Author: ORNA Company Limited
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📌 Valuing a startup with no financial history
It’s been a busy few weeks — ORNA just wrapped up a valuation project for a client who wanted to invest in a very early-stage SaaS startup. The company was so new that there was very little financial history. What we had was: 🧩 From there, we started piecing things together. ✅ First step: Ask…
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💡 What is Terminal Value—and why should you care?
When we value a business, we try to estimate how much future cash it can generate. One thing to keep in mind is: most businesses don’t just operate for 5 or 10 years—they aim to grow and make money indefinitely. That’s where Terminal Value comes in. 👉 Terminal Value is a way to estimate the…
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Not every business needs to be a startup.
Some of the best companies I’ve seen don’t have “hockey stick” graphs.No tech. No VC. No buzzwords.Just solid revenue. Loyal customers. And profit. We’ve become obsessed with disruption.But here’s the truth:A stable, growing business that generates cash today is often far more valuable than a startup that might make money 5 years from now. Especially…
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Thinking about investing in a startup? Ask these questions first.
At ORNA, we’ve been busy with a startup valuation this week—reminding us how important it is to ask the right questions before putting money into a new venture. Here’s a quick checklist we often refer to when evaluating a startup: ✅ What real problem are they solving—and for whom?✅ Do they have paying customers or…
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💸 What is a Discount Rate and Why Should You Care?
Imagine this:You’re offered $1 million today, or $1 million five years from now.Which one do you take? Most of us would take the money today — and that’s where the discount rate comes in. In business valuation, the discount rate reflects the time value of money and risk. It helps us calculate what future cash…
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🧠 Thinking of Buying a Business? Use This 5-Point Self-Check Before You Commit
Buying a business can be an exciting opportunity — but also a risky one if you’re not asking the right questions. At ORNA, we work with investors who want more than surface-level due diligence. We help them uncover the real story behind the numbers. Here’s a quick 5-point self-check to help you assess whether a…
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“Big dreams. Bold projections. No track record.”
We’re currently working on a business valuation for a newly established company that’s raising funds. The only forecast we’ve got? One made by the company itself — and of course, it’s glowing. 🌞 But as any investor or advisor knows, a bright forecast doesn’t mean much if the assumptions behind it are shaky. So how…
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“Can I get the company’s value within 2 weeks?”
We get this question a lot — and the answer is: yes and no. As consultants, our first step is to send over a list of required documents and key questions. From there, we begin building the valuation model. Typically, we need financial statements from the past 3–5 years (sometimes longer, especially if there were…
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📊 Why soon-to-be-listed companies need a Financial Advisor (FA) when investing in other businesses
If your company is preparing for IPO and plans to invest in another business—especially a non-listed one—here’s what you need to know. ✅ Transparency matters.SET and SEC want to see clear, fair valuations for every major investment. 🔍 Auditors will ask questions.If you paid THB 10 million for a stake in another company, can you…
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Why bother with a business valuation at all?
Because yes — a valuation is built on assumptions. We estimate future revenue growth (volume and price), forecast cost structures (salaries, fees, overheads), and predict how much investment a business might need (machines, software, vehicles, etc.). All of these are just projections. Carefully reasoned? Absolutely. But they’re still guesses about an uncertain future. So… what’s…
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