Harris J. Samuels, Appraiser
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Business Valuation

Fair Market Value
The price, expressed in terms of cash equivalents, at which a property would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arms length in an open and unrestricted market, when neither is under compulsion to buy nor to sell, and when both have reasonable knowledge of the relevant facts.   (International Glossary of Business Valuation Terms jointly of the American Institute of CPAs, the American Society of Appraisers, and the Canadian Institute of Chartered Business Valuators, the Institute of Business Appraisers and the National Association of Certified Valuation Analysts, November 2005.)

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