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Valuation of contracts and relationships with clients

In the process of its business operations, each company builds relations with its clients. These may have a significant impact on the company's future performance. In the process of the valuation, fair value is assigned to the effect of these activities.

The valuation of contracts and relationships with clients includes, inter alia:


lists of clients,

order or production portfolio,

agreements with clients and related relationships,

non-contractual relationships with clients,

intangible assets arising from the contract.

Lists of clients

The list of clients consists of information about clients such as their names and contact data. The clients list can be in the form of a database that contains other client-related information, such as the history of their orders and demographics. Clients lists are often leased or exchanged.

Order or production portfolio

The order or production portfolio is the effect of purchase or sale contracts. When an entity establishes relationships with its clients through contractual arrangements, such relationships result from contractual terms.

Agreements with clients and related relationships

An agreement with a client and related clients relationships may constitute two separate intangible assets. Both the duration of use and the way of consuming the economic benefits of these two assets may vary.

Non-contractual relationships with clients

The connection of an entity to its clients occurs if the entity has client information and maintains regular contracts with the client, and the client can establish direct contact with the business. Client relations meet the contractual criterion if the entity has established a relationship with clients regardless of wheter the agreement exists as of the date of acquisition. Client relationships can also arise through other agreements, such as regular contacts maintained by sales or service representatives.

Intangible assets arising from the contract

Client relationships can also be a source of value creation in other areas of business operations. As a result of the cooperation, specific intangible assets can be created, such as know-how and product brands, which provide a lasting competitive advantage.

All of the above can have a significant impact on the value creation and can be subject to valuation. Valuation of these assets is used both for transactional purposes and for events requiring disclosure in the enterprise’s balance sheet.

Meet CMT Advisory’s team of experts with expertise in contracts and relationships with clients valuation

Piotr Stobiecki, Ph.D.
Piotr Stobiecki, Ph.D.

He oversees a team responsible for the implementation of M&A transaction processes, especially projects involving the sale of businesses and the acquisition of investors. He also provides support in the area of corporate governance.

Doctor of Economics, for many years an academic in the Department of Investment and Capital Markets at the Poznań University of Economics and Business. Co-founder and CEO of CMT Advisory. Member of supervisory boards in numerous capital companies.

Maciej Stradomski, Ph.D., Habilitated doctor, professor of UEP
Maciej Stradomski, Ph.D., Habilitated doctor, professor of UEP

He supervises and supports the team implementing projects related to company restructuring. He also specialises in corporate finance, corporate governance and M&A transactions, especially offering advice on acquisition strategies and obtaining financing.

With a post-doctoral degree in Finance, he is a lecturer and professor of the Poznań University of Economics and Business, where he heads the Department of Investment and Capital Markets. For years, he has been involved in banking, private equity and advisory industry. Co-founder and Board Member of CMT Advisory. He is a member of numerous supervisory boards of capital companies. Director of the Program Council of the Family Business Institute.

Dariusz Zawadka, Ph.D.
Dariusz Zawadka, Ph.D.

Responsible for the supervision and implementation of projects relating to mergers and acquisitions, e.g. providing advisory services to the selling and the buying parties. Specialist in ownership buy-outs, company valuations and financial modelling.

Doctor of Finance Sciences, for a long time assistant professor at the Department of Investment and Capital Markets of the Poznań University of Economics and Business. He has also studied at Harvard University and London School of Economics. Stockbroker eligible for offering investment advisory services. A former lecturer in the Stock Exchange School of the Warsaw Stock Exchange.

Paweł Łągwa
Paweł Łągwa

He implements M&A transaction processes, where he provides advice both to sellers and buyers. He specialises in finding investors, negotiations and corporate finance. His field of expertise includes projects related to company and asset valuations as well as shareholder buyouts.

He has been involved in the advisory sector since his studies at the Poznań University of Economics and Business. Currently, he is a Partner at CMT Advisory and a supervisory board member at Decomonkey Sp. z o.o. and STX Next Sp. z o.o.

Przemysław Grobelny, CFA, Ph.D.
Przemysław Grobelny, CFA, Ph.D.

He is responsible for corporate finance, cooperation with financial institutions and M&A transactions. He supports entrepreneurs in financial planning, establishing market values of key assets and implementing supervisory systems and recovery plans. His areas of activity also include preparing expert evidence for court and arbitration disputes and financial advisory in restructuring proceedings.

Active in the financial advisory sector for over a decade. A graduate of the Poznań University of Economics and Business (with specialisations in Investment and Real Estate Management and Capital Investment and Corporate Financial Strategies) and studied at Athens University of Economics and Business. Doctor of Finance since 2018 and holder of the prestigious international professional title of a Chartered Financial Analyst (CFA).

Maciej Zając
Maciej Zając

A CMT Advisory Partner supervising and implementing projects in the area of M&A transactions as an advisor to the selling or the buying party. He also provides economic consultancy advice and supports in restructuring and reorganisation of enterprises, e.g. composition and sanative proceedings.

