E-Book Overview
Knowing the true market value of your business -- even before the business is officially for sale -- is essential. But to understand the complex issues behind business valuation, you need the trusted guidance of someone who knows how this process works.In Valuing Your Business, Frederick Lipman -- a corporate attorney and former Wharton lecturer with more than forty years' experience in M&As, sales of companies, and IPOs -- reveals the proven strategies for managing valuation before selling a business.This straightforward guide leads you through the entire process from beginning to end, addressing topics such as: How to enhance the value of a business Hidden costs and pitfalls to watch for and avoid Where to find expert attorneys and accountants Techniques for negotiating a deal that will maximize the sale price while avoiding unnecessary taxes Strategies for marketing a business to buyers without alarming staff, suppliers, competitors, and the media And much more.If you're selling or contemplating selling a business, Valuing Your Business, is the only book you'll need.
E-Book Content
00_Lipman_i_xx 5/18/05 12:38 PM Page iii VALUING YOUR BUSINESS Strategies to Maximize the Sale Price Frederick D. Lipman John Wiley & Sons, Inc. 00_Lipman_i_xx 5/18/05 12:38 PM Page vi 00_Lipman_i_xx 5/18/05 12:38 PM Page i VALUING YOUR BUSINESS 00_Lipman_i_xx 5/18/05 12:38 PM Page ii Also by Frederick D. Lipman The Complete Going Public Handbook The Complete Guide to Employee Stock Options Financing Your Business with Venture Capital Audit Committees 00_Lipman_i_xx 5/18/05 12:38 PM Page iii VALUING YOUR BUSINESS Strategies to Maximize the Sale Price Frederick D. Lipman John Wiley & Sons, Inc. 00_Lipman_i_xx 5/18/05 12:38 PM Page iv Copyright © 2005 by Frederick D. Lipman. All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-7486011, fax 201-748-6008. “Caution Talks: Texaco-Pennzoil Case Makes Firms Careful About Merger Moves,” appeared on April 15, 1986, in the Wall Street Journal. Article reprinted by permission of the Wall Street Journal, © 1986 Dow Jones & Company Inc. All Rights Reserved Worldwide. “The Gambler Who Refused $2 Billion,” May 11, 1987, by Stratford P. Sherman, reprinted with permission from Fortune magazine. © 1987 Time Inc. All rights reserved. Limit of Liability/Disclaimer of Warranty: While the publisher and the author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professi