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基本説明
Consists of reviewing the annual sales of similar sized businesses and applying the comparable sales information as guidance in the valuation of a company.
Full Description
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" to valuing businesses is quickly becoming popular for determining the value of a business or partnership. Praised for its objectivity, the approach is the model most favored by the IRS and the United States Tax Court - as long as it's properly implemented. With Shannon Pratt's "The Market Approach to Valuing Businesses", buyers and sellers can best ensure effective market approach implementation. Designed for anyone who needs to carry out or review a market approach to valuation, this book serves as both practical tutorial and handy desk reference. In this comprehensive guide, 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 U.S. acquisitions over the last 20 years; an analysis of the effect of size on value; common errors in applying the market approach; and court reactions to the market approach. Must-reading for anyone who owns or holds a partial interest in a small or large business or a professional practice, "The Market Approach to Valuing Businesses" will show you how to successfully reach a fair agreement.
Contents
List of Exhibits. Foreword. Preface. Acknowledgments. Notation System Used in This Book. Introduction. Part I. Defining Market Multiples and Market Approach Methods. 1. Defining Market Value Multiples. 2. The Guideline Public Company Method. 3. The Guideline Transaction (Merged and Acquired Company) Method. 4. Other Market Methods. Part II. Finding and Analyzing Comparative Market Transaction Data. 5. Finding Public Company Market Transaction Data. 6. Finding Merger and Acquisition Market Data. 7. Adjusting Financial Statements. 8. Comparative Financial Analysis. Part III. Compiling Market Value Tables and Reaching a Value Conclusion. 9. Compiling Useful Market Value Tables. 10. Selecting,Weighting, and Adjusting Market Value Multiples. 11. Control Premiums and Minority Discounts. 12. Discounts for Lack of Marketability. Part IV. Sample Market Approach Cases. 13. Small--size Service Company Sample Case: Sub Shop. 14. Medium--size Service Company Sample Case Software Developer. Part V. Important Aspects of Using the Market Approach. 15. Reconciling Market Approach Values with Income and Asset Approach Values. 16. Does Size Matter? Evidence from Empirical Data. 17. Common Errors in Implementing the Market Approach. 18. The Dismal Track Record of U.S. Market Acquisitions. 19. The Market Approach in the Courts. Appendixes. Appendix A: Bibliography. Appendix B: Data Resources. Appendix C: International Glossary of Business Valuation Terms. Appendix D: The Quantitative Marketability Discount Model. Appendix E: Pratt's Stats Data Contributors. Index.
