Business valuation in Excel vs valuation software
Most small-business valuations start in a spreadsheet. That works until the formulas need checking, the multiples need a source, and the result needs a report. Here is when a spreadsheet is enough, when software earns its cost, and a free template either way.
Facts checked October 2026 · By John, business broker and founder of ExitSight
| What matters | ExitSight | An Excel spreadsheet |
|---|---|---|
| Cost | $149 a month or $1,490 a year. | Free if you already have Excel. |
| Setup | None. Seven methods, recasting, and reconciliation are built and tested. | You build and check every formula yourself, or buy a template. |
| Market multiples | Industry multiples for 118 industries, adjusted for business size, with the source cited. | You find, license, and type in your own comparables. |
| Errors | Every method reads the same recast figures, so a change flows everywhere at once. | A broken link or a hard-coded number can go unnoticed into the final value. |
| Report | A 22-page appraisal report generated from the inputs. | You write the report in Word and copy the numbers across by hand. |
| Flexibility | Fixed set of methods and report sections; sections can be turned off. | Unlimited: model anything you can write a formula for. |
Facts about An Excel spreadsheet come from the public sources listed at the end of this page, checked October 2026. Prices and features change, so confirm them with the vendor. ExitSight is not affiliated with An Excel spreadsheet; product names are the trademarks of their owners.
Choose An Excel spreadsheet if
- You value one or two businesses a year and are comfortable building and auditing models.
- You need an unusual structure no standard method covers.
- You already subscribe to a comparables database and have a report template you trust.
Choose ExitSight if
- You value businesses regularly and the hours spent rebuilding spreadsheets add up.
- You need market multiples you can cite without buying a separate database.
- You hand the result to a buyer, lender, or client and need a finished report.
Free Excel template: three years of financials and add-backs
Lay out revenue, net income, owner compensation, depreciation, and the other add-backs by fiscal year, with the balance sheet underneath. No email required.
Questions
Yes. A careful analyst can build a discretionary earnings multiple, capitalized earnings, and a discounted cash flow model in a spreadsheet. The work is in recasting the statements correctly, finding defensible multiples, and checking formulas, and that is where most spreadsheet valuations go wrong.
One sheet with a row per line item and a column per fiscal year: revenue, net income, the common add-backs, and the balance sheet. It organizes three years of statements for a recast, and ExitSight imports it directly if you later want to run the full valuation.
See the work before you pay for it
Read the complete sample valuation report, nothing redacted. ExitSight is $149/mo or $1,490/yr, cancel anytime, with a 30-day money-back guarantee.
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