Khám phá các giá trị vô hình có thể khơi dậy trong một số người mua và người bán, những lời của John Powell, SJ, tác giả sách bán chạy nhất Tại sao tôi sợ để cho bạn biết Tôi Là ai? "Nhưng nếu tôi nói cho bạn biết tôi là ai, bạn có thể không | 114 Valuation of a Restaurant This particular version of a hybrid method tends to place 40 of business value in book values. However before we finalize the assignment we need to reconcile the gray area in the 1-2-3 asset risk elements above. Assets are high and risk seems low to medium due to the stability of cash flow in three previous years and the availability of a large amount of cash. Experience in working with this instrument teaches one not to be too bold in assigning multipliers. For the convenience of readers I have a saying in my firm that goes Only God gets a multiplier of much in excess of 5 and I ve never been asked by him or her. The key to reducing labor hours in the assignment is to be conservative in determining multipliers. Weighted Cash Streams Prior to completing this and the excess earnings method we must reconcile how we are going to treat earnings to ensure that we have a single stream of cash to use for reconstructed net income. I prefer the weighted average technique as follows a Assigned Weight Weighted Product 1998 116 051 1 116 051 1999 167 336 2 334 672 2000 200 718 3 602 154 2001 272 244 4 1 088 976 Totals 10 2 141 853 Divided by 10 Weighted Average Reconstructed 214 185 Eyeballing column a we can conclude that the weighted average reconstructed income seems reasonably fair on the surface the weighted is slightly higher than the completed 2000 but based on the track record may be somewhat inappropriate because the restaurant completed 226 970 during the first nine months of 2001. Furthermore there is no compelling evidence that this operation could not complete the 2001 forecast of 272 224. At this stage we need to be conservative because the formula will get us up to par in the end. However I have a leg up on you through experience thus I m going to arbitrarily start with 250 000 in spite of what I ve calculated as the weighted average cash flow. The Valuation Exercise 115 Book Value at 6 30 01 203 392 Add Appreciation in Assets 464 .
