Any entrepreneur who contemplates buying or selling a business or who wonders what their company might be worth should read "What Every Business Owner Should Know About Valuing Their Business" by professional business valuation experts Stanley Feldman, Timothy Sullivan, and Roger Winsby.

Feldman, Sullivan, and Winsby tell us that most small businesses are too small to be sold for anything more than net asset value. We learn that of the 24.5 million businesses in the U.S., 17.1 million are owned by only one or two people and are often part-time endeavors operated from home.

These ultra-small businesses typically have zero value as a going concern, because they are often highly dependent upon the owner's labor and they have limited income potential. These ultra-small businesses have little "goodwill" value beyond the value of their net assets.

Small businesses with several employees and an established client base often have value as a going concern. These companies often sell for more than net asset value. The amount paid above the net asset value is called "goodwill."

Because buying or selling a company is probably the biggest financial decision you'll ever make, you should understand the valuation process and consider utilizing the assistance of professional business appraisers. The authors tell us that professional business appraisal is costly, often ranging from $5,000 to $25,000 to appraise a company.

Using several case studies, Feldman, Sullivan, and Winsby discuss the main business valuation methods used today, including:

1) Valuation based upon earnings, which typically involves adjusting reported earnings appropriately and determining a proper industry-specific multiple of earnings for which the business should sell. Often, "similar" businesses are examined to see the valuations given to those companies.

2) Valuation based upon revenue, which usually involves determining an appropriate number that is multiplied by the company's revenue to determine company value.

3) Valuation based upon discounted cash flow, which involves estimating the future stream of free cash flow the business is expected to provide and then discounting this stream of cash flow to the present. Sometimes, the basic discounted cash flow calculation is further adjusted to allow for a small company's lack of liquidity or other factors.

Feldman, Sullivan, and Winsby write: "There is a growing consensus among professional valuation experts that the discounted cash flow method produces the most accurate valuation results for an ongoing, established business if there are no current transactions of very comparable businesses."

"What Every Business Owner Should Know About Valuing Their Business" shows the valuation of several specific businesses, including an insurance agency, an environmental consulting business, a law firm, and a metal fabrication company.

Each case study provides a current tax return for the business (one company is a C-corporation; two are S-corporations; and one is a partnership), and each company valuation demonstrates several aspects about the valuation of different types of businesses.

For example, for O'Toole Insurance Agency, we learn several things:

1) An important part of valuation is convincing the other party that there is a reasonableness to your valuation.

2) Large expenses can be incurred in valuing a business and preparing it for a sale. In one failed transaction, the buyer and seller collectively spent $44,880 in accounting, appraisal, and legal fees, and, in the end, the deal fell through.

3) Sometimes, it's important to separate different parts of a company for valuation purposes. O'Toole Insurance Agency owned its building and rented space to other occupants. If the potential buyer only wished to purchase the insurance business, the insurance business would need to be separately valued from the property and rental business. Also, because the new agency, sans building ownership, would need to pay rent, the insurance company earnings would need to be lowered by the new rental expense.

4) Discretionary expenses and "missing" expenses must be examined, and adjustments might need to be made to reported earnings when valuing the company. Feldman, Sullivan, and Winsby point out that many business owners incorporate discretionary expenses into their business in an attempt to lower taxation. These expenses reduce taxable income, but can be eliminated without compromising the earnings power of the company. (Some buyers might be willing to accept that the true earnings of the company are higher than taxable earnings due to these discretionary expenses, thus increasing the true value of the business.)

Feldman, Sullivan, and Winsby include a solid chapter about maximizing the value of a business. The authors say business owners planning for the sale of their businesses must start thinking less about minimizing taxes and more about maximizing company value. Over a period of several years, owners should prepare for the eventual sale of their company by making their operations more transparent and disentangling personal expenses from business expenses.

Suppose, for example, an entrepreneur incorporates $30,000 in discretionary expenses in his business, including expensive club memberships, that really aren't necessary business expenses. Assume these "expenses" generate little or no added sales and don't really help customer retention nor benefit non-owner employees. If the business sells for eight times earnings and we use the taxable earnings for valuation, this $30,000 in discretionary expenses will reduce the company valuation by $240,000.

Feldman, Sullivan, and Winsby write: "A dollar saved on taxes can cost $$$ in lost value."

The authors also discuss the possibility that expenses the owner claims are "discretionary" are, in fact, necessary. For example, the club memberships may be crucial to meeting potential clients. The authors tell us that a new owner who does less networking might need to increase advertising expense appropriately. And, thus, it's useful to examine the advertising expenses of similar companies.

