In light of this, and given the facts and circumstances of this valuation engagement, the valuator believes the appropriate lack of control discount is 20%. 5.5.3 Discount for Lack of Marketability ‐ Subject Interest Under the Direct Market Data Method, the entries included in the IBA database used to calculate the valuation multiples are based on private company transactions. One of the characteristics of these private company transactions is that the illiquidity aspect (i.e., the time it takes to find a buyer, agree on a price, and then complete the transaction) has already been factored into the results by the actuality of the real transactions contained in the database used to determine an indicated value. The results are therefore already stated and
