A Basic Guide for valuing a company part 5

Trong này có điều kiện "cứng nhắc", ví dụ trường hợp giả thuyết, người mua không thể trả nhiều hơn $ . Vì vậy, người bán có thể phải tìm kiếm một người mua mới hoàn toàn hoặc cơ cấu lại các điều kiện thanh toán như vậy mà "dư thừa" thu nhập, khi kết hợp với tài chính của mình, | 110 Valuation of a Restaurant Bank Ser. Charges 1 475 2 514 904 3 958 5 250 Contributions 590 300 710 1 521 2 000 Dues Subs. 255 1 239 625 1 510 2 000 Emp. Benefits 475 2 559 2 818 4 800 Equipment Rental 11 529 17 172 Utilities 17 164 25 261 32 442 33 215 45 000 Insurance 27 735 35 106 35 881 47 747 52 592 Linen Cleaning 547 671 968 816 1 050 Taxes Licenses 25 166 50 412 52 393 16 426 73 500 Prof. Fees 3 075 3 841 4 800 200 6 000 Miscellaneous 632 500 Office Expense 2 529 4 267 7 503 5 225 7 500 Contract Services 6 671 8 055 13 827 14 302 19 500 Rent 4 550 4 575 4 650 375 5 000 Repair Maint. 15 216 13 520 32 164 32 639 45 000 Supplies 18 062 33 585 41 931 26 352 37 500 Telephone 3 271 4 838 6 350 5 132 7 500 Trash Removal 2 364 3 415 3 992 3 284 4 500 Travel Ent. 2 006 1 595 452 4 091 5 000 Total Expenses 240 340 345 443 476 555 482 296 690 756 Recast Income 116 051 167 336 200 718 226 970 272 244 Recast Income as a Percent of Sales When income statements are set side by side and debt service depreciation and owner salaries removed the picture becomes quite clear as to how the infrastructure of operations really works. Debt leverage depreciation funny money and owner s salaries have little or nothing to do with operations per se and as we know by now owners camouflage their profits from being taxed on the bottom line. Thus reconstruction ofstate-ments lets us see performance as it really is. This restaurant business owned by two brothers is a fine example of a well-run operation. One brother is the chef and the other is the business manager. Note how clustered year to year are the percent gross profits and recast incomes. Sales increased between 1998 and 1999 37 between 1999 and 2000 and in nine months year-to-date in 2001 they have already exceeded all of 2000 s performance. In this light the million 2001 forecast is hard to doubt. Year Sales Increase 1998 540 555 1999 776 412 2000 1 063 993 2001 forecast 1 500 000

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