Three Siblings, One Family Business, One Number: A Succession Story
By Bill Anderson, FCCA, Chief Executive Officer, Assetica — 2026-06-06
An illustrative Gulf family business in transition: one sibling runs it, one wants out, one wants fairness, and how a valuation settled it.
The setup: three siblings, three numbers
An illustrative Gulf family business held equally by three siblings after the founder's death: one runs it and values it low, anchored on debts and unpaid effort; one wants to exit and values it high, anchored on revenue and rumour; one wants fairness and the family intact. Every internally proposed number is structurally self-interested, and settlements built on any of them leave permanent grievances.
What the independent valuation changed
The valuer normalised earnings, including a market salary that recognised the operating sibling's contribution in dirhams rather than argument, disclosed a triangulated methodology, and applied a standard minority discount to the exiting sibling's non-controlling stake, an adjustment no sibling could credibly have proposed to another. The number came with reasons, which is why all three could accept it.
The lesson
Agree how the business will be valued before anyone needs it valued: in the shareholders' agreement, the succession plan, or DIFC and ADGM foundation structures. An independent valuation is cheap compared to a fractured family or a frozen company, and it is acceptable to all sides precisely because none of them produced it.
Frequently Asked Questions
How do families resolve disagreements about business value?
With an independent valuation. Internal estimates are structurally self-interested; a credentialled valuer's figure, with disclosed methodology and reasons, gives all parties a number none of them chose, which is why all of them can accept it.
What is a minority discount in a family buyout?
A standard, well-documented reduction applied to a non-controlling stake because it lacks control and marketability. It means a one-third shareholding is usually worth less per share than the enterprise arithmetic suggests, an adjustment an independent valuer can apply credibly where a family member could not.
When should a family business agree its valuation process?
Before anyone needs it: in the shareholders' agreement, succession plan or foundation documents. Pre-agreed valuation provisions turn future transitions into ordinary corporate work instead of disputes.
Speak to Assetica about Strategic Value Advisory
Assetica is an independent business valuation firm in Dubai. We do not audit and we do not broker deals, so the number carries no conflict. Read more about strategic value advisory, or book a free scoping call. Standard reports are issued in five to seven business days.