The art and science of business valuation:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Westport, Conn. [u.a.]
Quorum Books
1999
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XI, 134 S. |
| ISBN: | 1567201717 |
Internformat
MARC
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| 100 | 1 | |a Link, Albert N. |d 1949- |e Verfasser |0 (DE-588)137439814 |4 aut | |
| 245 | 1 | 0 | |a The art and science of business valuation |c Albert N. Link and Michael B. Bogner |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Westport, Conn. [u.a.] |b Quorum Books |c 1999 | |
| 300 | |a XI, 134 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 7 | |a Bedrijfswaarde |2 gtt | |
| 650 | 7 | |a Taxatie |2 gtt | |
| 650 | 4 | |a Unternehmen | |
| 650 | 4 | |a Business enterprises |x Valuation | |
| 650 | 0 | 7 | |a Unternehmensbewertung |0 (DE-588)4078594-4 |2 gnd |9 rswk-swf |
| 689 | 0 | 0 | |a Unternehmensbewertung |0 (DE-588)4078594-4 |D s |
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| 700 | 1 | |a Boger, Michael B. |e Verfasser |4 aut | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008709503&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-008709503 | ||
Datensatz im Suchindex
| _version_ | 1804127477723824128 |
|---|---|
| adam_text | CONTENTS
Tables and Figures ix
Foreword by James H. Ogburn xiii
Preface xv
Chapter 1: Introduction 1
Mergers and Acquisitions 2
Buy/Sell Agreements 3
Acquisition of Capital 4
Estate Planning 4
Litigation Support 5
The Science of Business Valuation 6
The Art of Business Valuation 7
Overview of the Book 7
Chapter 2: Basic Concepts about a Business 11
The Purpose of a Business 11
Economic Environment of a Business 12
Income Statements and Balance Sheets 14
The Value of a Business 17
Chapter 3: Basic Tools for Valuation 21
Introduction 21
Forecasting 21
Weighted Averages 27
Present Value 29
Capitalization 31
Chapter 4: Three Businesses in Need of Valuation 33
Introduction 33
Gate City Widget Company 34
Gate City Video Rental 37
Gate City Orthopedic Clinic 40
Chapter 5: Trends in Financial Data 43
Introduction 43
Forecasting 45
Weighted Averages 52
viii Contents
Chapter 6: Discount Rates and Capitalization Rates 55
Introduction * 55
Return on Investment 56
Systematic Approaches to Approximating Risk 59
Build Up Method for Determining Discount Rates and
Capitalization Rates 63
Chapter 7: Comparability 67
Introduction 67
Aspects of Comparability 68
Ratio Analysis 68
Comparability of the Three Business Examples 72
Chapter 8: Alternative Valuation Methods 75
Introduction 75
Income Based Versus Asset Based Methods 76
Income Based Methods 78
Asset Based Methods 85
Income Based and Asset Based Methods 86
Valuation Adjustments 89
Chapter 9: Valuation of Gate City Widget Company 93
Introduction 93
Background Information 93
Present Value of Adjusted Future Earnings Valuation 95
Price to Earnings Ratio Valuation 101
Chapter 10: Valuation of Gate City Video Rental Company 103
Introduction 103
Background Information 103
Adjusted Net Asset Valuation 106
Chapter 11: Valuation of Gate City Orthopedic Clinic 109
Introduction 109
Background Information 109
Capitalization of Excess Earnings Valuation Method 112
Chapter 12: Conclusion 117
Glossary 119
References 131
Index 133
TABLES AND FIGURES
TABLES
1.1 Merger and Acquisition Activity in the United States 3
1.2 Partnerships and Corporations in the United States 4
1.3 Capital Acquisitions by U.S. Corporations 5
1.4 Federal Estate and Gift Taxes 5
2.1 Generic Income Statement 15
2.2 Generic Balance Sheet 16
3.1 Gate City Widget Company 22
3.2 Actual and Trend Line Forecasts of Gate City Widget Company s
Sales 24
3.3 Actual and Percentage Growth Forecasts of Gate City Widget
Company s Sales 26
3.4 Average of Gate City Widget Company s Sales 28
3.5 Weighted Average of Gate City Widget Company s
Sales 28
3.6 Present Value of $100 Discounted for n Years at Discount Rater 30
4.1 Gate City Widget Company: Income Statement 35
4.2 Gate City Widget Company: Balance Sheet 36
4.3 Gate City Video Rental: Income Statement 38
4.4 Gate City Video Rental: Balance Sheet 39
4.5 Gate City Orthopedic Clinic: Income Statement 40
4.6 Gate City Orthopedic Clinic: Balance Sheet 41
5.1 Gate City Widget Company: Selected Items from the Income
Statement 44
5.2 Gate City Widget Company: Selected Items from the Balance Sheet 44
5.3 Gate City Video Rental: Selected Items from the Income Statement 44
5.4 Gate City Video Rental: Selected Items from the Balance Sheet 44
5.5 Gate City Orthopedic Clinic: Selected Items from the Income
Statement 45
5.6 Gate City Orthopedic Clinic: Selected Items from the Balance Sheet 45
x Tables and Figures
5.7 Estimated Equations for Forecasting Net Income and the Forecast
of Net Income 49
5.8 Estimated Equations for Forecasting Sales and Revenues 49
5.9 Estimated Equations for Forecasting Stockholders Equity 50
5.10 Actual and Percentage Growth Forecasts of Stockholders Equity
