Remove Marketability Remove Normalized Earnings Remove Terminal Value
article thumbnail

The 2023 AICPA Business Valuation Conference and One Thought on Valuation Adjustments

Chris Mercer

Atticus Frank will present tomorrow and talk about why market multiples differ between and among industries. Travis Harms and I cover the topic of normalizing adjustments in our book, Business Valuation: An Integrated Theory Third Edition , on pages 117-123. Otherwise, the appraiser is not valuing the appropriate asset.