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Courses/Law/Business/ Corporate Law

Valuing SMEs: Practical Methods That Actually Work

Master the art of valuing small and medium enterprises with real-world techniques that go beyond basic accounting.

Created byBen Macnaghten
BeginnerUpdated Apr 8, 2026
Valuing SMEs: Practical Methods That Actually Work

What You'll Learn

check_circleDistinguish between cost, market, and income-based valuation approaches for SMEs.
check_circleAnalyze key risk factors such as key-person dependency, customer concentration, and liquidity.
check_circleApply normalization adjustments to EBITDA to reflect market-based earnings.
check_circleEvaluate the impact of company size on valuation multiples using industry data.
check_circleBridge the gap between enterprise value and equity value with specific SME adjustments.

About This Course

Standard valuation models fall apart when applied to Small and Medium-sized Enterprises (SMEs). Textbooks teach you how to value multi-billion-dollar public corporations, but those same formulas fail miserably when assessing a privately held, main-street business or a lower-middle-market firm.

"Valuing SMEs: Practical Methods That Actually Work" bridges the critical gap between academic financial theory and real-world market realities. This comprehensive course cuts through the theoretical fluff to deliver battle-tested techniques used by successful M&A advisors, business brokers, and private equity professionals. You will learn how to look beyond messy financial records, uncover the true cash-generating power of an SME, and arrive at a defensible, accurate valuation.

What You Will Learn:

  • Normalizing Financials: Master the art of recasting income statements to calculate true Adjusted EBITDA and Seller’s Discretionary Earnings (SDE).
  • Choosing the Right Method: Learn exactly when to use the income approach, market approach, or asset-based approach for private businesses.
  • Demystifying Multiples: Understand how to source, select, and justify accurate pricing multiples for private transactions.
  • Quantifying SME Risk: Effectively price company-specific risks that destroy value, including key-person dependency, customer concentration, and lack of marketability.
  • Building Defensible Reports: Learn how to present your valuation in a clear, logical way that stands up to scrutiny from buyers, sellers, and lenders.

Your Instructor

Ben Macnaghten
Ben Macnaghten

Founder and Director @ Dunderave Valuations

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Prior to founding Dunderave, Ben was Head of the Attestation (tax and accounting) and Expert Teams of Valuation Consulting, a boutique valuation firm with an established reputation for tax and specifically, HMRC compliant valuations. He started working on valuations whilst at KPMG in their Private Equity Group, providing assurance over the valuations of mid-tier Private Equity houses investments and working on a number of transactions, before joining CVR Global (as acquired by Begbies Traynor) where he specialised in expert and advisory valuations in the context of insolvency, administration and restructuring engagements. Mr Macnaghten is: An Associate of the Institute of Chartered Accountants in England and Wales A Member of the Royal Institution of Chartered Surveyors (Business and Share Valuation Pathway) An Associate Member of The Academy of Experts An Editor of The Valuer A Member of BVIUK’s Future Directions on Business Valuation Board Mr Macnaghten was also the Chairman of VRG’s Litigation Committee in 2025 and has delivered numerous webinars, presentations, and authored published articles on business and share valuation related matters. Prior to his involvement in valuations, he started his career at Moore Stephens (now part of BDO) where he trained and qualified as a Chartered Accounant.

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We are a registered provider with 327+ associations and regulatory bodies worldwide. We operate across 29 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.