What Sorbus Advisors does

Sorbus Advisors LLC is a privately held, boutique valuation advisory firm founded in 2010 by Max Fonarev and headquartered in the San Francisco Bay Area (Novato, California). The firm specializes in the valuation of business interests, intangible assets, complex financial instruments, and portfolios of illiquid securities. Its four core service lines are: (1) Business Interests / 409A Valuation supporting IRC 409A compliance, estate and gift tax planning, and strategic due diligence; (2) Financial Instruments Valuation covering convertible debt, SAFEs, embedded derivatives, stock options, warrants, earn-outs, and digital assets; (3) Portfolio Valuations for VC, PE, and asset managers; and (4) Business Combinations / IP Valuation delivering purchase price allocations under ASC 805/IFRS 3 and tax/litigation IP valuations.

The firm's technical foundation rests on proprietary in-house valuation software that combines income, market, and asset approaches with specialized pricing methodologies — including binomial/lattice models, Monte Carlo simulations, and closed-form solutions — without third-party model dependencies. Supporting this, the firm operates the bench805.com visual benchmarking database aggregating PPA data across industries since 2015, and publishes the public-facing Term Sheet Value Calculator for tiered equity structures. The named professional team of three — Max Fonarev (Chief Valuation Specialist, CFA charterholder, prior Big 4 and Wall Street roles), Mat Lee (Manager, Valuations, MBA from UC Berkeley Haas), and Brenda Litsky (Director, Client Relations, prior FTI Consulting and Arthur Anderson) — executes a senior-led direct engagement model.

Revenue is generated through project-based professional services engagements, with fees determined per project based on complexity, scope, industry, and timeline. The firm serves technology companies, life sciences/biotech, VC/PE investment firms, business services/finance companies, early-stage startups, and multinational public corporations. Distribution is direct and senior-led, supplemented by content marketing through blogs, webinars, benchmarking research, LinkedIn, SEO, and quarterly newsletters; the firm has a referral partnership with Equity Plan Solutions. The firm claims a global client footprint from its Bay Area headquarters spanning the US (Southern California to the East Coast) and Europe, with no satellite offices disclosed.

Name

Sorbus Advisors

Legal name

Sorbus Advisors LLC

Website

https://sorbusadvisors.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

Sorbus Advisors LLC is a boutique valuation advisory firm founded in 2010 and based in the San Francisco Bay Area, specializing in business interest (409A), complex financial instrument, intangible asset, and illiquid portfolio valuations. It serves technology, life sciences, VC/PE, early-stage startups, and multinational public companies through senior-led project engagements.

Ownership category

akta.pro rank

Product category

Valuation Advisory Services

NAICS

Management Consulting Services (54161), Offices of Certified Public Accountants (541211)

akta.pro primary industry

Financial Reporting Valuation (ASC 820/805, IFRS 13/3) (FSAEAHAB)

akta.pro secondary industries

Financial Reporting & Technical Accounting Advisory (GAAP/IFRS) (BPAHABAF), Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

Keywords

• Business valuation services
• Financial instrument valuation
• Intangible asset valuation
• 409A valuation
• Purchase price allocation

Headquarters

HQ city

Novato

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Valuation Advisory Services: Project-based professional services engagements for business valuations, intangible asset valuations, financial instrument valuations, and portfolio valuations. Pricing based on complexity, scope, and complexity of engagement.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

Sorbus Advisors LLC is a full-service valuation advisory firm that values business interests, intangible assets, complex financial instruments, and portfolios of illiquid securities. The firm supports financial reporting (ASC 805, ASC 820, ASC 718, IFRS 3), tax compliance (IRC 409A, IRC 482), and strategic transaction planning for clients ranging from early-stage startups to multinational public corporations. Industry focus includes technology, life sciences/biotech, business services, e-commerce, finance, and consumer product companies.

