The Business of Business Valuation
Most business valuations performed today have at least some risk of being litigated. For those valuations that do find their way into our legal system, the courts prefer to have accepted standards to rely on for guidance in deciding the disputed issues. Today the business valuation community has two main sources for standards: the Internal Revenue Service, which is the primary theoretician in the field, and various professional organizations.
Over time, the business of business valuations has evolved to into an industry of its own. The industry has worked hard to move from the art of business valuations to the science of business valuations. However, as it stands today, the business of business valuations remains more art than science as opinions of reasonable people can and will vary.