What happens between engagement and the finished expert opinion – and how you can prepare.
An expert opinion is only as robust as the path that leads to it.
The new professional standard KFS/BW 1 (the Austrian professional standard for business valuation) of 6 November 2025 applies to engagements accepted after 30 June 2026 (margin no. 1).
It describes more precisely what has to happen between engagement and the finished expert opinion.
What does this mean for your preparation?
Five steps: Engagement · Documents · Planning · Valuation · Expert opinion
The engagement determines the value.
At the outset, a written engagement with minimum content must be obtained (margin no. 190):
- Standard of value and purpose – which value, for what purpose and from whose perspective
- Role – neutral expert, adviser to one party or arbitral expert (margin no. 25)
- Valuation date – later developments count only if they were already foreseeable (margin no. 44 f)
In practice: In cases of divorce, inheritance or withdrawal from a company, the valuation date is often well in the past.
Planning is the heart of the matter.
It is the future that is being valued. The expert assesses the plausibility of the planning (margin no. 83):
- The past as a basis – at least two to three years, adjusted for one-off effects (margin no. 67 f)
- Integrated planning – planned balance sheet, planned income statement and financial plan (margin no. 71)
- Plausible in form and substance – arithmetically correct, consistent with the past and the market (margin no. 84 ff)
For SMEs: The expert may assist where parts of the planning are missing (margin no. 166).
Often overlooked: cross-check and AI.
Cross-check against the market
The result must be checked for plausibility using a different approach, in particular multiples (margin no. 50).
Artificial intelligence
Whether and how AI was used in the valuation process must be disclosed in the expert opinion (margin no. 191).
The management representation letter does not replace the expert’s own judgement (margin no. 91).
From our engagements: management buy-out in Upper Austria
Valuation of a medium-sized manufacturing company in the context of a management buy-out. Expert opinion in accordance with KFS/BW 1 as a basis for negotiation between the previous owner and the management.
Expert opinion accepted as a basis for negotiation
Anonymised example – discretion is our highest priority.
Valuation planned? We will clarify the process.
Occasion, documents and timetable – in the free initial consultation we will discuss what your case requires.