Author : Shannon P. Pratt
Publisher : McGraw Hill Professional
Page : 946 pages
File Size : 10,28 MB
Release : 1998-03
Category : Business & Economics
ISBN : 9780786311866
This is a guide to valuing small businesses (family ones up to those worth around 5million) and professional practices. This edition has been updated and includes new chapters on trends in the field of business and professional business valuation.
Author : Yannick Coulon
Publisher :
Page : 0 pages
File Size : 37,73 MB
Release : 2022
Category :
ISBN : 9783030897208
"Small Business Valuation Methods: How to Evaluate Small, Privately-Owned Businesses represents a well-written and organized contribution to the business valuation existing theory and practice. It positions itself on the market as an useful tool to approach business evaluation, suited to business owners, professionals, accountants and business students." -Marco Fazzini, European University of Rome, Italy Valuation is the natural starting point toward buying or selling a business or securities through the stock market. Essential in wealth management, the valuation process allows the measurement of the strengths and weaknesses of a company and provides a historical reference for its development. This guide on valuation methods focuses on three global approaches: the asset-based approach, the fundamental or DCF approach, and the market approach. Ultimately, this book provides the basics needed to estimate the value of a small business. Many pedagogical cases and illustrations underpin its pragmatic and didactic content. However, it also contains enough theories to satisfy an expert audience. This book is ideal for business owners and additional players in the business world, legal professionals, accountants, wealth management advisers, and bankers, while also of interest to business school students and investors. Yannick Coulon has 15 years of banking experience with the Suez Group in France and UBS in Switzerland and 10 years of experience with Iomega Corporation as product manager for the Zip drive in Europe. Yannick also teaches finance, including behavioral finance, at a business school in Brittany, France. He owns and manages four golf courses with his brother Emmanuel in western and southern France. He, therefore, has dual experience in teaching and managing small private companies.
Author : Gary R. Trugman
Publisher :
Page : 626 pages
File Size : 22,83 MB
Release : 2008
Category : Business enterprises
ISBN :
Author : Shannon P. Pratt
Publisher : John Wiley & Sons
Page : 429 pages
File Size : 17,65 MB
Release : 2006-02-22
Category : Business & Economics
ISBN : 047177541X
Your Best Approach to Determining Value If you're buying, selling, or valuing a business, how can you determine its true value? By basing it on present market conditions and sales of similar businesses. The market approach is the premier way to determine the value of a business or partnership. With convincing evidence of value for both buyers and sellers, it can end stalemates and get deals closed. Acclaimed for its empirical basis and objectivity, this approach is the model most favored by the IRS and the United States Tax Court-as long as it's properly implemented. Shannon Pratt's The Market Approach to Valuing Businesses, Second Edition provides a wealth of proven guidelines and resources for effective market approach implementation. You'll find information on valuing and its applications, case studies on small and midsize businesses, and a detailed analysis of the latest market approach developments, as well as: A critique of US acquisitions over the last twenty-five years An analysis of the effect of size on value Common errors in applying the market approach Court reactions to the market approach and information to help you avoid being blindsided by a litigation opponent Must reading for anyone who owns or holds a partial interest in a small or large business or a professional practice, as well as for CPAs consulting on valuations, appraisers, corporate development officers, intermediaries, and venture capitalists, The Market Approach to Valuing Businesses will show you how to successfully reach a fair agreement-one that will satisfy both buyers and sellers and stand up to scrutiny by courts and the IRS.
Author : Shannon P. Pratt
Publisher : Irwin Professional Publishing
Page : 716 pages
File Size : 23,9 MB
Release : 1993
Category : Business & Economics
ISBN :
"More than 11,500 copies sold in the first edition! It's the essential guide to small business appraisal for owners, accountants, attorneys, brokers, appraisers, bankers, financial and estate planners, and business consultants." "This completely revised and updated second edition maintains its unparalleled coverage of the intricate details unique to small business valuation, while taking you step-by-step through the entire valuation process. Beginning with the fundamentals, Pratt brings together both theoretical principles and generally accepted practices to give you a complete, balanced approach to the most effective valuation techniques." "Based on his extensive experience in working on over 2,000 business valuation assignments and often being called on to testify as an expert witness in the field, Pratt gives you dozens of easy-to-follow examples and exhibits. Updated with the latest changes in the field, this second edition includes the most current business valuation standards; the most up-to-date transaction databases for small businesses and professional practices; expanded coverage of key issues, including understanding and using capitalization and discount rates, subchapter S Corporations, estate planning considerations, and employee stock ownership plans (ESOPs); an entire section on litigation and dispute resolution, including insight into how valuations differ for different purposes such as divorces, damage suits, taxes, and other disputed valuation matters; and all-new information on valuing minority interests and court decisions affecting the valuation of specific types of professional practices." "Written in clear, easy-to-understand language, Valuing Small Businesses and Professional Practices is intended to be an invaluable guide for both beginning and experienced professionals. To facilitate quick-reference searches for every level of reader, this hands-on resource includes present value tables, reprints of key revenue rulings (including 59-60), ASA business valuation standards, expanded reference sources and bibliography, and a thorough, topical index."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved
Author : Shannon P. Pratt
Publisher : John Wiley & Sons
Page : 516 pages
File Size : 46,16 MB
Release : 2009-04-27
Category : Business & Economics
ISBN : 047037148X
Business Valuation Discounts and Premiums SECOND EDITION Discounts and premiums do not just affect the value of a company; they play a crucial role in influencing a host of other factors and conditions that can make or break a deal. When it comes to business valuations, it's the business appraiser's responsibility to be intimately knowledgeable with every aspect of discounts and premiums: the different types, the situations when they may or may not apply, and how to quantify them. In this newly updated edition of Business Valuation: Discounts and Premiums, Shannon Pratt—one of the nation's most recognized and respected business valuation consultants—brings together the latest collective wisdom and knowledge about all major business discounts and premiums. Addressing the three basic approaches to conducting a valuation—the income approach, the market approach, and the asset approach—Shannon Pratt deftly and logically details the different discounts or premiums that may be applicable, depending on the basic valuation approach used, and how the valuation approaches used affect the level. Clearly written and thorough, Business Valuation: Discounts and Premiums, Second Edition provides business appraisers, accountants, attorneys, and business owners with an arsenal of information for their professional toolkit that can be applied to every major evaluation case they might face in any deal. This updated edition features timely, comprehensive coverage on: Strategic acquisitions Extensive empirical data Pre-IPO marketability discount studies Merger and acquisition negotiations, empirical evidence from completed transactions, and positions taken by courts in litigations Strategic acquisition premiums Studies on minority discounts Detailed, authoritative, and complete in its coverage, Business Valuation: Discounts and Premiums, Second Edition gets to the core of one of the more complex challenges faced by business appraisers, and arms readers with the understanding and techniques needed to successfully meet and exceed their job expectations.
