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BVU News and Trends April 2020

A monthly roundup of key developments of interest to business valuation experts.

Introducing the Rudich/Jaroudi BIZCOMPS DLOM Study

The authors do an analysis of the BIZOMPS database of sales of small private companies to uncover an imbedded discount for lack of marketability (DLOM) in a specific industry. The authors would like feedback on this study and methodology.

New study gleans DLOMs from the BIZCOMPS database

Imbedded discounts for lack of marketability (DLOMs) have been uncovered in a new study of the BIZCOMPS database of sales of small private companies.

Private firm multiples up, per BIZCOMPS update

The median sale price-to-SDE multiple for all industries reported at its highest level in 2019, at 2.09x, according to the BIZCOMPS Deal Review, a regular publication that analyzes general trends, valuation multiples, and operating ratios for transactions in the BIZCOMPS database.

Letter to the Editor: Comments on Adequate Sample Size in the Transaction Method

A letter to the editor in response to the article “Valuation Experts Clash Over Analysis of Transactional Data” and accompanying supplement that appeared in the April 2018 issue of BVU.

BVU News and Trends September 2018

A monthly roundup of key developments of interest to business valuation experts.

Letter to the Editor: Comments on an Article on the Number of Transactions for the GCTM

This letter is in response to the article “Valuation Experts Clash Over Analysis of Transactional Data” that addresses how many transactions to use in the guideline company transaction method (GCTM).

BVU News and Trends August 2018

A monthly roundup of key developments of interest to business valuation experts.

Letter to the Editor: Comments on an Article on the Use of Statistics in the Transaction Method

A valuation expert weighs in on dueling experts’ opinions on the use of statistics, including how many transactions should be used in the application of the transaction method of appraisal.

BVU News and Trends July 2018

A monthly roundup of key developments of interest to business valuation experts.

BIZCOMPS data update

The average selling price in 2017 for small private companies was $444,000 (excluding inventory), based on transactions in the BIZCOMPS database.

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?

Letter to the Editor: Comments on an Article on the Use of Statistics in the Transaction Method

A renowned valuation expert weighs in on dueling experts’ opinions on how many transactions should be used in the application of the transaction method of appraisal.

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?

SPECIAL SUPPLEMENT: Valuation Experts Clash Over Analysis of Transactional Data

Listeners to a webinar on the use of the BIZCOMPS database have taken issue with a number of points presented, including stratifying the data, filtering, the R-square coefficient, harmonic mean, minimum number of transactions, the elimination of outliers, market multiples, and more.

Valuation Experts Clash Over Analysis of Transactional Data

Listeners to a webinar on the use of the BIZCOMPS database have taken issue with a number of points presented, including stratifying the data, filtering, the R-square coefficient, harmonic mean, minimum number of transactions, the elimination of outliers, market multiples, and more.

Stocker v. Stocker

Trial court did not err in adopting income-based valuation offered by husband’s expert; appeals court calls husband’s attack on his own expert “counterintuitive” where expert explained the value of the company was in its cash flow rather than its assets.

Court Rebuffs Litigant’s Attack on Own Expert’s Income-Based Valuation

Trial court did not err in adopting income-based valuation offered by husband’s expert; appeals court calls husband’s attack on his own expert “counterintuitive” where expert explained the value of the company was in its cash flow rather than its assets.

Expert’s Solid DCF and Industry Research Sway Court

Court discredits respondent expert’s capitalization of earnings calculation and market-based analysis, noting “severe deficiencies” and instead adopts petitioner expert’s valuation but applies DLOM to entire equity value, not just goodwill.

Wright v. Irish (Hudson Valley Clean Energy, Inc.)

Court discredits respondent expert’s capitalization of earnings calculation and market-based analysis, noting “severe deficiencies” and instead adopts petitioner expert’s valuation but applies DLOM to entire equity value, not just goodwill.

New book analyzes small business transaction data

Transaction Patterns is a very interesting and useful book for both the business appraiser and the business broker. The data is compiled from the BIZCOMPS database, but similar analysis could be done on The IBA Market Database and Pratt's Stats, and I believe that results would be similar.

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