Business Valuation Procedure is the technique of performing the steps of an appraisal method and covers all the analytical procedure and tasks the business valuer will undertake to conclude on the estimated value, that is, the fair market value of the business entity being valued. A typical standard business analytical procedure will entail review of the business (internal analysis), review of the external environment or external analysis (review of the regulatory environment, economy, industry and market), review and normalisation/adjustment of financial statement, selection of valuation approaches and methods, selection of the most appropriate valuation method and conclusion of value.