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This course will be a hands-on exercise in valuing a small owner-operated business using the market approach. Two appraisers will walk through the valuation of a business with $5 million to $10 million in revenue using the same fundamental financial information but different valuation tools. The results are meant to highlight the differences in value based on a selected market approach and the use of different databases. The training will use multiples derived from private transaction databases (specifically BIZCOMPS and DealStats) in comparison to a guideline public-company approach using BVR’s Guideline Public Company Comps tool. Takeaways will include the difference in conclusions between control and minority ownership as well as a general discussion of the reconciliation of the two values and the implied value of intangible assets and goodwill.
Program Agenda
The primary discussion will center on three key differences in valuing venture-backed and closely held companies: diligence, tools, and approach. We will present heat maps that dive into each of these differences for each type of business.
Presentation and discussion of a heat map that illustrates the differences in due diligence for venture-backed and closely held companies.
Presentation and discussion of a heat map that illustrates the differences in available valuation tools and when they may be appropriately used.
Presentation and discussion of a heat map that illustrates the differences in each detailed methodology used for each approach and when they may be appropriately used.
Case study: Same information, different approaches, different values.
Learning Objectives
Differences—Participants will learn the differences between venture-backed and privately held companies and how to value them;
Approach—Participants will learn the different methodologies within each approach and which ones we recommend for each type of business including the different approaches to discounts for lack of control and marketability;
Diligence—Participants will learn the uniqueness of each type of business and how each requires a different focus and detailed approach to collecting and prioritizing information; and
Tools—Participants will be presented with a detailed list of standard and specialty valuation tools and learn which ones are appropriate for valuing each type of business.
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