Valuing a business: the analysis and appraisal of closely held companies
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Chicago [u.a.]
Irwin
1996
|
| Edition: | 3. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXX, 850 S. graph. Darst. |
| ISBN: | 1556239718 |
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MARC
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| 245 | 1 | 0 | |a Valuing a business |b the analysis and appraisal of closely held companies |c Shannon P. Pratt ; Robert F. Reilly ; Robert P. Schweihs |
| 250 | |a 3. ed. | ||
| 264 | 1 | |a Chicago [u.a.] |b Irwin |c 1996 | |
| 300 | |a XXX, 850 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 650 | 4 | |a Entreprises - Évaluation - États-Unis | |
| 650 | 7 | |a Entreprises - Évaluation |2 ram | |
| 650 | 4 | |a Sociétés - Évaluation - États-Unis | |
| 650 | 4 | |a Sociétés fermées - États-Unis - Évaluation | |
| 650 | 4 | |a Recht | |
| 650 | 4 | |a Corporations |x Valuation | |
| 650 | 4 | |a Corporations |x Valuation |x Law and legislation |z United States | |
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| 700 | 1 | |a Reilly, Robert F. |e Verfasser |4 aut | |
| 700 | 1 | |a Schweihs, Robert P. |e Verfasser |4 aut | |
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Record in the Search Index
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| adam_text | Contents
PART I Introduction to Business Valuation 1
1. Business Valuation Professional Standards 3
The Appraisal Foundation. Background and Organization. Uniform
Standards of Professional Appraisal Practice (USPAP). American Society
of Appraisers. Background and Activities. ASA Business Appraisal
Standards. Institute of Business Appraisers. Canadian Institute of
Chartered Business Valuators. Other Organizations that Have Addressed
Business Valuation Issues. The ESOP Association. American Institute of
Certified Public Accountants (AICPA). Association for Investment
Management and Research. Internal Revenue Service. Department of
Labor. Recognition of Professional Standards by Courts. International
Acceptance of U.S. Standards and Practices. Summary. Bibliography.
2. Defining the Appraisal Assignment 14
Basic Elements of the Appraisal Assignment. Definition of Who Made
and Who Accepted the Assignment. Description of the Legal Interest or
Interests to Be Appraised. Description of the Business Entity.
Description of the Specific Business Interest. Interests Other than Direct
Fee Simple Ownership. Description of the Specific Ownership Interest
Characteristics. Control versus Minority. Degree of Marketability. Date
of the Valuation. Purpose of the Appraisal. Standards of Value. Fair
Market Value. Investment Value. Intrinsic or Fundamental Value. Fair
Value. Going Concern versus Liquidation Premise of Value. Sources of
Guidance as to Applicable Standards and Premises of Value. Form of the
Work Product. Scheduling. Fee Arrangements. Summary.
3. Business Valuation Theory and Principles 35
Generally Accepted Theory. Reliance on Projected versus Historical
Benefits. Basic Variables Affecting Value. Impact of Risk on Value.
Accepted Business Valuation Approaches and Methods. Background and
Structure. Comparison with Real Estate Appraisal Approaches. Impact
of Controlling versus Minority Interest. Impact of Marketability.
Distinction between Discount for Minority Interest and Discount for
Lack of Marketability. Other Qualitative Factors Affecting Value.
Matching the Valuation Methodology with the Standard of Value and
Ownership Charateristics. Sum of Parts Not Necessarily Equal to
Whole. Summary of Business Valuation Principles.
PART II Preparing for the Business Valuation 51
4. Gathering Company Data 53
Generalized Company Information Checklist. Financial Statements.
xiii
xiv CONTENTS
Relevant Time Period. Levels of Financial Statement Preparation.
Impact of Enterprise Legal Structure. Federal Income Tax Returns.
Interim Statements. Other Financial Schedules. Current Assets and
Liabilities. Plant and Equipment. Officers and Directors Compensation
Schedule. Distribution of Ownership. Dividend or Partnership
Withdrawal Schedule. Schedule of Key Person Life Insurance. Off
Balance Sheet Assets or Liabilities. Related Party Transaction
Information. Operating Information. Company History. Brochures,
Catalogs, and Price Lists. Key Personnel. Customer and Supplier Base.
Contractual Agreements and Obligations. Industry and Trade
Association Information. List of Past Transactions in the Stock or Offers
to Buy. Budgets and Forecasts. Capital Requirements. Capital
Expenditures. Deferred Maintenance. Working Capital Requirements.
Company Documents Relating to the Rights of Owners. Corporate or
Partnership Records. Buy Sell and ESOP Agreements. Employment and
Noncompete Agreements. Summary.
5. Site Visits and Interviews 68
History. Description of the Business. Management and Management
Compensation. Operations. Supplies. Labor and Government Relations.
Plant and Equipment. Inventory. Markets and Marketing. Finance.
Current Assets. Fixed Assets. Intangible Assets. Current Liabilities.
Capital Structure. Off Balance Sheet Items. Profitability. Insurance.
Dividends. Prior Transactions or Offers. Catchall Question. Interviews
of Outsiders. Professionals Related to the Company. Other Possible
Outside Interviews. Summary.
6. Researching Economic and Industry Information 80
National Economic Information. The Federal Statistical System. Banks.
Business Periodicals and Statistical Services. Regional Economic
Information. Industry Information. General Industry Information.
Composite Company Data. Information on Management Compensation.
On Line Information. Indexes to Economic and Industry Information.
Summary. Bibliography.
7. Analyzing and Adjusting Financial Statements 105
Adequacy of Allowance and Reserve Accounts. Allowance for Doubtful
Accounts. Pension Liabilities. Inventory Accounting Methods. FIFO,
LIFO, and Other Methods. Write Down and Write Off Policies.
Depreciation Methods and Schedules. Declining Balance Method. Sum
of the Years Digits Method. ACRS and MACRS. Analytical Implications.
Depletion. Treatment of Intangibles. Leasehold Interests. Other
Intangible Assets. Capitalization versus Expensing of Various Costs.
Timing of Recognition of Revenues and Expenses. Contract Work.
Installment Sales. Sales Involving Actual or Contingent Liabilities.
