Rank from the highest to lowest the liquidity discount you would apply if you, as a business appraiser, had been asked to value the following businesses:
(a) A local, profitable hardware store.
(b) A money-losing laundry.
(c) A large privately owned firm with significant excess cash balances and other liquid short-term investments.
(d) A pool-cleaning service whose primary tangible assets consist of a two-year-old truck and miscellaneous equipment. Explain your ranking.