kinh doanh vẫn là nhiệm vụ rắc rối hơn. Chỉ đơn giản là không "vỗ" câu trả lời hoặc công thức. Cách của tôi không phải là đúng hay sai, và nhiệm vụ là không thực sự thực hiện dễ dàng hơn với kinh nghiệm. | Internal and External Forces 21 Cash flow position over and above that required to pay cost of doing business Growth development contingency and replacement reserve value Existing cash flow required to pay operating expenses including debt service a fair owner salary growth unexpected contingencies and replacement reserve Intangible value Hard-asset value EXAMPLE B Assumed Total Business Value 100 000 Existing cash flow required to service operation is leveraged by increased size of debt. Intangible value of B is greatly reduced if available cash flow is the same as in example Increased hard-asset value reduces intangible value and increases reserve requirement for contingency and replacement. If the profits in example B were substantially increased the rings might more resemble those presented in example A and total business value might increase proportionately. A lesser cash flow in example B might present little or no room for intangible value and might in fact present inadequate returns for more than a net asset sale or in other terms insufficient cash flow provided to appropriately cover the cost value of hard assets. Figure . High low hard-asset effect on intangible business value when the cash stream is equal. 22 Intangible Values business remains the more perplexing task. There simply is no pat answer or formula. My way is neither right nor wrong and the task is not really made easier with experience. If I have learned one common essential it is to exercise caution in assigning intangible value and throughout the whole process. There will always be reams of theory and flames of discussion because scientific formulas developed for intangible value can do no more than attempt to measure the art form of human enterprise. Please note that the charts reflect service and asset-intense businesses respectively. For purposes of demonstration both businesses are assumed to have equal value. Discovery of intangible values might arouse in some buyers and sellers the
