Chúng tôi đo lường điều kiện nội bộ của việc áp dụng tỷ lệ và các công cụ tài chính khác (một mức độ nào đó, chúng tôi đo lường do đó các lực lượng bên trong và bên ngoài). Một lần nữa, đây là một quá trình khoa học mà một trong đó là vắng mặt trong một số lượng lớn các bộ dụng cụ thẩm định bất động sản. | 20 Intangible Values to the discretions in the owner s operating philosophies. External conditions such as industry trends and general economic forces that influence operations may rarely be within the control of management see Chapter 4 . Thus both internal and external forces are the composition of intangibles relative cause. We measure internal conditions by the application of ratios and other financial tools to some degree we thus measure internal and external forces . Again this is a scientific process but one that is conspicuously absent in a large number of real estate appraiser s kits. The discussions could theoretically conclude at this point however we would be failing to recognize the entrepreneurial spirit afforded through closely held ownerships. We ve all heard the term niche. Only a few industries fade into oblivion they usually evolve into new or modified something or others. Recognizing and implementing combatant processes set some small-company owners apart as true entrepreneurs while others will just cry in their beer so to speak. The discretion of ownership affords opportunities of planning and navigating the maze common to smaller companies. This is to say that sailors of old and small-company owners of new could have navigated better with compasses or business plans. Unfortunately both were or are prone to navigate by the seat of their pants. On occasion we must give credit in assigning intangible values for the hook or niche that an entrepreneur has developed . . . but not too far beyond the extent of established cash flows. This has too frequently been the argument for valuations based on future earnings. It s okay to recognize the niche built by a retiring owner but one must balance this portending niche value in light of any displacements to success that may be caused by those retiring owners. What they have done is done but will it stay done when these owners leave their small businesses What can t be replicated in their wake falls out of
