Now in its third edition, Understanding Business Valuation, 3e provides a comprehensive treatment of business valuation basics and delivers practical applications for using business valuation theory in your practice. Topics include valuation standards, theory, approaches, methods, discount and capitalization rates, S corporation issues, and much more!
New to this edition:
Praise for the new third edition
“Gary Trugman has done it again. The third edition of his Understanding Business Valuation provides a wide-ranging and practical introduction to the field. What I like best about the book is that Trugman tells the reader what he thinks. And he does so in typical Trugman style—his humor shows through some of the thickest subject matter. And the book provides many practical examples and suggestions for a broad range of business valuation engagements. You’ll be glad this book is in your library.”
Z. Christopher Mercer, ASA, CFA
CEO
Mercer Capital
“Mr. Trugman’s third edition of Understanding Business Valuation is packed with useful information that is written in Mr. Trugman’s usual easy-going style. He presents difficult technical material in basic language that is actually fun to read. No easy task. However, that is one of Mr. Trugman’s talents, and it comes shining through here. In addition, he includes many examples that guide both the novice and experienced valuation analyst through the process, from the engagement letter to the report. Very well done.”
James R. Hitchner, CPA/ABV, ASA
Managing Director, The Financial Valuation Group
President, The Financial Consulting Group
Editor in Chief, Financial Valuation and Litigation Expert
056604
Here we go again.This time it’s the third edition. I really have to get a life. Oh, I forgot, business valuation is my life. Do you feel sorry for me yet? Well, since you don’t, and you probably bought this book, keep reading.
I said it the last two times, and I will say it again: This is just what we need, another book on business valuation. Years ago, there were only a limited number of books on this topic—mostly finance texts. Today, you cannot read everything that is being published unless you have no life. Oh gee, that’s me. Anyway, for those of you with a limited life, there are definitely some books on this topic that are worth reading. I can no longer list only two or three books that are my favorites because so many good books on this topic have been published over the last several years that the list has grown too much. I have included many references to these books throughout this edition, so you should have no problem figuring out which ones I like.
Okay, so why did I do this again, and what is new in this edition? I did it again because I find that there is still a need for this stuff to be explained in plain, uncomplicated English, in a manner that helps apply appraisal theory to real world practice. Please don’t get me wrong! I am not claiming to know everything. In fact, I am afraid of what I don’t know. But I also finally realize that there are things in this world we may never understand. As to the new stuff in this edition, I will tell you about it soon.
The purpose of this book is to provide some guidance on the theory, as well as on how to apply it in a meaningful fashion.Whether or not I’m successful is up to you. First, some basic ground rules:
With that stuff out of the way, please enjoy my attempt to explain what little I know about business valuation.
056604
