Non-marketable Investment Company Evaluation Method

The Non-Marketable Investment Company Evaluation (NICE) method seeks to determine the fair market value of equity interests in closely held investment entities, such as family limited partnerships (FLPs), "S" corporations, and limited liability companies (LLCs). As an income-based valuation approach, NICE avoids the discounts for lack of control and marketability found under the market approach, instead viewing these as investment risks that are embodied in the required rate of return of the subject interest.

In the second part of BVR's 5th annual Online Symposium on Estate & Gift Tax expert appraisers William Frazier and Ashok Abbott discuss the theories behind NICE as well as its implementation, analysis, and interpretation. As Frazier states in the 2010 edition of BVR's Guide to Business Valuation Issues in Estate & Gift Tax, "the NICE method should result in a fair market value reasonably close to values determined by the traditional method under the market approach, if the latter was applied properly." Learn how to add this precise valuation technique to the appraisal toolbox.

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