Valuing a business requires more effort than just plugging numbers from the financial statements into a spreadsheet or artificial intelligence software program. A valuation professional needs a comprehensive understanding of business operations. Financial statements, tax returns and marketing materials tell only part of the story. Site visits can help bridge the gap, especially in adversarial situations. Touring the facilities During site visits, valuators tour the company’s facilities with the following questions in mind: Do the company’s operations appear efficient and organized? Do employees and managers seem competent and productive or disgruntled, overworked or adversarial? Are there any capacity constraints? What is the condition of the company’s property, plant and equipment (for example, any obsolete, unused, unrecorded or nonoperating assets)? For retail operations, does the company have adequate...