Following "Mercer's Musings" 1-3, Mercer's Musing #4 examines the guidance found in "Procedural Guideline -2 (PG - 2) Valuation of Partial Ownership Interests" in the ASA Business Valuation Standards. Procedural Guidelines (PG) are designed to provide more detailed guidance for consideration by business appraisers than found in the base standards themselves. There is a great deal more to valuing illiquid minority interests than "guessing" at a marketability discount based on vague referenc...
