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Analyzing Complex Appraisals for Business Professionals by John Lifflander, Shannon P. Pratt

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Chapter 13

Defining Value in the Relevant Context: Definitions of Value

Business valuation normally occurs in context: a specific value or range of values in a given set of defined parameters that, among other factors, include the legal universe in which the value is being considered, the organization of the business, and the particular rights and responsibilities of the ownership stake within that business, all as of the date of the valuation.

Identifying the correct definition of value in the legal context is a crucial beginning step in an appraisal. The belief that “value lies in the eye of the beholder” is not helpful when there is a legal need for a definition of value. Value is defined differently in different legal contexts, and the quest ...

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