Business owners searching for a valuation service run into two problems. First, the options look similar on the surface until you read the fine print. Second, the right answer depends almost entirely on why you need the number, and most guides skip that part entirely.
This isn't a list of tools ranked by user ratings. It's a decision framework: six types of service, what each actually produces, who it's for, and what it costs. By the end you should know exactly which one fits your situation and which ones to skip.
Get a free indicative valuation
Start with our free business valuation calculator, then get matched to a vetted M&A advisor for a confidential indicative valuation grounded in current market multiples. Free to sellers.
Get matched to an advisor →Quick comparison: all six service types
The table below compares each service type across the four factors that matter most to a seller: cost, how long it takes, what the output is actually good for, and whether the number can be defended outside a casual conversation.
| Service Type | Cost | Turnaround | Output | Defensibility |
|---|---|---|---|---|
| Free online calculator | $0 | Instant | Indicative range | Low (orientation only) |
| Marketplace estimator | $0 | Instant–1 day | Asking-price comparison | Low |
| Business broker valuation | Free–$500 | 1–3 days | Listing opinion of value | Low–medium |
| M&A advisor indicative valuation | Often free | 1–2 weeks | Live-market range | Medium (market-grounded) |
| CPA-led valuation | $1,500–$10,000 | 1–4 weeks | Documented analysis | Medium–high |
| Certified appraisal (ABV/CVA/ASA) | $3,000–$25,000+ | 2–8 weeks | Independent appraisal report | High (legally defensible) |
Cost ranges: NACVA 2024 fee surveys; AICPA practitioner guidance; ProCloser research. CPA and certified appraisal fees vary significantly by business complexity, size, and region.
Service-by-service breakdown
1 Free online business valuation calculators
What they do. You enter your annual earnings and pick an industry, and the calculator applies a typical SDE or EBITDA multiple to return a value range. ProCloser's free business valuation calculator works this way: it pulls current industry multiples, applies them to your earnings figure, and returns an indicative range in seconds. No email required for the estimate.
Cost: Free.
Turnaround: Instant.
What the number is good for. Getting oriented. If you've never put a figure to your business, a calculator tells you whether you're in six-figure or seven-figure territory and gives you something concrete to react to. That's genuinely useful before you pick up the phone with an advisor.
What it can't do. A calculator sees only what you type in. It can't assess revenue quality, growth trajectory, customer concentration, owner dependence, or what buyers in your specific niche are paying this quarter. Two businesses with identical SDE can be worth very different amounts. The calculator can't tell them apart.
Use it first, always. It costs nothing and takes a minute. Run your numbers, get a range, then get it reviewed by someone who has closed deals in your sector before you make any decisions.
2 Marketplace estimators
What they do. Business-for-sale platforms like BizBuySell, Flippa, and similar marketplaces sometimes offer built-in valuation estimators or comparable-listing tools. These pull from the platform's own listing database to show what similar businesses are asking.
Cost: Free, though most require an account or are a front door to listing services.
Turnaround: Instant to one day.
What the number is good for. Cross-referencing asking prices against your calculator range. Useful for understanding the public listing market in your category and spotting obvious outliers before you enter a process.
What it can't do. Asking prices are not sale prices. Listings on any platform skew toward businesses that haven't sold yet, which is a self-selecting sample. A business that's been sitting at 6x EBITDA for a year on a marketplace tells you something, but not what a well-run competitive process would produce for your company. Treat these as one additional data point, not a benchmark.
3 Business broker valuation
What they do. A business broker, typically serving main street and lower-end lower-middle-market deals, will often provide an opinion of value as part of a listing conversation. They look at your financials, apply a rule-of-thumb multiple, and give you a number with an eye toward what the business would list for on a marketplace.
Cost: Usually free as part of the listing evaluation, occasionally $250–$500 for a standalone opinion of value.
Turnaround: One to three days once they've reviewed your financials.
What the number is good for. Sellers with businesses in the $500K–$5M range who are evaluating whether to list. A broker's opinion of value reflects what the listing market will bear, which is relevant if that's how you plan to sell.
What it can't do. Broker valuations can run optimistic to win the listing. They're based on rules of thumb rather than a true market process, and they typically don't reflect what a well-run competitive process with PE firms and strategic buyers would actually produce. If your EBITDA is above $1–2 million, you're probably in investment bank territory, not broker territory, and the valuation approach changes accordingly. See business broker vs. M&A advisor for a full breakdown of which fits which deal size.
4 M&A advisor indicative valuation
What they do. A good M&A advisor or investment banker who closes deals in your sector will review your financials and give you an indicative range of what your business could realistically achieve in a competitive sale process. This isn't a textbook multiple applied to generic earnings. It's a live-market read from someone who has talked to buyers in your space recently.
Cost: Often free, provided as part of the advisor's process for evaluating whether to take you on as a client. That's how ProCloser's matching works: we connect you with vetted advisory firms, including no-retainer options, and the indicative valuation comes as part of that conversation. Free to sellers.
Turnaround: One to two weeks once the advisor has reviewed your financials and management presentation.
What the number is good for. Sellers seriously considering a sale in the next one to two years. The advisor factors in growth rate, revenue quality, customer concentration, owner dependence, and current buyer appetite for your category, then tells you honestly what it would take to get to the top of the range. That's a very different output from a calculator or a broker opinion. For the underlying methods an advisor applies, see business valuation methods explained.
What to watch for. A pitch valuation can skew optimistic when an advisor is competing for your mandate. Ask specifically how they derived the range, what comparable transactions they're drawing on, and what conditions would push you toward the low end versus the high end. A credible advisor will answer all three directly.
For sellers, this is the most useful valuation to get first. It's often free, it reflects real buyer demand rather than formulas, and it gives you the specific information you need to decide whether to go to market and when.
5 CPA-led business valuation
What they do. A CPA or accounting firm with business valuation experience digs into your actual financials, normalizes earnings, documents add-backs, and produces a formal valuation report. This goes well beyond plugging numbers into a multiple. The accountant adjusts for non-recurring items, owner compensation, related-party transactions, and other factors that affect the real earnings base.
Cost: $1,500–$10,000 typically, depending on the complexity of the business and the depth of the report. Multi-entity structures, unusual revenue recognition, or complex add-backs push costs toward the top of the range. (Source: AICPA practitioner guidance; NACVA survey data.)
Turnaround: One to four weeks, depending on how quickly you can provide financial records.
What it's good for. Internal planning decisions, buy-sell agreements between partners, conversations with lenders about financing, and situations where you need a documented analysis to support a business decision without a legal requirement for independence. A CPA-led valuation also helps you get your financials organized before going to market, which is worth doing regardless of which valuation service you use.
What to watch for. A CPA's strength is the accounting, not necessarily the deal market. A textbook-correct number may still miss what a strategic buyer would pay, especially in sectors where intangibles like recurring revenue, IP, or market position carry significant premium. If your goal is selling rather than planning, combine a CPA review of your financials with an advisor's market read rather than treating the CPA valuation as your go-to-market price.
6 Certified business appraisers (ABV / CVA / ASA)
What they do. Credentialed appraisers produce an independent, documented valuation report built to survive scrutiny from courts, the IRS, lenders, and opposing parties. The three widely recognized credentials in the U.S. are:
- ABV (Accredited in Business Valuation) — issued by the AICPA, available only to CPAs with demonstrated valuation experience and a qualifying exam.
- CVA (Certified Valuation Analyst) — issued by the National Association of Certified Valuators and Analysts (NACVA); requires coursework, exam, and peer review.
- ASA-BV (Accredited Senior Appraiser in Business Valuation) — issued by the American Society of Appraisers, widely recognized in litigation and estate contexts.
Cost: $3,000–$25,000 for most business valuations; fees above $25,000 are common for complex structures, multi-entity companies, or where the engagement involves litigation support. (Source: NACVA 2024 practitioner fee surveys.)
Turnaround: Two to eight weeks. Complex assignments, contentious divorces, and litigation support can extend timelines further.
What it's good for. Any situation where the number needs to hold up independently: estate and gift tax filings, divorce proceedings, partner buyouts, shareholder disputes, ESOPs, SBA-backed financing, and litigation. The credentialing and independence standards exist for exactly these contexts.
What it's not good for. Getting the highest price in a sale. A certified appraisal is built for defensibility, not for replicating what a competitive buyer process would produce. It's also slower and more expensive than the alternatives. For the typical private sale, you don't need one.
When in doubt, ask the question directly: Does this situation require an independent, credentialed appraisal, or will an advisory firm's market opinion do the job? Your attorney or CPA can usually answer that in five minutes. Save the appraisal budget for when it's actually necessary.
Which service do you actually need?
The decision comes down to two questions: why do you need the number, and who has to accept it?
- Curious what your business is worth: Run the free calculator. It costs nothing and takes a minute. Check it against current EBITDA multiples by industry to sanity-check the range.
- Considering a sale in the next one to two years: Get an M&A advisor's indicative valuation. It's usually free, it reflects live buyer demand, and it tells you what to work on before you go to market.
- Planning internally, financing, or handling a partner buyout: Commission a CPA-led valuation. It produces a documented analysis you can share with a lender or co-owner, without the cost or timeline of a full certified appraisal.
- Legal or tax requirement (estate, divorce, litigation, ESOP): Hire a credentialed appraiser with ABV, CVA, or ASA credentials. This is the one situation where the certified appraisal is genuinely necessary, not optional.
Most sellers never need the most expensive option. The common mistake is paying for a certified appraisal when a free advisor conversation would have been more useful, or skipping straight to a formal report without understanding what the market would actually pay for the business.