The Art of Business Valuation by Caruso, Gregory R. -- Read -- Imperial Library of Trantor

Index

Cover Foreword Preface

HOW DOES ONE ACCURATELY VALUE SMALL BUSINESSES? HOW TO USE THIS BOOK DISCLAIMER NOTES

Acknowledgments CHAPTER 1: What Is My Business Worth?

VALUE IS NOT PRICE VALUE IS … NOTE

CHAPTER 2: Valuation Basics

VALUATION IS MODELING THREE PRIMARY APPROACHES TO BUSINESS VALUATION VALUATION THEORY BACKGROUND STANDARDS OF VALUE PURPOSE OF THE VALUATION PREMISE OF VALUE ANALYTICAL FRAMEWORK OF BUSINESS VALUATION MECHANICS OF PREPARING A VALUATION Professional Judgment NOTES

CHAPTER 3: Why Is Valuing Small Businesses Different from Valuing Larger Businesses?

IS THIS A BUSINESS OR A JOB? NOTE

CHAPTER 4: Assessing the Subject Company

DOCUMENTS NECESSARY FOR A BUSINESS VALUATION OTHER DOCUMENTS FOR DETERMINING ENTERPRISE VALUE QUESTIONNAIRES AND MANAGEMENT INTERVIEWS DEAL KILLERS EXTERNAL FACTORS AFFECTING THE COMPANY VALUE FINANCIAL ANALYSIS NOTES

CHAPTER 5: Normalization of Cash Flows

NORMALIZATION OF FINANCIAL INFORMATION ESTIMATING THE CASH FLOW NON-OPERATING AND ONE-TIME ADJUSTMENTS NOTES

CHAPTER 6: Market Approaches

OBJECTIONS TO THE MARKET METHOD WEIGHTING THE CASH FLOW THE MARKET METHOD: ESTIMATING THE MULTIPLIER THE MARKET METHOD: SELECTING THE COMPANY INDUSTRY SORTING THE INDUSTRY DATA SET BY CASH FLOW ANALYSIS OF SORTED DATA SET SELECT BY TRANSACTION TYPE OR NOT? SELECTING THE MULTIPLIER ADJUSTMENTS TO THE CALCULATED INDICATION OF MARKET METHOD VALUE STATISTICS AND THE MARKET METHOD NOTES

CHAPTER 7: Asset Approaches

ARE ALL ASSETS AND LIABILITIES ON THE BALANCE SHEET? CURRENT ASSETS UNDER THE ASSET METHOD FIXED ASSETS BUILT-IN GAINS INTANGIBLE ASSETS LIABILITIES NOTE

CHAPTER 8: Income Approaches

WHO IS AN “INVESTOR”? CASH FLOW FOR INCOME APPROACHES CAPITALIZATION OF EARNINGS METHOD MORE CASH FLOW CONSIDERATIONS CASH FLOW FORECASTS UNDER THE DISCOUNTED CASH FLOW METHOD CALCULATING A DISCOUNT RATE OR CAP. RATE COST OF CAPITAL BUILDUP METHOD (BUM): CALCULATING A DISCOUNT RATE CALCULATION OF A CAPITALIZATION RATE ESTIMATING VALUE USING THE CAPITALIZATION OF EARNINGS METHOD WEIGHTED AVERAGE COST OF CAPITAL ESTIMATING VALUE USING THE DISCOUNTED CASH FLOW METHOD NOTES

CHAPTER 9: Valuing Partial Interests in a Business

LEVELS OF VALUE IN BUSINESS VALUATION UNDERSTANDING PARTIAL INTEREST FACTORS DISCOUNTS AND PREMIUMS Discount for Lack of Marketability NOTES

CHAPTER 10: Goodwill and the Small Business

CALCULATING GOODWILL MUM Method for Goodwill NOTES

CHAPTER 11: Accounting Issues with Small and Very Small Businesses

CASH, ACCRUAL, AND TAX BASIS STATEMENTS OTHER CASH BASIS ACCRUAL TYPE ADJUSTMENTS WORKING FROM COST ACCOUNTING OR UNIT DATA BALANCE SHEETS OTHER ADJUSTMENTS AND CALCULATIONS BASED ON THE BALANCE SHEET WORKING CAPITAL CONCLUDING THOUGHTS: THE BALANCE SHEET AND VALUE NOTES

CHAPTER 12: Details for Business Valuators

SELECTION OR WEIGHTING OF METHODS CALCULATIONS AND CONCLUSIONS (OPINIONS) OF VALUE CALCULATIONS OF VALUE VALUATION ENGAGEMENTS MEETING CLIENTS' NEEDS DETERMINING WHAT MATTERS PROFESSIONAL JUDGMENT NOTES

CHAPTER 13: Assisting the Small Business Buyer or Seller

HOW TO ASK QUESTIONS EFFECTIVELY WORKING WITH BUSINESS SELLERS ISSUES WHEN REPRESENTING BUYERS BUY-SELL AND RELATED AGREEMENTS THE SBA LENDING PROCESS BUSINESS BROKERAGE: HOW TO MAXIMIZE A PRICE NOTES

CHAPTER 14: How to Review a Business Valuation

WHERE ESTIMATES OF VALUE GO WRONG NOTES

CHAPTER 15: Final Thought

NOTE

About the Website Index End User License Agreement