Prior Period Adjustments. Accounting for Leases. Net Operating Loss
Carryforwards. Treatment of Interests in Affiliates. Extraordinary or
Nonrecurring Items. Ordinary versus Extraordinary Items. Other
Nonrecurring Items. Discontinued Operations. Operating versus
Nonoperating Items. Management Compensation and Perquisites.
Transactions Involving Company Insiders. Contingent Assets and
Liabilities. Adjustments to Asset Valuations. Marketable Securities.
Other Assets. Computation of Earnings per Share. Weighted Average
Basis. Primary versus Fully Diluted Earnings. Computation of Book
CONTENTS XV
Value per Share. Adjusting the Balance Sheet to Current Values.
Summary. Bibliography.
8. Comparative Ratios 128
Use and Interpretation of Ratio Analysis. Common Size Statements.
Short Term Liquidity Measures. Current Ratio. Quick (Acid Test) Ratio.
Activity Ratios. Accounts Receivable Turnover. Inventory Turnover. Sales
to Net Working Capital. Sales to Fixed Assets and Total Assets. Risk
Analysis. Business Risk. Financial Risk. Balance Sheet Leverage Ratios.
Total Debt to Total Assets. Equity to Total Assets. Long Term Debt to
Total Capital. Equity to Total Capital. Fixed Assets to Equity. Debt to
Equity. Income Statement Coverage Ratios. Times Interest Earned.
Coverage of Fixed Charges. Income Statement Profitability Ratios.
Return on Investment Ratios. Return on Equity. Return on Investment.
Return on Total Assets. Asset Utilization Ratios. Summary.
PART III Reaching the Value Conclusion 147
9. Income Approach: Discounted Economic Income Methods 149
Introduction: Theoretical and Practical Soundness of Approach. The
Basic Discounted Economic Income Framework. The Numerator:
Expected Prospective Economic Income. The Denominator: The Discount
Rate. Relationship between Discount Rates and Capitalization Rates.
The Perpetual Economic Income Stream Model. Converting a Discount
Rate to a Capitalization Rate—The Constant Growth Model. Estimating
the Discount Rate. Return and Rate of Return Defined. Components of
the Discount Rate. The Risk Free Rate. The Equity Risk Premium.
The Capital Asset Pricing Model. Systematic and Unsystematic Risk.
Beta: The Measure of Systematic Risk. Using Beta to Estimate Expected
Rate of Return. Levered and Unlevered Betas. Assumptions Underlying
the Capital Asset Pricing Model. The Size Premium. Arbitrage Pricing
Theory. Sources of Data to Estimate the Cost of Equity Capital. Risk
Free Rate. Equity Risk Premium. Beta. Size Premium. Investment
Specific Risk. Arbitrage Pricing Theory Factors. Estimating a Discount
Rate Directly from Market Data. Rate of Return Allowed to Regulated
Companies. Ibbotson Cost of Capital Quarterly. Discounting Economic
Income Available to Overall Capital. Defining the Capital Structure.
Weighted Average Cost of Capital (WACC) Formula. Should an Actual or
Hypothetical Capital Structure Be Used? Specific Projection Period Plus
a Terminal Value. The Midyear Discounting Convention. Example of
Application of Discounted Economic Income Methods. Estimating an
Equity Discount Rate. Discounting Net Cash Flow to Equity. Estimating
Equity Value by the Perpetual Growth Model. Estimating a Weighted
Average Cost of Capital. Discounting Net Cash Flow to Invested Capital.
Estimating the Market Value of Invested Capital by the Perpetual
Growth Model. Caveats in Using Discounted Economic Income Methods.
Converting a Discount Rate Applicable to Net Cash Flow to a Discount
Rate Applicable to Net Income. Does the Discounted Economic Income
Model Produce a Control or a Minority Value? What Standard of Value
Does a Discounted Economic Income Model Produce? Common Errors.
Mismatching the Discount Rate with the Economic Income Measure.
Confusing Discount Rates with Capitalization Rates. Projecting Growth
Beyond What the Capital Being Valued Will Support. Projecting Near
XVi CONTENTS
Term Growth Will Continue in Perpetuity. Projecting That Extrapolation
of the Recent Past Represents the Best Estimate of Future Results.
Discounting a Terminal Value for an Incorrect Number of Periods.
Internally Inconsistent Capital Structure Projection. Assumptions That
Produce a Standard or Premise of Value Other Than That Called for in
the Valuation Engagement. Summary. Bibliography.
10. Market Approach: The Guideline Company Method 203
Overview of the Guideline Public Company Method. When Is the
Guideline Public Company Method Most Useful? Standard of Value.
Ownership Characteristics. Going Concern Value versus Liquidation
Value. Quantity and Quality of Available Data. Criteria for Guideline
Company Selection. How Many Guideline Companies? Time Period to
Consider. Deciding Which Value Measures to Use. Influence of the
Ownership Characteristics. Going Concern Value versus Liquidation
Value. Type of Company. Availability of Data. Compiling Guideline
Company Tables. Developing a List of Guideline Companies. Financial
Statement Adjustments to Guideline Companies. Comparative Ratio
Analysis. Obtaining the Guideline Companies Market Value Data.
Presenting Guideline Company Tables. Selecting and Weighting
Multiples for the Subject Company Based on Guideline Companies.
Impact of Guideline Company Data Evaluation. Measures of Central
Tendency and Dispersion. Multiples of Earnings or Cash Flow.
Capitalization of Dividends or Dividend Paying Capacity. Multiples of
Revenue. Multiple of Stock Value to Asset Value. Treating Nonoperating
Assets, Excess Assets, and Asset Deficiencies. Nonoperating Assets.
Marginal Operating Real Estate. Excess Assets or Asset Deficiencies.
Multiline Companies. Procedures for Valuation. Portfolio Effect.
Typical Adjustments to Reach a Value Conclusion. Value Measures
Using Market Value of Invested Capital. Common Errors. Failure to
Conduct an Adequate Search for Guideline Transaction Data. Failure to
Make Appropriate Financial Statement Adjustments to Guideline
Companies. Multiples that Mismatch Numerator and Denominator.
Simple Reliance on Average of Guideline Company Multiples without
Comparative Analysis. Summary. Bibliography.
