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.” Assume a company has reported an EBITDA of $2.0 Then, based on reported EBITDA, the company is worth $12.0 million (6 x $2.0
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