Discount for Lack of Marketability
Guide and Toolkit

Jim Hitchner, CPA/ABV/CFF, ASA
Jim Alerding, CPA/ABV, ASA
Josh Angell, CFA
Kate Morris, ASA


This VPS DLOM Guide and Toolkit will save you significant time and expense by simplifying a complex process.

Combination VPS DLOM GUIDE and TOOLKIT* includes:

  • Downloadable Excel files that incorporate groundbreaking DLOM calculator
  • An electronic ( PDF) manual with easy-to-understand instructions for the calculator
  • 800 pages in both print and electronic (PDF) formats

*Note: Toolkit requires use of FMV Restricted Stock Database, available for purchase at www.bvresources.com.

Guide (both print and PDF formats) and Toolkit - $699

Click here to view/download a video presentation that includes a case study showing the detail of the use of the DLOM Toolkit.


Standalone VPS DLOM 800+ page GUIDE includes:

• Description of DLOM approaches and methods from past and present
• Presentation and analysis of historical DLOM studies
• Summary of different option methods
• Case studies illustrating application of different methodologies
• Analyses of restricted stock transaction databases
• Summaries of relevant court cases

Click here to see the detailed Table of Contents for the DLOM Guide.


DLOM Guide only – BOTH Print and PDF versions $249


DLOM Guide only – Print format $199


DLOM Guide only – PDF format $199


This VPS DLOM Guide and Toolkit will save you significant time and expense by simplifying a complex process.

The GUIDE includes two case studies that take you through an easily understandable and transparent process for determining a supportable DLOM.

The GUIDE includes an in-depth discussion on the following studies, databases, models and methods:

  • Legacy restricted stock benchmark studies
  • FMV Opinions detailed restricted stock database
  • Pluris detailed restricted stock database
  • Legacy pre-IPO benchmark studies
  • Valuation Advisors detailed pre-IPO database
  • Quantitative marketability discount model (QMDM)
  • VPS DLOM Toolkit
  • Option pricing models
    • Black-Scholes/Chaffe
    • Longstaff
    • Finnerty
  • Analytical methods
    • Wruck
    • Hertzel and Smith
    • Bajaj, Denis, Ferris and Sarin
    • Abbott
    • Ghairdarov
    • Katsanis
  • Long-term equity anticipation securities (LEAPS)
  • NERA CAPM
  • Mandelbaum-type analyses
  • IRS DLOM Job Aid – Discount for Lack of Marketability Job Aid for Valuation Professionals

The TOOLKIT is comprised of Excel models:

  • VPS Restricted Stock Study Quintile Calculator (RSQC), which enables the user to adjust for differences in risk/volatility, holding periods, dividends, and Mandelbaum-type factors
  • Option Pricing Calculators:
    • Black Scholes/Chaffe Calculator
    • Finnerty Calculator
    • Ghaidarov Calculators
    • Longstaff Calculator
  • QMDM Template
  • Quantitative Methods Comparison Template
  • Illiquidity Premium Calculator
  • C Corporation Equivalent Dividend Yield Calculator

By clicking "Add to Cart," the purchaser agrees to the following: VPS DLOM Guide and Toolkit is the property of Valuation Products and Services, LLC and is protected under U.S. and foreign copyright, trademark, and other intellectual property laws. No part of this Guide or Toolkit may be distributed in any form (including mechanical, photocopying, scanning, recording, email, and any other electronic means) without prior written permission from Valuation Products and Services, LLC.