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Owner-operated business must be considered in a different framework than many other types of business. Everything from hypothetical transaction (asset sale versus equity interest) to financial objectives (minimize taxable income versus maximize shareholder value) must be considered from a different perspective. Join David Coffman as he discusses rate of return and personal goodwill through this unique lens.
Program Agenda
Defining a small, owner-operated business
Key differences impacting the valuation
Company—small owner-operated versus large private versus public
Management financial objective—minimize taxable income versus maximize shareholder value
Investment—operating business versus equity interest (security)
Investor—buyer (owner operator) versus investor
Risk—unlimited versus limited
Transaction—asset sale versus equity interest (stock)
Defining a hypothetical sale
Normalizing owner compensation
What earnings to use—historical versus future
Determining expected rate of return
Addressing marketability and control issues (discounts)
Assessing personal versus enterprise goodwill
Learning Objectives
Describe how to value a small, owner-operated business taking its unique characteristics into account
List key differences between owner-operated and larger private and public companies that effect a valuation
Describe how small, owner-operated businesses are typically sold
Normalize owner compensation without eliminating the value of “buying a job”
Demonstrate how to use private-company capital market data to determine an expected rate of return
Describe how marketability and control issues can be handled without using discounts
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