by Stanley J. Feldman
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Product Description
A complete explanation of the issues that determine private firm value
Principles of Private Firm Valuation combines recent academic research and practical real-world experience to help readers better understand the multitude of factors that determine private firm value. For the financial professional serving private firms-who are increasingly being called upon to give advice on issues related to firm valuation and deal structure-this comprehensive guide discusses critical topics, including how firms create value and how to measure it, valuing control, determining the size of the marketability discount, creating transparency and the implications for value, the value of tax pass-through entities versus a C corporation, determining transaction value, and the valuation implications of FASB 141 (purchase price accounting) and 142 (goodwill impairment).
Dr. Stanley J. Feldman (Lowell, MA) is Associate Professor of Finance at Bentley College, where he currently teaches courses in corporate finance with a focus on business valuation and business strategy at both the graduate and undergraduate levels. He is a member of the FASB Valuation Resource Group and is Chairman and cofounder of Axiom Valuation Solutions.
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Average Customer Review:
3 of 3 people found the following review helpful:
 Practical, concise and informative, 2008-02-12
I read this for a CPE course. The author takes you through the world of valuing privately held firms. This includes; Cash flow methods, comparative equities, estimating cost of capital, debt ratios and their effects, S corps vs C corps, controlling ownership premium, reliability of records, taxes, etc. The book does more than just cover the mechanics, it makes informed judgements as to which methods of valuation are appropriate in which circumstances. Some factors are indicated as possibly increasing or decreasing a firm's value.
Included are all the equations to support the text. The text is such that you can read right around most of the equations and not miss any of the principles.
I have done some valuations and I found this book to be very informative. There's more useful information here than in books many times as thick.
6 of 6 people found the following review helpful:
 provides methods to assess uncertainties and intangibles, 2007-03-07
Feldman offers practical advice in the tricky task of valuing a firm that has no publicly traded stock. There are many intangibles. But the book gives methodologies to systematically assess in a rational manner what these might be.
Take trying to find the beta. How to do so for a private firm? The book clearly sets out the steps of - 1. estimating the beta for the firm's industry. 2. tweaking this for time lag effects. 3. change the beta to account for the firm's size. 4. ditto, but now for the firm's capital structure.
Granted, steps 2, 3 and 4 can still be quite involved. And you might well have to still do subjective assessments within each. But the overall procedure is at least conceptually clear.
The book has many other procedures that you should find useful.
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