For many family-owned companies, succession planning is typically an important, and oftentimes complex, issue that requires an assessment of the value of a business and specific interests, primarily for gift and estate planning purposes. In these situations where determining the fair market value of a specific business interest or asset is needed, it is common practice to see the application of certain minority interest discounts (e.g., discount for lack of control, discount for lack of marketability, etc.). As business valuation reports continue to see an increase in overall scrutiny, preparing well-supported and -documented valuation reports is crucial to reducing the overall risk exposure down the road. Facts and circumstances dictate the overall application and magnitude of these valuation discounts, which can have a material impact on overall value. This presentation will assist the audience in walking through a bit of the history with using restricted stock transactions, a walk-through of The Stout Restricted Stock Study and the DLOM calculator, and other key considerations.