Pratt The Market Approach to Valuing Businesses

2. Auflage 2006
ISBN: 978-0-471-77541-6
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 432 Seiten, E-Book

Your Best Approach to Determining Value
If you're buying, selling, or valuing a business, how can youdetermine its true value? By basing it on present market conditionsand sales of similar businesses. The market approach is the premierway to determine the value of a business or partnership. Withconvincing evidence of value for both buyers and sellers, it canend stalemates and get deals closed. Acclaimed for its empiricalbasis and objectivity, this approach is the model most favored bythe IRS and the United States Tax Court-as long as it's properlyimplemented.
Shannon Pratt's The Market Approach to ValuingBusinesses, Second Edition provides a wealth of provenguidelines and resources for effective market approachimplementation. You'll find information on valuing and itsapplications, case studies on small and midsize businesses, and adetailed analysis of the latest market approach developments, aswell as:
* A critique of US acquisitions over the last twenty-fiveyears
* 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 helpyou avoid being blindsided by a litigation opponent
Must reading for anyone who owns or holds a partial interest ina small or large business or a professional practice, as well asfor CPAs consulting on valuations, appraisers, corporatedevelopment officers, intermediaries, and venture capitalists,The Market Approach to Valuing Businesses will showyou how to successfully reach a fair agreement-one that willsatisfy both buyers and sellers and stand up to scrutiny by courtsand the IRS.

Autoren/Hrsg.

Pratt, Shannon P.

Inhaltsverzeichnis

List of Exhibits.
Foreword.
Preface.
Acknowledgments.
Notation System Used in This Book.
Introduction.
PART I: DEFINING MARKET MULTIPLES AND MARKET APPROACHMETHODS.
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 TRANSACTIONDATA.
5. Finding Public Company Market Transaction Data.
6. Finding Merger amd Acquisition Market Data.
7. Adjusting Financial Statements.
8. Comparative Financial Analysis.
PART III: COMPLILING MARKET VALUE TABLES AND REACHING A VALUECONCLUSION.
9. Compiling Useful Market Value Tables.
10. Selecting, Weighting, and Adjusting Market ValueMultiples.
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-SoftwareDeveloper.
PART V: IMPORTANT ASPECTS OF USING THE MARKET APPROACH.
15. Reconciling Market Approach Values with Income and AssetApproach 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.
Appendix A: Bibliography.
Appendix B: Data Resources.
Appendix C: International Glossary of Business ValuationTerms.
Appendix D: The Quantitative Marketability Discount Model.
Appendix E: Pratt's Stats¯TM DataContributors.
Index.

Über Autor(innen)

Shannon P. Pratt, CFA, FASA, MCBA, CM&AA, is the Chairman and CEO of Shannon Pratt Valuations, Inc. a premier business valuation firm located in Portland Oregon, and is the founder and Editor Emeritus of Business Valuation Resources, LLC. Over a distinguished career of close to four decades, he has performed valuation engagements for M&A, ESOPs, gift and estate taxation, marital dissolution, shareholder oppression and dissent, and numerous other purposes. He has conducted numerous fairness and solvency opinions, has testified in a wide variety of federal and state courts across the country, and frequently participates in arbitration and mediation proceedings. Dr. Pratt is one of the most successful and respected authors in his field. He is the author or coauthor of several industry standards, including Valuing a Business: The Analysis and Appraisal of Closely Held Companies, Valuing Small Businesses and Professional Practices, The Market Approach to Valuing Businesses, Standards of Value, Business Valuation and Taxes, The Lawyer's Business Valuation Handbook, and Cost of Capital.