The Enterprise Value of a business refers to the fair market value of the business made up of both debt and equity. It represents the total value of the business, the value accruing to debt and equity providers. In the valuation of closely held business, business valuators apply a discount for lack of marketability to the estimated value to arrive at the enterprise value. the discount for lack of marketability reflects the difficulties associated with selling interests in closely held business when compared to comparable publicly trading businesses. To arrive at the value of equity, the market value of debt is subtracted from the enterprise value.