Efnisyfirlit

• Introduction
  • Replacement of the CD-ROM With Downloadable Materials
  • Steps of a Business Valuation
  • Notation System Used in This Book
• Chapter 1: Overview of Business Valuation
  • Learning Objectives
  • Introduction
  • A Brief Walk Down Memory Lane
  • Why Are Businesses Valued?
    • Mergers, Acquisitions, Reorganizations, Spin-Offs, Liquidations, and Bankruptcy
    • Allocation of Purchase Price
    • Estate, Gift, and Income Taxes
    • Marital Dissolution
    • Employee Stock Ownership Plans
    • Buy-Sell Agreements
    • Ownership Disputes
    • Financing
    • Ad Valorem Taxes
    • Incentive Stock Option (Equity) Considerations
    • Initial Public Offerings
    • Damages Litigation
    • Insurance Claims
    • Charitable Contributions
    • Eminent Domain Actions
    • Fairness Opinions
  • Who Values Businesses?
    • Business Valuation Analysts
    • Accountants (CPAs)
    • Business Brokers
    • College Professors
    • Commercial Real Estate Appraisers
    • Investment Bankers
    • Industry Experts
    • The Internet
  • Professional Valuation Organizations
    • The AICPA
    • The American Society of Appraisers
    • The National Association of Certified Valuation Analysts/The Institute of Business Appraisers, Inc.
    • The CFA Institute
    • The Appraisal Foundation
  • Conclusion
• Chapter 2: Business Valuation Standards
  • Learning Objectives
  • Introduction
  • AICPA Statement on Standards for Valuation Services No. 1
  • Foreword
    • Why Issued
  • Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset
    • Introduction and Scope
    • Overall Engagement Considerations
    • Development
    • The Valuation Report
    • Effective Date
  • VS Section 9100, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset: Valuation Services Interpretations of Section 100
  • AICPA Statement on Standards for Consulting Services  
    • AICPA Code of Professional Conduct
  • ASA Standards
  • Uniform Standards of Professional Appraisal Practice  
  • NACVA/IBA Standards  
  • Glossary of Business Valuation Terms  
  • Conclusion
• Chapter 3: Getting Started
  • Learning Objectives
  • Introduction
  • Learning About the Engagement
  • Deciding Whether to Accept the Engagement
    • Conflicts of Interest
    • Purpose and Function of the Engagement
    • Amount of Time Required to Do the Job
    • The Scope of the Assignment
    • The Type of Report to Be Issued
  • Engagement Letters
    • Description of the Scope of the Assignment
    • Detailed Description of the Valuation Subject
    • Standard of Value That Will Be Used, Including the Definition of That Standard
    • Effective Date(s) of the Valuation
    • Type of Report That Will Be Issued to Communicate the Value Estimate
    • Client Responsibilities
    • Method of Determining Fees and the Terms of Payment
  • The Five Steps of a Valuation Assignment
    • Engagement Letter Considerations for Litigation Reports
  • The Initial Document Request
    • Using a Standard Checklist
    • Setting Up Multiple Checklists
  • Conclusion
• Chapter 4: Valuation Principles and Theory
  • Learning Objectives
  • Introduction
  • Principles of Valuation
    • Principle of Alternatives
    • Principle of Substitution
    • Principle of Future Benefits
  • Standards of Value
    • Fair Market Value
    • Fair Value
    • Investment Value
    • Intrinsic Value
  • How the Purpose of the Valuation Influences the Standard of Value
  • Subsequent Events (Known or Knowable)
  • IRS Influence on Business Valuations
    • Revenue Ruling 59-60
    • Revenue Ruling 65-192
    • Revenue Ruling 65-193
    • Revenue Ruling 66-49
    • Revenue Ruling 68-609
    • Revenue Ruling 77-12
    • Revenue Ruling 77-287
    • Revenue Ruling 83-120
    • Revenue Ruling 85-75
    • Revenue Ruling 93-12
    • Technical Advice Memorandum 94-36005
    • Chapter 14 of the IRC
  • Conclusion
• Chapter 5: Data Gathering
  • Learning Objectives
  • Introduction
  • What Items Affect Value?
