Valuing a relative's startup

Ok so here's the deal: one of my relatives ('Bob') has been running a tech startup (think media/bio/clean) for the past few years, and it's just reaching the threshold where annual revenues are in the millions. The overall market is fairly lucrative and projected to grow. The company has a distinct competitive edge in its space, with annual top-line growth of ~50% (some of this is vague but I can't really disclose any particulars). Gross margins are insane, but given that the company is miniscule, fixed overhead eats it away--not that it matters. Right now, the company is operating at about a break-even level.

Recently, Bob has been approached by several strategic buyers, as well as large growth equity and VC shops from NY, Boston, and SF. His original sponsors are the clueless sort and would be satisfied to sell out @ some baseline X price. However, because Bob owns the remaining equity stake in the company, he wants me to do an analysis of his options.

Right now, I've got all of the company's unaudited books. Btw, it's so granular that it breaks expenses down to individual employees' birthday celebrations hahaha.

Here are a few things to consider:
1. Timing of the sale (at what point to maximize price)
2. Potential for Bob to buy more equity from original sponsor @ X
3. Somehow arrive at a relatively reliable valuation for a small, IP-intensive company (would need a Ph.D in a related field to understand the how some of the technology "works")

Bob does not want to keep growing the company so this is his only method of monetizing his stake. Any thoughts or suggestions? I've got a general framework but have never dealt with companies this early in the growth stage.

Thanks guys (and stay Hurricane-safe)