Product overview

Sorbus Advisors is a valuation advisory firm offering professional services rather than a unified software product. The core offerings include four primary service lines: Business Interests | 409A Valuation (for stock option pricing and estate planning), Financial Instruments Valuation (covering convertible debt, SAFEs, derivatives, and digital assets), Portfolio Valuations (for VC/PE portfolios), and Business Combinations | IP Valuation (for purchase accounting under ASC 805/IFRS 3). Supporting these services, the firm provides a Term Sheet Value Calculator tool for computing equity values in tiered capital structures, a Bench805.com benchmarking database for purchase price allocation research, a Library of research publications, and educational webinars on complex valuation methodologies.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Combinations | IP Valuation Fair value valuation of intangible assets, earn-outs, inventory, and other identifiable assets for purchase accounting under ASC 805 and IFRS 3 standards, as well as IP asset valuations for tax compliance and litigation support.
• Business Interests | 409A Valuation Valuation of business interests and common stock supporting IRC 409A compliance for stock option pricing, corporate equity valuations for estate and gift tax purposes, restructuring, litigation, strategic due diligence, and PE/VC portfolio valuations.
• Financial Instruments Valuation Valuation of complex financial instruments including convertible debt, SAFEs, embedded derivatives, stock options, warrants, contingent considerations, earn-outs, structured cash flow instruments, and digital assets for various financial reporting and tax purposes.
• Portfolio Valuations Valuation services for VC, PE, and portfolio management firms covering portfolio holdings including preferred and common equity, fixed income securities, SAFEs, warrants, options, derivatives, and consumer loans for financial reporting, performance monitoring, and SEC disclosure purposes.
• Term Sheet Value Calculator Web-based interactive tool for calculating discrete values of equity shares in tiered equity structures with Series A preferred financing terms, including common stock and option valuations with configurable liquidation preferences and participation caps.
• Bench805.com Benchmarking Database Visual benchmarking database for purchase price allocations across various industries, providing data on values and useful lives of intangible assets and goodwill. Annual PPA benchmarking studies published since 2015, including the 2019 IT industry study covering 134+ transactions.

Quantifiable outcome

• Deliverables built to withstand third-party scrutiny from auditors and regulatory agencies
• +2 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Equity Plan SolutionsminorStrategic or Co-development PartnerPartner for cap table management and stock-based compensation calculations. Referral relationship for clients needing equity plan administration services beyond valuation scope.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Grant Thornton Valuation Services: Mid-tier accounting firm with a dedicated valuation practice serving private equity, technology, and life sciences clients. Similar service mix but with broader geographic coverage and institutional backing.
• Houlihan Lokey Valuation Services: Investment bank with a sizeable valuation opinions and financial reporting valuation practice. Overlaps with Sorbus on ASC 805/820 and portfolio valuation mandates, though it serves primarily larger public-company clients.
• Kroll (formerly Duff & Phelps): Global valuation-advisory firm offering business, intangible asset, and financial instrument valuations. Directly comparable in ASC 805/820 and complex financial instrument work, but at vastly larger scale across multiple geographies and service lines.
• BDO USA Valuation & Business Analytics: Top-10 accounting network with a substantial valuation practice covering business combinations, intangible assets, and financial instruments. Comparable mandate types but with the institutional reach of a global accounting firm.
• Crowe LLP Valuation Services: Accounting and advisory firm with a valuation practice covering business combinations, intangible assets, and complex securities. Comparable service lines, but at significantly larger scale and broader industry reach.
• Alvarez & Marsal Valuation Services: Global professional services firm with a dedicated valuation practice covering business combinations, intangible assets, and complex financial instruments. Comparable service offering but operating as part of a much larger restructuring and consulting platform.

Direct peers

• VMG Health: Specialized valuation firm focused on healthcare and life sciences, providing business, intangible asset, and complex financial instrument valuations. Comparable niche-specialist model serving a defined vertical.
• Stout: Independent valuation and financial advisory firm with established valuation services for business interests, intangibles, and complex financial instruments. Closest comparable peer in business model, service mix, and target client profile.
• EquityMethods: Boutique valuation and financial reporting advisory firm providing ASC 805, ASC 718, 409A, and complex financial instrument services. Closely comparable in size, service focus, and target client profile (tech and life sciences).

Emerging players

• Carta (409A and valuation services): Cap table management platform offering 409A valuations and ASC 820 fair value services to venture-backed startups. Competes with Sorbus on the 409A/early-stage valuation segment through a software-led model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/in/maximfonarev

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sorbus Advisors