Valuing the closely held firm:
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Oxford [u.a.]
Oxford Univ. Press
2008
|
| Series: | Financial Management Association survey and synthesis series
|
| Subjects: | |
| Online Access: | Publisher description Table of contents only Inhaltsverzeichnis |
| Physical Description: | XIX, 267 S. |
| ISBN: | 0195301463 9780195301465 |
Staff View
MARC
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| 245 | 1 | 0 | |a Valuing the closely held firm |c Michael S. Long ; Thomas A. Bryant |
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| 300 | |a XIX, 267 S. | ||
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| 650 | 4 | |a Unternehmen | |
| 650 | 4 | |a Close corporations |x Valuation | |
| 650 | 4 | |a Business enterprises |x Valuation | |
| 650 | 4 | |a Small business |x Valuation | |
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| adam_text | Contents
List of Tables, xv
List of Special Terms and Expressions, xvii
1. Why Bother Valuing a Private Business? 3
Note to Readers, 3
Cast of Characters, 3
1.0 Mike and Tom Begin Their Quest, 4
1.1 The Importance of Knowing the
Value, 5
1.2 Specific Times That Require
Valuation, 8
1.3 How We Proceed, 12
1.4 Ah! I m Beginning to See Why! 14
2. Is It a Business, or Just a Pile of Assets? Special
Questions and Adjustments in the Valuation of
Closely Held Firms, 17
2.0 What s It Worth? 17
2.1 Differences in Valuation Methods
between Public and Closely Held
Firms, 18
2.2 Does a Going Concern Exist? 19
2.3 Closely Held Firms Lack Separation of
Manager and Owner, 22
X CONTENTS
2.4 Alternative Ways of Organizing a Firm:
Adjustments for Taxes and Insider
Compensation, 25
2.5 How Should Excess Returns Be
Valued? 32
2.6 An Adjustments Example, 35
2.7 Just a Pile of Assets? 37
3. Valuation When a Firm Is Not a Going
Concern, 41
3.0 The Value of Assets, 41
3.1 Valuing a Firm Both Ways, 42
3.2 Valuing the Tangible Assets on a Balance
Sheet, 44
3.3 What Is Being Bought Other Than
Tangible Assets? 53
3.4 Market Values for Uniform Parts, 59
3.5 Valuing the Nonuniform Tangible
Parts, 62
3.6 Intangible Assets, 63
3.7 Liquidation Considerations, 66
3.8 Tempting Valuation Shortcuts, 67
3.9 When Book Value Is Not Market
Value, 68
4. Valuation of a Going Concern, 71
4.0 What Makes a Business a Going
Concern? 71
4.1 Valuation Process: Cash Flows, Timing,
and Risk, 73
4.2 The Value of Current Operations, 75
4.3 Estimating Future Cash Flows, 82
4.4 Complications in Estimating Future ROE
Values, 89
4.5 Cash Flow Gives the Best Basis for
Comparison, 95
4.6 Watch the Cash Flow! 95
5. Growth Options and Valuation, 97
5.0 The Value of Future Potential, 97
CONTENTS xi
5.1 Separating Growth Opportunities from
Current Excess Returns, 99
5.2 Subtleties of Identifying and Valuing
Growth Opportunities, 102
5.3 An Example of the Value Created by
Excess Returns, 103
5.4 Valuation in Parts: Present and
Future, 105
5.5 Estimating the Value of Growth
Opportunities, 107
5.6 What Happens When Real Growth Is
Negative? 114
5.7 Keeping Up with Growth or Not: The
Manager s Challenge, 117
5.8 Walk or Run: In Which Direction? 118
6. Inflation and Valuation Measurement, 119
6.0 Real Growth or an Illusion? 119
6.1 Equivalence of Real and Nominal
Approaches to Valuation, 121
6.2 Accounting Measures and Valuation
Difficulties, 124
6.3 Inflation Lowers the Depreciation Tax
Shield, 131
6.4 Conclusions about Inflation and
Valuation Measurement, 134
6.5 Real Value—or Inflated Mirage? 134
7. Calculating the Discount Rate for Closely Held
Firms, 137
7.0 Wrestling with Discount Rates, 137
7.1 Required Rate of Return for a Public
Firm, 138
7.2 Required Rate of Return for a Closely
Held Firm, 140
7.3 Methods Used to Estimate the Required
Return, 141
7.4 Special Considerations for Closely Held
Firms, 143
