Value Maps: Valuation Tools That Unlock Business Wealth PDF
Preview Value Maps: Valuation Tools That Unlock Business Wealth
E1FFIRS 04/13/2010 12:9:41 Page3 Value Maps VALUATION TOOLS THAT UNLOCK BUSINESS WEALTH Warren D. Miller CFA, ASA, CPA John Wiley & Sons, Inc. E1BINDEX 04/14/2010 19:4:2 Page380 E1FFIRS 04/13/2010 12:9:41 Page1 Value Maps E1FFIRS 04/13/2010 12:9:41 Page2 E1FFIRS 04/13/2010 12:9:41 Page3 Value Maps VALUATION TOOLS THAT UNLOCK BUSINESS WEALTH Warren D. Miller CFA, ASA, CPA John Wiley & Sons, Inc. E1FFIRS 04/13/2010 12:9:42 Page4 Copyright#2010byJohnWiley&Sons,Inc.Allrightsreserved. PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedin anyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,or otherwise,exceptaspermittedunderSection107or108ofthe1976UnitedStatesCopyright Act,withouteitherthepriorwrittenpermissionofthePublisher,orauthorizationthrough paymentoftheappropriateper-copyfeetotheCopyrightClearanceCenter,Inc.,222 RosewoodDrive,Danvers,MA01923,(978)750-8400,fax(978)646-8600,oronthewebat www.copyright.com.RequeststothePublisherforpermissionshouldbeaddressedtothe PermissionsDepartment,JohnWiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030, (201)748-6011,fax(201)748-6008,oronlineatwww.wiley.com/go/permissions. LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheir besteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespect totheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimany impliedwarrantiesofmerchantabilityorfitnessforaparticularpurpose.Nowarrantymaybe createdorextendedbysalesrepresentativesorwrittensalesmaterials.Theadviceand strategiescontainedhereinmaynotbesuitableforyoursituation.Youshouldconsultwitha professionalwhereappropriate.Neitherthepublishernorauthorshallbeliableforanyloss ofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental, consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnicalsupport,please contactourCustomerCareDepartmentwithintheUnitedStatesat(800)762-2974,outside theUnitedStatesat(317)572-3993orfax(317)572-4002. Wileyalsopublishesitsbooksinavarietyofelectronicformats.Somecontentthatappearsin printmaynotbeavailableinelectronicbooks.FormoreinformationaboutWileyproducts, visitourwebsiteatwww.wiley.com. LibraryofCongressCataloging-in-PublicationData: Miller,WarrenD.,1943- Valuemaps:valuationtoolsthatunlockbusinesswealth/WarrenD.Miller. p.cm. Includesindex. ISBN978-0-470-43756-8(cloth) 1. Businessenterprises–Valuation. 2. Corporations–Valuation. I. Title. HG4028.V3.M552010 0 658.155–dc22 2010004696 PrintedintheUnitedStatesofAmerica 10 9 8 7 6 5 4 3 2 1 E1FFIRS 04/13/2010 12:9:42 Page5 Tomybrideandlovingspouse,DorothyBeckert E1FFIRS 04/13/2010 12:9:42 Page6 E1FTOC 04/14/2010 18:57:33 Page7 Contents Preface xiii Acknowledgements xix AbouttheWebSite xxiii ListofAcronyms xxv PartI CORNERSTONES 1 Chapter I WhyaNewApproachIsNeeded 3 ValuationasCraft 5 TheStateofOurCraft 6 CauseandEffect:WhatandWhy 7 MultidisciplinaryToolsforAnalyzing ValueCreation 8 ParametersofValuation 10 WhatWeKnowaboutRisk 11 ComponentsofRisk 12 AFrameworkforUnsystematicRisk 13 UnlockingBusinessWealth 16 Summary 17 AdditionalReading 17 Chapter 2 ToolsfromStrategicManagement 19 History 19 Perspective 22 ValuationTools 22 StrategicIntent 23 GenericCompetitiveStrategies 26 Resources 29 CompetitiveAnalysis 32 vii
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