11. Market Approach: The Merger and Acquisition Method 239
Overview of the Merger and Acquisition Method. When Is the Merger
and Acquisition Method Most Useful? Standard of Value. Ownership
Characteristics. Going Concern Value versus Liquidation Value.
Quantity and Quality of Data Available. Control Transaction
(Acquisition) Value Measures. Caveat: Check the Deal Structure. Deal
Terms. Exactly What Was Transacted? Sources of Merger and
Acquisition Data. Adjusting for Time Period Differences. Past Subject
Company Transactions. Past Subject Company Changes of Control. Bona
Fide Offers. Past Acquisitions by the Subject Company. Formulas or
Rules of Thumb. Reaching the Value Conclusion. Summary.
Bibliography.
12. Asset Based Approach 253
Fundamentals of the Asset Based Approach. Asset Based Methods ver¬
sus Book Value. Various Asset Based Valuation Methods. Discrete
(Separate) Revaluation of Assets and Liabilities. Collective Revaluation
of Assets and Liabilities. Partial Revaluation of Individual Assets and
Liabilities. Which Asset Based Valuation Method to Use. Steps in the
CONTENTS xvii
Application of the Asset Accumulation Method. Obtain or Develop a
GAAP Basis Balance Sheet. Identify Assets and Liabilities to Be
Revalued. Identify Off Balance Sheet Assets that Should be Recognized.
Identify Off Balance Sheet and Contingent Liabilities that Should Be
Recognized. Value the Items Identified Above. Construct a Valuation
Based Balance Sheet. Premises of Value for Individual Assets. Value in
Continued Use, as Part of a Going Concern. Value in Place, as Part of a
Mass Assemblage of Assets. Value in Exchange, as Part of an Orderly
Disposition. Value in Exchange, as Part of a Forced Liquidation.
Selecting the Appropriate Premise of Value. Individual Asset Valuation
Approaches and Methods. Financial Assets. Tangible Real Estate.
Tangible Personal Property. Intangible Real Property. Intangible
Personal Property. Illustrative Example. Advantages of the Asset
Accumulation Method. Disadvantages of the Asset Accumulation
Method. Summary. Bibliography.
13. The Excess Earnings Method 285
History of the Excess Earnings Method. How It Works. A Step by Step
Explanation. Ah...Sweet Simplicity! An Example. Denunciation by the
IRS. Analysis of the Method. Estimating Net Tangible Asset Value.
Estimating a Normalized Level of Earnings. Appropriate Rate of Return
on Net Tangible Assets. Appropriate Capitalization Rate for Excess
Earnings. Summary: Conceptual Basis for the Two Capitalization Rates.
Negative Goodwill. Common Errors in Applying the Excess Earnings
Method. Failure to Allow for Owners Salaries. Failure to Use Realistic
Normalized Earnings. Using Book Values of Assets without Adjustment.
Errors in Estimating Appropriate Rates. Summary. Bibliography.
14. Minority Interest Discounts, Control Premiums, and Other
Discounts and Premiums 298
The Concept and Importance of Control. Elements of Control. The
Minority Stockholder s Situation. How the Valuation Approach Used
Affects the Minority Discount/Control Premium Issue. The Income
Approach. The Capital Market (Guideline Company) Method. Merger
and Acquisition Method. Asset Accumulation Method (Adjusted Net
Asset Value). The Excess Earnings Method. How the Applicable Standard
of Value Affects Minority Discounts or Control Premiums. Fair Market
Value. Investment Value. Intrinsic Value. Fair Value. Impact of State
Statutes on Minority versus Control Value. Requirements for
Supermajority Votes. Dissenting Stockholder Appraisal Rights. Rights to
Dissolution or Sale of Stock. Other Factors Impacting Degree of Control.
Effect of Distribution of Ownership. Articles of Incorporation, Bylaws,
and Shareholder Agreements. Potential Dilution. Preemptive Rights.
Cumulative versus Noncumulative Voting. Contractual Restrictions.
Effect of Regulation. Financial Condition of Business. Three General
Methods for Valuing Minority Interests. Method #1: Proportion of the
Enterprise Value Less Discount(s), if Applicable. Method #2: Direct
Comparison with Sales of Other Minority Interests. Method #3: The
Bottom Up Method. Market Evidence Regarding Control Premiums
and Minority Interest Discounts. Mergerstat Review Studies. HLHZ
Control Premium Studies. Discounts from Net Asset Value. Holding
Companies. Limited Partnerships. Trust and Estate Sales Study.
Discounts for Direct Undivided Minority Interests in Real Estate. Other
Discounts. Voting versus Nonvoting Shares. Blockage. Key Person
Discount. Portfolio Discount. Summary. Bibliography.
XviU CONTENTS
15. Discounts for Lack of Marketability 331
Concept and Importance of Marketability. Benchmark for Discount for
Lack of Marketability for Minority Interests. Evidence for Quantifica¬
tion of Discount for Lack of Marketability. Marketability Discounts
Evidenced by Prices of Restricted Stocks. SEC Institutional Investor
Study. Gelman Study. Trout Study. Moroney Study. Maker Study.
Standard Research Consultants Study. Willamette Management
Associates Study. Silber Study. FMV Opinions, Inc., Study. Summary of
Studies on Restricted Stock Transactions. Studies of Private
Transactions before Public Offerings. Robert W. Baird Company
Studies. Willamette Management Associates Studies. Summary of
Conclusions from Private Transaction Studies. Option Pricing as a
Proxy for Discount for Lack of Marketability. Regulation S
Transactions. Discounts for Lack of Marketability for Controlling
Interests. Marketability Factors Affecting Controlling Interests.
Benchmark for the Discount for Lack of Marketability for Controlling
Interests. Differences between Private and Public Company Acquisition
PIE Multiples. A Question of Semantics? Factors That Affect the
Discount for Lack of Marketability. Put Rights. Dividend Payments.
Potential Buyers. Size of Block. Prospect of Public Offering or Sale of
Company. Information Access and Reliability. Restrictive Transfer
Provisions. Court Decisions on Discounts for Lack of Marketability.
