In our experience, the majority of closely-held business owners who have not obtained a business valuation fall into one of two categories.
The first group includes those who have never been approached to sell their business, have never needed to attract outside capital, or have never experienced a business-related conflict (i.e. partner dispute or marital divorce) requiring legal resolution. Accordingly, this group of business owners are largely unaware of the need and utility of a business valuation.
The second group includes business owners who have an acceptable sale price for their business in mind and thusly assume they do not need their business valued. Unfortunately, these owners are often disappointed when trying to broker a sale of their business as their price is potentially unrealistic. In either case, obtaining a professional business valuation helps a business owner determine the true value of their business.