He has been gaining competence in the consulting industry since his Master’s studies at the Poznań University of Economics and Business. In the meantime, he has completed doctoral studies in the Department of Investment and Capital Markets at this very university.

Marta Latoń (Pszczółkowska)
Marta Latoń (Pszczółkowska)

Responsible for the implementation of M&A transaction projects, including advice on investment and divestment processes on the private market (acquisition and sale of businesses). Her activities moreover include valuation of enterprises and intangible assets, e.g. trademark valuation, as well as valuation of debt instruments (bonds).

As of her student years linked with the advisory sector and CMT Advisory. A graduate of the Poznań University of Economics and Business, specialising in Capital Investments and Corporate Financial Strategies. At present she works on the final exam towards obtaining the prestigious CFA title (Chartered Financial Analyst).

Jakub Multański
Jakub Multański

He carries out corporate finance projects, where he performs valuations of companies and intangible assets and prepares economic opinions for commercial disputes. A member of the M&A transactions team.

He started working for CMT Advisory still as a student at the Poznań University of Economics and Business, from which he graduated with a specialisation in Capital Investments and Corporate Financial Strategies.

Karolina Kawka
Karolina Kawka

Offers support on financial modelling, budgeting and valuation of companies and their assets. She also carries out projects concerning M&A transactions, preparing opinions for commercial disputes, carrying out asset impairment tests, and corporate governance.

She has been involved in the consulting industry since her student days. A graduate of the Poznań University of Economics and Business with a specialisation in Capital Investments and Corporate Financial Strategies.

Mateusz Mikutowski, PhD
Mateusz Mikutowski, PhD

He supports entrepreneurs in M&A transaction processes on the buyer’s or seller’s side.

His activities include moreover valuation of intangible and legal assets, valuation of debt portfolios and creation of financial models.

He has been gaining experience in the consultancy industry since his student days. He gained his Ph.D. degree in the field of economics and finance at the Department of Investment and Financial Markets of Poznań University of Economics

Michał Malarski
Michał Malarski

Provides support in the areas of M&A transactions, valuation of companies and their assets, and restructuring consultancy. He worls on projects regarding sale and purchase transactions of enterprises, valuations and drafting specialist economic opinions. A member of the team responsible for restructuring processes.

He started working for CMT Advisory still as a student at the Poznań University of Economics and Business, from which he graduated, specialising in Capital Investments and Financial Strategies of Enterprises. Currently he is preparing for the third stage of the CFA (Chartered Financial Analyst) exam.

Konrad Marciniak
Konrad Marciniak

A member of the Corporate Finance team which supports entrepreneurs in projects concerning reorganisation of the business structure, enterprise restructuring and M&A processes, including preparation of business due diligence for entities planning acquisitions (investment profitability analysis).

He became involved in the consultancy sector as early as a student. A graduate of the Poznań University of Economics and Business, specialising in Banking and in Private Finance Management. Currently he is preparing for the CFA (Chartered Financial Analyst) professional exams.

Kacper Kostaniak
Kacper Kostaniak

An alumnus of the Poznań University of Business and Finance with a major in Capital Investment and Corporate Financial Strategies.

Currently preparing for another exam of the ACCA (Association of Chartered Certified Accountants) program. Experienced in financial modelling, restructuring plan preparation, market analysis, and transaction processes.

Gracjan Czajka
Gracjan Czajka

Carries out projects related to business valuations, financial modelling, M&A transactions, credit risk assessment of companies, and market analyses.

An alumnus of the Poznań University of Business and Finance with a major in ACCA Accounting and Financial Management.

Mateusz Piotrowski
Mateusz Piotrowski

He carries out projects in the field of valuations of companies and their assets as well as M&A and restructuring consultancy. Supports business sale and purchase transactions, implementation of valuations and preparation of expert economic reports. A member of the team responsible for clients in the loan and debt management industry.

Works at CMT Advisory since the completion of his studies at Poznań University of Business and Finance, where he majored in ACCA Accounting and Financial Management. He is currently a PhD student at the Doctoral School of Poznań University of Business and Finance, in the process of acquiring the ACCA (Association of Chartered Certified Accountants) qualification.

Jakub Tomyślak
Jakub Tomyślak

Provides support in the areas of M&A transactions, valuations of companies and their assets. In charge of corporate sale transactions, valuations and the preparation of specialist economic reviews. A member of the Corporate Finance and M&A team.

An alumnus of the Poznań University of Business and Finance with a major in Capital Investment and Corporate Financial Strategies.

Łukasz Kazubski
Łukasz Kazubski

He carries out projects in the field of corporate finance, in which he supports entrepreneurs in e.g. carrying out company sale transactions and attracting investors. He specialises in financial modelling and conducting corporate due diligence.

An alumnus of the Poznań University of Business and Finance with a major in Capital Investment and Corporate Financial Strategies.

He has experience of working in consulting companies and corporate finance departments. He has carried out projects for entities in the IT and TSL sectors, among others. Professional interests include issues such as mergers and acquisitions, football club valuations and econometric modelling.

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