Discounts for Lack of Marketability, Emory Pre-IPO Discount Studies 1980–2000, As Adjusted October 10, 2002

John D. Emory Sr., ASA, is President of Emory Business Valuation, LLC, which he founded in February 1999 after 31 years at Robert W. Baird & Co., where he provided Baird's appraisal services for privately owned companies. He served for the allowed six years on the American Society of Appraisers Business Valuation Committee, is a past President of the Wisconsin Chapter of the ASA and served twelve years on the ESOP Association Valuation Advisory Committee, including as Chairman of its Discount for Lack of Marketability Subcommittee.

John D. Emory Jr., CFA, JD/MBA, is Managing Director, and F.R. Dengel III is Vice President of Emory Business Valuation, LLC.