I can't say for certain, but based on some classes I have taken regarding financial management and accounting, I would assume items such as the following would

I can't say for certain, but based on some classes I have taken regarding financial management and accounting, I would assume items such as the following would be looked at: 1. Have you received any outside funding and at what valuation. 2. What were and are the current shares valued at by the company. 3. Expenses, burn rate. 4. Cash in the bank. 5. Intellectual property (are the patents, trademarks). 6. Comparison with similar companies in the same market. 7. How far away from achieving profitability or revenues are you? Is the product still in development? What is holding up revenues? 8. Overall general analysis of the company structure, books, etc... to determine how strong the company is. Management background, etc... The appraiser may take into account details the same way a VC or investor would to determine a general valuation.