A framework for 2026

The essentials in 3 points

• The value of a fiduciary firm cannot be reduced to its turnover or a mechanically applied multiple. It rests on a combination of factors, several of which are intangible.
• Five dimensions genuinely shape the valuation: recurring turnover, dependence on the principal, the quality of the client portfolio, digital maturity and the depth of the team.
• Comparing your firm with market averages — especially French ones — without adjusting for the Swiss context is the most common pitfall. Every fiduciary firm is a unique case.

I ran a fiduciary firm for years before founding Sequence. And the question I hear most often, quietly raised over coffee or dinner with fellow professionals, is: ‘How much do you think my firm is worth?’ The valuation of a fiduciary firm is a subject many people carry in silence. Not because it is taboo, but because it is difficult to know where to start. This article offers a framework — not a magic formula, not an online calculator. A framework for thinking through the question rigorously.

Why valuation is becoming a topical question in French-speaking Switzerland

Several factors converge in 2026 to make this question relevant, even if no one in our profession likes to contemplate uncomfortable future scenarios.

The first factor is demographic. In Switzerland, a significant proportion of fiduciary firm owners are between 55 and 65 years old. Many founded or took over their firm in the 1990s or 2000s. The horizon is drawing closer, and with it comes the question of what they have actually built.

The second factor is structural. The Swiss fiduciary market is consolidating. Firms with 3 to 10 people, which form the backbone of the profession in French-speaking Switzerland, face growing pressure: regulatory requirements (Swissdec, AGOV, LPP revisions), client expectations around digitalisation, and difficulty recruiting qualified staff. This pressure is prompting some to consider joining forces, changing their structure or adopting a new configuration.

The third factor is psychological. Many fellow professionals I meet have never formally assessed the value of their firm. They have a feeling — ‘it must be worth something’ — but no structured framework for giving that feeling an objective basis. That is exactly what this article aims to offer.

The five dimensions that shape the value of a fiduciary firm

When discussing the value of a fiduciary firm in Switzerland, turnover is the first thing that comes to mind. It is a starting point, but it is not enough. Here are the five dimensions I find genuinely decisive in a valuation discussion.

1. Recurring and predictable turnover

A fiduciary firm that bills CHF 800'000 a year with 90 % recurring engagements (bookkeeping, payroll, annual accounts) does not have the same value as a firm with CHF 800'000 in turnover of which 40 % comes from one-off engagements (tax advice, due diligence). Recurrence creates predictability. And predictability is what any solid organisation guarantees first and foremost.

2. Dependence on the principal

This is often the most sensitive point. If the firm depends entirely on its founder — their personal relationship with every client, their signature on every balance sheet — then its value is fragile. If the situation changed tomorrow, part of the portfolio might follow the person rather than the organisation. Conversely, a firm where staff manage engagements independently, with documented processes, rests on sound foundations. The value lies in the organisation, not in the person.

3. The quality and diversification of the client portfolio

A portfolio of 200 SMEs with an average engagement value of CHF 4'000 is more resilient than a portfolio of 15 clients at CHF 50'000. Concentration creates risk. Client quality matters too: healthy businesses that pay on time and operate in stable sectors are worth more than engagements with chronic problems.

4. Digital maturity

I return to this in detail below, but it is a factor many underestimate. A fiduciary firm still working with paper files, unstructured Excel spreadsheets and no online collaboration tools carries high operating costs and real operational fragility. These factors weigh on its value.

5. The depth and stability of the team

Do your staff stay? How long have they been with you? Do they hold certifications? Do they know the clients? A stable, competent team is an asset. High turnover is a liability. In French-speaking Switzerland, where the fiduciary employment market is tight, a loyal team has real value.

Multiples: what we observe in Europe and what applies to Switzerland

Let us talk numbers, cautiously. To my knowledge, there is no robust public benchmark for the sale prices of fiduciary firms in Switzerland. It is an opaque market where transactions are privately negotiated, often discreetly.

Can European data be applied to Switzerland? Only with considerable reservations. Swiss fiduciary firms often have different margins (higher salary costs, but higher fees too). The regulatory framework is not the same. Above all, the Swiss market is more fragmented, more local and more discreet.

What I observe in my conversations in French-speaking Switzerland is this: EBITDA multiples for a well-structured fiduciary firm, with strongly recurring revenue and little dependence on the principal, fall within a comparable range, sometimes slightly above the French market. But a weakened firm — heavy dependence, no digitalisation, an unstable team — can see its valuation fall well below that range.

