Valuing the Closely Held Firm

Hardcover | October 24, 2007

byMichael S. Long, Thomas A. Bryant

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A closely held firm is not a smaller version of a large public firm, anymore than a child is a miniature adult. While realizing that like large corporations, value comes from a business's ability to generate future cash flows, Long and Bryant emphasize the differences between the two. Theprimary question is does a separate entity exist or is the business just an extension of its principal owner or manager? If yes, how does this business vary from a large publicly traded firm with market and not management control? This book gets to the fundamental differences between the two and the adjustments made to correctly value. It avoids the traditional multiples of earnings or multiple of sales and other cookie-cutter approaches, to focus on the basic ability to create value. The book also avoids specifics in taxlaws as they change and vary between countries. While providing a conceptual process, Valuing the Closely Held Firm provides numerous examples to lead the reader to understand the concepts.

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A closely held firm is not a smaller version of a large public firm, anymore than a child is a miniature adult. While realizing that like large corporations, value comes from a business's ability to generate future cash flows, Long and Bryant emphasize the differences between the two. Theprimary question is does a separate entity exist...

Michael S. Long is a Professor of Finance at Rutgers Business School. Thomas A. Bryant is The Bollinger Family Endowed Chair in Entrepreneurship, Nicholls State University.

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Format:HardcoverDimensions:320 pages, 6.18 × 9.41 × 0.79 inPublished:October 24, 2007Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195301463

ISBN - 13:9780195301465

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Table of Contents

Foreword1. Why Bother Valuing a Private Business?2. Is It a Business - or Just a Pile of Assets?Special Questions and Adjustment in the Valuation of Closely Held Firms3. Valuation When a Firm Is NOT a Going Concern4. Valuation of a Going Concern5. Growth Options and Valuation6. Inflation and Valuation Measurement7. Calculating the Discount Rate for Closely Held Firms8. Planning to Buy? Considerations from the Other Side of the Sale9. The Exit Strategy10. What We Know; Where to Go NextAfterwordAppendicesA1. Glossary of Key TermsA2. Useful Publications and WebsitesA3. Annotated BibliographyA4. How the IRS sees valuation of private firmsA5. WorksheetsA5i Likely buyersA5ii Valuation scenariosA5iii Valuation worksheetIndex