The Valuation Advisors' Lack of Marketability Discount Study™ was developed by Brian Pearson of Valuation Advisors, LLC (VAL) and compares the initial public offering (IPO) stock price to pre-IPO common stock, common stock option, and convertible preferred stock prices. These market-based transactions demonstrate the lack of marketability discount afforded by the pre-IPO instruments because of their illiquidity when issued by a privately held company. On July 13, Brian Pearson joined BVR for a hands-on tour of this amazing valuation tool along with a discussion of its applications and a look at new changes to the study.