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Valuation of Early Stage Companies is an updated analysis and application of valuation theory for early stage companies with complex capital structures. The book shows the appropriate and defensible way to prepare and present business valuations with a strong emphasis on applications and models. This book dispels improper valuation techniques promulgated by unknowing business appraisers. It provides the valuation theory, the consensus view on application, and the tools to apply it. Strong emphasis is on applications and models versus pure theory. Chapters and procedures are contribute by top valuation experts.
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.
Table of Contents
About the Author
Laying the Foundation
A Unique Landscape
An Overview of the Venture Capital Industry
Understanding Early Stage Preferred Stock Rights
Enterprise Valuation Approaches
Relevancy of Traditional Valuation Approaches
"Vectoring" Valuation Approach
The Income Approach as an Oxymoron
Application of the Option-Pricing Method in Allocating Enterprise Value
Important Assumptions Underlying the Option-Pricing Model
Option-Pricing Method Steps in Application
Other Considerations in the Option-Pricing Method
Pros and Cons of the Option-Pricing Model
Application of the Probability-Weighted Expected Returns Method in Allocating Enterprise Value
Illustration of the PWERM
PWERM Critical Assumptions
Overview of Stock Rights
Identification of Outcomes
Updating PWERM Analyses
Applicable Discounts for Early Stage Companies
Basis of Discounts
Suggested "Corrections" to the Current Use of Put Models for Quantifying DLOMs
The Likelihood of Liquidity
Advanced Valuation Topics for Early Stage Companies
Utilizing the OPM as a "Valuation" Methodology
Sequential and Compound Options
Allocating the Residual Value
Further Extensions for Compound Options
Venture Capital Rates of Return
Executive Stock Compensation
Allocation of Enterprise Value Using the Option-Pricing Method: Treatment of Derivatives on Common Stock
Volatility in the Option-Pricing Model
Table of Contents provided by Ingram. All Rights Reserved.