Valuing the closely held firm /

Valuing the closely held firm /

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Bibliographic Details
Author / Creator:Long, Michael S.
Imprint:Oxford [England] ; New York : Oxford University Press, 2008.
Description:xix, 267 p. ; 25 cm.
Language:English
Series:Financial Management Association survey and synthesis series
Oxford scholarship online.
Subject:
Close corporations -- Valuation.
Business enterprises -- Valuation.
Small business -- Valuation.
Business enterprises -- Valuation.
Close corporations -- Valuation.
Small business -- Valuation.
Format: E-Resource Print Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/6821079
Hidden Bibliographic Details
Other authors / contributors:Bryant, Thomas A. (Thomas Alex), 1953-
ISBN:0195301463 (print)
9780195301465 (print)
Notes:Includes bibliographical references (p. 253-255) and index.
Also available online
Electronic reproduction. Oxford, England ; New York : Oxford Scholarship Online, 2008. Mode of access: World Wide Web. Access may be restricted to subscribers.
Other form:Original 9780195301465 0195301463
Table of Contents:
  • List of Tables
  • List of Special Terms and Expressions
  • 1. Why Bother Valuing a Private Business?
  • Note to Readers
  • Cast of Characters
  • 1.0. Mike and Tom Begin Their Quest
  • 1.1. The Importance of Knowing the Value
  • 1.2. Specific Times That Require Valuation
  • 1.3. How We Proceed
  • 1.4. Ah! I'm Beginning to See Why!
  • 2. Is It a Business, or Just a Pile of Assets? Special Questions and Adjustments in the Valuation of Closely Held Firms
  • 2.0. What's It Worth?
  • 2.1. Differences in Valuation Methods between Public and Closely Held Firms
  • 2.2. Does a Going Concern Exist?
  • 2.3. Closely Held Firms Lack Separation of Manager and Owner
  • 2.4. Alternative Ways of Organizing a Firm: Adjustments for Taxes and Insider Compensation
  • 2.5. How Should "Excess" Returns Be Valued?
  • 2.6. An Adjustments Example
  • 2.7. Just a Pile of Assets?
  • 3. Valuation When a Firm Is Not a Going Concern
  • 3.0. The Value of Assets
  • 3.1. Valuing a Firm Both Ways
  • 3.2. Valuing the Tangible Assets on a Balance Sheet
  • 3.3. What Is Being Bought Other Than Tangible Assets?
  • 3.4. Market Values for Uniform Parts
  • 3.5. Valuing the Nonuniform Tangible Parts
  • 3.6. Intangible Assets
  • 3.7. Liquidation Considerations
  • 3.8. Tempting Valuation Shortcuts
  • 3.9. When Book Value Is Not Market Value
  • 4. Valuation of a Going Concern
  • 4.0. What Makes a Business a Going Concern?
  • 4.1. Valuation Process: Cash Flows, Timing, and Risk
  • 4.2. The Value of Current Operations
  • 4.3. Estimating Future Cash Flows
  • 4.4. Complications in Estimating Future ROE Values
  • 4.5. Cash Flow Gives the Best Basis for Comparison
  • 4.6. Watch the Cash Flow!
  • 5. Growth Options and Valuation
  • 5.0. The Value of Future Potential
  • 5.1. Separating Growth Opportunities from Current Excess Returns
  • 5.2. Subtleties of Identifying and Valuing Growth Opportunities
  • 5.3. An Example of the Value Created by Excess Returns
  • 5.4. Valuation in Parts: Present and Future
  • 5.5. Estimating the Value of Growth Opportunities
  • 5.6. What Happens When Real Growth Is Negative?
  • 5.7. Keeping Up with Growth or Not: The Manager's Challenge
  • 5.8. Walk or Run: In Which Direction?
  • 6. Inflation and Valuation Measurement
  • 6.0. Real Growth or an Illusion?
  • 6.1. Equivalence of Real and Nominal Approaches to Valuation
  • 6.2. Accounting Measures and Valuation Difficulties
  • 6.3. Inflation Lowers the Depreciation Tax Shield
  • 6.4. Conclusions about Inflation and Valuation Measurement
  • 6.5. Real Value-or Inflated Mirage?
  • 7. Calculating the Discount Rate for Closely Held Firms
  • 7.0. Wrestling with Discount Rates
  • 7.1. Required Rate of Return for a Public Firm
  • 7.2. Required Rate of Return for a Closely Held Firm
  • 7.3. Methods Used to Estimate the Required Return
  • 7.4. Special Considerations for Closely Held Firms
  • 7.5. Leverage Differences
  • 7.6. An Estimate of the Required Rate of Return
  • 7.7. Applying the Discount Rate
  • 7.8. Discounts Redux
  • 8. Planning to Buy? Considerations from the Other Side of the Sale
  • 8.0. Should Tom Sell to Tracey or Mike?
  • 8.1. Why Is the Firm for Sale?
  • 8.2. Know What You Are Getting
  • 8.3. Know What You Can Pay
  • 8.4. Reorganizing the Business
  • 8.5. Buying In? Remember to Price the Exit
  • 8.6. Selling and Buying
  • 9. The Exit Strategy
  • 9.0. So, How Do I Cash Out of This Business?
  • 9.1. Why Go Public? Why Not?
  • 9.2. Selling the Business outside the Family
  • 9.3. Insider Sales and Transfers
  • 9.4. Jointly Owned Businesses
  • 9.5. An Exit Plan Emerges
  • 10. What We Know, Where to Go Next
  • 10.0. A Different Way of Managing a Business
  • 10.1. What Has Been Learned about Valuation in General?
  • 10.2. What Has Been Learned about Valuing Closely Held Firms?
  • 10.3. What's Left to Learn about Valuing Closely Held Firms?
  • 10.4. Implications for the Management of Closely Held Firms
  • 10.5. Lessons Learned?
  • Appendix 1. Glossary
  • Appendix 2. Useful Organizations and Web Sites
  • Appendix 3. Annotated Bibliography
  • Appendix 4. How the IRS Views Valuation of Closely Held Firms
  • Appendix 5. Worksheets
  • Index

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