Valuing Small Businesses and Professional Practices / Edition 3

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Overview

As with any skill, the ability to successfully manage a project

requires expert training and extensive practice. Today, as global

business becomes increasingly complex and stakes become higher,

project management is finally getting the recognition it deserves - as

a profession, distinct from general management. Mastering Project

Management takes you deeper than any previous book into the

developing project management body of knowledge. This innovative book provides practical guidance on how project managers can deal with:Managing project risk; Managing resources; Improving estimating

capability; Meeting customer requirements; Systems thinking;

Performance improvement; Cost/schedule control systems criteria;

Managing innovation; Managing and improving quality. Mastering

Project Management takes you beyond the basic tools for planning,

scheduling, and control, and to the next level of project and more! It

ensures that - whether you are employed specifically as a project

manager or whether you have a critical project dropped in your lap at

the last minute - you will be prepared to take control and guide each

project to a successful finish.

The complete Small Business Valuation Library IN ONE VOLUME. "The team

of Pratt, Reilly, and Schweihs has done it again. This book contains

so much useful information that practitioners with any level of

experience must have it in their library. While the book itself is

good, the bibliographies and resources cited give the practitioner a

database full of information." - Gary R. Trugman, CPA, CBA, ASA, CFR,

MVS Trugman Valuation Associates. "The eagerly awaited third edition

of Valuing Small Businesses and Professional Practices is a "must

have" for every valuation professional. In providing essential

valuation theory and meaning ful valuation instruction, this treatise

is both a comprehensive refernce source and a practical tool. No

valuation professional should be without it!" - James L. (Butch)

Williams, CPA, CVA Managing Director, Williams Taylor & Associates,

P.C. "This third and expanded edition of Valuing Small Businesses and

Professional practices is the most comprehensive, readable, and

all-around best book ever written on the subject. Whether you are an

apprentice or an experienced practitioner, this book is a

must." - David M. Bishop, CBA, FIBA, ASA President, American Business

Appraisers, Inc. "I always look forward to receiving a copy of the

update of Valuing Small Businesses and Professional practices. It

provides us with helpful hints, current techniques, and the latest

bibliographies of relevant topics. This book and Valuing a Business (by the same authors) are the most used references in our office."\=James bibliographies of relevant topics. This book and Valuin a Business (by the same authors) are the most used references in our office." - James S. Rigby, Jr, ASA President, The financial Valuation Group. For well over a decade, Valuing Small Businesses and Professional practices has been the essential one-volume reference for performing accurate valuation analyses. Its detailed instructions have helped professionals value everthing from "mom-and-pop" operations to

businesses worth $5 million or more. Times have changed, however, and

new government regulations and legal practices create an environment

where lack of current knowledge can be critical - and costly! For this

reason, Valuing Small Businesses and Professional Practices is now

completely revised and updated to include: More emphasis on the legal

context in which valuations are performed; an entirely new chapter on

value drivers and their impact on valuation mtheods; New chapters

detailing discounts for lack of marketability, public company data,

and comparative transaction databases; a greatly revised chapter on

alternative dispute resolution, now broadened to explain increasingly

popular mediation along with arbitration. When you want every detail

on small business valuation, plus hundreds of sources where you can

find courses, seminars, books, tapes, supporting quantitative data,

and more on any subject, Valuing Small Businesses and Professional Practices, Third Edition, remains the only comprehensive tool of its

kind.

Beginning with the fundamentals of valuations, this essental guide shows you the differeence between small business and large business valuation

Read More Show Less

Editorial Reviews

Booknews
A guide to small business appraisal for owners, accountants, attorneys, brokers, appraisers, bankers, financial and estate planners, and business consultants. This revised and updated edition (first was 1986) maintains its coverage of the intricate details unique to small business valuation, while stepping through the entire valuation process. Beginning with the fundamentals, Pratt brings together both theoretical principles and generally accepted practices to provide a complete, balanced approach to the most effective valuation techniques. Includes present value tables, reprints of key revenue rulings (including 59-60), ASA business valuation standards, and expanded reference sources and bibliography. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

Meet the Author

Dr. Shannon P. Pratt is a managing director and one of the founders of Willamette Management Associates. Founded in the 1960s, Willamette is one of the oldest and largest independent valuation consulting, economic analysis, and financial advisory firms in the country. It has regional offices in Atlanta, Georgia; McLean, Virginia; Chicago, Illinois; San Francisco, California; and Portland, Oregon.

