Business Valuation is a process of estimating the fair market value of a business, business ownership interest, security, a tangible or intangible asset using one or more valuation methods. It is based on an expected return on investment and associated risks. In the conduct of business valuation analysis, business valuators apply techniques under the market, cost and income methods. In estimating the fair market value of a business or interest in a business, business valuators are required to apply more than one method. The reason for using more than one method is to reach mutually validating conclusions and then reaching a conclusion of value from the valuation method which is considered the most appropriate for the business or interest of the business being valued.