Conventional appraisal wisdom says that the value of a noncontrolling, illiquid interest in a private company or holding company is the net equity or net asset value, discounted for lack of control and lack of liquidity. But is this how markets for these types of interests really work? What are the problems with this indirect approach, and is there a better way? In this presentation, Eric Nath will systematically dismantle the conventional wisdom down to its foundation and build a new valuation structure that is an integrated, defensible, real-world procedure that may be applied in almost all cases.