Key Takeaways: Use all three valuation approaches and thoroughly document assumptions for defensible conclusions. Normalize earnings with documented, market-based adjustments before applying valuation methods. Carefully support discount rates and terminal value assumptions because they drive most valuation conclusions. 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…