The discount for lack of marketability is an often-contested valuation adjustment that requires a particularly detailed process. When calculating any valuation adjustment, an appraiser obviously can’t just pick a number out of a hat. No Random Numbers Appraisers use empirical evidence, such as restricted stock studies and pre-initial public offering studies, and more to quantify…

Is business valuation an art or a science? Years ago, this question was put to a panel of business valuation experts at a training session, and predictably there was no consensus. One noted expert said business valuation was more of a science, but he also acknowledged that it had some aspects of art as well. Another panel…

Estate planning is an important part of your overall wealth management strategy, especially if you’re unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids’ financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift…