Business & Assets Valuation

Assets and Business Valuation in Singapore and Overseas, Purchase Price Allocation (IFRS 3), Acquisition and Disposal of Shares (IFRS 3), Impairment Testing (IAS 36), Specialist Fair Value Measurement (IFRS 13). Tax, Litigation, Estate and Matrimonial Disputes.

Business Valuation Services Singapore

Our valuation expertise cover the following areas:

  • Shareholders’ disputes including the drafting of buy/sell agreements
  • Acquisition/disposal of shareholdings or equity stakes
  • Corporate restructuring/Business reorganization
  • Valuation of Interested Person Transactions under SGX rules
  • Purchase Price Allocation services, impairment testing of goodwill for financial reporting purposes
  • Mergers and acquisitions, divestments, Management and leveraged buyouts
  • Valuation under Section 19B, Income Tax Act for intangible assets.
  • Tax disputes with the tax authorities
  • Valuation of deceased’s estate.
  • Litigation support, acting as an expert witness
  • Valuation of matrimonial assets for divorce proceedings;
  • Valuation of startups, emerging technologies like AI, cryptocurrency etc
  • Valuation of complex financial instruments like convertible loans, preference shares and put/call options.
  • Valuation of goodwill arising from business combinations
  • Assessing damages from breach of contract, loss of profits/income
  • Assessing damages from copyright/patent infringement etc.
Company Valuation Services Singapore

We have performed business and asset based company valuation services across diverse industries and jurisdictions. Our clients are listed companies, MNE and SME from the following sectors in Singapore and overseas:

  • Manufacturing
  • Logistics
  • Food and beverages, restaurants and hawkers.
  • FMCG like furniture, consumer products
  • Venture capital, private equity and hedge funds
  • Shipping and offshore oil and gas turnkey projects
  • Entertainment, advertising, media agencies
  • Technology startups
  • Educational institutions like preschools, childcare centres
  • Coal mining and Geothermal renewables energy companies
  • Agriculture and fish farming
  • Construction i.e. cable engineering and precision engineering
  • IT, Software-as-a Service (SaaS), Blockchain, Artificial Intelligence, Cloud Computing
  • Professional engineering services
  • Property developers
  • Accommodation and hostel services
  • Retail and distributor of lifestyle products and accessories
  • Licensed Money lending
  • Office cleaning services
  • Medical and aesthetics clinics
  • Asset Management, Wealth advisory, re-insurance, single/multi-family offices
  • Physiotherapy centres, fitness gyms and Pilates studio
  • Professional services like architectural and legal firms
  • Beauty, hair salon, facial and skin treatment, healthcare products,

SMEs Business

We helped many SMEs business like manufacturing, logistics, F&B, contractors, restaurants, hawkers, physiotherapy centres, beauty & facial, advertising, maid agencies, medical clinics, licensed money-lenders etc.

Large MNCs

  • Coal mining, LPG and geothermal energy.
  • Shipping and offshore oil rig companies.
  • Cloud computing, SaaS, Blockchain, Artificial Intelligence.
  • Venture, private equity, hedge funds.

Public Listed Companies

  • Valued a target acquisition for a Hong Kong listed company.
  • Purchase Price allocation (“PPA”) exercise for a SGX Catalist Technology player.
  • Options valuation for a SGX listed coal mining player.
  • Goodwill impairment testing for a SGX Catalist healthcare company.
  • Purchase Price allocation (“PPA”) exercise for a pre-IPO Technology player.

New Startups Seeking Funding

  • Research and development in the health science, biological drugs, Artificial Intelligence.
  • Startups requiring Series A, B and C funding or other mezzanine funding.

Overseas Companies

We served many clients from Southeast Asian countries, China, Australia, India and USA including Middle East nations like UAE and Oatar.

SMEs Business And Large MNCs

SMEs Business

We helped many SMEs business like manufacturing, logistics, F&B, contractors, restaurants, hawkers, physiotherapy centres, beauty & facial, advertising, maid agencies, medical clinics, licensed money-lenders etc.

