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Appendix B, Principle of Substitution. The principle of substitution underlies nearly all appraisals. According to the principle of substitution, value is determined by the cost of acquiring an equally desirable substitute. This appendix explains that from an investment viewpoint, transaction prices are relevant to the value of private businesses when they are similar with respect to the degree of risk, the liquidity of the investment, and the involvement of management.
Appendix C, IBA Standards. The Institute of Business Appraisers (IBA) is the oldest professional society devoted solely to the appraisal of private businesses. To support business appraisers, IBA and other professional appraisal organizations have developed and published appraisal standards. These standards provide much of the structure for the practice of valuation. Every person in need of a private business appraisal should review this appendix before engaging an appraiser.
Appendix D, Private Equity Securities. There are many types of private equity securities. Each type of security may have numerous permutations and features. This appendix explains different securities, including common and preferred stock, phantom stock, and stock appreciation rights.
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