Fairness opinions have been around for decades, but their use in business valuation is relatively new. These valuation opinions are not just for big business deals. They can also be used in smaller transactions, such as the sale of a privately held company.  Learn more about fairness opinions and their context in the business world. What Is a Fairness Opinion? A fairness opinion is a report by an independent financial advisor that states whether or not a particular financial transaction is fair to the company's shareholders.