A very comprehensive review of an important book is in the Summer 2021 issue of the Business Valuation Review™, published by the American Society of Appraisers. Veteran valuation expert William H. Frazier (W.H. Frazier & Co. Inc.) reviews the third edition of Business Valuation: An Integrated Theory, co-written by Z. Christopher Mercer and Travis W. Harms (both with Mercer Capital). The book is designed to demystify modern valuation theory and show how to apply fundamental valuation concepts. It also includes a detailed discussion of the quantitative marketability discount model (QMDM) for estimating a marketability discount. The book is a “very important contribution” to the business appraisal body of knowledge, writes Frazier. “I highly recommend my fellow business appraisers get a copy of this book and read it thoroughly—especially the parts you initially disagree with,” he concludes. “It will test and challenge your own theory. I know in my own experience, it has caused me to change the way I think about things—well, some of them anyway.” You can read the full review if you click here.
Extra: Did you know that you can find the full archive of past issues of Business Valuation Review™ on the BVResearch Pro platform? They go all the way back to 1982!
Please let us know
if you have any comments about this article or enhancements you would like to see.