{"id":529,"date":"2019-08-01T23:30:54","date_gmt":"2019-08-01T23:30:54","guid":{"rendered":"http:\/\/teamasiaconsulting.com\/?p=529"},"modified":"2019-08-01T23:30:57","modified_gmt":"2019-08-01T23:30:57","slug":"how-useful-are-small-business-valuation-reports","status":"publish","type":"post","link":"https:\/\/teamasiaconsulting.com\/index.php\/2019\/08\/01\/how-useful-are-small-business-valuation-reports\/","title":{"rendered":"How Useful Are Small business Valuation Reports"},"content":{"rendered":"\n

<\/p>\n\n\n\n

\"Expert<\/figure>\n\n\n\n

No-one could see this coming<\/strong><\/p>\n\n\n\n

As\n events in the Australian stock market in July 2013 showed, external \nmacro events can and do have wild impacts on the market “valuation” of \nan enterprise. For one particular company the political outlook changed \nand overnight the business lost 40% of its “value”.<\/p>\n\n\n\n

How are we \nsupposed to deal with such left field risks in valuations? For the most \npart it’s not possible but the story underlines how important it is to \nlook ever more closely at assumptions<\/em> used when valuations are \nproduced and ask what we really know about our target risk profile \nbefore going ahead with a decision. In this way we can at least reduce \nthe impact of unlikely events.<\/p>\n\n\n\n

Here is some food for thought when it comes to planning your investigation.<\/p>\n\n\n\n

Due diligence on steroids<\/strong><\/p>\n\n\n\n

Basic\n valuation methods are good as they are going to get, but a final \nvaluation number on a report is only a number and prospective purchasers\n should weigh as much background as possible before writing out a \ncheque.<\/p>\n\n\n\n

Only personal due diligence provides the real stuff for \ndecision-making – an evaluation which supports why you think your hot \ndeal is so attractive in the first place.<\/p>\n\n\n\n

What is a business?<\/strong><\/p>\n\n\n\n

Bluntly,\n a business is just a calculated gamble, a bunch or managed risks. The \nmore risks, the lower the value. We suggest that as insurance against \nthe chance of overlooking some items altogether, doing a lot of homework\n is the only option. One caution though – avoid analysis paralysis!<\/p>\n\n\n\n

1 Start with the basics – use one or more standard valuation method(s) for micro and small businesses<\/strong><\/p>\n\n\n\n

There are four:<\/p>\n\n\n\n

\u00b7 Rule of thumb – the initial ball park estimate based on industry averages<\/p>\n\n\n\n

\u00b7 Net assets – how are the assets valued, are all liabilities included<\/p>\n\n\n\n

\u00b7 Income – evaluate the bottom line prospects and “quality” of earnings<\/p>\n\n\n\n

\u00b7 Market comparison – a detailed comparison with similar business’ values<\/p>\n\n\n\n

Aim to reconcile results from chosen methods to produce a final result.<\/p>\n\n\n\n

2 Focus on cash-flows<\/strong><\/p>\n\n\n\n

While\n each of the four options may be more applicable in one circumstance \nthan another, always give heavy weighting to the income method and \ncashflow statements. The other methods are not irrelevant, far from it, \nbut it’s the future cash projections that really count, and the assumptions<\/em> underlying them. Cash-flow is<\/em> king.<\/p>\n\n\n\n

3 Now think again. What do you actually<\/em> get when you buy a business?<\/strong><\/p>\n\n\n\n

A business can be divided into various profiles which can provide new insights into its value:<\/p>\n\n\n\n

\u00b7 The business model (don’t skip this!)<\/p>\n\n\n\n

\u00b7 People related<\/p>\n\n\n\n

\u00b7 Physical (assets, other resources)<\/p>\n\n\n\n

\u00b7 Legal (bank accounts, loans and contracts of all kinds)<\/p>\n\n\n\n

\u00b7 General risk<\/p>\n\n\n\n

\u00b7 The external market<\/p>\n\n\n\n

4 Where is the value? What to look for?<\/strong><\/p>\n\n\n\n

A\n common sense way to value a business is to evaluate its ability to \ngenerate and distribute cash dividends in excess of an acceptable return\n on investment. Any sustainable way of contributing to this goal should \nform part of the valuation.<\/p>\n\n\n\n

The business model – does this business have the makings of something big?<\/strong>\n Or is it simply a small business. A model determines what the product \nis, how customers are sourced and reached, how product is distributed. \nIn addition to the basics, consider:<\/p>\n\n\n\n

\u00b7 Does the model allow for a residual structure?<\/p>\n\n\n\n

\u00b7 Is compounding income possible?<\/p>\n\n\n\n

\u00b7 Are operations leveraged by time (employees) or money (external finance)?<\/p>\n\n\n\n

\u00b7\n If the model has advantages over the competition allowing superior \nprofitability, are they sustainable? For how long? What’s next?<\/p>\n\n\n\n

People – the intangible value of an effective culture<\/strong>.\n A growing business will involve more than just the owner and there will\n be employee “goodwill”. Also as part of a community there will be \ncustomer goodwill, supplier goodwill and “community” goodwill.<\/p>\n\n\n\n

