Understanding Business Valuation - 6th Edition
February 2022 Hardcover, PDF
Gary Trugman
Business Valuation Resources, LLC
Eliminating Outliers in Financial Data Without Cherry-Picking
The author discusses one method for determining outliers that is defensible from the allegation of cherry-picking—that is, bias in selecting data to either suit the client’s wishes or to generate a specific result for the client.
Letter to the Editor: The Use of the Arithmetic Mean to Average Multiples
The author takes issue with an article that concludes that the harmonic mean should be used as the appropriate measure of central tendency for a sample of market multiples.
Do Not Use the Arithmetic Mean to Average Multiples
Valuation professionals should not use the arithmetic mean of multiples. It is mathematically incorrect because it gives excessive weight to high multiples. A multiple is an inverted ratio with price in the numerator. Therefore, the harmonic mean should be used as the appropriate measure of central tendency.
The Comprehensive Guide to the Use and Application of Transaction Databases, Fourth Edition
May 2020 Hardcover, PDF
Alina Niculita
Business Valuation Resources, LLC
FactSet Mergerstat Review, 2019
May 2019 PDF
FactSet Mergerstat
Business Valuation Resources, LLC
DealStats (formerly Pratt's Stats)
DealStats (formerly Pratt's Stats) is the new generation of private and public company transaction comparables for valuation and M&A professionals. This state-of-the-art platform boasts the most complete financials on acquired companies in both the private and public sectors.
Learn more >>Sample size debate spills over onto LinkedIn
What’s the minimum number of transactions that should be used from a database such as BIZCOMPS or Pratt’s Stats?
Debate continues on use of statistics
“I can no longer stay a silent observer,” says Gary Trugman (Trugman Valuation) about the back-and-forth over how many transactions should be used in the application of the transaction method of appraisal.
BV experts cross swords over statistics
What’s the minimum number of transactions that should be used from a database such as BIZCOMPS or Pratt’s Stats?
FactSet Mergerstat Review, 2018
May 2018 PDF
FactSet Mergerstat
Business Valuation Resources, LLC
The BVR Private Company Value Benchmark Guide, 2017-2018 Edition
June 2017 PDF (425 pages)
BVR (editor)
Business Valuation Resources, LLC
FactSet Mergerstat Review, 2017
April 2017 PDF (401 pages)
FactSet Mergerstat
Business Valuation Resources, LLC
FactSet Mergerstat Review, 2011
April 2011 PDF (327 pages)
FactSet Mergerstat
FactSet Mergerstat
FactSet Mergerstat Review, 2012
April 2012 978-1-62150-000-1 PDF (333 pages)
FactSet Mergerstat
FactSet Mergerstat
FactSet Mergerstat Review, 2013
April 2013 PDF (335 pages)
FactSet Mergerstat
FactSet Mergerstat
FactSet Mergerstat Review, 2014
May 2014 9781621500353 PDF
FactSet Mergerstat
FactSet Mergerstat
FactSet Mergerstat Review, 2016
April 2016 PDF
FactSet Mergerstat
Business Valuation Resources, LLC
BVR Legal and Court Case Yearbook 2015
February 2015 978-1-62150-047-6 PDF (262 pages)
BVR (editor)
Business Valuation Resources, LLC
Business Valuation Update Yearbook 2015
February 2015 978-1-62150-048-3 PDF
BVR (editor)
Business Valuation Resources, LLC
The Market Approach Then and Now: What Appraisers Need to Know (PDF)
June 2013 978-1-62150-029-2 PDF (96 pages)
BVR (editor)
Business Valuation Resources, LLC
FactSet Mergerstat Review, 2015
April 2015 978-1-62150-049-0 PDF (389 pages)
FactSet Mergerstat
FactSet Mergerstat