In addition to this book, Dr. Pratt is the author of Valuing a Business, third edition, with Robert Reilly and Robert Schweihs, and co-author of Guide to Business Valuation, seventh edition. Dr. Pratt holds a doctorate in finance from Indiana University. He is a chartered financial analyst and a fellow of the American Society of Appraisers (the highest designation awarded by that society). Dr. Pratt is also editor-in-chief of Shannon Pratt's Business Valuation Update, a monthly newsletter.

Robert F. Reilly is a managing director of Willamette Management Associates. He holds a master of business administration degree in finance from the Columbia University Graduate School of Business and a bachelor of arts degree in economics from Columbia College. He is an accredited senior appraiser (certified in business valuation), a chartered financial analyst, a certified public accountant, a certified management accountant, and a state- certified affiliate of the Appraisal Institute. Mr. Reilly serves in an editorial capacity for, and is a regular contributor to, such professional journals as The American Bankruptcy Institute Journal and The Journal of Property Tax Administration. As an appraiser and economist, he has testified both in domestic and international courts on well over 100 occasions regarding the valuation of assets, properties, and business interests, and regarding various economic damage issues.

Robert P. Schweihs is a managing director of Willamette Management Associates. He holds a master of business administration degree in economics and finance from the University of Chicago and a bachelor of science degree in mechanical engineering from the University of Notre Dame. He is an accredited senior appraiser of the American Society of Appraisers (certified in business valuation). Mr. Schweihs is a frequent speaker to professional societies and an author of articles on various aspects of business valuation. He is often called upon to testify in court on contested business valuation matters.

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Table of Contents

Pt. I Introduction: Understanding the Valuation Process 1
1 Business Valuation Standards and Professional Associations 3
2 Defining the Valuation Assignment 19
3 Defining Value 37
4 How Valuations Differ for Different Purposes 51
5 Differences between the Valuation of Large and Small Businesses 65
6 Comparison between Business Appraisal Practices and Real Estate Appraisal Practices 83
Pt. II Analyzing the Company 93
7 Adjusting the Balance Sheet 95
8 Adjusting the Income Statement 117
9 Comparisons with Industry Averages 133
10 Analyzing Qualitative Factors 149
11 The Buyer's Perspective - Pro Forma Statements 177
Pt. III Reaching the Value Conclusion 191
12 Value Drivers 193
13 Understanding Discount and Capitalization Rates 201
14 The Discounted Economic Income Method 235
15 The Capitalized Economic Income Method 253
16 The Guideline Publicly Traded Company Method 269
17 Public Company Data: What's Available and How to Get It Easily and Inexpensively 297
18 The Comparative Transaction Method 309
19 The Multiple of Discretionary Earnings (Seller's Discretionary Cash) Method 327
20 The Gross Revenue Multiples Method 339
21 Comparative Transaction Databases 349
22 The Asset Accumulation Method 365
23 The Capitalized Excess Earnings Method 401
24 Discount for Lack of Control 425
25 Discount for Lack of Marketability 445
26 Valuation Synthesis and Conclusion 477
27 Tradeoff between Cash and Terms 489
28 Making a Reality Check: Is the Value Estimate Reasonable? 503
29 Common Errors 511
30 Sample Case 533
31 Solution to the Sample Case 543
Pt. IV Valuing Professional Practices 557
32 Introduction to Professional Practice Valuation 559
33 Adjusting the Professional Practice Balance Sheet 569
34 Elements That Create Professional and Practice Goodwill 583
35 Estimating the Value of the Professional Practice 595
36 Sample Professional Practice Valuation Report 613
37 Examples of Professional Practice Valuation Methods 649
Pt. V Valuations for Specific Purposes 671
38 Buy-Sell Agreements and Estate Planning 673
39 Employee Stock Ownership Plans in Small Companies 699
40 Corporate and Partnership Buyouts and Dissolutions 713
41 Marital Dissolutions 721
Pt. VI Topics Related to Valuation 735
42 Valuing Intangible Assets 737
43 Buying or Selling a Business or Practice 759
44 Working with a Business Appraiser 775
45 Working with a Business Broker 793
Pt. VII Litigation and Dispute Resolution 805
46 Litigation 807
47 Damages 825
48 Arbitrating or Mediating Disputed Valuations 845
App. A General Resource List 861
App. B Revenue Ruling 59-60 865
Index 871
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