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Full Description
A closely held firm is not a smaller version of a large public firm, anymore than a child is a miniature adult. While realizing that like large corporations, value comes from a business's ability to generate future cash flows, Long and Bryant emphasize the differences between the two. The primary question is does a separate entity exist or is the business just an extension of its principal owner or manager? If yes, how does this business vary from a large publicly
traded firm with market and not management control? This book gets to the fundamental differences between the two and the adjustments made to correctly value. It avoids the
traditional multiples of earnings or multiple of sales and other cookie-cutter approaches, to focus on the basic ability to create value. The book also avoids specifics in tax laws as they change and vary between countries. While providing a conceptual process, Valuing the Closely Held Firm provides numerous examples to lead the reader to understand the concepts.
Contents
Foreword
1: Why Bother Valuing a Private Business?
2: Is It a Business - or Just a Pile of Assets?
Special Questions and Adjustment in the Valuation of Closely Held Firms
3: Valuation When a Firm Is NOT a Going Concern
4: Valuation of a Going Concern
5: Growth Options and Valuation
6: Inflation and Valuation Measurement
7: Calculating the Discount Rate for Closely Held Firms
8: Planning to Buy? Considerations from the Other Side of the Sale
9: The Exit Strategy
10: What We Know; Where to Go Next
Afterword
Appendices
A1. Glossary of Key Terms
A2. Useful Publications and Websites
A3. Annotated Bibliography
A4. How the IRS sees valuation of private firms
A5. Worksheets
A5i Likely buyers
A5ii Valuation scenarios
A5iii Valuation worksheet
Index
