Market Turbulence and Business Valuations: Understanding Discount Implications

ARTICLE | February 03, 2026

Economic uncertainty has become the defining characteristic of 2025's business landscape. With tariff policies in flux, inflation concerns mounting, and monetary policy shifting, business leaders are navigating unprecedented volatility. According to Duke University's Fuqua School of Business, these issues now rank among the top concerns for CFOs nationwide. For business owners and investors, this turbulence carries significant implications for business valuations—particularly when it comes to discounts for lack of marketability (DLOMs). While heightened volatility typically drives valuation discounts upward, savvy business owners and advisors recognize this creates unique opportunities for strategic wealth transfer and tax planning. Understanding how valuators incorporate current market conditions into their analyses has never been more critical.

Read the full article here.

Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.