The 2023 AICPA Business Valuation Conference and One Thought on Valuation Adjustments
Chris Mercer
NOVEMBER 15, 2022
I have heard many appraisers suggest that one should not normalize owner compensation when valuing minority interests “because the minority shareholder cannot change compensation.” Travis Harms and I cover the topic of normalizing adjustments in our book, Business Valuation: An Integrated Theory Third Edition , on pages 117-123.
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