Large MNCs

  • Coal mining, LPG and geothermal energy.
  • Shipping and offshore oil rig companies.
  • Cloud computing, SaaS, Blockchain, Artificial Intelligence.
  • Venture, private equity, hedge funds.
Public Listed Companies

Public Listed Companies

  • Valued a target acquisition for a Hong Kong listed company.
  • Purchase Price allocation (“PPA”) exercise for a SGX Catalist Technology player.
  • Options valuation for a SGX listed coal mining player.
  • Goodwill impairment testing for a SGX Catalist healthcare company.
  • Purchase Price allocation (“PPA”) exercise for a pre-IPO Technology player.
New Startups Seeking Funding

New Startups Seeking Funding

  • Research and development in the health science, biological drugs, Artificial Intelligence.
  • Startups requiring Series A, B and C funding or other mezzanine funding.
Overseas Companies

Overseas Companies

We served many clients from Southeast Asian countries, China, Australia, India and USA including Middle East nations like UAE and Oatar.

Acquisition And Disposal Of Shares

IFRS 3 lays down the requirement for the accounting of business combinations and requires the use of fair value estimated that is derived from the Fair Value Measurement Framework for financial reporting. We assist to obtain an indicative price before developing an acquisition strategy. We can also help to perform a company valuation report should you wish to dispose of your businesses.

Fair Valuation Measurement

Specialist valuation reviews of fair value measurements prepared by management or a third party; we offer a review of fair value measurements prepared by the firm’s valuation team; the review and signing of valuation reports; performing, supervising, mentoring, or managing fair value measurement engagements; and providing consultation and development of thought leadership and staff development on fair value measurement matters.

We provide fair value measurements for companies, intangible assets, certain liabilities, business interests, and inventory for the purpose of financial reporting. Financial statements that are issued for financial reporting purposes include, but are not limited to, financial reports issued by the following:

  •  Entities that are obligated to submit registration statements or filings to the SEC.
  • Privately held entities that prepare and issue financial statements according to the International Financial Reporting Standards and U.S. GAAP.
  • Any engagement where the individual performs services as a valuation professional.

Purchase Price Allocation

International Financial reporting standards (IFRS) enforce strict guidelines for the business combinations. Purchase price allocation (PPA) serves to enhance the transparency of the activity processes and identify the true value of the assets.

Purchase price allocation (also known as “Assets and Liabilities Valuation”) is the process of assigning fair value to all major assets and liabilities of an enterprise, either following a merger or an acquisition. Assets included can be either tangible (machinery and equipment, property) or intangible (customer relationships/lists, trademarks, intellectual property, goodwill or other intangibles).

Impairment Testing of Goodwill

We carry out impairment testing for listed and unlisted companies as defined under the accounting standards, which is a requirement to conduct such impairment test for its assets to see whether it has incurred impairment losses. The purpose is to ensure that the assets are not overstated.

Shareholder Disputes And/Or Management Buyouts

There are situations when the shareholders are lock in disputes or have disagreement and the major shareholder wants to buy out the smaller or minority shareholder or vice-versa. Or it could be the management wants to acquire the business from the existing owners.

Valuation Of Matrimonial Assets For Divorce Proceedings

When couples file for divorce, each spouse’ assets will need to be valued, which includes shareholdings in the spouse’s business, and other valuable tangible assets items.

Valuation Of Startups

Startups are early-stage companies or ventures that have innovative ideas that can grow into very successful profitable business but often, they lack capital to grow their ideas and cannot access bank loans because they do not have a track record. Other startups needed the funding to support their research and development work before it can become successful enough to launch into the market. Valuation will be needed to allow such startups to raise funds from angel investors, or venture capitalists or get financing from the banks.