  • Internal Information
    • Nonfinancial Information
    • Financial Information
  • External Information
    • Economic Data
    • Industry Data
    • Publicly Traded Guideline Company Data
    • Other Sources of Data
    • Finding Acquired or Merged Guideline Companies
    • Cost of Capital and Betas
  • The On-Site Interview
  • Conclusion
• Chapter 6: Data Analysis
  • Learning Objectives
  • Introduction
  • Economic Analysis
  • Industry Analysis
    • Porter’s Five Forces
    • Other Considerations
  • Subject Company Analysis
  • SWOT Analysis
  • Financial Analysis
    • Comparative Company Analysis
    • Common Size Financial Statements
    • Financial Ratios
    • Comparative Industry Analysis
    • Trend Analysis
    • Operational Analysis
  • Financial Statement Adjustments
    • Conversion of Cash or Income Tax Basis to GAAP
    • Tax Return Adjustments
    • Understanding Financial Statements for Valuation Purposes
    • Analysis of Historical Balance Sheets
    • Analysis Of Historical Income Statements
    • Bardahl Analysis
    • Normalization Adjustments
    • Comparability Adjustments
    • Non-Operating and Nonrecurring Adjustments
    • Discretionary Adjustments
  • Minority Interest Valuations
  • Conclusion
• Chapter 7: Statistics for Valuation and Economic Damages
  • Learning Objectives
  • Introduction
  • Population and Sample: Descriptive and Inferential Statistics
  • Discrete and Continuous Variables
  • Frequency Distributions and Measures of Variation
  • Central Tendency (Mean, Median, Mode, and So Forth)
    • Relation Between Mean, Median, and Mode
    • Relation Between Arithmetic, Geometric, and Harmonic Means
    • Quartiles, Deciles, and Percentiles
  • Variation
  • Probability
  • Correlation
  • Let’s Do Some Number-Crunching
    • Calculation of the Mean
    • Calculation of the Harmonic Mean
    • Calculation of the Standard Deviation
    • Calculation of the Coefficient of Variation
    • Calculation of Median and Percentile
  • Be Careful Not to Drink the Statistics Kool-Aid: This Stuff Can Be Misleading
  • Conclusion
• Chapter 8: Developing Forecasts for Business Valuations and Economic Damages
  • Learning Objectives
  • Introduction
  • Forecast Versus Projection
  • Management’s Forecast
  • Factors to Consider When Evaluating Management’s Forecast
    • Company-Specific Factors
    • Economic Conditions
    • Industry Trends
  • Preparing the Forecast
  • The Sales Forecast
    • Revenue Factors for Certain Industries
    • Sales Forecasting Techniques
    • Average Historical Growth Rate
    • Linear Regression Models
    • Monte Carlo Simulation
  • Projecting Sales for a New Business
  • Cost of Goods Sold
  • Operating Expenses
  • Depreciation and Capital Expenditures
  • Interest Expense and Borrowing Needs
  • Balance Sheet Forecast
  • Applicable Standards for Forecasts in Business Valuation and Economic Damage Assignments
  • Court Acceptance
  • Conclusion
• Chapter 9: The Market Approach— Part I
  • Learning Objectives
  • Introduction
  • Guideline Public Company Method
    • Creating a List of Potential Guideline Companies
    • Get the Business Description
    • Size Criteria
    • For Those That Pass Muster …
  • Using Valuation Multiples
    • Price-to-Net Earnings
    • Price-to-Pretax Earnings
    • Price-to-Cash Flow
    • MVIC-to-Sales
    • Price-to-Dividend or Dividend-Paying Capacity
    • Price-to-Book Value
  • Valuing Invested Capital Instead of Equity
    • Adjusting Public Company Multiples for Risk
    • Valuation Considerations
    • What Price Do We Use in the Multiples?
    • Regression Analysis
    • Adjusting Multiples Based on SGLPTL
    • Making Quantitative Adjustments to Multiples
    • Adjusting the Market Multiple for Size
    • Adjusting the Market Multiple for Growth
    • How to Calculate the Present Value Weighted Perpetual Growth Rate
  • Advantages of Using the Guideline Public Company Method
  • Disadvantages of Using the Guideline Public Company Method
    • So Let’s Be Honest...
