Business Valuation - (Wiley Finance) 3rd Edition by Z Christopher Mercer & Travis W Harms (Hardcover)
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<p/><br></br><p><b> About the Book </b></p></br></br>"More than a decade after the publication of Business Valuation: An Integrated Approach, second edition, the core concepts of the integrated theory remain the same. Business value, at any level, is a function of expected cash flows, expected risk, and the expected growth of the cash flows. The second edition was written from the perspective of valuing the net equity of companies. As a result, the emphasis was on equity cash flows and equity discount rates. This analysis remains valid and will be extended. However, during this time, there has been an increasing awareness among appraisers that private companies are bought and sold on an enterprise value basis, inclusive of equity and debt, and not with reference to net equity value alone. The third edition will extend the analysis and concepts to an enterprise value basis. The basic theory of the second edition will be extended to incorporate enterprise cash flows (to equity and debt), enterprise discount rates and the weighted average cost of capital, and enterprise growth rates. This new edition will feature increased emphasis on the discounted cash flow method in the development of enterprise level values for businesses"--<p/><br></br><p><b> Book Synopsis </b></p></br></br><p><b>A guide that demystifies modern valuation theory and shows how to apply fundamental valuation concepts</b></p> <p>The revised and updated third edition of <i>Business Valuation: An Integrated Theory</i> explores the core concepts of the integrated theory of business valuation and adapts the theory to reflect how the market for private business actually works.</p> <p>In this third edition of their book, the authors--two experts on the topic of business valuation--help readers translate valuation theory into everyday valuation practice. This important updated book: </p> <ul> <li>Includes an extended review of the core concepts of the integrated theory of business valuation and applies the theory on a total capital basis</li> <li>Explains "typical" valuation discounts (marketability and minority interest) and premiums (control premiums) in the context of financial theory, institutional reality and the behavior of market participants</li> <li>Explores evolving valuation perspectives in the context of the integrated theory</li> <li>Written by two experts on valuation theory from Mercer Capital</li> </ul> <p>The third edition of <i>Business Valuation</i> is the only book available regarding an integrated theory of business valuation--offering an essential, unprecedented resource for business professionals.</p><p/><br></br><p><b> From the Back Cover </b></p></br></br><p><b> Praise for Business Valuation</b> <p>"Mercer and Harms' <i>Business Valuation: An Integrated Theory, Third Edition</i> provides valuation professionals, attorneys, other users of valuations, and students of valuation a resource for better understanding how the pieces of the valuation puzzle fit together. This book is written in an easy to follow style and is worthy of being added to your valuation library."<br> <b> --Roger J. Grabowski, </b> <b>FASA, </b> Managing Director, Duff & Phelps <p>"It has been 13 years since the second edition of this book came out. It was certainly worth the wait. All the core chapters have been updated with easy-to-understand explanations of valuation concepts. Mercer and Harms have also added new chapters on the Income Approach (Cash Flows), the Income Approach (Discount Rate), the Market Approach (Guideline Public Companies), the Market Approach (Guideline Transactions), and Restricted Stock Discounts and Pre-IPO studies. This well-written book presents a thoughtful approach to business valuation. The bottom line is that this is a valuable resource that tackles controversial topics head on."<br> <b> --James R. Hitchner, </b> <b>CPA/ABV/CFF, ASA, </b> Managing Director, Financial Valuation Advisors <p><b>Master the approaches and methods of business valuation with this comprehensive resource from two industry leaders</b> <p>In this book, distinguished authors and valuation analysts Z. Christopher Mercer and Travis W. Harms of Mercer Capital dive deeply into the intricacies of business valuation, providing readers with an Integrated Theory that acts as a practical and powerful tool to value businesses and business ownership interests. Using expected cash flow, growth, and risk as the foundations of the Integrated Theory, the authors discuss the major, organizing principles of business valuation, as well as the various methods used to value businesses and business ownership interests. <p>They provide a detailed discussion of the Quantitative Marketability Discount Model, which applies the Integrated Theory to the valuation of illiquid minority ownership interests in private companies. <p>The book is not just theoretical, but practical, eschewing unnecessary mathematical detail in favor of concrete examples and strategic advice designed to help valuation analysts put the Integrated Theory into practice. It contains actionable advice on how to deal with commonly encountered valuation dilemmas, like valuing tax pass-through entities and ownership interests in them.<p/><br></br><p><b> About the Author </b></p></br></br><p><b>Z. Christopher Mercer, ASA, CFA, (Memphis, TN)</b> is the founder and chief executive officer of Mercer Capital. He has prepared, overseen, or contributed to hundreds of valuations for purposes related to tax, ESOPs, buy-sell agreements, and litigation, among others. He has extensive experience in litigation engagements including statutory fair value cases, divorce, and numerous other matters where valuation issues are in question. He is also an expert in buy-sell agreement disputes. Mercer is a prolific author on valuation-related topics and a frequent speaker on business valuation issues for national professional associations and other business and professional groups.</p> <p><b>TRAVIS W. HARMS, CFA, CPA/ABV, </b> is the leader of Mercer Capital's Family Business Advisory Services Group. He focuses primarily on providing financial, strategic, and valuation consulting to multi-generational family businesses. Mr. Harms regularly speaks and writes on valuation and related topics for family business owners and their advisors.</p>
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