Valuation Of Tangible Assets For Scrap And Auction Purpose

We provide expert value opinions in valuing tangible assets for business restructuring, acquisition and/or disposal of tangible assets, fair value of tangible assets for purchase price allocation (PPA) under IFRS 3 Business Combinations and more. Our services have saved asset-intensive companies millions in property taxes, and cover:

  • Value property, plant, and equipment
  • Determine replacement value and depreciation factors
  • Quantify economic, functional, and technological obsolescence

Expert Witness Or Expert Testimony Service

We provide our services by acting as expert witness and furnishing expert reports for submission to the Courts for purposes of business valuation arising from shareholders litigation or matrimonial disputes. Our fairness opinion is built on stress tested financial models and detailed documentation so that we have a strong basis to defend our expert reports. We are also ready to testify in court to help our clients defend their case. Also, we assist to resolve disputes during mediation and arbitration proceedings based on expert evidence to assist in forensic investigation into commercial fraud and financial irregularities.

Valuation For Personal Income Tax Reporting

When someone dispose their shareholding in a business, it may be subject to capital gain tax or they could have exercised the employee share options granted to them, they will be liable to report the gain from their disposal and exercise of their share options in their personal tax reporting in countries like USA, Australia and India.

Valuation Of Deceased Estate Assets

Whenever a business owner passed away, it will leave behind business shares in its estate amongst other assets and these shares will require business valuation to determine its value so that the administrator of the estate can liquidate the shares according to its market value and distribute accordingly.

Valuation Of Lost Profits Or Economic Losses

There are instances where business suffer from loss of profits or economic losses due to infringement of patents, trademarks or copyrights or breach of contract. Such economic losses or loss of profits will need to be value by a certified business valuer in order to file a legal claim in Court.

Acquisition And Disposal Of Shares

IFRS 3 lays down the requirement for the accounting of business combinations and requires the use of fair value estimated that is derived from the Fair Value Measurement Framework for financial reporting. We assist to obtain an indicative price before developing an acquisition strategy. We can also help to perform a company valuation report should you wish to dispose of your businesses.

Fair Valuation Measurement

Specialist valuation reviews of fair value measurements prepared by management or a third party; we offer a review of fair value measurements prepared by the firm’s valuation team; the review and signing of valuation reports; performing, supervising, mentoring, or managing fair value measurement engagements; and providing consultation and development of thought leadership and staff development on fair value measurement matters.

We provide fair value measurements for companies, intangible assets, certain liabilities, business interests, and inventory for the purpose of financial reporting. Financial statements that are issued for financial reporting purposes include, but are not limited to, financial reports issued by the following:

  •  Entities that are obligated to submit registration statements or filings to the SEC.
  • Privately held entities that prepare and issue financial statements according to the International Financial Reporting Standards and U.S. GAAP.
  • Any engagement where the individual performs services as a valuation professional.
Purchase Price Allocation

International Financial reporting standards (IFRS) enforce strict guidelines for the business combinations. Purchase price allocation (PPA) serves to enhance the transparency of the activity processes and identify the true value of the assets.

Purchase price allocation (also known as “Assets and Liabilities Valuation”) is the process of assigning fair value to all major assets and liabilities of an enterprise, either following a merger or an acquisition. Assets included can be either tangible (machinery and equipment, property) or intangible (customer relationships/lists, trademarks, intellectual property, goodwill or other intangibles).

Impairment Testing of Goodwill

We carry out impairment testing for listed and unlisted companies as defined under the accounting standards, which is a requirement to conduct such impairment test for its assets to see whether it has incurred impairment losses. The purpose is to ensure that the assets are not overstated.

Shareholder Disputes And/Or Management Buyouts

There are situations when the shareholders are lock in disputes or have disagreement and the major shareholder wants to buy out the smaller or minority shareholder or vice-versa. Or it could be the management wants to acquire the business from the existing owners.

Valuation Of Matrimonial Assets For Divorce Proceedings

When couples file for divorce, each spouse’ assets will need to be valued, which includes shareholdings in the spouse’s business, and other valuable tangible assets items.

