Value Maps: Valuation Tools That Unlock Business Wealth

Praise for VALUE MAPS"Equivocator, Explorer, Experimenter, Exploiter, Extender—Chapter 12 might be well served as mandatory reading for all subject matter experts! SPARC is not a valuation, per se, but rather a separate consulting engagement that might interest a client—especially if that client is preparing for a sale or planning an exit strategy. Miller has taken the good ideas from five disciplines and married them with value enhancement, creating what could become a very good ′add–on′ consulting engagement. NACVA recommends, and looks forward to, further dialogue related to this new approach. This book will open your eyes to new opportunities."
—Parnell Black, MBA, CPA, CVA, Chief Executive Officer, National Association of Certified Valuation Analysts (NACVA)
"No one illuminates the murky intersection where business strategy and private company value creation meet better than Warren Miller. Now he′s focused his extensive professional training and real–world experience to produce this intellectually rich, yet down–to–earth and fun–to–read road map we can all use. Business owners and leaders, financial analysts, management consultants, wealth managers, CPAs, business brokers, private equity investors, business appraisers—no one should plan to increase the value of an enterprise without Value Maps in their passenger seat."
—David Foster, CEO, Business Valuation Resources
"Private–equity analysts do not often come across scholarly and technical professional reading laced with laugh–out–loud moments! Yet this is exactly what one finds in Value Maps. Warren Miller′s advice stems from his career as a finance executive, a CPA, a valuation analyst, and a ′recovering academic.′ With pitch–perfect balance, Warren has created both a must–have professional reference guide and a best–practices road map designed to enhance the profit ability of your client′s business and your own—all in a very readable style with just a ′spoon–full of sugar.′ Enjoy the read!"
—Gary M. Karlitz, ASA, CPA, Partner–in–Charge, Valuation Services, Forensic Services, and Forensic Accounting, Citrin Cooperman & Company, LLP
"Extremely readable, with numerous real–world examples—valuation specialists who don′t read this book will soon be looking for a new profession. Miller takes the term ′valuation′ to new levels, suggesting that appraisers can indeed add real value to their clients′ businesses. Clients should demand that a valuation professional read this book before he or she will be hired."
—Alfred M. King, Vice Chairman, Marshall & Stevens, Inc.

Spis treści:
Preface.
PART ONE CORNERSTONES.
Chapter 1 Why a New Approach Is Needed.
Valuation as Craft.
The State of Our Craft.
Cause and Effect: What AND Why.
Multidisciplinary Tools for Analyzing Value Creation.
Parameters of Valuation.
What We Know About Risk.
Components of Risk.
A Framework for Unsystematic Risk.
Unlocking Business Wealth.
Summary.
Recommended Reading.
Chapter 2 Tools from Strategic Management.
History.
Perspective.
Valuation Tools.
Strategic Intent.
Generic Competitive Strategies.
Resources.
Competitive Analysis.
Distinctive versus Sustained Competitive Advantage.
VRIO.
Customer Satisfaction Surveys.
Diversification.
Unlocking Business Wealth.
Summary.
Recommended Reading.
Chapter 3 Tools from Industrial Organization.
Perspective.
Tenets.
Tools.
Unlocking Business Wealth.
Summary.
Recommended Reading.
Chapter 4 Tools from Organization Theory.
Perspective.
Tenets.
Tools.
Unlocking Business Wealth.
Summary.
Recommended Reading.
Chapter 5 Tools from Evolutionary Econo mics.
Perspective.
Tenets.
Tools.
Unlocking Business Wealth.
Summary.
Recommended Reading.
Chapter 6 Tools From Austrian Economics.
Perspective.
Tenets.
Tools.
Unlocking Business Wealth.
Summary.
Recommended Reading.
Chapter 7 The Straight Scoop on Value Drivers.
Definition.
Value Drivers versus Balanced Scorecards.
Why Value Drivers Matter.
The Regenerative Power of Capitalism.
Assessing Durability.
Summary.
Recommended Reading.
Chapter 8 The “OT” in SWOT Analysis: The Macroenvironment.
Defining the Domain.
Unit of Analysis.
Tri–Level Unsystematic–Risk Model.
History and Background.
Why Does the Macroenvironment Matter?
The Forces.
Summary.
Recommended Reading.
Chapter 9 The “OT” In SWOT Analysis: The Domain.
The Roots of Domain Analysis.
Oligopolies Large and Small.
Price Competition in an Oligopoly.
Published Industry Risk Premiums.
The Domain.
Summary.
Recommended Reading.
Appendix 9A: Competitive Analysis and Estimating Market Share.
Chapter 10 Getting To “Why”: Analyses, Composites, and On–Site Interviews.
Financial Ratios.
A Key Metric.
Finding Sector–Specific Metrics.
The Analysis.
How to Construct a Composite.
Prepping for the On–Site Interviews.
Conducting the On–Site Interviews.
Summary.
Chapter 11 The “SW” in SWOT Analysis: The Company and SPARC.
Cause–and–Effect Relationships.
Value Drivers and Value Destroyers.
Assessing Durability of Advantage.
Back to VRIO.
Summary.
Appendix 11A: Bring It All Together: Quantifying Unsystematic Risk.
Chapter 12 SPARC Archetypes Among Small and Medium Sized Enterprises.
Exploiter and Extender.
Explorer/Experimenter.
Equivocator.
Summary.
PART TWO TALES FROM THE FIRING LINE.
Chapt er 13 Construction and Manufacturing.
Construction.
Manufacturing.
Specialty Publishing.
Specialty manufacturing.
Packaging.
Chapter 14 Business–to–Business.
Safety Equipment/Supplies.
Industrial Supply.
Construction Materials.
Antique Building Materials Reclamation.
Chapter 15 Transportation.
Transportation Collection Services.
LTL Trucking.
Freight Forwarding.
Chapter 16 Specialty Retailing.
Jewelry I.
Jewelry II.
Building Materials.
Pharmacy.
Chapter 17 Services.
Outplacement Services.
Executive Recruiting.
Private Equity.
Investment Banking.
Dental Lab.
Quick–Lube Services.
Chapter 18 Engagement Process.
When Can an Engagement Include a Value Map?
Finding Good Clients.
Avoiding Problem Clients.
Marketing and Selling the Work.
The “Shake ′n′ Howdy” Visit.
Pricing the Engagement.
Engagement Letter 1.
Highlights of Engagement Letter 1.
Managing Expectations.
Engagement Letter 2.
Summary.
Chapter 19 Working With Clients.
A Few Words About Family Systems.
Processes.
How Not To Do It.
How (Else) Not To Do It.
Start At the Beginning.
Think Like a Buyer.
Planning the Engagement.
As the Process Unfolds.
Winding Up the Value–Mapping Process.
Summary.
Recommended Reading.
Chapter 20 IFRS, IVSC, and Value Maps.
Valuation Process Outside the United States.
Cost of Capital Outside the United States.
Gathering Data Outside the United States.
Summary.
Chapter 21 Epilogue: The Future for Value–Mapping Services.
The Future for Valuation Services.
Marketing Matters.
That Special Cadre Dedicated to Delivering Value to Clients.
Closing Words.
Table of Acronyms and Abbreviations.
About the Web Site.
Index.

