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 1 covers the numbers themselves; the methods, the adjustments, and the two inputs that quietly control the entire conclusion. If there is one word a business valuator should live by, it is “defensible.” You can never do too…