The Pre-Adjustment Value is a step in a business valuation process which refers to the value arrived at before the application of valuation discounts or premiums. In most instances, the pre-adjustment value is different from the conclusion of value reached after the application of discounts and premiums. For example, the discount for lack of marketability (DLOM) is one of the main discounts applied to the pre-adjustment value to account for the difficulties in selling shares of privately held businesses. When valuing blocks of shares, business valuators apply premiums for majority shareholding and control (control premiums) whilst minority shareholdings are discounted for lack of control.