估值

Three Basic Factors of Earnings

Two businesses for sale could report the same numeric value for “earnings” and yet be far from equal. Three factors of earnings are listed below that tell more about the earnings than just the number. 1. 收益质量 收益质量 measures whether the earnings are padded with a lot of “add backs” or one-time events, such as a sale of real estate, 导致一个...阅读更多

Creating Value in Privately Held Companies

“As shocking as it may sound, I believe that most owners of middle market private companies do not really know the value of their company and what it takes to create greater value in their company … Oh sure, the owner tracks sales and earnings on a regular basis, but there is much more to creating company value than just sales and earnings”      Russ Robb, Editor, M&一个今天 创造价值...阅读更多

What Would Your Business Sell For?

There is the old anecdote about the immigrant who opened his own business in the United States. Like many small business owners, he had his own bookkeeping system. He kept his accounts payable in a cigar box on the left side of his cash register, his daily receipts – cash and credit card receipts – in the cash register, and his invoices and paid bills in a cigar box on the right side of his...阅读更多

Checklist for 估值

1. Start with the business –  价值驱动s:  Size, growth rate, management, niche, history –  Value Detractors:  Customer concentration 可怜的财务 过时的米&E 一些资产 Lack of agreements with employees, customers, suppliers Poor exit possibilities 小市场 Potential technology changes Product or service very price sensitive 2. Financial analysis: Market Value...阅读更多

Simplifying the 估值

“There are many reasons for valuing an entity, and those circumstances can lead to different outcomes…For instance, a business’s value for sale on a going-concern basis will differ from its value for liquidation purposes.  It similarly makes a difference if the valuation is for an orderly liquidation as opposed to a forced one.  For example, the value of a company for estate-tax purposes...阅读更多