Accordingly, in the traditional bankruptcy valuation process, the appraiser will first categorize the subject property according to its real versus personal characteristics and to its tangible versus intangible characteristics. Second, the appraiser will perform a valuation, a cost estimation and/or an earnings forecast. Based upon a synthesis of the results of two or more of these procedures, the appraiser will conclude the specified value of the subject business interest as of a specified date. That valuation conclusion, then, is “the appraisal” of the subject business interest.