Solberg Study of Court Decisions on Restricted Shares. Court Decisions
on Restricted Shares. Moore Study of Court Decisions on Closely Held
Interests. Recent Court Decisions on Closely Held Interests. Summary.
Bibliography.
16. Valuation Synthesis and Conclusion 366
The Reconciliation Process. Criteria for the Selection of Valuation
Approaches and Methods. Quantity and Quality of Available Data.
Type of Business, Nature of Business Assets, and Type of Industry
Subject to Appraisal. Nature of the Business Interest Subject to
Appraisal. Statutory, Judicial, and Administrative Considerations.
Informational Needs of the Appraisal Audience. Purpose and Objective
of the Appraisal. Professional Judgment and Expertise of the
Appraiser. Reconciling Divergent Results among Business Valuation
Methods. Weighting of Valuation Method Results. At What Point Are
Discounts and Premiums Applied? Presenting the Value Conclusion.
Explicit Weighting. Implicit Weighting. Final Value Estimate.
Summary.
PART IV Presenting the Valuation Report 377
17. Writing an Appraisal Report 379
An Overview of the Appraisal Report. Appraisal Reporting Standards.
Written Appraisal Report Standards. Oral Reports. Limited Reports.
Narrative Reports. USPAP Standards Regarding Levels of Appraisal
and Types of Appraisal Reports. Premises of the Appraisal. Retention of
Appraisal Reports and Files. USPAP Confidentiality Provisions.
Summary. Principles of Effective Report Writing. The Reader. The
Writing Process. Summary. Bibliography.
CONTENTS XIX
18. A Sample Report 393
Introduction. Description of the Assignment. Standard and Definition of
Value. Summary Description of the Company. Capitalization and
Ownership. Sources of Information. Summary of Valuation Conclusions.
U.S. Economic Outlook. Overview. Inflation. Employment. Interest Rates.
Consumer Spending. The Stock Markets. Summary. The Oregon,
Washington, and California Economies. Overview. Oregon. Washington.
California. Summary. The Grocery Industry Outlook. Overview.
Increased Competition. Response to Increased Competition.
Unemployment and Demographics. Outlook. Fundamental Position of
the Company. Introduction. History. Retail Operations. Expansion.
Distribution. Real Estate. Competition. Dividend Policy. Employees.
Litigation. Restrictions on Share Transfer. Prior Transactions in the
Company s Stock. Summary of Positive and Negative Factors. The
Selection of Guideline Companies. Financial Statement Analysis.
Overview. Balance Sheets. Income Statements. Ratios. Comparison to
Industry Average. Appraisal of Fair Market Value. Valuation Methods
Used. Guideline Company Method. Discounted Economic Income
Method. Summary before Discount for Lack of Marketability. Discount
for Lack of Marketability. Selection of Applicable Discount for ABC
Grocery Minority Interests. Concluded Fair Market Value. Appendixes.
Exhibits. Definition of Financial and Operating Ratios. Appraisal
Certification. Statement of Contingent and Limiting Conditions.
Professional Qualifications of the Principal Appraiser.
19. Reviewing a Business Valuation Report 453
Organization of the Checklist. Appraisers Certification. Contingent
and/or Limiting Conditions or Assumptions. Professional Qualifications
of Appraisers. Professional Certifications. Other Qualifications.
Definition of Appraisal Assignment. Definition of Property Appraised.
Purpose of Appraisal. Standard of Value. Characteristics of Ownership.
Premise of Value. Effective Date and Date of Report. Sources of
Information. Site Inspection and Interviews. Company Financial
Statements. Publications. Data Known or Knowable as of Valuation
Date. Past Transactions. Description of Company. Capitalization and
Ownership. Company Background and Operations. Economic and
Industry Data and Analysis. Analysis and Adjustment of Subject
Company Financial Statements. Comparative Ratio Analysis. Income
Approach. Market Approach. Asset Based Approach. Excess Earnings
Method. Discounts and Premiums. Synthesis and Conclusion. Overall
Assessment. Comprehensiveness. Accuracy. Coherence and Cohesion.
Internal Consistency. Incisiveness.
PART V Valuing Specific Business Interests 477
20. Debt Securities 479
Common Situations Requiring the Valuation of Debt Securities.
Purchase or Sale for Cash. Exchange of Equity for Debt. Gift and Estate
Taxes. Allocation of Total Enterprise Value among Classes of Securities.
Adjusting a Balance Sheet for Debt Securities Owned or Owed. Method
of Valuation. Amount and Timing of Future Payments. Estimation of
Yield to Maturity. Marketability Aspects of Closely Held Debt Securities.
Special Characteristics of Various Debt Securities. Call Provisions.
XX CONTENTS
Sinking Fund Provisions. Collateral Provisions. Income Tax Status. Zero
Coupon Debt. Convertible Debt. Summary.
21. Preferred Stock 492
Common Situations Requiring the Valuation of Preferred Stock.
Purchase or Sale for Cash. Exchange of Common Equity or Debt for
Preferred Stock. Gift and Estate Taxes. Allocating Total Enterprise Value
among Classes of Securities. Adjusting a Balance Sheet for Preferred
Stock Owned or Outstanding. Special Characteristics of Closely Held
Preferred Stocks. Dividend Rate. Liquidation Preference. Cumulative
versus Noncumulative Dividends. Redeemable versus Nonredeemable.
Put Option. Voting versus Nonvoting. Participating versus Nonpartici
pating. Convertible versus Nonconvertible. Method of Valuation.
Assessing Dividend and Liquidation Payment. Comparison with
Publicly Traded Preferred Stocks. Capitalizing the Income Stream.
Marketability Aspects of Closely Held Preferred Stock. Revenue Ruling
83 120. Summary. Bibliography.
22. Pass Through Entities 514
Introduction. Characteristics of the Organizations. Sole Proprietorships.
Corporations. Partnerships. S Corporations. Limited Liability
Companies. Pass Through Entities. Continuity of Life. Centralized
Management. Limited Liability. Free Transferability. Partnerships. S
Corporations. Limited Liability Companies (LLCs). LLCs as an Estate
Planning Device. Caveats Regarding the Valuation of Transferred LLC
Interests. Recapitalization of the Family Owned Business. Use of an LLC
Instead of a Trust. Comparing the LLC to the S Corporation. Changing
the Form of the Business from Taxable to Pass Through. Valuation
Issues. Business Enterprise Value. Valuation of Minority Interests.
