ĐÁNH GIÁ TÀI SẢN TIẾP CẬN Bởi vì cách tiếp cận tài sản không được công nhận lợi nhuận của một doanh nghiệp, đó là thường xuyên không phù hợp trong việc thẩm định của các công ty có lợi nhuận. | 242 Measuring and Managing Value in High-Tech Start-Ups capabilities costs and time needed to move the company out of the development stage and to maturation. The result uncertain goals lack of clear direction and little or no focus on future cash flows increase risk and decrease value. When continual planning is executed effectively the company s strategic strengths and weaknesses are regularly identified and assessed and with that comes evaluation of the company s ability to continue to operate on a stand-alone basis. Where strategic disadvantages exist or essential capabilities cannot be acquired the plan logically moves the company toward alternative strategies including sale to a strategic buyer merger or even liquidation to minimize losses. QUANTIFYING THE VALUE OF A START-UP COMPANY As emphasized in Chapter 2 to focus on value investors must be able to measure it so valuation should be an integral part of strategic planning. The valuation quantifies the risk and return consequences the change in value of each external and internal competitive factor. This process creates the roadmap for management to increase cash flows while minimizing risk to maximize shareholder value. In valuing a start-up the income and market approaches are typically used but there are often some variations to the traditional methodologies used. Two widely used valuation methodologies price-to-earnings P E multiples and the single-period capitalization are seldom appropriate in the appraisal of start-up companies particularly high-tech businesses. The development-stage company s income or cash flow if any is hardly ever representative of long-term potential and successful start-ups experience very rapid growth after which increased competition or new technology slows growth to a more normal rate. Neither the earnings multiple nor the capitalization process is able to accurately portray these anticipated changes in the growth. Thus there is usually good reason for investors to doubt .
