Business Valuation Body of Knowledge, Second Edition

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  • Preface xiii
  • Acknowledgments xv
  • Basic Formulas xvii

Section 1 Questions 1


Part I. Business Valuation Engagement Environment 1

  • 1. Business Valuation Legal and Regulatory Environment 3
  • 2. Business Valuation Professional Environment 5
  • 3. Business Valuation Engagement 8
  • 4. Litigation Service Engagements 11

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Part II. Terminology and Notation 13

  • 5. International Glossary of Business Valuation Terms 15
  • 6. Notation System Used in This Book 17

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Part III. Valuation Approaches and Methods 19

  • 7. Overview of Valuation Approaches and Methods 21
  • 8. Income Approach: Cost of Capital 23
  • 9. Income Approach: Discounting Method 30
  • 10. Income Approach: Capitalization Method 34
  • 11. Market Approach: Guideline Public Company Method 38
  • 12. Market Approach: Guideline Merger and Acquisition Method 41
  • 13. Prior Transactions, Offers, and Buy-Sell Agreements 45
  • 14. Adjusted Net Asset Method 47
  • 15. Excess Earnings Method 49
  • 16. Discounts and Premiums 51
  • 17. Reconciliation and Value Conclusion 55

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Part IV. Analysis of the Company 57

  • 18. Financial Statement Analysis 59
  • 19. Using Economic and Industry Data 64
  • 20. Site Visits and Interviews 67

Part V. Supporting Data 69

  • 21. Sources of Supporting Data 71

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Part VI. Valuations for Specific Purposes 75

  • 22. Tax-Related Valuations 77
  • 23. Employee Stock Ownership Plans 79
  • 24. Shareholder Buyouts and Disputes 82
  • 25. Marital Dissolutions 85

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Section 2 Answers 87


Part I. Business Valuation Engagement Environment 87

  • 1. Business Valuation Legal and Regulatory Environment 89
  • 2. Business Valuation Professional Environment 90
  • 3. Business Valuation Engagement 91
  • 4. Litigation Service Engagements 93

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Part II. Terminology and Notation 95

  • 5. International Glossary of Business Valuation Terms 97
  • 6. Notation System Used in This Book 98

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Part III. Valuation Approaches and Methods 99

  • 7. Overview of Valuation Approaches and Methods 101
  • 8. Income Approach: Cost of Capital 102
  • 9. Income Approach: Discounting Method 105
  • 10. Income Approach: Capitalization Method 108
  • 11. Market Approach: Guideline Public Company Method 111
  • 12. Market Approach: Guideline Merger and Acquisition Method 112
  • 13. Prior Transactions, Offers, and Buy-Sell Agreements 113
  • 14. Adjusted Net Asset Method 114
  • 15. Excess Earnings Method 115
  • 16. Discounts and Premiums 117
  • 17. Reconciliation and Value Conclusion 119

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Part IV. Analysis of the Company 121

  • 18. Financial Statement Analysis 123
  • 19. Using Economic and Industry Data 125
  • 20. Site Visits and Interviews 126

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Part V. Supporting Data 127

  • 21. Sources of Supporting Data 129

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Part VI. Valuations for Specific Purposes 131

  • 22. Tax-related Valuations 133
  • 23. Employee Stock Ownership Plans 134
  • 24. Shareholder Buyouts and Disputes 135
  • 25. Marital Dissolutions 136
  • CPE Self-Study Examination 137
  • Index 153

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