Capitalization of Owner s Distribution Method. Estimation of
Appropriate Distribution Rate. Discounted Economic Income Method.
Other Valuation Issues. Lack of Marketability. Summary. Bibliography.
PART VI Valuing Intangible Assets and Intellectual
Property 533
23. Identification of Intangible Assets 535
Definition of an Intangible Asset. Economic Phenomena That Result in
an Intangible Asset. Economic Phenomena That Do Not Result in an
Intangible Asset. Economic Phenomena That Indicate Value in an
Intangible Asset. Distinction between Tangible and Intangible Assets.
Four Categories of Property. Common Categories of Intangible Assets.
Common Categories of Intellectual Properties. Motivations to Conduct an
Intangible Asset Appraisal. Professional Standards Related to
Intangible Asset Appraisals. Uniform Standards of Professional
Appraisal Practice. ASA Business Valuation Standards. Purpose and
Objective of the Appraisal. Alternative Standards of Value. Alternative
Premises of Value. Describing the Asset Subject to Appraisal. Bundle of
Legal Rights Subject to Appraisal. Stating the Appropriate Valuation
Date. The Form of the Valuation Report. Three Approaches to Intangible
Asset Valuation. Introduction to Cost Approach Methods. Introduction to
Market Approach Methods. Introduction to Income Approach Methods.
Introduction to the Valuation Synthesis and Conclusion. Introduction to
Reporting Valuation Conclusions. Summary. Bibliography.
CONTENTS XXi
24. Valuation of Intangibles 557
Cost Approach Methods. Replacement Cost New. Forms of Obsolescence.
Reproduction Cost. Replacement Cost. Depreciated Replacement Cost
Formula. Intangible Assets That Are Often Appraised Using a Cost
Approach. Remaining Useful Life Analysis of Intangible Assets.
Assessment of Remaining Useful Life. Illustrative Cost Approach
Example—An Assembled Workforce Valuation. Market Approach
Methods. Market Transaction Method. Market License /Royalty Method.
Selection of Intangible Asset Sale and lor License Guideline
Transactions. Ability to Value Intangible Assets Using Market Approach
Methods. Limitations of Using the Market Approach. Sources of
Guideline Comparative Data. Quantitative Analysis of Guideline
Intangible Asset and Subject Data. Selection and Application of
Valuation Multiples. Estimation of the Appropriate Income
Capitalization Rate. Estimation of the Appropriate Income
Capitalization Rate—An Illustrative Example. Income Approach
Methods. Yield Capitalization Method. Yield Capitalization Method—An
Illustrative Example. Direct Capitalization Method. Direct
Capitalization Method—An Illustrative Example. Relief from Royalty
Method. Relief from Royalty Method—An Illustrative Example. Profit
Split Method. Profit Split Method—An Illustrative Example. Capitalized
Excess Earnings Method. Capitalized Excess Earnings Method—An
Illustrative Example. Residual from Business Enterprise Method.
Residual from Business Enterprise Method—An Illustrative Example.
Residual from Purchase Price Method. Residual from Purchase Price
Method—An Illustrative Example. Postulated Loss of Income Method.
Postulated Loss of Income Method—An Illustrative Example.
Applications and Limitations of Various Income Approach Methods.
Yield Capitalization Method—Application and Limitations. Direct
Capitalization Method Application and Limitations. Relief from Royalty
Method—Applications and Limitation. Profit Split Method—Application
and Limitation. Capitalized Excess Earnings Method—Application and
Limitations. Residual from Business Enterprise Method—Applications
and Limitations. Residual from Purchase Price Method—Applications
and Limitations. Postulated Loss of Income Method—Application and
Limitation. Valuation Synthesis and Conclusion. The Reconciliation
Process. The Review Process. Reconciliation Criteria. Final Value
Estimate. Summary. Bibliography.
25. Remaining Useful Life Analysis 598
Reasons to Estimate the Remaining Life (RL) of an Intangible Asset.
Priority of Estimating the RL for Each Valuation Approach. Effect ofRL
Estimation on Each Approach. Various Means—or Determinants—to
Estimate the RL of an Intangible Asset. Data Requirements Regarding
Various Life Determinants. Causes of Attrition/Retirements/Obsolescence
in Intangible Assets. Analytical Methods to Remaining Life Estimation.
Survivor Curve Analysis. Survivor Curve Terminology. Construction of a
Survivor Curve—An Illustrative Example (Actuarial Data). Statistical
Curve Fitting Process. Iowa Type Survivor Curves. Iowa Type Survivor
Curves—Characteristics. Iowa Type Survivor Curves—Various Graphical
Representations. Calculation of the Average Service Life of an Intangible
Asset. Survivor Curve Analysis for DCF Calculations. Valuation
Summary and Conclusion—Remaining Useful Life Analyses. Valuation
Summary and Conclusion—Other Valuation Issues. Summary.
Bibliography.
XXii CONTENTS
PART VII Business Valuation for Specific Purposes 615
26. Taxation Planning and Compliancelncome 617
Introduction. Federal Income Tax Reasons to Conduct an Appraisal.
Valuation of Property Received in a Transaction. Determining Basis in a
Property. Joint Ownership of Property. Property Acquired from a
Decedent. Valuation Requirements for Charitable Contribution
Deductions. Documentation Requirements—Contributions of Property.
Noncash Property Contributions—Post December 31, 1993. Appraisals
for Noncash Contributions. Summary of Charitable Contribution
Valuation Requirements. Valuation of Worthless and Abandoned
Property. Worthless Securities. Valuation Aspects of Internal Revenue
Code Section 165. Abandonment Loss for Nondepreciable Business
Assets. Technical Advice Memorandum 9220003. Worthless Stock
Deduction. Summary of Worthless and Abandoned Property Valuation.
Valuation Aspects of Cancellation of Indebtedness Income. Unfavorable
Tax Consequences of Debt Restructuring. Insolvency Provisions of Code
Section 108. Insolvency Test Illustrative Example. The Costs of Code
Section 108. Summary of Cancellation of Indebtedness Income Valuation.
