Appraisal Economics Inc. has valued a globally recognized premium paper manufacturer. The company produces and distributes coated and uncoated paper products that are used for stationary, photo books, and high-end brochures and catalogues. The company has produced the official stationary used by several U.S. Presidents, the White House, and the Department of Defense, which awards paper certificates in conjunction with military honors including the Congressional Medal of Honor. We determined the business enterprise value of the company using the discounted cash flow method of the income approach and the guideline transaction and guideline company methods of the market approach. Then, using various quantitative methods, we determined appropriate discounts for lack of control and lack of marketability and applied these discounts to the company’s per share value. The results of our analysis were used for estate planning purposes.

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