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Understanding the Largest Valuation Discount #12: Marketability Discounts – BV Standards & DLOM Conclusion

Posted in: Gift and Estate Matters, Marketability Discounts (DLOMs), Valuation and Valuation Theory|August 14, 2012

This post wraps up our discussion of the prevailing business valuation standards and the marketability discount with a summary list of things that the standards agree on.

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Understanding the Largest Valuation Discount #11: Marketability Discounts – BV Standards: Additional Factors in Developing DLOMs

Posted in: Gift and Estate Matters, Marketability Discounts (DLOMs), Valuation and Valuation Theory|August 13, 2012

The prevailing business valuation standards call for an in-depth analysis in the determination of marketability discounts.

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Understanding the Largest Valuation Discount #10: Marketability Discounts – BV Standards: Valuation Methods Under the Income Approach

Posted in: Gift and Estate Matters, Marketability Discounts (DLOMs), Valuation and Valuation Theory|August 10, 2012

Continuing on in our series on business valuation standards and marketability discounts, we discuss valuation methods under the income approach.

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Zynga and the High Cost of Concentrations (Watch Out Facebook?)

Posted in: Valuation and Valuation Theory, Value in the News|August 9, 2012

Concentrations can affect value. What does this mean for Zynga and Facebook?

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Understanding the Largest Valuation Discount #9: Marketability Discounts – BV Standards: Valuation Methods Under the Market Approach

Posted in: Gift and Estate Matters, Marketability Discounts (DLOMs), Valuation and Valuation Theory|August 9, 2012

We continue our discussion of business valuation standards as they related to marketability discounts with a discussion of valuation methods under the market approach.

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Understanding the Largest Valuation Discount #8: Marketability Discounts – BV Standards: Valuation Methods Under the Asset Approach

Posted in: Gift and Estate Matters, Marketability Discounts (DLOMs), Valuation and Valuation Theory|August 8, 2012

The standards suggest consideration of all three approaches when developing marketability discounts, including the asset approach. I am not aware of any traditional method for determining marketability discounts that fall under the asset approach. Nevertheless, the guidance of PG-2 suggests that we think about the applicability of the asset approach when valuing minority interests.

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Understanding the Largest Valuation Discount #7: An Introduction to Marketability Discounts and Business Valuation Standards

Posted in: Gift and Estate Matters, Marketability Discounts (DLOMs), Valuation and Valuation Theory|August 7, 2012

In this post, we introduce the standards of the major business valuation professional associations and then discuss how the standards define a marketability discount as well as the concept and application of discounts and premiums. We end this post with an introduction to the three basic valuation approaches: asset, market, and income.

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The Mystery of Facebook’s Number of Shares Outstanding

Posted in: Valuation and Valuation Theory, Value in the News|August 4, 2012

What is the number of shares outstanding of Facebook and why does it matter?

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Understanding the Largest Valuation Discount #6: The Market Approach to Developing Marketability Discounts

Posted in: Gift and Estate Matters, Marketability Discounts (DLOMs), Valuation and Valuation Theory|August 3, 2012

This post develops a conceptual overview of the market approach for developing the largest valuation discount, the marketability discount.

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Facebook’s First-Ever Public Earnings Release Underwhelming

Posted in: Valuation and Valuation Theory, Value in the News|August 1, 2012

Thursday afternoon (July 26th), Facebook released its earnings for the second quarter of 2012, and had an earnings call at 5pm that day.  Suffice it to say that the markets’ reception was one of disappointment. On Friday, Facebook shares dropped some 12% to $23.70 per share.  On Monday (July 30), the stock dropped further, closing […]

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Chris Mercer’s Latest Book

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Other Books of Interest

Integrated Theory, Second Edition
 

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Whether you are an accountant, auditor, financial planner, or attorney, Business Valuation: An Integrated Theory, Second Edition enables you to understand and correctly apply fundamental valuation concepts. Thoroughly revised and expanded, the Second Edition demystifies modern valuation theory, bringing together various valuation concepts to reveal a comprehensive picture of business valuation.

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The QMDM Companion 4.0
 

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The Quantitative Marketability Discount Model (QMDM) presents a practical model to assist business appraisers in developing, quantifying and defending marketability discounts under the income approach. The model allows you to quickly and easily quantify marketability discounts in the appraisal of minority business interests. The very latest version of the (QMDM) now includes a revised and expanded explanatory manual, delivered as a .zip file* electronically via email.

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About Chris Mercer

Chris Mercer is the CEO of Mercer Capital, a leading independent valuation firm. He has extensive experience in litigation engagements including statutory fair value cases and business damages and lost profits. He is also an expert in buy-sell agreement disputes.

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Disclaimer
The articles, tools, and other material provided on this site are for informational purposes only and are not intended to take the place of professional or legal advice from your accountants, lawyers, business consultants, or other advisors. Please contact your own advisors regarding your particular situation. The opinions expressed on this site are solely those of the author and not those of Mercer Capital.

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