Valuation Of Startups

Startups are early-stage companies or ventures that have innovative ideas that can grow into very successful profitable business but often, they lack capital to grow their ideas and cannot access bank loans because they do not have a track record. Other startups needed the funding to support their research and development work before it can become successful enough to launch into the market. Valuation will be needed to allow such startups to raise funds from angel investors, or venture capitalists or get financing from the banks.

Valuation Of Tangible Assets For Scrap And Auction Purpose

We provide expert value opinions in valuing tangible assets for business restructuring, acquisition and/or disposal of tangible assets, fair value of tangible assets for purchase price allocation (PPA) under IFRS 3 Business Combinations and more. Our services have saved asset-intensive companies millions in property taxes, and cover:

  • Value property, plant, and equipment
  • Determine replacement value and depreciation factors
  • Quantify economic, functional, and technological obsolescence
Expert Witness Or Expert Testimony Service

We provide our services by acting as expert witness and furnishing expert reports for submission to the Courts for purposes of business valuation arising from shareholders litigation or matrimonial disputes. Our fairness opinion is built on stress tested financial models and detailed documentation so that we have a strong basis to defend our expert reports. We are also ready to testify in court to help our clients defend their case. Also, we assist to resolve disputes during mediation and arbitration proceedings based on expert evidence to assist in forensic investigation into commercial fraud and financial irregularities.

Valuation For Personal Income Tax Reporting

When someone dispose their shareholding in a business, it may be subject to capital gain tax or they could have exercised the employee share options granted to them, they will be liable to report the gain from their disposal and exercise of their share options in their personal tax reporting in countries like USA, Australia and India.

Valuation Of Deceased Estate Assets

Whenever a business owner passed away, it will leave behind business shares in its estate amongst other assets and these shares will require business valuation to determine its value so that the administrator of the estate can liquidate the shares according to its market value and distribute accordingly.

Valuation Of Lost Profits Or Economic Losses

There are instances where business suffer from loss of profits or economic losses due to infringement of patents, trademarks or copyrights or breach of contract. Such economic losses or loss of profits will need to be value by a certified business valuer in order to file a legal claim in Court.

Preparing to buy or sell
your business

Protect your assets during
a divorce

Value your business for
retirement

Our achievements include:-

Best Business Valuation Firm 2022 at APAC Insider Singapore Business Awards

The award was presented to Max Lewis Consultants by APAC Insider, a regional publication that focuses solely on businesses in the Asia Pacific region. It honours the most creative, committed, and results-oriented individuals and companies from a region that produces more than one-third of the world’s largest corporations.

The Singapore Business Awards is one of the awards that APAC Insider hosts, which aims to recognise and promote businesses and individuals that are working relentlessly to boost the economy and help it flourish. Regardless of the size of the company, all candidates for the award were purely judged on their merit by an internal research team. The research team made its final decision based on a variety of factors, including corporate success, longevity, diversity, growth (sustainable or quick), key inventions, stakeholder input, and so on. This year, the winners of the award come from a range of sectors including interior design, finance, cybersecurity, and many more.

Valuation Services Singapore

Best Business Valuation Consultancy Firm of the Year Singapore at Corporate LiveWire Global Awards

The award was presented to Max Lewis Consultants by Corporate LiveWire, a global platform that provides the corporate sector with the latest news and developments from around the world. This award honours the firm that has rendered the best business valuation services across multiple sectors, offering outstanding results in the corporate sector.

The Corporate LiveWire Global Awards aims to recognise the accomplishments of top business individuals and firms that have produced remarkable results, prioritised customer service, and, most importantly, used novel approaches to exhibit exceptional business performance. Each nominee was assessed independently based on how effective their processes, products, or ideas are in transforming their respective industries.

Corporate Valuation Singapore

Plant & Equipment Valuation Consultancy Firm of the Year at Corporate LiveWire Global Awards

Max Lewis Consultants received the award from Corporate LiveWire, a worldwide platform that keeps the corporate world informed about current events and advancements. The award recognises the company for providing exceptional plant & equipment valuation services across different industries and delivering exceptional results in the corporate sphere.

