Table of Contents

Preface
Acknowledgements 

Chapter 1: What's Different About Valuing SMDCs?

• Introduction
• A Brief Overview of Wholesaling
• The Deployment of Technology in Wholesaling
• Technology in Non-Distribution Sectors
• A Key Valuation Multiple in Appraising Wholesalers
• Two Keys to Wealth Creation in Wholesaling
• More on Strategic Groups
• The Wrap

Chapter 2: Engagement Considerations in Valuing SMDCs

• Introduction
• Scoping the Engagement
• The Sine Qua Non
• Preliminary Information You Need About an SMDC
• Do Your Due Diligence: The Shake 'n' Howdy (S&H)
• Lucrative Pricing for Calculations Engagements
• Walk the Warehouse
• Pricing the Engagement
• How to Eliminate Collection Problems
• The Wrap

Chapter 3: Unsystematic Risk in SMDCs

• Introduction
• Financial Economics and Unsystematic Risk
• Why Unsystematic Risk Matters in Valuing SMBs
• Why Unsystematic Risk Matters in Valuing SMDCs
• External Sources of Unsystematic Risk
• Internal Source of Unsystematic Risk
• The Trilevel Unsystematic-Risk Framework
• Published Research
• Models of Risk
• The Cost of Capital Model for SMDCs
• The Wrap
• Appendix: 'Industry' Risk Premiums (IRPs)

Chapter 4: Nontraditional Tools for SMDC Engagements

• Introduction
• Strategic Management
• Organization Theory (OT)
• Industrial Organization (IO)
• Austrian Economics (AE)
• Evolutionary Economics
• The Wrap

Chapter 5: Assessing the Macroenvironment of SMDCs

• Introduction
• What Is the Macroenvironment?
• The Unit of Analysis in External Risk Assessment
• How Do SMDCs Monitor External Forces and Events?
• Macroenvironmental Analysis
• Quantifying Macroenvironmental Risk
• The Wrap

Chapter 6: Assessing the Domain: Market Structure of SMDCs

• Introduction
• Structure-Conduct-Performance (S-C-P)
• Domain Concentration and Structure
• Types of Structures
• Why You Don’t Need the Whole HHI Enchilada
• Estimating Market Share
• The Wrap

Chapter 7: Analyzing and Quantifying Domain Risk of SMDCs

• Introduction
• What Is the Domain?
• The Unit of Analysis
• Domain Definition (Again)
• Domain Analysis
• Quantifying Your Analysis
• The Wrap
• Appendix: Competitive Analysis

Chapter 8: Internal Analysis & SPARC

• Introduction
• SPARC
• Resources
• The Wrap

Chapter 9: Preliminary Financial Analysis of SMDCs

• Introduction
• Managing Inventory Levels
• Savvy Marketing
• Commitment to Technology
• Key Performance Metrics in Valuing SMDCs
• Adjustments to Financial Statements
• Constructing a Composite
• Spotting Outlier Metrics
• The Wrap
• Appendix: Book Value, Capitalization, Asset Accumulation Method

Chapter 10: Internal Analysis (II): The Importance of Routines

• Introduction
• A Graphic Reminder: SPARC
• Cause-and-Effect Relationships
• Routines
• The Wrap

Chapter 11: Profiles of SPARC Archetypes in the SMDC Space

• Introduction
• Refresher
• The Wrap

Chapter 12: Preparing for and Conducting the On-Site Visit

• Introduction
• A Key Insight
• The Primary Purposes of the Visit
• Scheduling the Visit
• Preparing the CEO
• E-Mail from the CEO
• Incentives and Other Programs
• Preparing for the Visit
• Function-Specific Questions
• Draw a Bead on IT
• The Implications of Outlier Metrics for Interviews
• Deciding the Sequence of Interviews
• Thoughts on Style
• The Wrap

Chapter 13: Writing the Analysis of the SMDC's Outlier Metrics

• Introduction
• Cause-and-Effect Relationships (Redux)
• Overview of the Section on Outlier Metrics
• The Toughest Task in Writing
• The Gunning Fog Index
• Guidelines for the Toughest Task in Writing
• Sustainable Revenue and Risk
• Quantifying the Company Level of Unsystematic Risk
• The Wrap

Chapter 14: Writing the "Incomplete Work Document-for Discussion Purposes Only" Document

• Introduction
• Where to Read Good Writing
• Examples of Good Valuation Reports
• Report Templates vs. Report Formats
• Should You Prepare an Executive Summary?
• Report-Writing Software
• Boilerplate
• Once Upon a Time
• What if My Opinion of Value Changes as I'm Writing?
• Report Aesthetics
• Tips on Writing
• The Wrap

Chapter 15: Value Maps for SMDCs

• Introduction
• What Is a Value Map, and Why Should I (or My Client) Care?
• More on the Value Map
• Bringing It Together
• The Wrap

Bibliography
Index