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Valuation for M&A: Building Value in Private Companies 1st Edition

8 customer reviews
ISBN-13: 978-0471411017
ISBN-10: 0471411019
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Editorial Reviews

From the Inside Flap

There is too much mystery about what companies are worth. And there are too many bad investment and operational decisions made as a result. The problem is especially acute in the case of a private company that lacks the guidance of a stock market price. But accurate valuations are possible, and M&A deals can succeed for both buyers and sellers.

The authors of this book have provided valuation advisory services to hundreds of companies and thousands of corporate executives. Through their experience, they have developed techniques to accurately measure and successfully build value in companies. In Valuation for M&A: Building Value in Private Companies, they provide owners and managers of private companies and their prospective buyers with the tools to determine what their company's value is, what drives that value, and how to enhance that value during an M&A and in daily operation-even when no stock price exists.

Written for business appraisers, CPAs, investment bankers, venture capitalists, and consultants, as well as for investors and managers of nonpublicly traded entities, this book is a toolkit of solutions for valuation and return on investment questions. It is also a road map to building value when operating a company and selling or buying one. Senior managers in most public companies focus on value every day, for their performance is reflected in the daily scorecard of their stock price. But private companies lack this market feedback. As a result, many private companies lack direction and underperform.

Valuation for M&A lays out the steps for measuring and managing value creation in nonpublicly traded entities, and helps investors, executives, and their advisors determine the optimum strategy to enhance both market value and strategic value and maximize return on investment. It provides a detailed guide for sellers and buyers to prepare for the sale and acquisition of a firm, spelling out how to identify, quantify, and qualify the synergies that increase value to strategic buyers.

Complete with a comprehensive case study to illustrate concepts and calculations, Valuation for M&A fills a gap that has long stymied both sides of the M&A equation, handing owners, managers, and strategic buyers the first effective methodology for measuring and building the value of a private company and ensuring that everyone gains the maximum benefit from the deals they make.

From the Back Cover

Praise for Valuation for M&A

"Clearly written, with extensive but easy-to-follow exhibits to illustrate points in the text. It covers everything from setting criteria and conducting the search for targets or acquirers, through several chapters on valuation, to a chapter on 'The Art of the Deal'."-Shannon P. Pratt, CFA, FASA, MCBA, Managing Director, Willamette Management Associates

"[An] easy read. Covered like no book before it, simplified by experts!"-Lawrence W. Newman, Senior Vice President and Chief Financial Officer, Underwriters Laboratories Inc.(r)

"A solid contribution to the valuation profession . . . excellent job of addressing the many unique issues that arise in M&A. . . Two thumbs up!"-Jay B. Abrams, ASA, CPA, Abrams Valuation Group

"Provides an excellent roadmap for the M&A process and focuses on the elements critical to building value in private businesses . . . Don't enter into a negotiation without reading this!"-Z. Christopher Mercer, ASA, CFA, Chief Executive Officer, Mercer Capital Management, Inc.

"A must read for managers of private companies intent on creating value. Combining academic rigor with real-world experience ...A superb addition to the growing literature on value-based management."-Kenneth M. Lehn, Professor of Business Administration, Katz Graduate School of Business, University of Pittsburgh, Chair of the Samuel A. McCullough Finance Department, Former Chief Economist at the U.S. Securities and Exchange Commission

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Product Details

  • Series: Wiley Mergers and Acquisitions Library (Book 1)
  • Hardcover: 288 pages
  • Publisher: Wiley; 1 edition (September 14, 2001)
  • Language: English
  • ISBN-10: 0471411019
  • ISBN-13: 978-0471411017
  • Product Dimensions: 6.3 x 1.1 x 9.4 inches
  • Shipping Weight: 1.4 pounds
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Best Sellers Rank: #1,442,131 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

29 of 29 people found the following review helpful By Stephen McMorrow, CPA, CBA on November 19, 2001
Format: Hardcover
I am a professional business valuator and had a good understanding of the valuation process before I read this book. However, I did not know much about mergers & acquisitions (M&A). After reading "Valuation for M&A" I not only gained a clear understanding about M&A, but I got many additional insights into valuation work as well! Mr. Evans and Mr. Bishop break their book down into 16 well constructed chapters that take you through valuations for M&A step by step, with each step building on the previous one. They then tie it all together at the end of the book and provide an excellent case study as a bonus. The case study alone is worth the price of the book. This is a must read for business valuators, M&A professionals and business owners thinking about buying a new business or selling the one they own now.
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15 of 15 people found the following review helpful By Phil on December 22, 2001
Format: Hardcover
This book meets important needs of buyers, sellers, valuation analysts, and owners of private companies who want to build value in them. Here are just a few of the important functions that the reader will learn:
1. How to apply solid valuation theory. Provides the best treatment of many valuation issues that I have seen. This set of benefits goes far beyond M&A valuation settings.
2. How to value "synergy," which is often discussed but rarely measured accurately.
3. How to avoid mistakes commonly made by buyers, sellers, and valuation analysts.
4. How to value start-up companies, including high-tech ones.
5. How to create and measure value in private companies.
And...the authors communicate their insights and methods very clearly. Most readers will find this book one of the best investments they have made.
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14 of 14 people found the following review helpful By Steven F. Schroeder on October 28, 2001
Format: Hardcover
This is the definitive text available today on the subject of vauation of businesses for purposes of merger or acquisitons. It is a valuable guide for business appraisers and business owners who are seeking to sell their business or groom it for acquistion by another comany. The section on how to build value in a company for later sale is alone in the literature. The book is written for all readers, and the authors are themselves business-owners and appraisers. I will use this text regularly in my own practice, especially in the analysis of synergy value.
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10 of 10 people found the following review helpful By Paul K. on April 22, 2004
Format: Hardcover Verified Purchase
I'm working on acquisitions of small to medium sized private companies. I found this book to be very practical in going through not just the valuation math, but also the considerations. The book gives a great overview of the whole process, with ideas of how to get more precise with things like Monte Carlo and Real options. On the core pieces, there is a careful step through of multiperiod DCF including terminal value which is very helpful. Also there is a lot of talk about discount rates which I found very helpful.
The book concludes with a thorough valuation example that is adapted from a real transaction. It provides a great way to pull together all of the knowledge in the book.
I'd also recommend "Analysis for Financial Management" in addition to this book, for its in depth treatment of key financial fundamentals, including DCF valuation.
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