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McEssy Investment Company, Eagle Oil & Gas Exploration
Summary
The restaurant industry represents perhaps the single most fertile ground for business appraisers: total industry employment equal to 9% of the U.S. workforce despite the fact that 91% of all restaurants have fewer than 50 employees. Yet these opportunities come with inherent valuation challenges, represented by a great deal of variety within the industry, and requiring a certain agility on the part of any appraiser working in this space. As Ed Moran, author of BVR's soon-to-be-released Guide to Restaurant Valuation, said in his introduction to the Guide, "It seemed odd to me that a restaurateur would work his or her entire life and then determine the value of this life's work with a simple multiple."
In "Valuing Restaurants" on August 6, Moran will be joined by Guide contributors Kevin Yeanoplos and John Hall for an in-depth discussion of the best techniques for valuing any restaurant. Covering franchises, restaurant financing, the dos-and-don't's of market research, which questions must be asked during any appraisal, and the useful and useless rules of thumb, this presentation is a must for anyone called to value a restaurant.
Program Agenda
Introduction & Welcome
- What you thought you knew about restaurant valuation
Rules of thumb - Separating fact from fiction
Market Research - Which data is important, and which isn't
Metrics - Using the right tools for the job
Resources for market research - Where to get information without wasting time or effort
Maximization of site visits
Check lists for any interview with management - Ask the right questions the first time
Justification of Purchase Price Model
Applications of this model for Calculation and Full Reports
Franchise restaurant considerations
Overcoming inherent valuation challenges presented to franchisees
Restaurant financing
Which measurements, ratios, and other factors are considered for financing
Why financing is important for restaurant operation, growth, and expansion
Q&A
Conclusion
Learning Objectives
Understand how day-to-day restaurant operations impact the determination of value
Clarify the process: see valuation challenges before they surprise you and learn how to account for those challenges
Develop a clear understanding of restaurant financing and its importance to your valuation
Account for the roles of both franchiser and franchisee
Break the bad habits of restaurant valuation that lead to erroneous appraisals
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