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• Preface xiii
• Acknowledgments xv
• Basic Formulas xvii

Section 1 Questions 1

Part I. Business Valuation Engagement Environment 1

• 1. Business Valuation Legal and Regulatory Environment 3
• 2. Business Valuation Professional Environment 5
• 3. Business Valuation Engagement 8
• 4. Litigation Service Engagements 11

Part II. Terminology and Notation 13

• 5. International Glossary of Business Valuation Terms 15
• 6. Notation System Used in This Book 17

Part III. Valuation Approaches and Methods 19

• 7. Overview of Valuation Approaches and Methods 21
• 8. Income Approach: Cost of Capital 23
• 9. Income Approach: Discounting Method 30
• 10. Income Approach: Capitalization Method 34
• 11. Market Approach: Guideline Public Company Method 38
• 12. Market Approach: Guideline Merger and Acquisition Method 41
• 13. Prior Transactions, Offers, and Buy-Sell Agreements 45
• 14. Adjusted Net Asset Method 47
• 15. Excess Earnings Method 49
• 16. Discounts and Premiums 51
• 17. Reconciliation and Value Conclusion 55

Part IV. Analysis of the Company 57

• 18. Financial Statement Analysis 59
• 19. Using Economic and Industry Data 64
• 20. Site Visits and Interviews 67

Part V. Supporting Data 69

• 21. Sources of Supporting Data 71

Part VI. Valuations for Specific Purposes 75

• 22. Tax-Related Valuations 77
• 23. Employee Stock Ownership Plans 79
• 24. Shareholder Buyouts and Disputes 82
• 25. Marital Dissolutions 85

Section 2 Answers 87

Part I. Business Valuation Engagement Environment 87

• 1. Business Valuation Legal and Regulatory Environment 89
• 2. Business Valuation Professional Environment 90
• 3. Business Valuation Engagement 91
• 4. Litigation Service Engagements 93

Part II. Terminology and Notation 95

• 5. International Glossary of Business Valuation Terms 97
• 6. Notation System Used in This Book 98

Part III. Valuation Approaches and Methods 99

• 7. Overview of Valuation Approaches and Methods 101
• 8. Income Approach: Cost of Capital 102
• 9. Income Approach: Discounting Method 105
• 10. Income Approach: Capitalization Method 108
• 11. Market Approach: Guideline Public Company Method 111
• 12. Market Approach: Guideline Merger and Acquisition Method 112
• 13. Prior Transactions, Offers, and Buy-Sell Agreements 113
• 14. Adjusted Net Asset Method 114
• 15. Excess Earnings Method 115
• 16. Discounts and Premiums 117
• 17. Reconciliation and Value Conclusion 119

Part IV. Analysis of the Company 121

• 18. Financial Statement Analysis 123
• 19. Using Economic and Industry Data 125
• 20. Site Visits and Interviews 126

Part V. Supporting Data 127

• 21. Sources of Supporting Data 129

Part VI. Valuations for Specific Purposes 131

• 22. Tax-related Valuations 133
• 23. Employee Stock Ownership Plans 134
• 24. Shareholder Buyouts and Disputes 135
• 25. Marital Dissolutions 136
• CPE Self-Study Examination 137
• Index 153