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 II examines what exactly is being valued. Read Part I Here. In Part I, we built the structure of a defensible valuation: triangulated methods, normalized earnings, a documented discount rate, a terminal value that respects common sense. Now…