The restaurant industry has one of the highest turnover rates in commercial business. Restaurant appraisal and valuation require an enormous amount of research, experience, and judgment. We try our best to ensure that not only are valuation techniques methodologically correct; we also aim to reach a value or valuation range that corresponds to a market value of a transaction, should the restaurant be sold shortly after the valuation date. In other words, in our valuations we routinely seek to arrive at a definition of fair market value (FMV) “the amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell, each being aware of the relevant facts.”