Stout’s valuation professionals, Harris Antoniades, Justin Burchett, Andrew Fargason, Ioannis Michopoulos, Brendan Smith, and Aaron Stumpf contributed to the 6th edition of “Valuing a Business,” providing expert insights to existing or newly authored chapters.

For over 40 years, Dr. Shannon Pratt’s “Valuing a Business” has been the go-to valuation guide in the field with need-to-know information about taxes, financial reporting, compliance, and more. The book is essential for anyone involved in business valuation, including CEOs, accountants, legal professionals, financial planners, and small-business owners.

The new edition provides a comprehensive reference and update for business appraisers, a complete self-contained text for both academic courses and beginning practitioners, and an easy-to-use reference for non-appraisers who use and/or evaluate business appraisals.

The updates cover a breadth of topics, including:

• New court decisions from the last 12 years, shedding new light on aspects of valuation
• Checklists for reviewing reports for practitioners and attorneys
• Risk-measurement methods for estimating cost of capital
• Data sources for estimating discounts for lack of control, liquidity, and marketability
• New chapters on fairness opinions, solvency opinions, and valuation of REITs

“My colleagues and I were excited and honored to participate as contributing authors to Shannon Pratt's ‘Valuing a Business,’ 6th edition (VAB6). This latest edition captures the knowledge and insights of the leaders in the valuation field as valuation theory has continued to evolve,” said Aaron Stumpf, Managing Director. “The subject of valuation discounts has been an area of controversy for decades. VAB6 contains an extensive discussion of the latest models and theories that valuation analysts use to quantify discounts for lack of control and discounts for lack of liquidity and lack of marketability.”

“VAB6 is a testament to Shannon Pratt’s contribution to the valuation community. It was a pleasure to contribute to the new edition together with leaders in the valuation profession,” said Justin Burchett, Managing Director. “Stout’s Complex Securities and Financial Instruments team members provided updates on three specialized topics that are increasingly relevant for business valuation practitioners today: option pricing theory, valuation approaches for debt instruments, and preferred shares.”

The book will be available March 22 on the American Society of Appraiser’s website.