Valuation Related Income Tax Penalties. General Accuracy Related
Penalties. Substantial Valuation Overstatement Penalty. Estate and Gift
Tax Valuation Understatements. Valuation of Intellectual Properties for
State Income Taxation Purposes. Trademarks and Trade Names.
Transfer of Intellectual Properties. Creation of the Intellectual Property
Holding Company. Valuation of the Transferred Intangible Assets. Other
Considerations. Summary of Intellectual Property Valuation for State
Income Taxation. Summary.
27. Taxation Planning and ComplianceGifts and Estates 640
Introduction. Current Tax Rates and Penalties. Guidelines for Federal
Gift and Estate Tax Valuations. Weight to Be Accorded Various Factors.
Capitalization Rates. Average of Factors. Restrictive Agreements.
Summary of Guidelines. Chapter 14 Special Valuation Guidelines.
Valuing Recapitalizations and Senior Equity Interests under Section
2701. Valuation Issues under Section 2702. Buy Sell Agreements or Sale
of Options under Section 2703. Valuation Rules for Lapsing Rights and
Other Restrictions under Section 2704. Valuation Issues in Estate and
Gift Tax Planning. Placing Family Assets in Corporate, Limited Liability
Company, or Partnership Form. Minimizing Taxes by a Series of Timely
Minority Interest Transfers. Loss of Key Person. Other Estate Planning
Situations Requiring Valuations. Other Estate and Gift Valuation Issues.
Summary. Bibliography.
28. Buy Sell Agreements 667
Types of Buy Sell Agreements. Valuation Provisions of the Buy Sell
Agreement. Need for Clear Direction. Formula Approaches. Negotiation
among the Parties. Independent Outside Appraisal. Understanding an I
Agreement s Pricing Philosophy. Terms and Funding. Term Payment
Provisions. Funding the Buy Sell Agreement with Life Insurance.
Restrictions on Transfer. Buy Sell Agreement Values for Estate and Gift
Tax Valuation under Chapter 14. Valuation Requirements under Section
2703. Summary. Bibliography.
contents xxiii
29. Taxation Planning and ComplianceAd Valorem 685
Introduction. Definitions of Ad Valorem Taxation Terminology. Market
Value as the General Basis of Property Assessment. The Property Tax
Valuation Process. The Property Tax Equalization Process. Assessment
Ratio Studies. Use of Assessment Ratio Studies in Administrative
Appeals and Litigation. The Property Tax Unitary Valuation Process.
The Property Tax Appeal Process. Steps in an Appraisal. The Assessing
Authority s Objective. The Property Owner s Objective. The Independent
Appraiser s Objective. Preliminary Negotiations. Administrative Appeals.
Narrative Appraisal Reports. Judicial Appeals. Special Topics.
Identification and Quantification of Functional Obsolescence.
Identification and Quantification of External (or Economic)
Obsolescence. Identification and Valuation of Intangible Assets in the
Unitary Method of Assessment. Identification and Application of
Appropriate Income Approach Methods for Ad Valorem Unitary
Valuation. Summary. Bibliography.
30. Employee Stock Ownership Plans 717
Introduction to ESOPs. Basic Features of an ESOP. Required Put Option
Creates the ESOP Repurchase Liability. Diversification of Investments.
ESOP Tax Incentives. Periodic Contributions to the Plan Are Tax
Deductible. Tax Free Rollover on the Sale of Stock to an ESOP.
Dividends Tax Deductible to Employer Corporation. ESOP Loan Interest
Excluded from Taxable Income. Leveraged ESOPs. A Typical Leveraged
ESOP Transaction. An Illustrative Example of a Typical Leveraged
ESOP Transaction. Multiple Investor Leveraged ESOPs. Criteria for
Establishing an ESOP. Special Issues in the Valuation of ESOP Stock.
ESOP Stock Valuation Factors. Requirement of Independent Annual
Stock Appraisal. Accounting for Equity Dilution. Effect of the ESOP on
the Economic Income to Capitalize. Control versus Minority Basis for
Valuation. Discount for Lack of Marketability. Valuations in Leveraged
ESOPs. Summary. Bibliography.
PART VIII Litigation Support 741
31. Litigation Support Services 743
Valuation Related Controversy Matters. Types of Litigation. Contract
Disputes. Commercial Torts. Business Interruption Claims. Antitrust
Claims. Securities Litigation. Marital Dissolution. Personal Injury or
Wrongful Termination Cases. Estate, Gift, and Income Taxes. State and
Local Property Taxes. Bankruptcy / Insolvency / Reorganization
Situations. Intellectual Property Rights Infringement. Engaging the
Appraiser. Qualifications. Conflicts of Interest. Engagement Agreement.
Assessing the Case. Critique of the Opposition. Expert Testimony.
Rebuttal. Assistance in Preparing Briefs. Discovery. Business Appraisal
Discovery. * rmanent Files. Accountant s Files. Bank Files. Invoices.
Interrogatories. Depositions. Research. Calculating the Amount of
Damages. The Before and After Method. The Yardstick (Comparable)
Method. Sales Projections ( But For ) Method. Mitigation. Summary of
Damages. Work Product. Affidavits. Written Reports. Summary.
Bibliography.
xxiv CONTENTS
32. Expert Witness Testimony 761
Background Preparation. Basic Preparation and Documentation.
Federal Rules of Civil Procedure. Discovery. Reading Prior Cases and
Articles. Federal Rules of Evidence Regarding Expert Testimony. Use of
Hearsay Evidence. Depositions. Scheduling Depositions. What to Take to
the Deposition. Deposition Testimony. After the Deposition. Outlining
Courtroom Testimony. Qualifying the Witness. Description of the
Assignment. Summary of Conclusion. Description of Steps Taken.
Findings. Final Conclusion. Exhibits. Preparation with the Attorney. In
the Courtroom. What to Have on the Stand. General Guidelines for
Testimony. Direct Examination. Cross Examination. Redirect
Examination. Rebuttal Testimony. Exclusion of Witnesses. Summary.
Bibliography.
