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PART ONE Business Valuation
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It s helpful to understand how a professional business valuator defines a valuation assignment Understanding it can help you eliminate sloppy thinking that might lead to the kind of large errors in valuation that occur when the assignment is specified incorrectly Logically, this should have been included in 1, since it is a foundation of business valuation But plunging into the finer points of valuation might well have been a distraction when we first began Now, however, having read this far, you re ready for some of those fine points
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Some readers will own a partial interest in a business, and they ll want to know how to value that Valuing a partial interest is always more complex than valuing a whole interest A control interest in a business is any interest greater than 50 percent A minority interest in a business is any interest under 50 percent If there are many owners of a firm, it is possible that a large minority interest may effectively control the company My second goal in this chapter is to help you understand how to begin to accomplish this partial interest valuation Ignorance of technical details like the levels of value can lead to incorrect valuation results Probably the most important part of this chapter is advice that I give to protect the value of minority interests before you invest
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Let s begin with an overview of the valuation procedure: 1 Define the valuation assignment This involves specifying the business interest, the effective valuation date, the purpose of the valuation, and the standard of value a A valuation is only valid as of a certain date As time changes, value changes b A valuation is only valid for a particular business interest, and values are not strictly proportional Thus, for example, the value of one-half ownership in a firm usually will be less than one-half of the value of the entire company, because the attributes
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CHAPTER 8 Adjusting for Control and Marketability
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of control and marketability are less desirable for the one-half interest than they are for the 100 percent ownership interest We will discuss this in detail later in the chapter 2 Perform the valuation using the Discounted Cash Flow Method and the Gordon Model, which we covered in s 5 and 6 3 Adjust the value to the appropriate level of control and marketability for the business interest you are valuing This is the main focus of this chapter, and it requires a discussion of the levels of value
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DEFINING THE ASSIGNMENT
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The first step in performing any valuation is to define the valuation assignment For professional business appraisers, this is mandatory, and we have to do this in our engagement letters with our clients and in our reports To define the assignment, one must specify the following items: 1 The business interest being valued This, in turn, will determine the level of value that is appropriate to that interest 2 The effective date of the valuation 3 The purpose(s) of the valuation 4 The standard of value We will cover each of these points in detail
Business Interests
A complete description of a business interest is a statement of the legal form of the business entity (corporation, LLC, etc), the size of the interest, ie, the percentage of the company owned, the class of ownership, and the state in which the company is legally formed Examples of different business interests are: 25 percent common stock interest in a California C corporation 15 percent Class C preferred stock interest in a Delaware C corporation
PART ONE Business Valuation
100 percent stock interest in an Arizona S corporation 1 percent General Partnership interest in a Nevada Limited Partnership 25 percent Limited Partnership interest in a Colorado General Partnership 50 percent member interest in a Washington Limited Liability Company (LLC) 100 percent of the assets of a Virginia C corporation
Defining the valuation assignment enables us to be precise about what we re valuing This is important since the legal form of the business, state law, the company s legal documents (eg, Articles of Incorporation, Bylaws, Partnership Agreement, etc), and the magnitude of the interest usually affects the degree of control and marketability of the business interest, and this in turn will affect its fair market value Of course, it s simpler when all we re concerned about is a 100 percent interest in the company
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