All of these terms have been used interchangeably. The more common used terms are appraisal or valuation. Whatever you call it, the process is the determination of the value of a business, business ownership interest, security, or intangible asset.

If your CPA has received formal training in business valuation (including the particular situation at hand), they do this work on a regular basis and there will be no perceived conflict of interest in the situation for which you are getting your business appraised, they could do the valuation. However, in most cases, you will need an independent opinion, which may pose a problem.

Professional designations and experience are some of the most important factors to consider in selecting a business appraiser. It is not common knowledge of what it takes to be competent at appraising businesses, especially smaller, privately owned ones.

A standard document request list includes:

• Historical financial statements for the last four fiscal years;
• Most recent interim financial statements;
• Most recent budget/projections;
• Current ownership table;
• A list of key members of management and a description of their roles; and
• A copy of the entities most recent articles of incorporation, operating agreement, bylaws and any shareholder agreements.

Many people hold the mistaken notion that there can be only one "value," or that a value determined for one purpose is suitable for all situations. In reality, the value conclusion can be quite different depending in part on the purpose of the appraisal and the standard of value applied. Therefore, at any point in time, the concept of value changes depending upon the context in which it is applied.

Generally speaking, fifteen business days after the business appraiser receives the requested information from the client. Requests for expedited service are considered on a case by case basis.

• Business Loan
• Employee Stock Ownership Plans (ESOP)
• Mergers and Acquisitions
• Buy/Sell Agreements
• Expert Testimony/Litigation Support - Damage
• Estate Planning and Taxations
• Gift Taxes
• Charitable Contributions
• Marital, Partnership and Corporate Dissolutions