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Valuing
a Business: The Analysis and Appraisal
of Closely Held Companies, 4th Ed.
Shannon P. Pratt, Robert
F. Reilly, and Robert P. Schweihs
Published by
McGraw-Hill in 2000
Considered a classic since its first edition almost 20 years ago, no business valuation library is complete without Valuing a Business. This book is used as the text book for most business valuation courses, including those sponsored by the American Society of Appraisers. The book clearly explains the theoretical concepts underlying business valuation methodology. It thoroughly discusses the most important issues facing valuation practitioners, including developing and discount or capitalization rate, choosing guideline companies, estimating discounts for lack of control and lack of marketability, and reaching a final conclusion of value. Other specialized topics, such as valuing stock options, valuing businesses for ad valorem property taxation, and valuation for various types of litigation are also covered. In addition, both valuation practitioners and nonpractitioners will find the chapter on reviewing a business valuation report to be extremely useful. Published by McGraw-Hill.
Table of
Contents
Part I State
of the Profession, the Engagement, and the Basic Theory
1. Business
Valuation Standards and Credentials
2. Defining
the Assignment
3. Business
Valuation Theory and Principles
Part II Gathering
and Analyzing Data
4. Gathering
Company Data
5. Site
Visits
6. Researching
Economic and Industry Information
7. Analyzing
Financial Statements
8. Financial
Statement Ratio Analysis
Part III Business
Valuation Approaches and Methods
9. Income
Approach: Discounted Future Economic Income Method
10. Income
Approach: Capitalized Future Economic Income Method
11. Market
Approach: Guideline Publicly Traded Company Method
12. Market
Approach: Guideline Merged and Acquired Company Method
13. The
Capitalized Excess Earnings Method
14. Asset-Based
Approach: Asset Accumulation Method
Part IV Discounts,
Premiums, and the Value Conclusion
15. Control
and Acquisition Premiums
16. Discount
for Lack of Control
17. Discounts
for Illiquidity and Lack of Marketability
18. Other
Valuation Discounts
19. Valuation
Synthesis and Conclusion
Part V Writing
and Reviewing Business Valuation Reports
20. Writing
the Business Valuation Report
21. Sample
Report
22. Reviewing
a Business Valuation Report
Part VI Valuing
Specific Securities and Interests
23. Valuing
Debt Securities
24. Valuing
Preferred Stock
25. Valuing
Stock Options
26. Pass-Through
Entities
Part VII Valuations
for Specific Purposes
27. Valuations
for Estate and Gift Tax Purposes
28. Estate
and Gift Tax Court Cases
29. Buy-Sell
Agreements
30. Valuation
for Income Tax Purposes
31. Income
Tax Court Cases
32. Valuations
for Employee Stock Ownership Plans
33. ESOP
Court Cases
34. Valuations
for Ad Valorem Taxation
35. Dissenting
Stockholder and Minority Oppression Actions
36. Dissenting
Stockholder and Minority Oppression Court Cases
37. Valuations
for Marital Dissolution Purposes
38. Marital
Dissolution Court Cases
Part VIII Litigation
and Dispute Resolution
39. Litigation
Support Services
40. Expert
Testimony
41. Arbitration
and Mediation
Appendix A International
Glossary of Business Valuation Terms
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