Your article on business valuations and appraisals was very illuminating ("Something of Value," Management, January). While it does discuss the desirability of experience, it does not deal with the importance of an appraiser's day-to-day involvement in arranging purchases and sales of businesses. Appraisers should bring direct knowledge of what buyers and sellers are actually paying and receiving to bear on formal valuations. This real-life, current experience brings an element of reality to play, which is indispensable for those parties looking to a valuation opinion as a practical tool.