Various approaches are interrelated, and each involves the gathering and analysis of
data in relation to the business being appraised. From the analysis the appraiser derives
separate indications of value for the business being appraised. One or more approaches may
be used, depending on their applicability to the particular appraisal assignment.
To complete the appraisal process, the appraiser integrates the information drawn from
the market research and analysis of data and from the application of appraisal techniques to
form a conclusion. This conclusion may be an estimate of value or a range in which the value
may fall or an indication of earnings from which a conclusion can be assigned. An effective
integration depends on an appraiser’s skill, experience, and judgment.
With the preceding in mind, the reader’s attention is invited to the appraisal report and
various exhibits which point out the facts and reasoning leading to the final estimate.
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