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What is Value? Part III: Selling a Business - Valuation
What is value? This is not an easy question to answer. “An amount, as of goods, services, or money, considered to be a fair and suitable equivalent for something else.” Seems like a reasonable definition, but begs the question “considered fair” by whom? The first thing that must be understood is that in general, value is wholly subjective. During the course of a transaction, the real skill of a business broker is to make the…