Copyright Disclaimer Dedication About the Author Acknowledgements Preface Glossary of Defined Terms Chapter 1 – Valuation Terms and Principles
Chapter 2 – Business and Financial Analysis
Chapter 3 – Asset Valuation Methodologies
Chapter 4 – Multiple of EBITDA Methodology
Chapter 5 – Determining Valuation Multiples
Chapter 6 – Capitalized Cash Flow Methodology
Chapter 7 – Discounted Cash Flow Methodology
Chapter 8 – Cost of Capital
Chapter 9 – Valuing Minority Interests
Chapter 10 – Open Market Transactions
Introduction Notional Market Valuations vs. Open Market Transactions The Open Market Transaction Process Planning and Preparation Market Search Preliminary Due Diligence and Valuation Negotiating the Letter of Intent Confirmatory Due Diligence Purchase Agreement and Closing Integration Fair Market Value vs. Price Special Interest Purchasers Post-Acquisition Synergies Identifying Possible Synergies Sales and Marketing Operating Financial Strategic Quantifying Synergies Quantifying Tangible Operating Synergies Quantifying Intangible Operating Synergies Quantifying Financial Synergies Transaction and Integration Costs Transaction Structuring Assets vs. Shares Buyer's Perspective Seller's Perspective Forms of Consideration Holdbacks Promissory Notes Share Exchanges Earnouts Partial Buyouts Management Contracts Non-Competition Agreements Non-Solicitation Agreements Other Factors Influencing Price in Open Market Transactions Public vs. Privately Held Companies Availability of Financing Internal vs. External Financing Earnings Dilution Purchase Price Allocation Accounting Standards for Private Enterprise International Financial Reporting Standards Fairness Opinions Consideration Given Up Consideration Received Synergy Considerations Other Considerations Common Issues in Open Market Transactions Summary Appendix A – Risk Assessment Framework
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