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The most common types of reports typically issued are described below:

  • Comprehensive Report: This is a formal presentation of the value of the business in a written format. If a valuation has the potential to go to court, this is the type of report that is usually needed. Also, if the report needs to be reviewed by others, such as the IRS for tax implications, this type of report best explains what was done and how the value was derived. 

  • Limited "Abbreviated" Report: This type of report does not include much of what is in a comprehensive report. It is appropriate for some occasions when a case is not going to court; for example, to assist with structuring a buy-sell agreement between two partners, a limited "abbreviated" report may be all that is necessary.

  • "Letter Report" or Calculations: This type of report is typically a one page letter with supporting calculations. This type of valuation is often performed to assist an owner develop an "asking" price for the sale of the business or a buyer an "offering" price.

  • Oral Report: This type of report can be anything from a quick phone call to lengthy meetings. Some attorneys prefer oral reports in litigation.

  • Fairness Opinion: A fairness opinion is issued when a company has received an offer to be acquired by another firm. The opinion does not express a specific value; rather it states whether or not the appraiser feels the offer received is fair for the shareholders.

  • Review of an Appraisal: Often, we are asked to review and critique a report issued by another appraiser. A letter describing the review and critique is typically issued.

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