Singapore Corporate Valuation
Business Valuation Services
  • Independent fair valuation for a listed healthcare firm.
  • Independent fair valuation of a wealth management firm.
  • Independent fair valuation for a licensed moneylender.
  • Independent fair valuation for office cleaning business.
  • Independent fair valuation for a pre-school franchisee.
  • Independent fair valuation for a Michellin star cuisine restaurant.
  • Independent fair valuation for a cloud computing firm.
  • Independent fair valuation for a Frozen food distributor.
  • Independent fair valuation of a portfolio investment group.
  • Independent fair valuation of maid agency firm.
  • Independent fair valuation of an enrichment tuition centre.
  • Independent fair valuation of local edible oil distributor.
  • Independent fair valuation of a licensed plumbing contractor.
  • Independent fair valuation of a food caterer business.
  • Independent fair valuation of a robotics automation business.
  • Independent fair valuation of a manufacturer of wood furniture.
  • Independent fair valuation of a rehabilitation physiotherapy business.

  • Independent fair valuation of a wholesale wine and spirits business.
  • Independent fair valuation of a medical diagnostics device player.
  • Independent fair valuation of a listed SPAC in e-commerce.
  • Independent fair valuation of non-ferrous metal trading company.

  • Independent fair valuation of a property developer firm.

  • Independent fair valuation of a ship brokerage company.
  • Independent fair valuation of a car battery service company.
Valuation For Sale Of Business
  • Valuation of an enrichment learning centre for sale
  • Valuation of three pre-schools centres for sale
  • Valuation of a Medical & Laser Aesthetics clinic for sale
  • Valuation of a cyber security business for sale
  • Valuation for a group of GP medical clinics for sale
  • Valuation of a family-owned dental clinic for sale
Acquisition And Disposal Of Business
  • Acquisition target is in orchid farming activities.
  • Acquisition target in bookkeeping and secretarial services.
  • Acquisition target providing financial advisory services.
Valuation Of Startup Business
  • Independent fair valuation for a Halal food delivery startup.
  • Independent fair valuation of hotel startup using containers.
  • Independent fair valuation of a few Fintech application businesses.
  • Independent fair valuation of a solar renewable start-up business.
  • Vertical farming business.
  • Insurance broker firm in UAE.
  • Mobile games developer.
  • Digital software developer for the construction industry.
  • Coal mining startup in Kalimantan, Indonesia.
  • Smart IoT wearables products.
  • Cyber technology startup.
  • Online financial media and insurance brokerage.
Tax Reporting
  • Value shares awarded to a tech founder for personal taxation reporting to India IRS.
  • Valuation of a training business for US IRS personal income tax reporting.
Assets Valuation Services
  • Valuation of assets for a US immunotherapy MNC.
  • Valuation of waste bin containers for a local SME.
  • Valuation of a fleet of shipping vessels for a bunker group.
  • Valuation of kitchen equipment, furnitures, fixtures, antique paintings, luxury watches, laptops under a writ of seizure.
  • Valuation of items belonging to a KTV lounge.
  • Valuation of an equipment for Oil and Gas industry.
  • Valuation of an overseas Oil Rig platform.
  • Valuation of a trading company selling medical devices.
  • Valuation of eighty (80) commercial vans belonging to LPG distributor.
Matrimonial Assets Valuation Services
  • Valuation of a hawker business selling Malay cuisine.
  • Valuation of a cloud and IT services company.
  • Valuation of a SME offering transport services.
Shareholders’ Dispute and/or Management Buy-outs
  • Valuation of a large local advertising agency.
  • Valuation of a medical neurology clinic.
  • Valuation of a semi-conductor startup.
Purchase Price Allocation Services

Performed purchase price allocation in relation to a pre-IPO aspirant’s acquisition of an energy solutions company offering automated metering systems in factories, high rise office buildings, shopping malls, hotels and in school institutions etc. Their metering systems are used at these sites for energy management and power quality monitoring.

