Principles of Private Firm Valuation
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Product Description
A complete explanation of the issues that determine private firm value
Principles of Private Firm Valuation combines recent academic research and practical real-world experience to help readers better understand the multitude of factors that determine private firm value. For the financial professional serving private firms-who are increasingly being called upon to give advice on issues related to firm valuation and deal structure-this comprehensive guide discusses critical topics, including how firms create value and how to measure it, valuing control, determining the size of the marketability discount, creating transparency and the implications for value, the value of tax pass-through entities versus a C corporation, determining transaction value, and the valuation implications of FASB 141 (purchase price accounting) and 142 (goodwill impairment).
Dr. Stanley J. Feldman (Lowell, MA) is Associate Professor of Finance at Bentley College, where he currently teaches courses in corporate finance with a focus on business valuation and business strategy at both the graduate and undergraduate levels. He is a member of the FASB Valuation Resource Group and is Chairman and cofounder of Axiom Valuation Solutions.
Principles of Private Firm Valuation combines recent academic research and practical real-world experience to help readers better understand the multitude of factors that determine private firm value. For the financial professional serving private firms-who are increasingly being called upon to give advice on issues related to firm valuation and deal structure-this comprehensive guide discusses critical topics, including how firms create value and how to measure it, valuing control, determining the size of the marketability discount, creating transparency and the implications for value, the value of tax pass-through entities versus a C corporation, determining transaction value, and the valuation implications of FASB 141 (purchase price accounting) and 142 (goodwill impairment).
Dr. Stanley J. Feldman (Lowell, MA) is Associate Professor of Finance at Bentley College, where he currently teaches courses in corporate finance with a focus on business valuation and business strategy at both the graduate and undergraduate levels. He is a member of the FASB Valuation Resource Group and is Chairman and cofounder of Axiom Valuation Solutions.
From the Inside Flap
The entrepreneurial explosion in the United States over the last thirty years has resulted in a record number of established private businesses. If you're a financial professional serving these private firms—as a CPA, valuation analyst, or even CFO—you've probably been called upon to give advice on issues such as firm valuation, deal structure, and related business transition planning. Whether you're looking to use valuation in preparation for a private firm transaction or strictly for tax-related reasons, you need a solid understanding of how private firm valuation works.
Written by valuation expert Stanley Feldman, Principles of Private Firm Valuation integrates academic research results with on-the-ground experience, in order to provide more disciplined guidance on how you should address several of the most important—and largely unresolved—issues in the arena of private firm valuation. Filled with in-depth insights and practical advice, this comprehensive resource offers an executive education on important valuation issues, including:
- Assessing which valuation method is most accurate—discounted free cash flow or the method of multiples
- Estimating the size of the marketability discount
- Estimating the value of control and its implication for valuing minority interests in a private firm
- The influence of taxes on firm value, specifically whether S corporations are worth more than equivalent C corporations
- How best to estimate a private firm's cost of capital—with a focus on the adjusted version of the CAPM, known as the build-up method
From introducing a framework designed to measure the value benefits of various strategic initiatives to outlining the valuation implications of FAS 141 (Accounting for Business Combinations) and FAS 142 (Accounting for Goodwill and Other Intangible Assets), Principles of Private Firm Valuation covers some of today's most important valuation issues.
Weaving recent academic research with real-world case studies, this unique guide offers the most up-to-date tools and techniques needed to properly perform private firm valuation.
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Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Inside This Book
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First Sentence:
Private firms can be valued under multiple standards of value, the most notable standard being fair market value (FMV). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
private firm valuation, taxable stock acquisition, synergy option, cash cow value, discounted free cash flow model, reported control premium, oven division, liquidity discount, implied goodwill, pure control, valuation analyst, industry beta, synergy value, competitive advantage period, private targets, hypothetical transaction, unlevered beta, net fixed capital, target premium, reporting unit, revenue multiple, corporation targets, strategic buyer, net capital expenditures, goodwill impairment Key Phrases - Capitalized Phrases (CAPs): (learn more)
Mean Median, Richard Fox, Estimating the Value of Control, The Value of Liquidity, Ibbotson Associates, The Restructuring of Frier Manufacturing, Axiom Valuation Solutions, Matched Pair Difference, New York Stock Exchange, The Value of Fair Market Value, United States, Benchmark Value, Shareholders Shareholders, Target Pretax Income New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Private firms can be valued under multiple standards of value, the most notable standard being fair market value (FMV). Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
private firm valuation, taxable stock acquisition, synergy option, cash cow value, discounted free cash flow model, reported control premium, oven division, liquidity discount, implied goodwill, pure control, valuation analyst, industry beta, synergy value, competitive advantage period, private targets, hypothetical transaction, unlevered beta, net fixed capital, target premium, reporting unit, revenue multiple, corporation targets, strategic buyer, net capital expenditures, goodwill impairment Key Phrases - Capitalized Phrases (CAPs): (learn more)
Mean Median, Richard Fox, Estimating the Value of Control, The Value of Liquidity, Ibbotson Associates, The Restructuring of Frier Manufacturing, Axiom Valuation Solutions, Matched Pair Difference, New York Stock Exchange, The Value of Fair Market Value, United States, Benchmark Value, Shareholders Shareholders, Target Pretax Income New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Front Flap | Table of Contents | First Pages | Index | Back Flap | Back Cover | Surprise Me!
Citations (learn more)
This book cites 2
books:
- North American Industry Classification System by United States on page 46
- The New Corporate Finance by Donald Chew in Back Matter
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