Guides
Ownership & Share Transitions
MBOs, shareholder buy-outs, EMI schemes, and transfers all need a defensible valuation. Find the right guide for your situation.
Anything that moves shares between people, family, management, employees, or a trust, needs a defensible number. Get it right and the transaction is clean, tax-efficient, and uncontested. Get it wrong and HMRC, minority shareholders, or the courts may set it for you.
Management buy-outs
MBOs need a price the management team can fund and the seller can accept. We value the business on a debt-free, cash-free basis, then model the funding stack: bank senior debt, vendor loan notes, and an institutional equity layer when needed. The valuation is the anchor, the funding model is what makes it happen.
Shareholder buy-outs and disputes
Minority discounts, marketability adjustments, and the relevant valuation date all matter. We provide single-joint-expert reports for unfair-prejudice petitions and section 994 disputes, plus pre-litigation valuations that often settle matters before court.
EMI share valuations
HMRC needs an Actual Market Value (AMV) and Unrestricted Market Value (UMV) for every EMI grant. We prepare valuations on the Valuation Office Agency format, file the supporting working, and respond to any HMRC queries through to agreement.
Topic deep dives
In-depth guides on the specific questions UK owners ask most often in this area.
- Management Buy-Out Valuation and Funding StructureManagement buy-out valuation and funding for UK SMEs: vendor loan, bank debt, institutional equity, deal structure, completion timetable, governance.Read guide
- Shareholder Buy-Out Valuation Under UK Company LawShareholder buy-out valuation for UK SMEs: minority discount, marketability adjustment, valuation date, single joint expert practice, court evidence.Read guide
- EMI Share Valuation: HMRC AMV and UMV MethodologyEMI share valuation for HMRC: AMV versus UMV, Valuation Office Agency format, agreement timetable, 90-day window, common submission failure modes.Read guide
Frequently asked questions
How is a minority shareholding valued?
Start with the whole-equity value, then apply a minority discount (typically 15% to 40%) reflecting lack of control, plus a marketability discount where shares cannot be readily sold. The discount must be evidenced, not assumed.
Will HMRC accept our EMI valuation?
HMRC will agree an AMV and UMV in advance if the working is supportable. We prepare valuations to the format the Valuation Office Agency expects and handle the correspondence through to written agreement.
Can you act as a single joint expert?
Yes. We are regularly instructed as SJE for shareholder disputes, unfair-prejudice petitions, and family-court matters, and produce reports compliant with Civil Procedure Rules Part 35.
What is the difference between AMV and UMV?
AMV is the value of the actual shares being granted, taking restrictions into account. UMV is the value ignoring restrictions. The income-tax charge on exit is based on the difference between these and the exercise price.
Want a real number for your business?
Free, confidential indicative valuation from the BusinessValuation.co.uk team.