The Discount for Lack of Marketability (DLOM) is the discount applied to the estimated value of a closely held business or an interest in the business to arrive at a conclusion. It is an amount or percentage deducted from the value of an ownership interest to reflect the relative absence of marketability. Even though there is consensus among business valuators for DLOM to be applied in the valuation of privately held businesses and interests in such businesses, there is no agreement among analysts as to the level and extent of a discount to apply. This depends on the professional judgement of the valuer and, as a result, requires detailed analytical work. The rationale for applying DLOM to a closely held business is drawn directly from the difficulties in selling such businesses or interest therein when compared to publicly trading counterparts, listed on stock exchanges with shares trading actively. The DLOM reflect the lack of marketability and illiquidity associated with the selling of closely held businesses or interests in such businesses. Minority interests in closely held businesses attract higher discounts.