Description
Book SynopsisNo one has a clearer understanding of valuation than does Al King. He knows the nuts and bolts of this subject, as well as its intricacies, because he has practiced his profession on the factory floor, in the boardroom, and in the courtroom. The mathematics of valuation is easy to understand. Applying the underlying principles to the ever-growing myriad of business assets and issues is very difficult. Only a handful of valuation professionals have the breadth of knowledge and experience necessary to meet that challenge. The author of this book is one of them, and he conveys that experience in a readable style. He writes as he speaks- clearly and to the point. Anyone who wishes to understand the appraisal process as it pertains to business assets needs this book. --Gordon V. Smith, President, AUS Consultants
Al King''s Valuation: What Assets Are Really Worth aims to give the reader a deep understanding of what ''value'' really means-and it succeeds brilliantly. King clearly explains
Table of Contents1. Cost, Value, and Price 1
2. Accounting for Value, Not Cost: Financial Reporting at the Crossroads 14
3. Investing for Value: Buying and Selling Assets 43
4. Adversarial Nature of Valuations: "Why Can't I Get A Higher (Lower) Answer?" 54
5. Cost Approach to Value 75
6. Income Approach to Value 91
7. Market Comparable Approach to Value 107
8. Can Value Information Be Objective and Independent? 129
9. What Will Happen in the Future? Why Assumptions Are Critical in the Valuation Process 142
10. Hiring an Appraiser; Reading an Appraisal Report 157
11. Providing Value Information to Shareholders and Analysts 169
12. Allocation of Purchase Price: Tangible Assets 180
13. Allocation of Purchase Price: Intangible Assets 200
14. Good Property Records Increase Value and Save Money 224
15. Don't Overpay Property Taxes! 249
16. Adopting SFAS 141 and SFAS 142 261
17. Valuing a Start-up Firm: Cheap Stock Options 275
Index 289
