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Independent Valuations for Canadian Business owners, built to be defended.

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Discover business valuations with value growth in mind

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Your business has two values. Most owners only ever learn one.

Independent valuation and exit advisory for owners of established private companies in Ontario. Twenty-five years as a CFO, more than a hundred valuations, and a Chartered Business Valuator’s signature behind the number.

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See how engagements work

Sanjay Kulkarni, CPA, CBV, CFA, C Dir. Toronto and the GTA, serving Ontario.

An illustrative mid-market engagement. The shaded band is the gap between what the business would fetch today and what it could support in two to three years.

Worth today$6.4M
Attainable$10.1M
Gap: $3.7M

The gap is rarely about growth. It is usually owner dependence, customer concentration, and financial records that cannot survive a buyer’s diligence.

Valuation as the starting point, not the invoice

A number on its own settles very little. The work that matters is what the number tells you about the business, and what you do with it next.

Valuation reports

CBV-certified reports for bank and CSBFP financing, corporate reorganisation, estate and family trust planning, shareholder matters, family law proceedings, and purchase price allocation. Prepared to be read by a lender, the CRA, opposing counsel, or a judge.

Buy and sell advisory

Independent support on both sides of a transaction: what to pay, what to accept, where the working capital peg and earn-out quietly move money, and which diligence findings justify reopening price rather than walking away.

Value enhancement

Identifying the handful of drivers that actually set the multiple, then working with you and your management team to move them over a two to three year runway before the business goes to market.

Who this practice is built for

Being clear about fit saves everyone time, and it is the reason engagements here tend to run without friction.

A good fit

  • Owner-managed companies between $2M and $100M in revenue
  • Owners three years or less from a transition, sale, or succession
  • Businesses where a lender, the CRA, or a court will read the report
  • Shareholder groups who need one independent number they can all live with
  • Buyers who want a second opinion before the letter of intent, not after

Not a good fit

  • Pre-revenue start-ups seeking a number to support a funding round
  • Anyone shopping strictly on price for the cheapest available report
  • Engagements where the conclusion is expected to be agreed in advance
  • Bookkeeping, tax filing, and audit work, which this practice does not do
  • Fractional CFO mandates, which are handled through sankulinc.com

How an engagement runs

1

A 15-minute call, at no charge

You describe the situation and the deadline. I tell you what kind of report or advice the situation actually calls for, and whether it is worth doing at all. Some of these calls end with a recommendation to wait, or to spend the money elsewhere.

2

Fixed scope, fixed fee, named users

You receive an engagement letter that states the purpose, the standard of report, the intended users, the fee, and the delivery date. No hourly meter, and no invoice that arrives larger than the estimate.

3

The debrief, not just the document

Every engagement closes with a working session on what the analysis found: which risks are priced into the multiple, what a buyer or a lender will challenge first, and the specific items worth fixing before anyone else looks at the business.

Sanjay Kulkarni

CPA, CBV, CFA, C Dir

For more than twenty-five years I was the CFO of mid-market companies in the Toronto area and their global operations, which means I have sat on the inside of the businesses I now value. I have completed over a hundred valuations, and I have also been the person who had to live with someone else’s.

That combination is the whole point. A valuation prepared by someone who has never run a plant, refinanced a facility, or defended a set of numbers to a board tends to read like an exercise. The work here starts with the business model and ends with recommendations that a management team can actually act on.

More about how I work

I have had the opportunity to work with Sanjay over the last ten years. Sanjay was the CFO at Etobicoke Ironworks Limited from 2006 to 2017.
Bob Chafee
Canadian industrialist
I first worked for Sanjay perhaps fifteen years ago, when he was CFO at a manufacturing facility in Guelph. He was then, and is now, one of the most unassuming yet completely competent individuals I have known.
Murray Taylor
Real estate, Kitchener and Guelph

Recent writing

Buy-Side Discipline: What to Verify Before You Fall in Love with a Deal

September 8, 2026

Most acquisitions that go wrong don’t go wrong at closing. They go wrong in the six weeks before the letter of intent, when a buyer decides emotionally that this is the business — and every piece of information after that gets read as confirmation. I have sat on both sides of these transactions for more than twenty-five years, as a CFO inside businesses being bought and sold, and as the valuator producing the number the negotiation turns on. What follows is the discipline I apply on the buy side. It is not exhaustive, and it is not a substitute for

The 2026 Valuation Trap: Why “Cookie-Cutter” Math Fails in the Face of Transactional Realism

January 5, 2026

In 25 years as a CFO and Corporate Director (C Dir), I have never seen a wider gap between “Accounting Value” and “Strategic Reality.” As we enter 2026, the era of stable globalism is over. We have entered a period of Transactional Realism. For Ontario manufacturers, this means your business value is no longer a simple multiple of last year’s EBITDA. It is now a measure of your Geopolitical Resilience. The Case Study: A $15M Ontario Fabricator Manufacturing business valuation Ontario. I recently audited a valuation for a successful mid-market fabrication shop. A “Cookie-Cutter” report from a generic firm gave

Save Thousands Before You Buy or Sell: Pre-LOI

December 9, 2025

Before you sign a letter of intent (LOI), spend 30–60 minutes on a CBV/CFO screen. It’s a small step that routinely saves buyers and sellers thousands in avoidable costs and weeks of friction. The goal is simple: make sure price and terms match risk—before momentum locks in. Where deals leak money • Working capital peg: Many deals miss the right peg, leading to surprise true-ups at close. We check seasonality and throughput so the peg reflects reality. • Earnout math: Earnouts you can’t collect aren’t protection; they’re future conflict. We sanity-check metric definitions and timing so targets are measurable and

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Looking for fractional CFO work rather than valuation? That practice sits at sankulinc.com.