Surely you wouldn't want them to know you have no idea? I'd agree the onus is on them to come up with the initial valuation, however I'd let them think I knew how valuable my company was.
Disclaimer: I have no idea what I'm talking about.
Disclaimer: I have no idea what I'm talking about.
If it were me, I'd be more concerned with the "working together" part, so I would be open and transparent with what I am thinking, and who I am. If they come back with too small of a number, I could always say, "No." I figure they either will get along well and can come to a mutual agreement on this, or not. Trying too hard to make a deal happen sometimes just isn't the right answer, if the deal would be with people with whom you don't work well.
Even if it was about paying the least amount possible, I guess there is no harm in honestly saying you have no idea and later coming to a valuation (that perhaps doesn't match theirs).