A Business Valuation Engagement encapsulates the mandate granted a business valuator to establish the fair market value of a business, an interest in the business, or an asset. The engagement typically details the date and purpose for the valuation. Business valuation engagements typically requires the valuer to apply valuation approaches or methods deemed in the valuer’s professional judgment to be appropriate under the circumstances to estimate the fair market value of a business entity, part ownership of a business, security, or intangible asset. In the business valuation engagement, the valuator establishes exactly what is to be valued whether is the entire business entity or part thereof.