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Financial Valuation workbook shows the appropriate way to prepare and present business valuations with a strong emphasis on applications and models. A wealth of examples, checklists, and models helps the reader understand the material and design real valuation projects-a must-have reference for all valuation professionals. A special section includes hundreds of short, concise valuation tips for quick guidance, and the author also includes a set of best practices designed by top professionals.
Wiley Finance series and its wide array of bestselling books for the knowledge, insights, and techniques that are essential to success in financial markets. As the pace of change in financial markets and instruments quickens, Wiley Finance continues to respond. With critically acclaimed books by leading thinkers on value investing, risk management, asset allocation, and many other critical subjects, the Wiley Finance series provides the financial community with information they want. Written to provide professionals and individuals with the most current thinking from the best minds in the industry, it is no wonder that the Wiley Finance series is the first and last stop for financial professionals looking to increase their financial expertise.
James R. Hitchner, CPA, ABV, ASA (Atlanta, GA), is with Phillips Hitchner and the Financial Consulting Group. He has coauthored over ten books, taught over 100 courses, and published over twenty-five articles in the valuation field. He is also an inductee in the AICPA Business Valuation Hall of Fame. Financial Valuation: Applications and Models.
Michael J.Mard, CPA/ABV, ASA is a managing director of The Financial Valuation Group (FVG) in Tampa, Florida.
|About the Editor|
|About the Authors|
|Ch. 1||Introduction to Financial Valuation||1|
|Ch. 2||Research and its Presentation||18|
|Ch. 3||Financial Statement and Company Risk Analysis||49|
|Ch. 4||Income Approach||85|
|Ch. 5||Cost of Capital/Rates of Return||126|
|Ch. 6||Market Approach||184|
|Ch. 7||Asset Approach||232|
|Ch. 8||Valuation Discounts and Premiums||272|
|Ch. 9||Report Writing||342|
|Ch. 10||Business Valuation Standards||423|
|Ch. 11||Estate, Gift, and Income Tax Valuations||446|
|Ch. 12||Valuation of Family Limited Partnerships||502|
|Ch. 13||Summary of Court Cases Issues||540|
|Ch. 14||Shareholder Disputes||577|
|Ch. 15||Valuation Issues in Employee Stock Ownership Plans||593|
|Ch. 16||Valuation in the Divorce Setting||615|
|Ch. 17||Valuation Issues in Small Businesses||633|
|Ch. 18||Valuation Issues in Professional Practices||646|
|Ch. 19||Valuation of Healthcare Service Businesses||677|
|Ch. 20||Valuation of Intangible Assets||749|
|Ch. 21||Marketing, Managing, and Making Money in a Valuation Services Group||821|
|Ch. 22||Business (Commercial) Damages||834|
|Ch. 23||Other Valuation Services Areas||850|
|Ch. 24||Valuation Views and Controversial Issues: An Illustration||955|
Posted May 14, 2009
James Hitchner and his 29 well-respected peers from the valuation industry have realized an impressive tour de force in describing and commenting on the proper methods of valuations for a wide variety of public and private business entities such as C corporations, S corporations, and other pass-through entities. Valuations can be needed for a wide variety of purposes such as internal planning, mergers and acquisitions, estate, gift, and income taxes, shareholder disputes, marital dissolution, buy-sell agreements, etc.
Whoever believes that financial valuation is an exact science will quickly change his/her mind by reading only the last chapter that focuses on controversial issues that still prevail in the valuation industry (pp. 1261-1304). Hitchner and his peers want their audience to use their book as a guide that cannot be construed as a substitute for professional judgment. Furthermore, financial valuations do not exist in a vacuum. Facts and circumstances underlie well-done financial valuations.
The greatest value of the authors' book lies in their in-depth analysis of applications in the valuation industry. Their thorough examination of sample evaluation reports (pp. 469-549; 1261-1304) and their review of case laws (pp. 451-468; 731-777) come top of mind. Although Hitchner and his peers do a great job at cross-referencing their manual, readers are advised to connect additional dots on their own to derive the most value from this guide.
In a third edition of "Financial Valuation Applications and Models," Hitchner and his peers could consider the following suggestions:
1) Introduce readers in chapter 1 not only to concepts such as the purpose of valuation, standards of value, premises of value, and approaches to value (pp. 2-8), but also to the different levels of value applicable to a business or a business interest (pp. 376-378; 1156).
2) Move forward chapter 21 (pp. 935-1014) dedicated to the valuation of intangible assets and place it for example after chapter 7 (pp. 317-374) that focuses on the asset approach to valuation. Intangible assets are an increasingly important contributor to value in more and more business entities as the authors themselves note repeatedly.
3) Dedicate a separate chapter for each of the topics of chapter 24 (pp. 1047-1131) such as the valuation of early-stages technology companies and real option valuations.
4) Make chapter 20 (pp. 883-933) about strategic benchmarking for value more practical through the use of real examples. Whoever has already used scorecards in his/her job will derive little value from this chapter.
5) Add a CD-Rom to the book with a sample of evaluation reports for the different purposes mentioned in the introduction to financial valuation (p. 2). Furthermore, the CD-Rom could contain the Excel files that are behind a number of exhibits across the book
6) Use a more flexible jacket that will give the book a longer shelf life to better withstand its regular use over time.
To summarize, the book under review clearly does not target readers who have a short attention span, lack persistence, or are looking for some magic, simplistic formulas in the area of financial valuations. This book could benefit anyone interested in attaining a deep understanding of financial valuations.
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Posted November 4, 2009
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