Definitions of Value

Our approach to value is based on the following definitions:

Entire Business	The price at which an entire business would be bought or sold in an arm’s-length transaction between a knowledgeable buyer and seller.
Common Stock	The price at which the common stock (i.e., a minority or control ownership in a business) would be bought or sold in the public market, or in an arm’s-length private transaction.
Other Securities	The price at which the securities (warrants, preferred stock, subordinated debt, etc.) would be bought or sold in the public market, or in an arm’s-length institutional transaction in the private market.

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