holding company, the valuation feeds directly into the contribution auditor's report required for the operation. The tax side and the calendar of these operations (holding commitments, donation-partage, duty reduction before age 70) belong to our business transfer accountant page.

The right deliverable depends on the intended use, not on the size of the company. An owner who wants to put figures on an early conversation with a buyer does not need the same document as a shareholder preparing for litigation.

For what each document contains and its legal weight, read our article on the content, standing and price of a value opinion.

The full report follows a standard outline, adapted to each engagement:

1. Background, purpose and limitations of the engagement
2. Presentation of the company and its environment
3. Financial analysis and restatements
4. Legal framework of the valuation (articles of association, shareholders' agreement, applicable law)
5. Methods selected and methods set aside, with the reasons
6. Application of each selected method
7. Consistency checks and sensitivity analyses
8. Summary: value range or, for tax purposes, a single value
9. Key issues, reservations and outstanding documents
10. Conclusion

The full report is presented to you in an oral debrief, and the calculation model (assumptions and sensitivities) is handed over with it as a PDF. The report is neither an audit nor a certification of the accounts: it relies on the documents you provide and, unless the law or the parties entrust us with setting the price (for example as the expert under Article 1843-4 of the Civil Code), the value we arrive at informs the decision without setting the price between the parties.

As a general rule, several methods are compared, each capturing a different dimension of value. Every method used must nevertheless be justified in light of the company's characteristics, and a single method is acceptable where the analysis of the company and of the available data points to it. Each method is explained in detail (formulas, worked examples, sector scales) in our complete business valuation guide.

Which method for your business?#

These benchmarks follow the DGFiP guide (2026 edition), written for valuations for tax purposes; in a negotiation, they are a starting point, not a rule. For a retail business, see our fonds de commerce valuation page.

Discounted Cash Flow (DCF)#

The DCF method is the reference approach in corporate finance. It projects the company's free cash flows over an explicit horizon (typically 5 to 7 years), calculates a terminal value (the value of the business beyond the forecast horizon, using either a Gordon Growth Model or an exit multiple approach), and discounts the entire cash flow stream at a rate reflecting the risk of the business: the WACC (Weighted Average Cost of Capital).

The key advantage of DCF: it captures the intrinsic value of the business independently of prevailing market transaction conditions. Its limitation: it is highly sensitive to growth rate and discount rate assumptions: a one-point change in WACC can shift the value significantly. We therefore present systematic cross-sensitivity analyses (valuation table across growth rate × WACC combinations), and clearly document all assumptions underlying the model.

Market Multiples (Comparable Companies)#

This method applies valuation multiples observed on comparable listed companies to the target: EV/EBITDA, EV/Revenue, EV/EBIT, P/E. The sample must bring together genuinely comparable companies (sector, geography, size, profitability, growth profile); the multiple selected (median, mean or mean excluding outliers, depending on the dispersion observed) is applied to the target's aggregate, restated in the same way as for the comparables. The level of multiples varies from one sector to another and from one period to another.

The value derived from listed-company multiples may be adjusted, where justified, for a size discount (small companies may carry a higher level of risk than large caps); it calls in principle for an illiquidity discount (shares in an unlisted SME cannot be sold as quickly, or at as low a transaction cost, as listed shares), which the DGFiP guide treats as necessary where the valuation rests on stock-market multiples, unless the combination of methods already reaches the real value. In every case, care is taken not to count the same risk twice, size and illiquidity being closely linked.

Transaction Comparables#

This method draws on actual M&A transaction multiples in the relevant sector, more representative for SMEs than listed-company multiples given the size gap. The transactions selected must be comparable in sector, size and date; since data on sales of unlisted companies is rarely published, the comparability of each reference has to be justified, and differences in timing and operating profile are adjusted for.

Net Asset Value (NAV) / Actif Net Réévalué (ANR)#

The ANR approach revalues all company assets to fair market value, then deducts the adjusted liabilities. This methodology is particularly relevant for real estate holding companies (property revalued to current market), asset-heavy businesses (significant plant, equipment or inventory), and companies in run-off or liquidation where asset value exceeds earnings-based value. For the specific case of French SCI shares (shareholder current accounts, discounts, split ownership), see our article on valuing SCI shares.

It is less relevant for asset-light service businesses where value resides in human capital, client relationships and recurring contract portfolios: DCF and multiples are better suited to those cases.

Goodwill Valuation for Regulated Professions#

For regulated professional practices (pharmacies, medical practices, law firms, notarial practices, commercial fonds de commerce), we apply goodwill capitalisation methods: the excess return above a normalised return on comparable assets, capitalised over a period reflecting the durability of the above-normal profitability.