Estate Valuation Services
  • Valuation of deceased’s estate that owned a business running
    Bizsafe courses.
  • Valuation of a wholesale trading business whose owner passed away.
  • Valuation of a deceased client who owns diverse investments.
Goodwill Valuation Singapore

We have a team of highly qualified in-house experts:

  • Chartered Valuer & Appraiser, Institute of Valuers and Appraisers, Singapore;
  • CA Business Valuation Specialist, Chartered Accountants of Australia and New Zealand;
  • Certified Valuation Analyst, National Association of Certified Valuators and Analysts;
  • Fellow of the Society of Share and Business Valuers (UK),
  • Accredited Valuation Institute Analyst, Business Valuation Institute UK (BVIUK)
  • Certified Business Valuer and Registered Business Valuer, Australian Valuers Institute;
  • Accredited Member, American Society of Appraisers;
  • International Certified Valuation Specialist, IACVA;
  • Member, Business Valuers Association Malaysia (BVAM)
  • Individual member, Asia Pacific Institute of Experts;
  • Completed the Certified Patent Valuation Analyst course.
  • International Member, Association of Machinery and Equipment Appraisers (AMEA)
  • Certified Machinery/Equipment Appraiser (CMEA), NEBB Institute

What is a business valuation?

In business valuations, owners are given an objective estimate of their business’s worth by determining its underlying economic value. Several factors influence a business’s valuation, including its industry, business model, stage of development, key competencies, major assets, and sources of available capital. 

A business’s ability to grow its revenue and increase its profits by developing new concepts or ideas, entering new markets or by acquiring other companies or even attracting investors to provide them with the needed capital in order to drive returns in excess of its cost of capital is the foundation of business valuation.

How to calculate a business valuation?

A valuation analyst must consider all relevant information, including overall industry and economic conditions and changes in demand for the business model and its relevant products or services of a business, so as to ensure an objective and independent evaluation of the business’s worth.

Business Valuation is an elaborate and systematic process of determining an asset or company’s current or projected growth. Therefore, different valuation methods are applied to get the best value for the business. Experts typically adopt the three widely accepted valuation approaches: the market approach, income approach and cost approach.

What documents are needed for a business valuation?

The standard list of documents needed to perform a business valuation is as follows: 

  • ACRA business profile and other statutory records
  • Annual Financial statements (balance sheet, profit & loss statement)
  • Latest management accounts
  • Annual Corporate Tax and GST filings or returns
  • List of tangible assets like fixed assets and properties
  • List of intangible assets like trademarks, patents and brands name
  • Business plans, and financial forecasts for the next three to five years
  • Payroll and CPF records
  • Share subscription agreements
  • Borrowing agreements and hire-purchase documents
  • Inventory records kept

How long is a business valuation valid?

Businesses are valued based on their current value as of a specific date. A valuer or an appraiser takes into account only information known or available at that point in time. As such, the value of your business can fluctuate at any given point in time. Hence the value of your business can vary over a period of time.

Business valuations are generally valid as long as the methodology and assumptions are valid and robust. Annually updating your valuation or appraisal will reflect updated corporate performance taking into account its current economic and industry conditions. Some valuation assumptions remain static, others change slowly, while others are dynamic. All these factors will be taken into account when determining the value of a company by the valuer or appraiser.

Who should do a business valuation?

A professionally prepared and defensible business valuation report can only be produced by certified or accredited business valuers or appraisers. Such firms or experts will have certifications and credentials that demonstrate their high level of professional competence and long years of relevant experience. These valuers or appraisers are also independent and objective in their work. They are regulated by the respective valuation bodies’ code of ethics/conduct, giving added confidence to the business community and investors who rely on their reports.

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ADDRESS

1 Scotts Road, #24-10, Shaw Centre
Singapore 228208

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