The position of an expert depends on the circumstances and the assignment he has been given.
An independent, neutral valuator determines a so-called objective business value.
An valuator appointed by one of the parties may recommend a purchase price, e.g. the maximum or minimum selling price, as a threshold.
For tax law purposes, the valuator generally represents the interests of his client by making use of all statutory provisions to arrive at a value which gives rise to the lowest level of tax.
The expert/valuator is not entirely free to act as he pleases when making a valuation. Valuation methods and standards have been developed scientifically, in writings and within various associations (German Institute of Auditors, IACVA, etc.). The valuator is thus required to indicate in his valuation which standards he has applied.