The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. In the first webinar of the three-part series, Chris Mercer and Travis Harms described the integrated theory conceptually. In the second webinar, they took a more practical turn and explored how the conceptual framework of the integrated theory manifests itself in the primary methods analysts use to derive indications of value. In the third and final webinar of this three-part series, they turn to shareholder cash flows rather than enterprise cash flows. Specifically, they will examine the restricted stock discount (and the restricted stock studies) and the pre-IPO discount. They delve into the inputs to the quantitative marketability discount model (QMDM), including the expected holding period, anticipated dividends, expected growth in value, and the required holding period return, and end with a discussion of the appropriate treatment of minority interests in tax pass-through entities.