    • Let’s Demo Pitchbook
  • Conclusion
• Chapter 10: The Market Approach— Part II
  • Learning Objectives
  • Introduction
  • Merger and Acquisition (Transaction) Method
    • IBA Market Database
    • BizComps
    • Pratt’s Stats
    • DoneDeals Database
    • Public Stats
    • Factset Mergerstat/BVR Control Premium Study
    • Thomson Financial Mergers & Acquisitions (TF Mergers & Acquisitions)
  • Business Brokers
  • Transaction Analysis
    • Qualitative Analysis
    • Quantitative Analysis
  • Let’s Get Back to Valuation Theory
    • Advantages of Using the Merger and Acquisition Method
    • Disadvantages of Using the Merger and Acquisition Method
  • Internal Transactions
  • Industry Method
  • Conclusion
• Chapter 11: The Asset-Based Approach
  • Learning Objectives
  • Introduction
  • Common Applications of the Asset-Based Approach
  • Advantages and Disadvantages of the Asset-Based Approach
  • Valuation Methods
    • Adjusted Book Value Method
    • Economic Obsolescence
    • Liquidation Value Method
    • Cost-to-Create Method
  • Working With Other Appraisers
  • How to Locate and Recognize Specialists
  • Conclusion
• Chapter 12: The Income Approach
  • Learning Objectives
  • Introduction
  • Value Is From an Investor’s Viewpoint
  • Advantages and Disadvantages of the Income Approach
    • Advantages
    • Disadvantages
  • Selecting Benefit Streams
    • The Nature of the Business and Its Capital Structure
    • The Purpose and Function of the Valuation
    • The Particular Subject of the Valuation
  • Using Pretax or After-Tax Information
  • Valuing Invested Capital Instead Of Equity
  • Using Cash Flow Instead of Earnings
  • Defining Cash Flow
  • Forecasting Future Benefit Streams
  • Income Approach Methods
    • Capitalization of Benefits Method
    • Discounted Future Benefits Method
    • The Excess Earnings (Formula) Method
  • Conclusion
• Chapter 13: Discount and Capitalization Rates
  • Learning Objectives
  • Introduction
  • Discount Rates
    • Factors That Affect the Selection of a Discount Rate
    • Components of a Discount Rate
    • Comparing the Subject Company
    • Application of the Discount Rate
    • When All Else Fails, Go Back to the Theory
    • The Build-Up Method
    • Capital Asset Pricing Model
    • Other Methods for Estimating a Discount Rate
  • Capitalization Rates
    • Factors Affecting the Selection of the Capitalization Rate
    • Sources of Data on Capitalization Rates
  • Deriving Discount and Capitalization Rates Applicable to Net Income Directly From the Market
  • Back to the Real World
    • Using Pretax or After-Tax Rates
    • Discount Rates for Economic Damages
  • Conclusion
• Chapter 14: Premiums and Discounts (Valuation Adjustments)— Part I
  • Learning Objectives
  • Introduction
  • Types of Discounts
  • Levels of Value
  • Valuation Adjustment—Control Premium
    • Protecting the Minority Owner With Rights and Restrictions Through Agreements
    • Legal Remedies
    • More Control Premium Issues
  • Lack of Control (Minority) Discounts
  • Discount From Net Asset Value
  • Discount for Embedded Capital Gains
    • The Embedded Capital Gain Problem
    • Court Case Precedents on Embedded Capital Gains Tax With C Corporations
    • Embedded Capital Gains In Pass-Through Entities
    • Court Decisions on Embedded Capital Gains in Pass-Through Entities
  • Nonvoting Stock Discount
  • Conclusion
• Chapter 15: Premiums and Discounts (Valuation Adjustments)—Part II
  • Learning Objectives
  • Introduction
  • Discount for Lack of Marketability (Illiquidity)
    • DLOM for Control
    • DLOM—The Qualitative Stuff
    • DLOM—The Quantitative Stuff
    • Where the Qualitative and Quantitative Factors Meet (or Not?)
  • Private Company Discount
    • Some More Empirical Data
  • Key Person Discount
    • Quantifying the Magnitude of the Key Person Discount
    • Court Cases Involving Key Person Discount
  • Blockage Discount
  • How About Some Court Cases?
  • Other Premiums and Discounts
  • Application of Valuation Adjustments
  • Conclusion
• Chapter 16: Revenue Ruling 59–60
  • Learning Objectives
  • Introduction
  • Revenue Ruling 59-60
  • Conclusion
• Chapter 17: The Valuation Report
  • Learning Objectives
  • Introduction
  • Components of a Valuation Report
    • Letter of Transmittal
    • Table of Contents
    • Introduction
    • Description of the Assignment
    • Scope of Work
    • Assumptions and Limiting Conditions
    • Sources of Information
    • Analysis of the Subject Entity and Related Nonfinancial Information
    • Financial Statement and Information Analysis
    • Valuation Approaches and Methods Considered
    • Valuation Approaches and Methods Used
    • Valuation Adjustments
    • Non-Operating Assets, Non-Operating Liabilities, and Excess or Deficient Operating Assets
    • Representation of the Valuation Analyst
    • Reconciliation of Estimates and Conclusion of Value
    • Qualifications of the Valuation Analyst
    • Appendixes and Exhibits
  • Types of Valuation Reports
    • Detailed Reports
    • Summary Reports
    • Calculation Reports
    • Oral Reports
  • Preparing the Business Valuation Report
    • Federal Rules of Civil Procedure
    • Using the Report as a Selling Tool
    • Using the Other Side’s Report to Help Sell the Conclusion
    • Understanding the Weaknesses in the Valuation Process
    • Valuation Analyst, Protect Yourself!