for Gate City Orthopedic Clinic 51
5.11 Weighted Average (5 4 3 2 1) of Relevant Financial Data 52
6.1 Categories of Risk and Associated Business Characteristics 62
6.2 Build Up Method for Determining Discount Rates and
Capitalization Rates 65
7.1 Liquidity Ratios 69
7.2 Capital Structure Ratios 70
7.3 Profitability Ratios 71
7.4 Comparison of Gate City Widget Company to the Industry, 1996 72
7.5 Comparison of Gate City Video Rental to the Industry, 1996 73
7.6 Comparison of Gate City Orthopedic Clinic to the Industry, 1996 73
8.1 Independent Accountant Involvement in the Preparation of Financial
Statements 77
8.2 Present Value of Adjusted Future Earnings Valuation Method 81
8.3 Price to Earnings Ratio Valuation Method 85
8.4 Adjusted Net Asset Valuation Method 87
8.5 Capitalization of Excess Earnings Valuation Method 90
8.6 Minority Ownership Control Adjustments 91
9.1 Gate City Widget Company: Income Statement 95
9.2 Gate City Widget Company: Balance Sheet 96
9.3 Comparison of Gate City Widget Company to the Industry, 1996 97
9.4 Present Value of Adjusted Future Earnings Valuation Method 97
9.5 Build Up Method for Determining Discount Rates and
Capitalization Rates 99
9.6 Normalization Adjustments to Gate City Widget Company s Income
Statement 100
9.7 Weighted Average of Adjusted Net Income for Gate City Widget
Company 100
9.8 Adjusted Future Earnings Valuation of Gate City Widget Company 100
9.9 Price to Earnings Ratio Valuation Method 102
9.10 Price to Earnings Ratio Valuation of Gate City Widget Company 102
10.1 Gate City Video Rental: Income Statement 104
10.2 Gate City Video Rental: Balance Sheet 105
10.3 Comparison of Gate City Video Rental to the Industry, 1996 106
10.4 Adjusted Net Asset Valuation Method 107
10.5 Adjusted Net Asset Valuation of Gate City Video Rental 108
11.1 Gate City Orthopedic Clinic: Income Statement 110
11.2 Gate City Orthopedic Clinic: Balance Sheet 111
11.3 Comparison of Gate City Orthopedic Clinic to the Industry, 1996 112
11.4 Capitalization of Excess Earnings Valuation Method 114
Tables and Figures xi
11.5 Normalization Adjustments to Gate City Orthopedic Clinic s
Income Statement 115
11.6 Normalization Adjustments to Gate City Orthopedic Clinic s
Balance Sheet 115
11.7 Weighted Average of Adjusted Net Income for Gate City
Orthopedic Clinic 115
11.8 Weighted Average of Adjusted Net Assets for Gate City
Orthopedic Clinic 116
11.9 Capitalization of Excess Earnings Valuation of Gate City
Orthopedic Clinic 116
FIGURES
2.1 Changes in the Economic Environment of Producers of Widgets 14
2.2 Alternative Definitions of Value and Their Underlying
Assumptions 20
3.1 Gate City Widget Company s Actual Sales and Forecast of Sales 25
5.1 Gate City Widget Company: Trends in Net Income 46
5.2 Gate City Video Rental: Trends in Net Income 47
5.3 Gate City Orthopedic Clinic: Trends in Net Income 48
6.1 The Risk Return Tradeoff: A Risk Neutral Individual 57
6.2 The Risk Return Tradeoff: A Risk Averse Individual 58
6.3 The Risk Return Tradeoff: A Risk Taking Individual 58
8.1 Marketability Discounts 84
|
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| author | Link, Albert N. 1949- Boger, Michael B. |
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| indexdate | 2024-07-09T18:33:58Z |
| institution | BVB |
| isbn | 1567201717 |
| language | English |
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| physical | XI, 134 S. |
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| spelling | Link, Albert N. 1949- Verfasser (DE-588)137439814 aut The art and science of business valuation Albert N. Link and Michael B. Bogner 1. publ. Westport, Conn. [u.a.] Quorum Books 1999 XI, 134 S. txt rdacontent n rdamedia nc rdacarrier Bedrijfswaarde gtt Taxatie gtt Unternehmen Business enterprises Valuation Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s DE-604 Boger, Michael B. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008709503&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Link, Albert N. 1949- Boger, Michael B. The art and science of business valuation Bedrijfswaarde gtt Taxatie gtt Unternehmen Business enterprises Valuation Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 |
| title | The art and science of business valuation |
| title_auth | The art and science of business valuation |
| title_exact_search | The art and science of business valuation |
| title_full | The art and science of business valuation Albert N. Link and Michael B. Bogner |
| title_fullStr | The art and science of business valuation Albert N. Link and Michael B. Bogner |
| title_full_unstemmed | The art and science of business valuation Albert N. Link and Michael B. Bogner |
| title_short | The art and science of business valuation |
| title_sort | the art and science of business valuation |
| topic | Bedrijfswaarde gtt Taxatie gtt Unternehmen Business enterprises Valuation Unternehmensbewertung (DE-588)4078594-4 gnd |
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