Valuation · 3 min read
Why value, asking price, and final sale price are three different numbers — and why the best sell-side processes often publish no price at all.
By John Norton · August 3, 2026
Three numbers get confused constantly: what the business is worth, what it's listed at, and what someone actually pays. They're rarely the same.
An estimate of what a rational buyer should pay, built from recent comparable transactions, normalized earnings, growth, and risk. It's a range, not a point — and it's specific to buyer type.
A marketing decision. Set it high and you filter out serious buyers; set it low and you cap yourself. That's why many advisor-run processes name no price at all and instead invite the market to bid.
What competitive tension, diligence findings, and deal structure produce. It can land above the value range when several strategic buyers want the same asset, and below it when diligence surfaces surprises.
Get a defensible valuation so you know your walk-away point. Then let a competitive process — not a listing price — discover the top of the market.
Bring your questions. No obligation.