xii CONTENTS
7.5 Leverage Differences, 149
7.6 An Estimate of the Required Rate of
Return, 150
j.-j Applying the Discount Rate, 151
7.8 Discounts Redux, 152
8. Planning to Buy? Considerations from the Other
Side of the Sale, 155
8.0 Should Tom Sell to Tracey or
Mike? 155
8.1 Why Is the Firm for Sale? 158
8.2 Know What You Are Getting, 160
8.3 Know What You Can Pay, 173
8.4 Reorganizing the Business, 181
8.5 Buying In? Remember to Price the
Exit, 192
8.6 Selling and Buying, 194
9. The Exit Strategy, 197
9.0 So, How Do I Cash Out of This
Business? 197
9.1 Why Go Public? Why Not? 199
9.2 Selling the Business outside the
Family, 203
9.3 Insider Sales and Transfers, 212
9.4 Jointly Owned Businesses, 224
9.5 An Exit Plan Emerges, 226
10. What We Know, Where to Go Next, 229
10.0 A Different Way of Managing a
Business, 229
10.1 What Has Been Learned about Valuation
in General? 231
10.2 What Has Been Learned about Valuing
Closely Held Firms? 234
10.3 What s Left to Learn about Valuing
Closely Held Firms? 236
10.4 Implications for the Management of
Closely Held Firms, 239
10.5 Lessons Learned? 240
CONTENTS
Appendix 1. Glossary, 243
Appendix 2. Useful Organizations and Web
Sites, 251
Appendix 3. Annotated Bibliography, 253
Appendix 4. How the IRS Views Valuation of
Closely Held Firms, 257
Appendix 5. Worksheets, 259
Index, 263
Tables
Table 2.1 Example of Adjustments to Replace Owner/
Manager with Professional Managers, 28
Table 2.2 Comparison to Three Public Firms, 29
Table 2.3 Top Tool Company LLC Annual Financial
Statement (Pro Forma), 35
Table 4.1 No Excess Returns Example, 79
Table 5.1 Calculating the EVA, 100
Table 5.2 Working Assumptions, 103
Table 5.3 An Example of Excess Returns, 104
Table 6.1 Inflation and Firm Valuation, 125
Table 6.2 Additional Investment Required from
Inflation with Steady-State Firm, 126
Table 6.3 Inflation and Firm Valuation with Working
Capital Example, 128
Table 6.4 Impacts of Inflation on Free Cash Flow and
Profits, 131
Table 6.5 Inflation and Firm Valuation Example:
Nominal Values, 132
Table 6.6 Inflation and Firm Valuation Example: Real
Values, 133
Table 7.1 Approximate Selling Costs for Closely Held
Firms, 147
Table 7.2 Calculating the Equivalent Unlevered
Beta, 151
xvi TABLES
Table 8.1 Impacts of Deferred Maintenance on
Valuation, 164
Table 8.2 Checklist of Danger Signs for Buyers, 167
Table 8.3 Impact of a Change of Credit Policy on
Valuation, 170
Table 8.4 Sources of Funds by Type of Opportunity, 178
Table 8.5 Summary of Organization Characteristics, 183
Table 8.6 Double-Taxation Scenario, 186
Table 8.7 Exit Tax Differences Scenario, 186
Table 9.1 General Process for Selling a Business
Well, 204
Table 9.2 Most Likely and Unlikely Buyers, by Type of
Sale, 206
Table 9.3 Comparison of Capital Gains in Flow-Through
versus C Corporations, 210
|
| adam_txt |
Contents
List of Tables, xv
List of Special Terms and Expressions, xvii
1. Why Bother Valuing a Private Business? 3
Note to Readers, 3
Cast of Characters, 3
1.0 Mike and Tom Begin Their Quest, 4
1.1 The Importance of Knowing the
Value, 5
1.2 Specific Times That Require
Valuation, 8
1.3 How We Proceed, 12
1.4 Ah! I'm Beginning to See Why! 14
2. Is It a Business, or Just a Pile of Assets? Special
Questions and Adjustments in the Valuation of
Closely Held Firms, 17
2.0 What's It Worth? 17
2.1 Differences in Valuation Methods
between Public and Closely Held
Firms, 18
2.2 Does a Going Concern Exist? 19
2.3 Closely Held Firms Lack Separation of
Manager and Owner, 22
X CONTENTS
2.4 Alternative Ways of Organizing a Firm:
Adjustments for Taxes and Insider
Compensation, 25
2.5 How Should "Excess" Returns Be
Valued? 32
2.6 An Adjustments Example, 35
2.7 Just a Pile of Assets? 37
3. Valuation When a Firm Is Not a Going
Concern, 41
3.0 The Value of Assets, 41
3.1 Valuing a Firm Both Ways, 42
