A 2001 study found that the more successful the company, the more likely its owner wants a valuation. While only 39% of firms with 1-4 employees planned to get an appraisal, 70% of firms with 50-99 employees planned to. Does this statistic prove why 3 out of 4 small businesses sell at a liquidated value?

According to the North Dakota Small Business Resource Guide, How to Buy or Sell a Business, http://www.sba.gov/nd/ndguide3.html "As a seller, ... develop a Comprehensive Business Presentation Package for your business. This package is the business' resume and should include a Current Valuation Report, history of business, description of how the business operates, description of the facilities, review of market practices, description of personnel, identification of owners, explanation of insurance coverage, pending legal matters and compendium of 3 to 5 Years' Financial Statements." The Guide emphasizes the need for a valuation document as it continues: "The Valuation Report should contain a Professionally Prepared Appraisal, which will help eliminate the guesswork and painful Trial and Error Method of Pricing Your Business."