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.” The expected terminal value for the illiquid investment based on the financial control value of $18.0 million is about $29.0
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