Author : Robert F. Reilly
Publisher : McGraw Hill Professional
Page : 610 pages
File Size : 34,36 MB
Release : 1999-09-15
Category : Business & Economics
ISBN : 9780071379038
International cost of capital...blockage discounts . . . valuation issues unique to ESOPs...specific valuation issues for sports teams...capital structure in emerging growth companies...methods for calculating equity risk premiums...These days, understanding the complex issues in advanced business valuation requires a team of experts. The HANDBOOK OF ADVANCED BUSINESS VALUATION is your team of valuation experts—nationally recognized practitioners and legal minds from across the country who provide authoritative answers and innovative solutions to your most perplexing valuation questions. Structured in a user-friendly, general-to-specific arrangement, The HANDBOOK OF ADVANCED BUSINESS VALUATION represents a broad cross section of the latest conceptual thinking on the subject. Only in this thought-provoking volume will you find: Abstracts and interpretations of recent empirical studies in lack of marketability, blockage, and more; In-depth treatment of specialized valuation issues from many industries—including healthcare, technology, and sports franchises; Lucid, intuitive explanations of complex and esoteric procedures for intercompany transfer pricing analyses and ad valorem property tax appraisals. Like its predecessor volume VALUING A BUSINESS—which covered basic business valuation concepts and practices in authoritative, all-encompassing fashion—The HANDBOOK OF ADVANCED BUSINESS VALUATION provides a new benchmark of advanced, contemporary discussions for investors and experienced business valuation practitioners. Valuation experts from PricewaterhouseCoopers, Ernst & Young, Willamette Management Associates, Arthur Andersen, American Appraisal Associates, and more combine their expertise in this well-written, thoughtful, and convincing reference—one with absolutely no close rival in the flourishing field of business valuation and security analysis.
Author : Z. Christopher Mercer
Publisher : John Wiley & Sons
Page : 291 pages
File Size : 18,70 MB
Release : 2007-09-24
Category : Business & Economics
ISBN : 0470178663
Praise for Business Valuation: An Integrated Theory, 2nd Edition "The Second Edition of Business Valuation: An Integrated Theory manages to present the theoretical analysis of valuation from the first edition and expand on that discussion by providing additional guidance on implementing the relevant valuation theories, notably in its expanded discussion of the Quantitative Marketability Discount Model." —Dr. David Tabak, NERA Economic Consulting Your Essential Valuations Reference Whether you are an accountant, auditor, financial planner, or attorney, Business Valuation: An Integrated Theory, 2nd Edition enables you to understand and correctly apply fundamental valuation concepts. Thoroughly revised and expanded, the Second Edition demystifies modern valuation theory, bringing together various valuation concepts to reveal a comprehensive picture of business valuation. With the implementation of new accounting pronouncements mandating the recognition of numerous assets and liabilities at fair value, it has become critical for CPAs charged with auditing financial statements to understand valuation concepts. With thoughtful and balanced treatment of both theory and application, this essential guide reveals: The "GRAPES of Value"-Growth, Risk and Reward, Alternative Investments, Present Value, Expectations, and Sanity The relationship between the Gordon Model and the discounted cash flow model of valuation The basis for commonly applied, but commonly misunderstood valuation premiums and discounts A practical perspective on the analysis of potential business acquisitions Grounded in the real world of market participants, Business Valuation, 2nd Edition addresses your need to understand business valuation, providing a means of articulating valuation concepts to help you negotiate value-enhancing transactions. If you want to get back to valuation basics, this useful reference will become your guide to defining the various levels of value and developing a better understanding of business appraisal reports.
Author : Gary R. Trugman
Publisher : John Wiley & Sons
Page : 1936 pages
File Size : 33,68 MB
Release : 2018-01-12
Category : Business & Economics
ISBN : 1945498315
This fifth edition simplifies a technical and complex area of practice with real-world experience and examples. Expert author Gary Trugman's informal, easy-to-read style, covers all the bases in the various valuation approaches, methods, and techniques. Author note boxes throughout the publication draw on Trugman's veteran, practical experience to identify critical points in the content. Suitable for all experience levels, you will find valuable information that will improve and fine-tune your everyday activities.
Author : Aswath Damodaran
Publisher : Now Publishers Inc
Page : 102 pages
File Size : 15,58 MB
Release : 2005
Category : Business & Economics
ISBN : 1601980140
Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
