If you are considering a 409A Valuation Brad Feld put together a great resource to help perform this task. We are here to help with this process. We have a comparables solution to help with determining a valuation.
The first safe harbor allows for the company to value the underlying stock with a somewhat informal valuation but only if the company has been in existence for less than 10 years, has no class of stock that is publicly traded and the person preparing the valuation has at least five years of relevant valuation or similar financial experience in the same line of business as the issuer of the options.
Often a board member or the CFO prepares this valuation report. If no one on the team fits we will do the work for you.