Handbook of Business Valuation

* Important sections on family limited partnerships, intellectual property issues, minority interests, and much more

THOMAS L. WEST is the publisher of the Business Broker and M&A Today, leading industry newsletters, and the author of numerous books. He is also the founder of United Business Investments, and co-founder and past president of VR Business Brokers and the International Business Brokers Association. JEFFREY D. JONES is founder and Chairman of Certified Business Brokers, founder and President of Certified Appraisers, and a designated senior member of the American Society of Appraisers (ASA) and the Institute of Business Appraisers (CBA). He currently serves as Editor of the IBBA Journal and as Chairman of the IBBAs Standards Committee.

Introduction

xxxi

PART ONE: The Purpose, Market, and Resources for Valuing Businesses

1

(92)

Reasons to Value a Business and Who Should Do It

3

(6)

Valuation Issues from a Seller's Perspective

9

(8)

Valuation Issues from a Buyer's Perspective

17

(12)

Valuation Issues from an Intermediary's Perspective

29

(12)

The Investment Banker's Perspective on Due Diligence for Mergers, Acquisitions, and Securities Offerings

41

(12)

Valuation Issues from the Legal Perspective

53

(6)

Valuation from the Lender's Perspective

59

(12)

Notable Differences between Middle Market and Small Businesses

71

(10)

Where to Find Industry Information and Guideline Market Data

81

(12)

PART TWO: Valuation Approaches and Methods

93

(192)

Recasting Financial Statements

95

(23)

To Infinity and Beyond: Statistical Techniques Appraising the Closely Held Business

118

(25)

Machinery and Equipment Valuation Approaches and Methods Used in Conjunction with a Going Concern Business

143

(7)

Rules of Thumb: What They Are and How to Use Them

150

(13)

The Direct Market Data Method of Valuing Midsize and Smaller Closely Held Businesses

163

(34)

The Market Approach Using Public Company Data

197

(25)

The Excess Earnings Method

222

(10)

Multiple of Discretionary Earnings Method

232

(32)

Capitalization of Earnings: An Income Approach

264

(9)

Discounted Future Benefits Method: An Income Approach

273

(12)

PART THREE: Valuation Issues by Industry

285

(192)

Valuing Retail Businesses

287

(7)

Valuing Manufacturing Business

294

(14)

Valuing Automobile Dealerships

308

(13)

Valuing Restaurants

321

(21)

Valuing Medical Practices

342

(19)

Valuing Accounting Firms

361

(9)

Valuing Radio and Cable TV Businesses

370

(13)

Valuation of Hotels and Motels

383

(8)

Valuing a Software Company

391

(20)

Valuing Publishing Companies

411

(4)

Valuing Home Healthcare Businesses

415

(14)

Valuing Lumberyards and Home Centers

429

(21)

Valuing Printing Businesses

450

(8)

Valuing Home-Based Businesses

458

(11)

Valuing Country Businesses

469

(8)

PART FOUR: Special Issues

477

(94)

Perspectives on Valuing a Minority Interest in a Private Company

479

(9)

Valuation for ESOP Purposes

488

(14)

Valuing Family Limited Partnerships and Limited Liability Company Interests for Estate Planning Purposes

502

(23)

Valuing Intellectual Property

525

(6)

Corporate Taxes and Valuation

531

(24)

The Use and Abuse of Experts

555

(16)

Index

571

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Handbook of Business Valuation

Summary

Author Biography

Table of Contents

Supplemental Materials