Most of the difference lies in the details of the financials. Many small businesses do not prepare monthly financial statements and may not even have professionally prepared tax returns.
Business Valuation Purpose: What is Valuation or Evaluation? Why does the company value change depending on the valuation PURPOSE? Are you looking to understand how to value a company?
What is Fair Market Value? Fair market value as a term has many meanings. As a term in business valuation it has a specific meaning.