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Demystifying the Complex World of Discounts for Lack of Marketability

25%? 35%? 45%? What's the deal with discounts for lack of marketability? Pasquale Rafanelli dives into what DLOMs are, when they should be applied, and how to apply them. Learn about the different types of approaches and methods that valuation experts can use to quantify the DLOM, along with practical pros and cons of each approach and method.

Vianello offers free e-book on empirical research regarding DLOM

“When I entered the valuation field, I quickly became very dissatisfied with the available means of estimating DLOM,” writes Marc Vianello (Vianello Forensic Consulting LLC).

BVR now offers the Johnson/Park DLOM studies

To estimate a discount for lack of marketability (DLOM), business appraisers typically look at the restricted stock studies and the IPO studies.

‘Benchmark average’ approach dominates for DLOM

The use of restricted stock studies is the most cited methodology for quantifying a discount for lack of marketability (DLOM), according to the results of our DLOM survey.

How valuation experts estimate DLOM

Restricted stock studies and pre-IPO studies remain the most cited methodologies for quantifying a discount for lack of marketability (DLOM), according to the results of our DLOM survey.

BVU News and Trends October 2018

A monthly roundup of key developments of interest to business valuation experts.

Reminder: Take our DLOM survey

Our thanks to those who have responded so far to our survey designed to narrow down the methods most frequently used for determining a discount for lack of marketability (DLOM).

Find out what DLOM methods are used the most

By our count, there are almost 75 methods for estimating a discount for lack of marketability (DLOM), and more are in the works.

Update to ‘Stout Restricted Stock Study Companion Guide’

The most widely used restricted stock transaction database for providing empirical support for a discount for lack of marketability (DLOM) is the Stout Restricted Stock Study (formerly FMV Opinions).

This Short Paragraph Can Bolster the DLOM Section in Your Next Report

Are you using a simple “benchmark average approach” for your analysis of a discount for lack of marketability (DLOM)? That type of analysis may have passed muster years ago, but times have changed.

BVU News and Trends May 2018

A monthly roundup of key developments of interest to business valuation experts.

Stout updates Restricted Stock Study and Calculator

The most widely used restricted stock transaction database is the Stout Restricted Stock Study™ (formerly FMV Opinions), which is updated quarterly and contains 780-plus screened transactions with up to 60 data fields.

Latest methodology and practices for DLOM examined

A blue-ribbon panel of experts review the primary DLOM methods and reveal new survey data on which methods valuators rely on most.

Courts Wrestle With Discount Rate for Future Stock Price Increase

In retaliation suit requiring valuation of company restricted stock, district court, despite hesitation, affirms expert’s proposed zero percent net discount rate finding expert provided some support for it.

Hardenbrook v. United Parcel Service, Inc.

In retaliation suit requiring valuation of company restricted stock, district court, despite hesitation, affirms expert’s proposed zero percent net discount rate finding expert provided some support for it.

The FMV Restricted Stock Study—now updated!

Cox v. Cox

Court confirms appropriateness of applying a 50% marketability discount to the post-marital value of a steel business but not to its premarital valuation, citing the changes in the steel industry and company-specific factors.

Widely-used DLOM database adds Calculator

Why do companies issue restricted stock?

New tutorial on using FMV DLOM database

New case study for calculating DLOM using FMV Restricted Stock Study

Garcia v. Garcia

Divorce court finds restrictive shareholder agreement not binding on valuation of medical practice, although question of discounts due to restrictions depends on particular facts of the cases.

Do Not Be Afraid to Take Much Higher Discounts During the Recession

The latest 2008 restricted stock data provide concrete proof that the discounts for lack of marketability have never been higher. By tying the VIX—the ticker symbol for the Chicago Board Options Exchange Volatility Index, a popular measure of the implied ...

Tax Court Finds 12% Minority Discount and 23% DLOM for Cash-Only FLP

In April 1999, Webster Kelley and his daughter and son-in-law (the Loudens) formed Kelley-Louden Business Properties LLC (KLBP LLC), and Kelley-Louden Ltd., a family limited partnership (KLLP).

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