Nota biograficzna:

WARREN D. MILLER, CFA, ASA, CPA, is a co founder of Beckmill Research LLC, a firm that specializes in valuations, mergers and acquisitions, strategy, litigation support, exit planning, and statistics–driven research. He has taught CPAs and other professionals in thirty states, Puerto Rico, and Canada. His work has been published in Harvard Business Review, Business Valuation Review, CFA Magazine, Strategic Finance, CPA Expert, Value Examiner, and American Fly Fisher. He and his wife, Beckmill cofounder Dorothy Beckert, live in Virginia′s breathtaking Shenandoah Valley.

Okładka tylna:
Praise for VALUE MAPS"Equivocator, Explorer, Experimenter, Exploiter, Extender—Chapter 12 might be well served as mandatory reading for all subject matter experts! SPARC is not a valuation, per se, but rather a separate consulting engagement that might interest a client—especially if that client is preparing for a sale or planning an exit strategy. Miller has taken the good ideas from five disciplines and married them with value enhancement, creating what could become a very good ′add–on′ consulting engagement. NACVA recommends, and looks forward to, further dialogue related to this new approach. This book will open your eyes to new opportunities."
—Parnell Black, MBA, CPA, CVA, Chief Executive Officer, National Association of Certified Valuation Analysts (NACVA)
"No one illuminates the murky intersection where business strategy and private company value creation meet better than Warren Miller. Now he′s focused his extensive professional training and real–world experience to produce this intellectually rich, yet down–to–earth and fun–to–read road map we can all use. Business owners and leaders, financial analysts, management consultants, wealth managers, CPAs, business brokers, private equity investors, business appraisers—no one should plan to increase the value of an enterprise without Value Maps in their passen ger seat."
—David Foster, CEO, Business Valuation Resources
"Private–equity analysts do not often come across scholarly and technical professional reading laced with laugh–out–loud moments! Yet this is exactly what one finds in Value Maps. Warren Miller′s advice stems from his career as a finance executive, a CPA, a valuation analyst, and a ′recovering academic.′ With pitch–perfect balance, Warren has created both a must–have professional reference guide and a best–practices road map designed to enhance the profitability of your client′s business and your own—all in a very readable style with just a ′spoon–full of sugar.′ Enjoy the read!"
—Gary M. Karlitz, ASA, CPA, Partner–in–Charge, Valuation Services, Forensic Services, and Forensic Accounting, Citrin Cooperman & Company, LLP
"Extremely readable, with numerous real–world examples—valuation specialists who don′t read this book will soon be looking for a new profession. Miller takes the term ′valuation′ to new levels, suggesting that appraisers can indeed add real value to their clients′ businesses. Clients should demand that a valuation professional read this book before he or she will be hired."
—Alfred M. King, Vice Chairman, Marshall & Stevens, Inc.