33. Arbitration 782
Advantages of Arbitration over Court Trial. Situations Suitable for
Arbitration. Corporate and Partnership Dissolutions—Buyouts of
Minority Interests. Dissenting Stockholder Actions. Damage Cases.
Divorces. The Arbitration Agreement. Factors Specified in the
Arbitration Agreement. Factors Left to the Arbitrators Discretion. Other
Factors to Address. Selection of Arbitrators. Criteria for Selection.
Procedure for Selection. American Arbitration Association Procedure.
Engagement and Compensation of Arbitrators. The Arbitration Process.
Review of Arbitration Document. Initial Communication among
Arbitrators. Field Visit. Hearings. The Valuation Meeting. Reporting the
Results of the Arbitration. Summary: The Most Critical Elements.
Bibliography.
Appendix A Index to IRS Positions 793
Appendix B Present Value Tables 797
Appendix C American Society of Appraisers: Business
Valuation Standards 804
Appendix D General Bibliography 820
Index to Court Cases 825
General Index 827
List of E
1 1 1995 Uniform Standards of Professional
Appraisal Practice
2 1 Valuation Assignment Checklist
2 2 Examples of Matching the Valuation
Purpose with the Standard of Value
2 3 Sample Professional Services Agreement
4 1 Preliminary Documents and Information
Checklist for the Business Valuation of a
Typical Corporation
6 1 Sample Page from Corporation Source
Book
6 2 Sample Page from Almanac of Business
and Industrial Financial Ratios
6 3 Sample Page from RMA Annual
Statement Studies
6 4 Sample Page from the Analyst s
Handbook
7 1 Alternative Depreciation Methods
7 2 Example of the Effect of the Variety of
Accounting Principles on Reported
Income
9 1 Arithmetic of Present Value: Discounting
versus Compounding
9 2 Schematic Diagram and Example of
Elements of a Discount Rate Applicable
to Expected Net Cash Flow Available to
Common Equity
9 3 Illustrative Example of One Common
Method for the Calculation of Beta
9 4 Security Market Line
9 5 Computing Unlevered and Relevered
Betas
9 6 Explanation of APT Risk Factors
9 7 Key Variables in Estimating the Cost of
Equity Capital
9 8 Ibbotson Associates Discussion of
Arithmetic versus Geometric Mean for
Calculating the Expected Equity Risk
Premium for Estimating Cost of Capital
(Discount Rate)
9 9 Beta Measurement Problems
9 10 Sample Pages from Ibbotson Cost of
Capital Quarterly
9 11A Stealth Electronic Investigations, Inc.
Ixhibits
9 11B Illustrative Example: Discount Rate
Applicable to Equity
9 11C Estimation of Value of Equity
Discounted Cash Flow Model
9 11D Estimation of Value of Equity
Perpetual Growth Model
9 HE Calculation of Rate of Return on Equity
9 11F Estimation of Weighted Average Cost of
Capital
9 11G Estimation of Market Value of Invested
Capital—Discounted Cash Flow Model
9 11H Estimation of Market Value of Invested
Capital—Perpetual Growth Model
9 12 Differences between Net Cash Flow
Discount Rate and Net Income Discount
Rate
10 1 Stock Issues Traded and Criteria for
Trading in Major U.S. Public Markets
10 2 Mechanisms for Going Public in the
United States
10 3 A Partial List of Court Cases Pertinent
to the Issue of Comparability
10 4A Correlation between Price/Revenues and
Return on Revenues
10 4B Price/Revenues Compared to Return on
Revenues
10 5 Market Value of Invested Capital
Valuation Using Guideline Companies
with Different Capital Structures Than
Subject
10 6 Steps in the Guideline Public Company
Method
11 1 Example Application of Merger and
Acquisition Method
12 1 Revenue Procedure 77 12
12 2 Typical Corporation Statement of
Financial Position as of June 30, 1995
12 3 Typical Corporation Business Enterprise
Valuation Asset Accumulation Method as
of June 30, 1995
13 1 Revenue Ruling 68 609
13 2 Illustrative Business Valuation Using
the Excess Earnings Method
14 1 Example of Relationships between
XXV
xxvi
Control Premiums, Minority Interest
Discounts, and Discounts for Lack of
Marketability
14 2 Premium Offered over Market Price
14 3 Price to Earnings Ratios, Percent Offered
over S P 500
14 4 Houlihan Lokey Howard Zukin
Industrywide Control Premium Study
14 5 Minority Interest Discounts for Publicly
Traded Real Estate Companies
15 1 Table XTV 45 of SEC Institutional
Investor Study: Discount by Trading
Market
15 2 Table XTV 47 of SEC Institutional
Investor Study: Discount by Size of
Transaction and Sales of Issuer
15 3 Original Purchase Discounts for
Restricted Stocks
15 4 The Value of Marketability as Illustrated
in Initial Public Offerings of Common
Stock
15 5 Average Discounts for Private
Transaction Prices Compared with Public
Offering Prices
15 6 Cost of Flotation
15 7 Direct Expenses of Going Public as a
Percentage of Gross Proceeds
15 8 Payment Trends
15 9 Median P/E Offered Public versus
Private
15 10 Cases in Which the Court Valued
Restricted Securities
17 1 USPAP Standard 10
17 2 Uniform Standards of Professional
Appraisal Practice Update
18 1 ABC Grocery Company Balance Sheets
18 2 ABC Grocery Company Income
Statements
18 3 ABC Grocery Company Financial and
Operating Ratios
18 4A ABC Grocery Company and Robert
Morris Associates Common Size
Financial Statements
18 4B ABC Grocery Company and Robert
Morris Associates Financial and
Operating Ratios
18 5A ABC Grocery Company and Guideline
Publicly Traded Companies Common
Size Financial Statements
18 5B ABC Grocery Company and Guideline
Publicly Traded Companies Financial
and Operating Ratios
18 6A ABC Grocery Company and Guideline
Publicly Traded Companies Market
Value of Invested Capital
LIST OF EXHIBITS
18 6B ABC Grocery Company and Guideline
Publicly Traded Companies Earnings
before Interest and Taxes
18 6C ABC Grocery Company and Guideline
Publicly Traded Companies Earnings
before Depreciation, Interest, and Taxes
18 6D ABC Grocery Company and Guideline
Publicly Traded Companies Debt Free
Net Income
18 6E ABC Grocery Company and Guideline
Publicly Traded Companies Debt Free
Cash Flow
18 6F ABC Grocery Company and Guideline
Publicly Traded Companies Revenues
18 6G ABC Grocery Company and Guideline
