The Discount for Lack of Voting Rights refers to the amount or percentage deducted from the per-share value of a minority interest to reflect the absence of voting privileges. Normally, minority interest in closely held businesses suffer several discounts as a result of lack of marketability, lack of liquidity and disadvantages arising from the exclusion in decision-making some of which will go against the minority interest holder. Like the other discounts, there is no agreement among analysts as to the level and extent of the discount to apply for the lack of voting rights which depends on the professional judgement of the valuer and as a result requires detailed analytical work. Business valuation professionals also draw from similar comparable transactions and making necessary adjustments to arrive at the fair market value conclusion.