Every accountant, attorney, or advisor guiding a privately held business owner eventually runs into the same question: “What is the business really worth?” The word “really” suggests a bit of skepticism and proposes the need for a framework. This series dissects that structure: the anatomy of a valuation that the opposing side of the table will respect rather than tear apart. Part III examines what exactly is being valued. Read Part I here. |  Read Part II here. Parts I and II built the machinery; sound methods applied to normalized earnings and a precise definition of the interest being sold.…