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iv. Conclusion
On the basis of all the evidence and using our best
judgment, we find that the transaction analysis indicates a value
of $27,500,000.
3. Correlation of Values
We have found that the following values were indicated under
the income and market approaches that the parties’ experts used:
Approach (Analysis) Value Derived
Income approach $23,300,000
Market approach
Guideline analysis 28,000,000
Transaction analysis 27,500,000
Like the experts in their respective reports, we find that each
of these derived values is entitled to equal weight.
Accordingly, we hold that the aggregate value of RBI stock is
appropriately estimated at $26,266,667, before taking into
account any discounts.
E. Discounts
The parties and their experts agree that minority interest
and lack of marketability discounts are appropriate in valuing
decedent’s stock interest in RBI. They disagree about the
amounts of those discounts.
1. Minority Interest Discount
Mr. Schroeder determined a minority interest discount of 17
percent. Mr. Herber determined a minority interest discount of
15 percent. Both experts determined the minority interest
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