[Travis]

Depends on the business plan ;).

If the plan is excellent, and actually describes the problem, solution, and route to profit, then it's probably worth a lot.

However, if it's like most business plans that I've written or read, then it's probably not accurately describing the problem. A ton can change in a market in 2 years, so I would guess that parts of that plan are pretty out of date.

I probably wouldn't ever assign more than 5-10% of a business' value (equity, here) to the b-plan. That would be for a world class, how-could-we-not-have-seen-this, b-plan.