Property valuation expert registered with the RENNES Court of Appeal

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Service · heading C.18.2 and C.18.3

Valuing a French business, SCI shares or company shares

Sale, contribution, transfer to the next generation, divorce of a business owner, withdrawal of a shareholder (article 1843-4 of the French Civil Code), wealth tax or tax audit: the value of the business, of the shares and of property-rich company interests.

  • Expert registered with the RENNES Court of Appeal
  • Charte de l’expertise 2025
  • EVS 2025 TEGOVA
  • Professional indemnity insured

My registration covers the value of properties, of businesses (fonds de commerce: goodwill, lease rights, fixtures, clientele) and of the shares in the companies that hold them. This is the most common configuration in the divorce of a business owner, a family inheritance or a transfer to the next generation: the building sits in an SCI, the business in a SARL (French private limited company), and the value of each depends on the other.

A single expert avoids reports that contradict each other, and blind spots, in particular on shareholder current accounts and latent tax.

Your situation

  • You are selling or buying a shop, a hotel, a campsite, a pharmacy or a garage, and the price must be justified to the bank or the tax authorities.
  • You are divorcing and one spouse holds a business or company shares whose value enters into the liquidation of the matrimonial regime.
  • A shareholder withdraws from or is excluded from an SCI (société civile immobilière, a French property-holding company) and the articles of association or article 1843-4 require a valuation by an expert.
  • You inherit shares in a family SCI and must declare a value that takes account of the accepted discounts.
  • The tax authorities contest the value of your shares for IFI (French wealth tax on property) or transfer duties.

What the report contains

  • For the business: analysis of the activity, of three years of accounts, adjustments (director's pay, rent, exceptional items)
  • Cross-checked methods: professional ratios, adjusted EBITDA, comparison, hotel methods for campsites and hotels
  • For the shares: restated net asset value based on the valuation of the properties held, liabilities and shareholder current accounts
  • Reasoned discounts: minority, illiquidity, lack of control, approval clauses, latent tax
  • Unit value of the shares and value of the holding, at the date requested
  • Summary note for the lawyer, the notaire or the accountant

Methods used

Frequently asked questions

Why a property valuation expert for company shares?
Because the value of an SCI or a property holding company depends first on the value of its properties. Sub-heading C.18.3 of the national nomenclature of court experts (property-rich company interests, order of 5 December 2022) covers precisely this case, and the Charte de l'expertise treats it as a speciality of certain property valuation experts (Title II, §8.5). For an operating company without significant property, I work with a chartered accountant or a business valuer.
Which discounts are accepted on SCI shares?
Case law and the tax authorities' published doctrine accept a discount for illiquidity and, depending on the case, for minority or lack of control. The rates applied range from 10 to 30 % depending on how the capital is spread, the clauses of the articles and the company's situation. Each discount must be reasoned: an unjustified flat percentage is regularly rejected.
What is a valuation under article 1843-4?
Where the sale or buy-back of shares is disputed, the value is determined by an expert appointed by the parties or, failing agreement, by the president of the court. The expert applies the rules in the articles of association where they exist. I can be appointed in this capacity or assist one of the parties.
Can you value the business and the premises together?
Yes, and it is even preferable for hotels, campsites, care homes or shops whose operator owns the premises: the split between the value of the premises and the value of the business has tax consequences and affects the bank's security.
Which documents do I need to provide?
Articles of association, latest balance sheets and tax returns, leases, title deeds of the properties, shareholder current accounts, any shareholders' agreement, latest management report. The precise list is sent with the quote.

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