Determining liquidation value for a service business

Hi there,

I'm supporting a transaction that is a residential service business with $15-20m in annual recurring revenue. The buyer is hoping to claim the customer list (and the associated recurring revenue) as an asset for lending purposes since there isn't much in the way of hard assets.

Is anyone aware of a workout for this situation? For example, having a valuation specialist provide a liquidation value that the bank accepts?