  • Defending the Business Valuation Report
  • Common Errors in Business Valuation Reports
  • The Reconciliation Process
  • Conclusion
• Chapter 18: Valuation of Pass-Through Entities
  • Learning Objectives
  • Introduction
  • What Is an S Corporation?
  • Key Court Cases
  • So, Where Do We Go From Here?
  • Valuation Issues
    • Standard of Value
    • Control Versus Minority
    • Distributing Versus Non-Distributing
    • Corporate or Personal Income Tax Rates
    • Holding Period of the Investment
    • Timing of the Valuation
    • So, What Do We Do?
    • Back to the Future
    • S Corporation Models
    • How Our Firm Handled the S Corporation Issue
    • How Do the Models Compare?
    • Some Points to Consider
    • Some New Thoughts on the Issue
  • Other Pass-Through Entities
  • Conclusion
• Chapter 19: Valuation in Financial Reporting
  • Learning Objectives
  • Introduction
  • Background of Valuation in Financial Reporting
  • FASB ASC 820, Fair Value Measurement
    • Definition of Fair Value
    • Example of Principal and Most Advantageous Markets
    • Market Participants Assumptions
    • Highest and Best Use Application Criteria Applied in Fair Value Measurements
  • FASB ASC 805, Business Combinations
    • Recognizing Identified Assets in Business Combinations
  • Fair Value Measurements in Impairment Testing
  • When to Test for Ongoing Impairment
  • Developing Best Practices in Valuation for Financial Reporting
  • Valuation Resource Group
  • AICPA
  • Working With the Client’s Outside Auditing Firm
  • The New Mandatory Performance Framework
  • Identification of Intangible Assets for Financial Reporting
  • Conclusion
• Chapter 20: Valuing Intangible Assets: An Overview
  • Learning Objectives
  • Introduction
  • What Is Intellectual Property?
  • Conducting a Valuation of Intangible Assets
    • Market Approach
    • Income Approach
    • Cost Approach
  • What Is a RUL Analysis?
  • What Is a Reasonable Royalty Rate and Where Do I Get This Stuff?
  • What Is an Amortization Benefit?
  • How About Some More Examples
    • Create a Lead Schedule for Your Analysis
    • Fair Value of the Customer List
    • Fair Value of Acquired Software
    • Fair Value of Customer-Related Intangibles With an Excess Earnings Model
    • Fair Value of Non-Compete Agreements Using a “With and Without” Model
    • Fair Value of the Assembled Workforce
    • Personal Goodwill
  • Conclusion
• Chapter 21: Estate and Gift Valuations
  • Learning Objectives
  • Introduction
    • Penalties for Undervaluation on Estate and Gift Tax Returns
    • 2006 Pension Protection Act
  • Revenue Ruling 59-60
  • Chapter 14 Guidelines
  • Case Law
  • The Valuation Report
  • The FLP Valuation
    • What Is an FLP?
    • Why Are FLPs Attractive?
    • What Exactly Is the Assignment?
    • What Documents Are Necessary for Preparing the Valuation Report?
    • How Does Revenue Ruling 59-60 Help?
    • What Is Chapter 14?
    • How Does All This Affect the Valuation Assignment?
    • Section 2036
    • More Court Cases
    • Things to Consider in the Valuation Process
    • What About Methodology?
    • Valuation Adjustments
    • The FLP Written Report
  • As Valuation Analysts, Do We Go for the Big Discounts?
  • Conclusion
• Chapter 22: Divorce Valuations
  • Learning Objectives
  • Introduction
  • The Role of the Valuation Analyst
  • Definition of Value
    • Fair Market Value
    • Intrinsic Value
    • Fair Value
    • What Do the Definitions Really Mean in a Divorce Context?