The accuracy of any multiples-based or DCF-based valuation depends entirely on the quality of the EBITDA normalisation performed upfront. Common adjustments that materially affect the valuation:

• Director remuneration restatement: replacing the actual (often tax-optimised) director salary with a market-rate equivalent for the same function, removing the noise introduced by legitimate but non-recurring remuneration decisions
• Non-recurring items: restructuring charges, exceptional legal settlements, one-time consulting fees, gains or losses on asset disposals, removed to reveal underlying operating profitability
• Related-party transactions: rent paid to a director's SCI (property holding company) at above or below market, adjusted to market rent
• Missing investment: companies that have deferred maintenance capex to boost near-term cash flow require a normalisation charge representing the cost of required investment
• Pro-forma adjustments: revenue and cost run-rate of acquisitions completed during the period, annualised impact of new contracts signed before year-end

This normalisation phase often has a larger impact on the final valuation than the choice of methodology. To go further: EBITDA or EBE, which restatements for a valuation?.

Where the value of company shares is contested in a transfer or buy-back provided for by law or by the articles of association, Article 1843-4 of the French Civil Code provides that the value is set by an expert appointed either by the parties or, failing agreement between them, by the president of the court (judicial or commercial court), ruling under the accelerated procedure on the merits (procédure accélérée au fond) with no appeal possible. Where they exist, the expert applies the valuation rules set by the articles of association or by any agreement binding the parties. In other words: if the conflict drags on, a third party's valuation will be imposed on everyone. Far better to reach that stage with a structured file, or to avoid it altogether through a jointly agreed expertise. By contrast, Article 1843-4 does not, as such, govern the valuation of a business in a divorce.

Our role in these situations takes three forms: jointly appointed expert agreed by the parties, party-appointed report prepared for the side that instructs us ahead of an adversarial expertise, or preparatory work structuring the file before a possible court appointment. In all three cases, the quality of the restatements and the justification of the discounts make the difference.

Two useful companion reads: business valuation in a divorce or shareholder dispute (process, costs, preparation) and valuing SARL shares (from enterprise value to the value of the block, minority and illiquidity discounts).

For registration duties, on a gift, a sale or certain contributions, the tax authority may reassess a declared price or value that appears lower than the real market value (LPF, Article L. 17). The DGFiP guide on valuing businesses and company shares (L'évaluation des entreprises et des titres de sociétés), in its June 2026 edition, sets out the approach the tax authority follows, subject to review by the courts. Four points shape our reports for tax purposes:

• A recent transaction in the same company's shares comes first. Where shares in the same company have been sold under comparable conditions (comparable type and stake, market price, in principle less than 24 months earlier), the guide uses that price without applying other methods.
• Otherwise, a combination of methods justified by the analysis of the company. The guide makes the prior, in-depth and individual analysis of the company, together with a two-way exchange with the taxpayer (échange contradictoire), its two fundamental requirements.
• A single value, not a range. In a tax context, the guide states, duties can never be assessed on a range of values, only on a single value.
• The value ruling, before a gift. An owner planning to give all or part of a sole proprietorship, or shares in the company they manage, may consult the tax authority on their market value (LPF, Article L. 18). It has six months to respond and, for a micro, small or medium-sized enterprise as defined by EU law, its silence counts as agreement; the gift must then be made within three months of the response, on the accepted value. Companies whose main activity is managing their own securities or property are excluded. We can prepare the request from the valuation report (fees set out in the quote).

Phase 1, data collection (2 to 3 days): last 3 years' statutory accounts (liasse fiscale), management accounts, 3 to 5 year business plan if available, shareholders' agreement, key customer and supplier contracts, asset schedules.

Phase 2, financial diagnosis and normalisation (3 to 5 days): EBITDA normalisation, growth trajectory analysis, working capital and capex pattern review, specific risk identification.

Phase 3, valuation modelling (3 to 4 days): application of the selected methods (as relevant: DCF model, comparables, NAV), sensitivity analysis.

Phase 4, report writing (2 to 3 days): written report of 20 to 40 pages, documented valuation range (a single value for tax purposes), conclusions and recommendations, handed over with the calculation model as a PDF; the oral debrief follows on a date agreed with you.

Total turnaround: 10 to 15 business days for a standard assignment.

Two formats exist depending on the intended use: the value opinion (concise analysis with a reasoned range, from €800 excl. VAT for SCI shares or a simple micro-business) and the full valuation report (multi-criteria, reasoned, designed for a negotiation, a bank or litigation). The ranges below apply to a full report:

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Before the engagement, estimate a first range with our SME business valuation simulator: it applies sector EBITDA multiples and the usual discounts, and you will know within minutes where the conversation stands.

See also: Complete business valuation guide 2026 | Sell-side and M&A advisory | Contribution auditor (commissaire aux apports) | Holding tax and IS optimisation