\u00b7 Will the new owner fit in?<\/p>\n\n\n\n

\u00b7 What happens if a key employee does leave? How much value walks with him\/her?<\/p>\n\n\n\n

\u00b7 Is absentee management an option?<\/p>\n\n\n\n

\u00b7 Can the cultural strengths and weaknesses be identified?<\/p>\n\n\n\n

\u00b7 Is it a good company to work with? What are its values?<\/p>\n\n\n\n

Physical – what is the realizable value of net assets? <\/strong>Physically\n a business comprises people and the hardware they use including \nphysical assets, buildings, office equipment, other resources and \nmaterials. Assets can be valued on numerous bases, and the value in the \nbooks is not necessarily a good estimate of actual realizable cash:<\/p>\n\n\n\n

\u00b7 If the assets include land, what is going on next door? Have development proposals been lodged which will affect value?<\/p>\n\n\n\n

\u00b7 How much cash flow is required for asset replacement?<\/p>\n\n\n\n

\u00b7 What is the physical condition and security of assets used in the business?<\/p>\n\n\n\n

\u00b7 Is there a market for the assets? Sold separately or as part of a business?<\/p>\n\n\n\n

\u00b7 Processes might be considered assets. Are processes well-defined and transferrable?<\/p>\n\n\n\n

Legal – what are the paper assets worth.<\/strong>\n A business is partly a paper structure, comprising financial records \nand accounts, important legal agreements with customers, suppliers, key \nemployee agreements, outstanding litigation, financial assets and \nliabilities, credit history, intellectual assets such as trademarks and \nother paper assets.<\/p>\n\n\n\n

\u00b7 What are the “onerous clauses” and obligations the business is bound to fulfil?<\/p>\n\n\n\n

\u00b7 Are agreements in place to cover known risks?<\/p>\n\n\n\n

\u00b7 What is the quality of accounting books and reports?<\/p>\n\n\n\n

\u00b7 Is the insurance program sensible?<\/p>\n\n\n\n

\u00b7 Are agreements enforceable at reasonable cost?<\/p>\n\n\n\n

Pay more than lip service to risks. <\/strong>\n Events in the stock market highlight how businesses face a situation \nwhere remote risks really can eventuate. We suspect lip service is \nusually paid in this area. Risks should at least be identified and \nupdated regularly. Diversification is always a sensible strategy, where \none adverse outcome should not be able to sink the ship.<\/p>\n\n\n\n

\u00b7 What are the major risks facing the company in finance, marketing and operations?<\/p>\n\n\n\n

\u00b7 How are they mitigated?<\/p>\n\n\n\n

\u00b7 Are risks quantifiable?<\/p>\n\n\n\n

\u00b7 How often is the plan updated?<\/p>\n\n\n\n

The more risks are reduced the higher the comfort level associated with the business proposition.<\/p>\n\n\n\n

Marketing – perceptions are reality<\/strong>.\n The entity interfaces the world through its product quality, shelf life\n and succession, comparison with competitor products and organisations, \norganisational status (“bragging rights”), sustainable competitive \nadvantages (an economic “moat”), favourable trends, the look and feel of\n operations and more. We suggest that in the 2010’s the marketing plan \nis the<\/em> differentiator between businesses. There are so many \nproducts and services competing for a customer dollar that no matter how\n good any one is, if the marketing is not up to speed, the business \ncannot thrive. Hi growth equates to high valuation. Have a particularly \nclose look the customer acquisition plan:<\/p>\n\n\n\n

\u00b7 Are new customers accessible? How?<\/p>\n\n\n\n

\u00b7 Are they accessible at a profit?<\/p>\n\n\n\n

\u00b7 Are prices stable or predictable?<\/p>\n\n\n\n

\u00b7 Does the business model develop repeat customers?<\/p>\n\n\n\n

\u00b7 Market share – what are the trends?<\/p>\n\n\n\n

\u00b7\n Government and regulatory environment – is the industry subject to \nchanging regulations and policies? Will changes affect business?<\/p>\n\n\n\n

S.W.O.T. Summary<\/strong><\/p>\n\n\n\n

Finally,\n bring it all together. What are the strengths, weaknesses, \nopportunities and threats across finance sources, the management team, \nand the business’ outlook and forecast?<\/p>\n\n\n\n

Are you able to look at the situation objectively?<\/p>\n","protected":false},"excerpt":{"rendered":"

No-one could see this coming As events in the Australian stock market in July 2013 showed, external macro events can and do have wild impacts on the market “valuation” of an enterprise. For one particular company the political outlook changed and overnight the business lost 40% of its “value”. How are we supposed to deal […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-529","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"yoast_head":"\nHow Useful Are Small business Valuation Reports - TAC MOBILE FINANCIAL CONTROL AND BOOKS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/teamasiaconsulting.com\/index.php\/2019\/08\/01\/how-useful-are-small-business-valuation-reports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Useful Are Small business Valuation Reports - TAC MOBILE FINANCIAL CONTROL AND BOOKS\" \/>\n<meta property=\"og:description\" content=\"No-one could see this coming As events in the Australian stock market in July 2013 showed, external macro events can and do have wild impacts on the market “valuation” of an enterprise. 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