  • Valuation Dates
    • Date of the Marriage
    • Date of a Gift or Inheritance
    • Date of the Separation
    • Date of the Divorce Complaint (or Petition)
    • Date Agreed to by the Parties
    • Date of the Trial
  • Valuation Methods
  • Valuation as of a Specific Date
  • Data Gathering and Analysis
    • Gathering Financial Data
  • The Valuation Process
  • Normalizing the Financial Statements
    • Unreported Revenues
    • Stockholder Loans
    • Income Taxes
  • Explaining the Valuation
  • Reaching a Conclusion of Value
  • Divorce Valuations of Professional Practices
    • Professional Practices Differ From Regular Business Enterprises
    • Divorce Valuations and the Market Can Be Very Different
    • Financial Information
    • Professional Versus Practice Goodwill
  • Non-Compete Agreements
  • Valuation of Other Marital Assets
    • Professional Licenses
    • Celebrity Goodwill
    • Conclusion
• Chapter 23: Professional Practice Valuations
  • Learning Objectives
  • Introduction
  • Why Are Professional Practices Valued?
  • Characteristics of the Professional Practice
  • Professional Practice Versus Other Business Valuations
    • Buy-Sell Agreements
    • Internal Transactions
    • External Transactions
    • Subsequent Events
    • More About Professional Practice Versus Other Business Valuations
  • The Valuation Process
    • History of the Practice
    • Economy and Industry Information
    • Cash Versus Accrual Accounting
  • Valuation Calculations—Unique Aspects of the Calculations
    • Issue: Different Classes of Willing Buyers Result in Different Values
    • Rules of Thumb
    • Statutory Rule Value
    • Asset-Based Approach
  • Conclusion
• Chapter 24: Ownership Disputes
  • Learning Objectives
  • Introduction
  • Dissenting Shareholder Matters
  • Oppressed Shareholder Matters
  • Fair Value
  • The Valuation Date
  • Fair Value Methodology
  • Conclusion
• Chapter 25: Other Valuation Assignments
  • Learning Objectives
  • Introduction
  • Stock Options
  • Valuation of Options
  • Black-Scholes-Merton Option Pricing Model
  • The Binomial Option Pricing Model
  • Warrants
  • Preferred Stock
    • Dividend Rights
    • Options
    • Voting Rights
    • Participation Rights
    • Conversion Rights
    • Valuation of Preferred Stock
  • Debt Securities
  • Early Stage Companies
    • Stages of Development
    • Valuation Approaches
  • Conclusion
• Chapter 26: Economic Damages
  • Learning Objectives
  • Introduction
  • Lost Profits
    • Elements of a Lost Profits Claim
    • Types of Damages
  • The Lost Profits Analysis
    • Meet With the Client and Client’s Attorney to Determine the Objectives of the Assignment
    • Plaster Your Files With Support
    • Obtaining Documents and Records From the Opposing Side
    • Should the Damages Expert Work With Original Documents or Copies?
    • Get Information From the Client and the Other Side
    • Performing the Lost Profits Computation
    • Mitigation of Damages
    • Period of Recovery
    • Variable Cost of Lost Revenues
    • Incremental Revenues and Expenses—Not Fixed or Variable
    • Should Lost Net Earnings Be Reduced for Income Taxes?
    • Prejudgment Interest
    • Projected Lost Revenues After Trial
    • Discounting Projected Lost Profits After Trial to Present Value
    • Ex-Ante Versus Ex-Post
    • Don’t Forget to Check the Lost Profits Computation for Reasonableness
    • Other Situations
    • Lost Profits or Lost Business Value?
    • Other Types of Damages Measurements
    • Out-of-Pocket Expenses
    • Personal Economic Damages
    • Plaintiff or Defense?
    • Common Mistakes Made By Damages Experts
  • Conclusion
• Chapter 27: My Favorite Court Cases
  • Learning Objectives
  • Introduction
  • Estate of Joyce C. Hall v. Commissioner
    • Issue: What Makes a Guideline Company?
  • Estate of Samuel I. Newhouse v. Commissioner
  • Charles S. Foltz v. U.S. News & World Report, Inc.
    • Issue: Excess Asset and the Minority Interest
  • Bernard Mandelbaum, et al. v. IRS Commissioner
    • Issue: Discount for Lack of Marketability
  • Mad Auto Wrecking Inc. v. Commissioner
    • Issue: Reasonable Compensation
  • Delaware Open MRI Radiology Associates P.A. v. Howard B. Kessler, et al.
    • Issue: Treatment of S Corporation Taxes in Fair Value
  • Conclusion
• EULA

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