Find out what your early stage business is really worth--and what you can do to increase its value even more One of the most misconstrued concepts in business today, valuation has also rapidly become one of the most important for business owners in today's unpredictable financial atmosphere. An experiential and practical guide drawn from author and valuation expert Neil Beaton's fifteen years of focused start-up work, Valuing Early Stage and Venture-Backed Companies equips you with a solid foundation of the ins and outs of early stage and venture-backed valuations--no matter what your field.…mehr
Find out what your early stage business is really worth--and what you can do to increase its value even more One of the most misconstrued concepts in business today, valuation has also rapidly become one of the most important for business owners in today's unpredictable financial atmosphere. An experiential and practical guide drawn from author and valuation expert Neil Beaton's fifteen years of focused start-up work, Valuing Early Stage and Venture-Backed Companies equips you with a solid foundation of the ins and outs of early stage and venture-backed valuations--no matter what your field. This step-by-step guide offers contributions from top valuation practitioners, walking you through: * New techniques for applying options methods * The pros and cons of the option pricing model * Early stage preferred stock rights * Applicable discounts for early stage companies * New procedures for implementing the probability-weighted expected returns method * Valuation theory, the consensus view on application, and the tools to apply them * The popular and widely used AICPA Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation Valuing Early Stage and Venture-Backed Companies replaces bewildering computations with technical expertise to help you figure out what your business is really worth, and how you can increase that value starting today.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
NEIL J. BEATON, CPA/ABV, CFA, ASA, is a nationally known business valuation expert and speaker on the valuation of early stage companies. He is the National Partner in Charge of Valuation Services for Grant Thornton, LLP, an international audit, tax, and financial advisory services firm. He has more than twenty-seven years of professional experience and is a recognized expert witness in state and federal courts as well as international tribunals. He has authored an AICPA publication on valuing stock options and intangible assets for financial reporting purposes.
Inhaltsangabe
Preface ix Acknowledgments xi About the Author xiii CHAPTER 1 Laying the Foundation 1 A Unique Landscape 1 An Overview of the Venture Capital Industry 8 Conclusion 14 CHAPTER 2 Understanding Early Stage Preferred Stock Rights 17 Stock Rights 19 Contractual Rights 28 Conclusion 32 CHAPTER 3 Enterprise Valuation Approaches 35 Relevancy of Traditional Valuation Approaches 35 Cost Approach 40 Market Approach 43 Income Approach 45 "Vectoring" Valuation Approach 46 The Income Approach as an Oxymoron 53 Conclusion 58 CHAPTER 4 Application of the Option-Pricing Method in Allocating Enterprise Value 59 Important Assumptions Underlying the Option-Pricing Model 61 Option-Pricing Method Steps in Application 66 Other Considerations in the Option-Pricing Method 86 Pros and Cons of the Option-Pricing Model 87 Conclusion 88 CHAPTER 5 Application of the Probability-Weighted Expected Returns Method in Allocating Enterprise Value 89 Illustration of the PWERM 90 PWERM Critical Assumptions 94 Overview of Stock Rights 96 Identification of Outcomes 98 Updating PWERM Analyses 104 Conclusion 105 CHAPTER 6 Applicable Discounts for Early Stage Companies 107 Basis of Discounts 108 Suggested "Corrections" to the Current Use of Put Models for Quantifying DLOMs 114 Dilution Discount 119 The Likelihood of Liquidity 120 Conclusion 123 CHAPTER 7 Advanced Valuation Topics for Early Stage Companies 125 Utilizing the OPM as a "Valuation" Methodology 127 Sequential and Compound Options 127 Allocating the Residual Value 131 Further Extensions for Compound Options 137 Venture Capital Rates of Return 139 Executive Stock Compensation 143 Conclusion 143 APPENDIX A Allocation of Enterprise Value Using the Option-Pricing Method: Treatment of Derivatives on Common Stock 145 APPENDIX B Volatility in the Option-Pricing Model 155 Notes 175 Index 179
Preface ix Acknowledgments xi About the Author xiii CHAPTER 1 Laying the Foundation 1 A Unique Landscape 1 An Overview of the Venture Capital Industry 8 Conclusion 14 CHAPTER 2 Understanding Early Stage Preferred Stock Rights 17 Stock Rights 19 Contractual Rights 28 Conclusion 32 CHAPTER 3 Enterprise Valuation Approaches 35 Relevancy of Traditional Valuation Approaches 35 Cost Approach 40 Market Approach 43 Income Approach 45 "Vectoring" Valuation Approach 46 The Income Approach as an Oxymoron 53 Conclusion 58 CHAPTER 4 Application of the Option-Pricing Method in Allocating Enterprise Value 59 Important Assumptions Underlying the Option-Pricing Model 61 Option-Pricing Method Steps in Application 66 Other Considerations in the Option-Pricing Method 86 Pros and Cons of the Option-Pricing Model 87 Conclusion 88 CHAPTER 5 Application of the Probability-Weighted Expected Returns Method in Allocating Enterprise Value 89 Illustration of the PWERM 90 PWERM Critical Assumptions 94 Overview of Stock Rights 96 Identification of Outcomes 98 Updating PWERM Analyses 104 Conclusion 105 CHAPTER 6 Applicable Discounts for Early Stage Companies 107 Basis of Discounts 108 Suggested "Corrections" to the Current Use of Put Models for Quantifying DLOMs 114 Dilution Discount 119 The Likelihood of Liquidity 120 Conclusion 123 CHAPTER 7 Advanced Valuation Topics for Early Stage Companies 125 Utilizing the OPM as a "Valuation" Methodology 127 Sequential and Compound Options 127 Allocating the Residual Value 131 Further Extensions for Compound Options 137 Venture Capital Rates of Return 139 Executive Stock Compensation 143 Conclusion 143 APPENDIX A Allocation of Enterprise Value Using the Option-Pricing Method: Treatment of Derivatives on Common Stock 145 APPENDIX B Volatility in the Option-Pricing Model 155 Notes 175 Index 179
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