Câu hỏi đặt ra bây giờ trở thành ", giá có thể được thanh toán ban đầu như vậy mà người mua cụ thể này có thể mua theo các điều khoản được nêu trong đề nghị ban đầu mà vẫn không lo lắng về việc gián đoạn kinh doanh vượt quá năm thứ năm | 50 Valuation Techniques The question now becomes What price could be paid initially such that this specific buyer could purchase under the same terms outlined in the original proposal and still not worr y about business interruption beyond the fifth year Down Payment Amount Excess Earnings 5 years Bank Debt Seller-Financed Debt 50 000 60 000 35 000 amount that will exhaust principal completely by the end of the fifth year through payment of the same 1 485 monthly payment Purchase Price 71 537 216 537 In this conditionally rigid hypothetical case example the buyer could not pay more than 216 537. Thus the seller might have to seek a new buyer entirely or restructure payout conditions such that the excess earnings when coupled with his or her financing build up closer to the anticipated price . . . without a balloon. Let s take a look at what happens in a seven-year scenario under the same frozen parameters. Down Payment Amount Excess Earnings 7 years Bank Debt Seller-Financed Debt 50 000 84 000 35 000 amount that will exhaust principal completely by the end of the seventh year by paying the same 1 485 monthly payment Purchase Price 92 299 261 299 In both examples the buyer will have completely retired seller-financed debt but will have lost the use of 12 000 cash flow per year times five or seven years. When this goes down in purchase-and-sale agreements it usually shows up as additional annual principal payments which of course makes calculations of rates of returns mighty hard. And of course Book Value Method 51 sellers also have the option to structure sales under less permissive rates of returns than in our example. I elected to go through this rather strained example of business valuation because it is similar to what s being so frequently used by smallbusiness buyers and sellers directly. For basic practical reasons buyers just want to see whether they can survive the tariff asked of them by sellers. And after all when the deal is on the table we re not .