How Long Does a 409A Take? (The Honest Answer)

The honest answer: it depends entirely on the provider

The 409A process has the same analytical core regardless of who performs it. The appraiser reviews your capital structure, selects comparable companies, models the equity allocation, applies a discount for lack of marketability, and produces a signed report. The methodology is governed by the AICPA Valuation Guide↗ and Revenue Ruling 59-60↗. The timeline, however, varies by an order of magnitude.

Traditional valuation firms (Big 4, Aranca, Stout): 3–6 weeks. These firms run multi-step internal processes — engagement letter approval, analyst assignment, manager review, partner sign-off. The actual analytical work might take 3–5 days. The remaining 2–5 weeks are scheduling, queuing, and internal review layers. If your engagement hits a busy period (year-end, quarterly close), add another week.

Mid-market boutiques (Eton, Simple409A): 10 days to 2 weeks. Leaner teams, fewer approval layers. The process moves faster, but you're still subject to the provider's queue. If they have 15 engagements ahead of yours, you wait.

Automated platforms (Eqvista, Carta): 5–10 business days standard, 2–5 days expedited. The platforms accelerate by automating portions of the analysis. You enter data, the model runs, a report is generated. The tradeoff: less human judgment in comparable company selection, equity allocation, and DLOM calibration. When the auditor asks "why did you select these specific comparable companies?", there may not be a human who can answer. Speed through automation, not expertise.

Express 409A: 48 hours from document clearance. Same-day completeness check. Same-day start once documents pass. Draft report within 48 hours. Final signed report within 48 hours of your feedback. Total elapsed time — including your review — can be as short as 4–5 business days.

Where the time actually goes

Break down any 409A engagement and the time splits into four phases:

Phase 1: Document collection (1 day to 2 weeks). This is the single biggest variable — and it's entirely in the founder's control. The appraiser needs your cap table, certificate of incorporation, financing documents, balance sheet, and income statement. Per AICPA Valuation Guide Chapter 13↗, these are the minimum inputs for a defensible valuation. If your documents are organized and current, this phase takes a day. If your cap table hasn't been reconciled since your seed round and your financials are scattered across three tools, it takes a week or more. (See The Documents You Need for a 409A (And How to Get Them in an Hour) for the exact list and where to find each one.)

Phase 2: Analysis and modeling (1–3 days). The appraiser selects comparable companies, runs the valuation approaches, models the equity allocation (OPM, PWERM, or hybrid), and applies the DLOM. For an experienced team, this is 1–2 days of focused work. For a generalist who handles 409As alongside other valuation types, it's longer.

Phase 3: Draft review (1–2 days). You receive the draft report with the FMV conclusion. You check it against your understanding of the business, flag any factual errors, and provide feedback. This phase depends on how quickly you review.

Phase 4: Final delivery (same day). After your feedback, the appraiser incorporates revisions and issues the final signed report. This should never take more than a day.

Add up the minimum path: 1 day (documents) + 1 day (analysis) + 1 day (review) + same day (final) = 3–4 business days. Add up the traditional path: 1 week (documents) + queuing + 3 days (analysis) + internal review layers + 2 days (your review) + 1 day (final) = 3–6 weeks. The gap is almost entirely operational overhead, not analytical depth.

Speed and quality are not a tradeoff

The most common objection founders raise: "If it's that fast, is it cutting corners?"

No. A 48-hour turnaround means the provider has deep enough expertise that the analytical work doesn't take 3 weeks. An investment banker who has modeled hundreds of capital structures in M&A transactions — where the methodology is challenged by sophisticated counterparties with billions at stake — can execute a 409A backsolve faster than a generalist encountering your cap table structure for the first time.

Speed comes from mastery, not shortcuts. The report standards are identical regardless of turnaround time. Per AICPA SSVS No. 1 (VS Section 100)↗, the report must include all material assumptions, sources, approaches considered, and the appraiser's certification of independence — whether it was produced in 2 days or 20.

The right question isn't "how fast?" It's "who's doing the work?" A senior professional with deep domain expertise delivers faster and better than a junior analyst working through a checklist. That's true in investment banking, in law, and in 409A valuations.

How to be the client who doesn't slow it down

The fastest 409A process in the world stalls if the founder can't find their cap table. Here's how to be the client whose engagement closes in days, not weeks:

Before you engage: Reconcile your cap table with your certificate of incorporation. Export it from Carta, Pulley, or your spreadsheet. Make sure it includes all share classes, option pool, SAFEs, and warrants. Pull your most recent balance sheet and income statement. Locate your latest financing documents (term sheet, SPA, or SAFE).

When you engage: Upload everything at once. Don't trickle documents over three days. The completeness check can only happen when the full set is submitted.

During review: Block 30 minutes to read the draft report when it arrives. Check the company description for accuracy, verify the cap table matches your records, and confirm the valuation date is correct. If everything looks right, approve it. If something needs revision, flag it specifically. "This looks wrong" adds a day. "The Series A conversion ratio should be 1.2:1, not 1:1" adds an hour.

Express 409A delivers in 48 hours from document clearance. Same-day completeness check. Two rounds of revisions included. Every engagement includes a board resolution draft and strike-price schedule so you can act on the result immediately.