The Business Valuation Bench Book

April 2017 Hardcover, PDF (134 pages)

Jay Fishman, William Morrison

If you are an attorney or judge navigating business valuation concepts and calculations in financial experts' reports, you'll want this practical reference guide on your bookshelf. If you are a valuation expert, you will want to see what the attorneys and judges are reading. The  Business Valuation Bench Book , which is already used by leading judges who need to evaluate expert testimony, gives you the guidance and tools to better assess the facts and analysis made by business valuation experts. Written by top financial experts William J. Morrison and Jay E. Fishman who have appeared in front of hundreds of judges, frequently in high-profile cases, this must-have resource addresses fundamental business valuation concepts in an easy-to-use format. Take advantage of the authors' decades of experience with in-depth insight into the business valuation process and detailed explanations of valuation approaches. With 12 appendices, two thorough case studies, and suggestions on the questions to ask valuation experts, you will be able to confidently compare and critique valuation expert reports.

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Highlights of the Bench Book include:

  • Work with the valuation issues presented in court more efficiently and effectively - Each section of the guide presents the main valuation concepts in a bulleted format followed by detailed explanations and worksheets, which the trier of fact can use to compare the critical components of each expert’s report and the judgments he or she used to reach their conclusion of value

  • Navigate complex business valuation concepts - The authors walk through a case study of a clothing store and a real estate holding company to illustrate the concepts and calculations involved in valuing different types of companies

  • Confidently assess the facts, analysis and judgments made by the business valuation experts and the conclusions they draw - With comprehensive examples, the guide demonstrates how even small changes in the critical components affect the conclusion of value. Each section includes “Questions to Ask,” which presents a framework to inquire about the underlying facts and reasoning behind the expert’s judgments and opinion

  • Better compare and critique expert reports - This must-have resource includes 12 appendices for easy reference, including:
    • A reference chart on goodwill jurisprudence by state
    • Seven worksheets which can be used to dissect and compare the experts’ opinions on the critical components of their valuation
    • An explanation of discounts for lack of control and lack of marketability
    • A glossary of valuation terms
    • A list of questions to ask experts
    • A bulleted reference guide to important valuation concepts

Table of Contents

  • Introduction
  • Learning Objectives
  • Chapter 1. Business Valuation Concepts
  • Chapter 2. Approaches to Value
  • Chapter 3. Income Approach
    • Income Capitalization Method
      • Normalized Earnings
      • Income to Capitalize
      • Capitalization Rate
      • Summary
    • Discounted Cash Flow Method
  • Chapter 4. Asset-Based Approach
    • Net Asset Value Method
  • Chapter 5. Hybrid Excess-Earnings Method
  • Chapter 6. Market Approach
  • Summary
  • Appendices
    • Appendix 1. Charting Goodwill Jurisprudence
    • Appendix 2. Normalization Adjustment Comparison
    • Appendix 3. Income to Capitalize Comparison
    • Appendix 4. Cap Rate Comparison
    • Appendix 5. Discounted Cash Flow Comparison
    • Appendix 6. Net Assets Comparison
    • Appendix 7. Excess Earnings Comparison
    • Appendix 8. Transaction Multiples Comparison
    • Appendix 9. The Basics of Discounts
      • Discount for Lack of Control
      • Discount for Lack of Marketability
      • Other Discounts
    • Appendix 10. Glossary of Business Valuation Terms
    • Appendix 11. Business Valuation Bench Book Questions
    • Appendix 12. Business Valuation Bench Book Reference Guide