Publicly Traded Companies Revenue
Performance Ratios
18 6H ABC Grocery Company and Guideline
Publicly Traded Companies Book Value
of Invested Capital and Performance
Ratios
18 61 ABC Grocery Company and Guideline
Publicly Traded Companies Definitions,
Footnotes, and Sources to Exhibits
18 7A ABC Grocery Company Discounted
Economic Income Method: Projected
Income Statements
18 7B ABC Grocery Company Discounted
Economic Income Method: Indicated
Value
18 7C ABC Grocery Company Discounted
Economic Income Method: Working
Capital Requirements
20 1 Standard Poor s Corporation, Key
Industrial Financial Ratios and
Definitions, by Rating Classification for
Long Term Debt Issuers
20 2 Standard Poor s Corporate and
Municipal Rating Definitions
20 3 Standard Poor s Corporation, Yield to
Maturity for Bond Indexes, 1984 1994
20 4 Standard Poor s Rating Methodology
21 1 Adjustable and Fixed Rate Preferred
Stock Yields
21 2 Value of Sinking Fund Preferred
21 3 Preferred Stock Dividend and
Liquidation Payment Risk Ratios
21 4 Standard Poor s Preferred Stock
Ratings
21 5 Preferred Stock Dividend Yield Summary
21 6 Nonconvertible, Non Sinking Fund,
Fixed Rate, Cumulative Preferred Stocks
Excluding Financial Institutions and
Utilities
21 7 Revenue Ruling 83 120
LIST OF EXHIBITS
22 1 Depending upon Distributions, the S
Corporation Election May Be
Unfavorable
23 1 Listing of Intangible Assets Commonly
Subject to Appraisal and Economic
Analysis
25 1 Analytical Methods to Remaining Life
Estimation: Survivor Curve Analysis
25 2 Construction of a Survivor Curve:
Hypothetical Data Set Regarding
Customer Account Placements and
Retirements
25 3 Hypothetical Customer Account Data
Survivor Curve Fitting Process
25 4 Illustrative Original Model Type Curves
25 5 Illustrative Left Model Type Curves
25 6 Illustrative Right Model Type Curves
25 7 Illustrative Symmetrical Type Curves
xxvii
27 1 Current Unified Transfer Tax on Gifts
and Estates
27 2 Revenue Ruling 59 60
27 3 Revenue Ruling 77 287
27 4 Revenue Ruling 93 12
28 1 Sample Valuation Provision for Buy Sell
Agreement
30 1 Alpha, Beta, Gamma Engineering
Company, Conventional Acquisition
Financing versus ESOP Acquisition
Financing
32 1 Federal Rules of Evidence Rules 702 705
32 2 Federal Rules of Evidence Rule 612
32 3 Typical List of Exhibits on Business
Valuation to Be Submitted with Court
Testimony
32 4 Federal Rules of Evidence Rule 615
|
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| author | Pratt, Shannon P. 1933-2021 Reilly, Robert F. Schweihs, Robert P. |
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| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV011710808 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:14:26Z |
| institution | BVB |
| isbn | 1556239718 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007897302 |
| oclc_num | 32819018 |
| open_access_boolean | |
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| owner_facet | DE-355 DE-BY-UBR DE-M347 |
| physical | XXX, 850 S. graph. Darst. |
| publishDate | 1996 |
| publishDateSearch | 1996 |
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| publisher | Irwin |
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| spelling | Pratt, Shannon P. 1933-2021 Verfasser (DE-588)142483109 aut Valuing a business the analysis and appraisal of closely held companies Shannon P. Pratt ; Robert F. Reilly ; Robert P. Schweihs 3. ed. Chicago [u.a.] Irwin 1996 XXX, 850 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Entreprises - Évaluation - États-Unis Entreprises - Évaluation ram Sociétés - Évaluation - États-Unis Sociétés fermées - États-Unis - Évaluation Recht Corporations Valuation Corporations Valuation Law and legislation United States Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf USA Unternehmensbewertung (DE-588)4078594-4 s DE-604 Reilly, Robert F. Verfasser aut Schweihs, Robert P. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007897302&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Pratt, Shannon P. 1933-2021 Reilly, Robert F. Schweihs, Robert P. Valuing a business the analysis and appraisal of closely held companies Entreprises - Évaluation - États-Unis Entreprises - Évaluation ram Sociétés - Évaluation - États-Unis Sociétés fermées - États-Unis - Évaluation Recht Corporations Valuation Corporations Valuation Law and legislation United States Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 |
| title | Valuing a business the analysis and appraisal of closely held companies |
| title_auth | Valuing a business the analysis and appraisal of closely held companies |
| title_exact_search | Valuing a business the analysis and appraisal of closely held companies |
| title_full | Valuing a business the analysis and appraisal of closely held companies Shannon P. Pratt ; Robert F. Reilly ; Robert P. Schweihs |
| title_fullStr | Valuing a business the analysis and appraisal of closely held companies Shannon P. Pratt ; Robert F. Reilly ; Robert P. Schweihs |
| title_full_unstemmed | Valuing a business the analysis and appraisal of closely held companies Shannon P. Pratt ; Robert F. Reilly ; Robert P. Schweihs |
| title_short | Valuing a business |
| title_sort | valuing a business the analysis and appraisal of closely held companies |
| title_sub | the analysis and appraisal of closely held companies |
| topic | Entreprises - Évaluation - États-Unis Entreprises - Évaluation ram Sociétés - Évaluation - États-Unis Sociétés fermées - États-Unis - Évaluation Recht Corporations Valuation Corporations Valuation Law and legislation United States Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Entreprises - Évaluation - États-Unis Entreprises - Évaluation Sociétés - Évaluation - États-Unis Sociétés fermées - États-Unis - Évaluation Recht Corporations Valuation Corporations Valuation Law and legislation United States Unternehmensbewertung USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007897302&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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