khi phí bảo hiểm cho kích thước và các yếu tố công ty có nguy cơ cụ thể (xấp xỉ số học có nghĩa là trả lại cho các cổ phiếu nắp lớn) lần thứ X của decile phí bảo hiểm từ cổ phiếu, trái phiếu Ibbotson của, tín phiếu và lạm phát ® | 15 Measuring and Managing Value in High-Tech Start-Ups Few investors have emerged unscathed from the Internet roller coaster. Yet the ride can be even scarier for shareholders and managers in nonpublic high-tech start-ups where the stock price is unknown. For this reason progressive owners make business valuation the centerpiece of rigorous annual strategic planning. At a minimum an independent appraisal is a useful tool for obtaining financing. Most start-ups must obtain capital to fund ongoing growth. Potential investors will likely give more credence to a company seeking financing with an independent valuation in hand. Given a start-up s early-stage position often requiring capital it may seem counterintuitive to think about gifting shares. However this early stage may be the best time to do so in conjunction with the owner s estate planning. The confident entrepreneur will give strong consideration to gifting shares at a start-up phase in anticipation that value will increase in later years. A valuation in connection with the gifting of shares is required by the IRS and the The authors gratefully acknowledge the contributions to this chapter made by Chris M. Mellen ASA MCBA of Delphi Valuation Advisors Inc. American Business Appraisers Boston Massachusetts . 235 236 Measuring and Managing Value in High-Tech Start-Ups gifting of shares at a start-up phase is likely to have the least amount of tax consequences. Perhaps the most typical trigger for a valuation is in conjunction with employee stock options as a form of incentive compensation. A start-up company may lack adequate capital to pay competitive wages to potential employees. Stock options are often the most effective tool used to attract qualified and skilled personnel who may be drawn to the company in hopes of an initial public offering at some point in the future. A valuation of the start-up company s stock is fundamental to properly estimating the fair market value of the .
