It really depends on the type of adjustment you’re making. Like Yayyywork noted, if you’re making adjustments to normalize officers’ compensation based on industry data, then you’re making a control-based adjustment. Thus, the cash flows are on a “controlling interest” basis and will require a discount for lack of control to arrive at the value of a single, nonvoting share or other noncontrolling interest.
However, if you’re only making adjustments to reverse the effects of extraordinary items (fire loss, material legal settlement, etc.), there is no discount for lack of control required as the cash flows are still from the perspective of the minority interest investor/owner.