3.2 Valuing the Tangible Assets on a Balance
Sheet, 44
3.3 What Is Being Bought Other Than
Tangible Assets? 53
3.4 Market Values for Uniform Parts, 59
3.5 Valuing the Nonuniform Tangible
Parts, 62
3.6 Intangible Assets, 63
3.7 Liquidation Considerations, 66
3.8 Tempting Valuation Shortcuts, 67
3.9 When Book Value Is Not Market
Value, 68
4. Valuation of a Going Concern, 71
4.0 What Makes a Business a Going
Concern? 71
4.1 Valuation Process: Cash Flows, Timing,
and Risk, 73
4.2 The Value of Current Operations, 75
4.3 Estimating Future Cash Flows, 82
4.4 Complications in Estimating Future ROE
Values, 89
4.5 Cash Flow Gives the Best Basis for
Comparison, 95
4.6 Watch the Cash Flow! 95
5. Growth Options and Valuation, 97
5.0 The Value of Future Potential, 97
CONTENTS xi
5.1 Separating Growth Opportunities from
Current Excess Returns, 99
5.2 Subtleties of Identifying and Valuing
Growth Opportunities, 102
5.3 An Example of the Value Created by
Excess Returns, 103
5.4 Valuation in Parts: Present and
Future, 105
5.5 Estimating the Value of Growth
Opportunities, 107
5.6 What Happens When Real Growth Is
Negative? 114
5.7 Keeping Up with Growth or Not: The
Manager's Challenge, 117
5.8 Walk or Run: In Which Direction? 118
6. Inflation and Valuation Measurement, 119
6.0 Real Growth or an Illusion? 119
6.1 Equivalence of Real and Nominal
Approaches to Valuation, 121
6.2 Accounting Measures and Valuation
Difficulties, 124
6.3 Inflation Lowers the Depreciation Tax
Shield, 131
6.4 Conclusions about Inflation and
Valuation Measurement, 134
6.5 Real Value—or Inflated Mirage? 134
7. Calculating the Discount Rate for Closely Held
Firms, 137
7.0 Wrestling with Discount Rates, 137
7.1 Required Rate of Return for a Public
Firm, 138
7.2 Required Rate of Return for a Closely
Held Firm, 140
7.3 Methods Used to Estimate the Required
Return, 141
7.4 Special Considerations for Closely Held
Firms, 143
xii CONTENTS
7.5 Leverage Differences, 149
7.6 An Estimate of the Required Rate of
Return, 150
j.-j Applying the Discount Rate, 151
7.8 Discounts Redux, 152
8. Planning to Buy? Considerations from the Other
Side of the Sale, 155
8.0 Should Tom Sell to Tracey or
Mike? 155
8.1 Why Is the Firm for Sale? 158
8.2 Know What You Are Getting, 160
8.3 Know What You Can Pay, 173
8.4 Reorganizing the Business, 181
8.5 Buying In? Remember to Price the
Exit, 192
8.6 Selling and Buying, 194
9. The Exit Strategy, 197
9.0 So, How Do I Cash Out of This
Business? 197
9.1 Why Go Public? Why Not? 199
9.2 Selling the Business outside the
Family, 203
9.3 Insider Sales and Transfers, 212
9.4 Jointly Owned Businesses, 224
9.5 An Exit Plan Emerges, 226
10. What We Know, Where to Go Next, 229
10.0 A Different Way of Managing a
Business, 229
10.1 What Has Been Learned about Valuation
in General? 231
10.2 What Has Been Learned about Valuing
Closely Held Firms? 234
10.3 What's Left to Learn about Valuing
Closely Held Firms? 236
10.4 Implications for the Management of
Closely Held Firms, 239
10.5 Lessons Learned? 240
CONTENTS
Appendix 1. Glossary, 243
Appendix 2. Useful Organizations and Web
Sites, 251
Appendix 3. Annotated Bibliography, 253
Appendix 4. How the IRS Views Valuation of
Closely Held Firms, 257
Appendix 5. Worksheets, 259
Index, 263
Tables
Table 2.1 Example of Adjustments to Replace Owner/
Manager with Professional Managers, 28
Table 2.2 Comparison to Three Public Firms, 29
Table 2.3 Top Tool Company LLC Annual Financial
Statement (Pro Forma), 35
Table 4.1 No Excess Returns Example, 79
Table 5.1 Calculating the EVA, 100
Table 5.2 Working Assumptions, 103
Table 5.3 An Example of Excess Returns, 104
Table 6.1 Inflation and Firm Valuation, 125
Table 6.2 Additional Investment Required from
Inflation with Steady-State Firm, 126
Table 6.3 Inflation and Firm Valuation with Working
