A friend and business associate has asked if I'm interested in buying out his company. It's an incorporated construction subcontracting company, $20M in annual sales, and doing very well despite current economy. He has offered to assist in financing the acquisition.

What are my first steps in placing a value to the company?

Me - experienced and successful at managing $50M+ in projects/project teams, but have never operated from an overall company level.

Any help appreciated!