The essential point: a multiple is not a value. It is a framing tool. The actual value depends on both parties' circumstances and is established through discussion.

If these questions resonate with your own situation, I am available to discuss them. No pitch, no form — a conversation between peers.

A confidential conversation with Blas →

Digital maturity and valuation: an underestimated factor

I emphasise this point because I see it overlooked too often in valuation discussions. A fiduciary firm's digital maturity directly influences three things:

• The cost of integration into a new configuration. A firm that operates with modern tools, documented workflows and structured accounting is easier to develop. Every month saved on migration adds value.
• The ability to retain staff. Young professionals no longer want to work with methods from the 2000s. A digitalised firm attracts and retains staff more effectively, safeguarding continuity.
• The operating margin. A firm that has automated data entry, streamlined document collection and structured its processes generates a better margin per employee. And margin is what EBITDA measures.

I am not saying that a fiduciary firm has to be at the cutting edge of technology to have value. But I find that digitalisation has moved from being a ‘plus’ to an evaluation criterion in its own right. In 2026, a serious counterpart looks at your tools just as they look at your accounts.

To explore this subject further, I have shared some thoughts on practical levers for modernisation in a dedicated article: The modern fiduciary firm: 4 levers for modernisation.

Three pitfalls to avoid in your self-assessment

Having supported several fellow professionals through this process, I identify three recurring mistakes.

Pitfall no. 1: confusing turnover with value

‘My firm turns over CHF 1'200'000, so it is worth CHF 1'200'000.’ No. Turnover indicates size, not value. What matters is margin, recurrence and structure. A firm with CHF 800'000 in turnover, a 25 % net margin and an autonomous team can be worth more than a firm with CHF 1'500'000 in turnover, an 8 % margin and an all-powerful principal.

Pitfall no. 2: applying a French multiple to the Swiss market

Interfimo data is useful as a reference point, not as a rule. The Swiss market has its own characteristics: fee structures, the social insurance framework (LPP, AVS), property costs and billing practices. Mechanically applying a multiple of 2,8x without adjusting for the local context is a common mistake.

Pitfall no. 3: neglecting ‘soft’ factors

Local reputation, client relationships, the team's length of service, the quality of the premises, geographical location — these factors do not appear in any Excel spreadsheet, but they carry weight in any serious discussion. A firm well established in Lausanne (VD) or Geneva (GE), with a strong reputation in a specific sector, has an advantage that figures alone do not capture.

The question of value forms part of a broader reflection on the future of your organisation. If you are starting to think about it, I also recommend reading: Thinking about what comes next: the future of your fiduciary firm.

A framework, not an answer

I want to be transparent about what this article is — and what it is not. It is not a valuation. It is not a pricing tool. It is a framework for starting to think about the question in a structured way.

A proper valuation of a fiduciary firm requires bespoke work: detailed financial analysis, an understanding of the local market, an assessment of intangible assets and projections of future cash flows. This work is done confidentially, with someone who understands the profession from the inside.

If you have reached this stage in your thinking, or even if you are only at the beginning, I am available for a conversation. Not to sell anything. To talk about the profession, your firm and what you envisage for the future.

Frequently asked questions

Why take an interest in the value of your fiduciary firm?

Knowing the value of what you have built is an act of management, not necessarily a signal of intent. It allows you to manage with clarity, identify areas for improvement and approach any future development with confidence — whether that means joining forces, adopting a new configuration or simply gaining a better understanding of your market position.

What EBITDA multiple should be applied to a fiduciary firm?

In France, Interfimo (2022) observes an average multiple of around 2,8x adjusted EBITDA for accountancy firms. In Switzerland, there is no equivalent public benchmark. The multiples observed in French-speaking Switzerland fall within a comparable range for well-structured firms, but vary significantly depending on reliance on the principal, digitalisation and portfolio composition.

Does digital maturity influence the value of a fiduciary firm?

Yes, increasingly so. A digitalised firm — modern tools, documented processes, paperless document collection — reduces its operating costs, improves staff retention and generally generates a better operating margin. In 2026, digitalisation is an evaluation criterion in its own right.

When should you start thinking about the value of your fiduciary firm?

Ideally, long before the question becomes urgent. This lead time allows you to work on the factors that strengthen the organisation: reducing dependence on the principal, documenting processes, retaining the team and improving digital maturity. A firm that is strong across these dimensions has a clearer — and more robust — value.