Capital Example, 128
Table 6.4 Impacts of Inflation on Free Cash Flow and
Profits, 131
Table 6.5 Inflation and Firm Valuation Example:
Nominal Values, 132
Table 6.6 Inflation and Firm Valuation Example: Real
Values, 133
Table 7.1 Approximate Selling Costs for Closely Held
Firms, 147
Table 7.2 Calculating the Equivalent Unlevered
Beta, 151
xvi TABLES
Table 8.1 Impacts of Deferred Maintenance on
Valuation, 164
Table 8.2 Checklist of Danger Signs for Buyers, 167
Table 8.3 Impact of a Change of Credit Policy on
Valuation, 170
Table 8.4 Sources of Funds by Type of Opportunity, 178
Table 8.5 Summary of Organization Characteristics, 183
Table 8.6 Double-Taxation Scenario, 186
Table 8.7 Exit Tax Differences Scenario, 186
Table 9.1 General Process for Selling a Business
Well, 204
Table 9.2 Most Likely and Unlikely Buyers, by Type of
Sale, 206
Table 9.3 Comparison of Capital Gains in Flow-Through
versus C Corporations, 210 |
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| id | DE-604.BV023095463 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T19:42:48Z |
| indexdate | 2024-07-09T21:10:54Z |
| institution | BVB |
| isbn | 0195301463 9780195301465 |
| language | English |
| lccn | 2006007887 |
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| series2 | Financial Management Association survey and synthesis series |
| spelling | Long, Michael S. Verfasser aut Valuing the closely held firm Michael S. Long ; Thomas A. Bryant Oxford [u.a.] Oxford Univ. Press 2008 XIX, 267 S. txt rdacontent n rdamedia nc rdacarrier Financial Management Association survey and synthesis series Unternehmen Close corporations Valuation Business enterprises Valuation Small business Valuation Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Klein- und Mittelbetrieb (DE-588)4031031-0 gnd rswk-swf Klein- und Mittelbetrieb (DE-588)4031031-0 s Unternehmensbewertung (DE-588)4078594-4 s b DE-604 Bryant, Thomas A. Verfasser aut http://www.loc.gov/catdir/enhancements/fy0725/2006007887-d.html Publisher description http://www.loc.gov/catdir/enhancements/fy0725/2006007887-t.html Table of contents only HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016298268&sequence=000006&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Long, Michael S. Bryant, Thomas A. Valuing the closely held firm Unternehmen Close corporations Valuation Business enterprises Valuation Small business Valuation Unternehmensbewertung (DE-588)4078594-4 gnd Klein- und Mittelbetrieb (DE-588)4031031-0 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4031031-0 |
| title | Valuing the closely held firm |
| title_auth | Valuing the closely held firm |
| title_exact_search | Valuing the closely held firm |
| title_exact_search_txtP | Valuing the closely held firm |
| title_full | Valuing the closely held firm Michael S. Long ; Thomas A. Bryant |
| title_fullStr | Valuing the closely held firm Michael S. Long ; Thomas A. Bryant |
| title_full_unstemmed | Valuing the closely held firm Michael S. Long ; Thomas A. Bryant |
| title_short | Valuing the closely held firm |
| title_sort | valuing the closely held firm |
| topic | Unternehmen Close corporations Valuation Business enterprises Valuation Small business Valuation Unternehmensbewertung (DE-588)4078594-4 gnd Klein- und Mittelbetrieb (DE-588)4031031-0 gnd |
| topic_facet | Unternehmen Close corporations Valuation Business enterprises Valuation Small business Valuation Unternehmensbewertung Klein- und Mittelbetrieb |
| url | http://www.loc.gov/catdir/enhancements/fy0725/2006007887-d.html http://www.loc.gov/catdir/enhancements/fy0725/2006007887-t.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016298268&sequence=000006&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT longmichaels valuingthecloselyheldfirm AT bryantthomasa valuingthecloselyheldfirm |