Clients often ask how to determine the fair market value (FMV) of a small business. On one level, the goal is to establish a price that a willing buyer and a willing seller would agree to in an open and unrestricted market. There are a variety of ways to establish FMV, and the choice of valuation method depends on the business and the reason for the valuation. For example, let’s say you’re in a two person company and your partner wants to leave. They’ve offered to let you buy them out of their share, with the price being based on…