"What Every Business Owner Should Know About Valuing Their Business" discusses other "life business events" such as divorce, death, transition planning, and portfolio diversification. There is also an excellent discussion of the different types of business structures, such as S-corporations and C-corporations.

Overall, I highly recommend "What Every Business Owner Should Know About Valuing Their Business" to entrepreneurs buying or selling a business.

Peter Hupalo, Author of "How To Start And Run Your Own Corporation: S-Corporations For Small Business Owners"

I found this book to be logical and informative about many matters that I've had trouble getting good information about. We small business people may often find ourselves going it alone, wandering about in the wilderness, so to speak.

This book offers education and guidance about matters very relevant to the management of one's business in order to make it more profitable and ultimately more valuable at the time of sale. The ramifications of various decisions about what to include as tax deductible necessities are spelled out. I recognized how many times my desire to minimize my taxes had driven my decisions rather than looking at the larger picture--my need for an adequate retirement income. This is an even bigger issue for someone who hopes to ultimately sell their business to fund their retirement than for me as a professional practitioner.

I especially liked the fact that the authors explained the various methods of business valuation and their underlying assumptions. They spelled out the pros and cons of each so that they could be selected for appropriateness as well as weighted if they were all combined to provide a ballpark figure.

The examples were detailed, varied, and interesting. They seemed very realistic. They were effective at illustrating various points the authors wished to make. While this book is targeted more to owners and sellers, it would be very beneficial for any potential business buyers to read. It makes clear many areas to be probed so that there are not unpleasant surprises later on.

... The book is quite inexpensive and the valuation service, although it sounds expensive at ... is inexpensive and fast compared to any other alternatives. The ways in which the information the valuation process yields can be used are amply demonstrated in the various examples. The authors are also available for consultation as part of the package and there are options to tailor services to meet a specific legal need.

This book has the potential to save a business owner a tremendous amount of money if he or she plans to maximize the value of their business for 3-5 years prior to a projected sale, rather than manage their business in their usual way. It's a great resource to help business owners (and/or their families)prepare for transitions! Buy it and read it if you are a small business owner now or are considering becoming one!

I just picked up a copy of this book because I needed to know the value of a family business. I thought I could just pick a formula and presto that would be the number. After reading this book, and going over the case studies, I now know differently. There is a lot more involved than randomly assigning a value to your company. And this book showed me how. Its straight forward approach and readability will now let me see what I need to do in order to maximize the value of the company. Thanks for the tips!

I actually used Jacquelyn's prior book, Smokenders, but I assume this one is even better. I was hopelessly addicted to 1 pack a day and had no luck quitting despite many serious attempts. After failing with both gum and hynosis, I discovered this book and it worked! My failures left me thinking that I might not have the will to *ever* beat smoking. Amazingly, and I still can't explain exactly what happened, after reading half the book and doing the exercises, I believed I could quit smoking, and did! Since then I have purchased the book for people in my life who express a desire to stop smoking. One of the things I liked most about the book is it never instructed me to put down the cigarettes. In fact, I read half the book with cigarette in hand until something clicked upstairs and I could let them go.

This book works...!

I love this book; it was the catalyst to my quit. It's written for smokers - it never preaches - just gently takes you down the path to achieving the goal of being a non-smoker. You have to "work the program", but it's fun - and, if you do all the exercises etc. - you will feel you finally have power over your smoking. She gives you the tools to see you though too. I've bought several copies of this book to give away to smokers who might be considering quitting - this book will help make up anybodys mind if they are afraid of quitting.

Hey it's easy to quit smoking-I know-I've done it a hundred times. Such was my life untill I read Roger's book 20 years ago and have been habit free since. It is by far the very best book on the subject that I have ever read and I've read a bunch. I've just re-read recently and the info is timlessly effective in 2001. I keep several copies on hand to give to all my smoke-struggling friends.

I've read several of the books that are often suggested as introductions to Reformed thought. This is the first one that doesn't focus on Calvinistic soteriology to the exclusion of other equally (or perhaps more) important aspects of the Reformed view of what Scripture teaches. My only real quibble is that the title ought to be Back to Intermediates, because there are more foundational doctrines than these - but all Protestants agree about those.

The book is divided into four sections, each written by a different author:

Doug Wilson contributes the chapters on salvation. He very able covers justification and predestination. Doug Jones contributes the section on covenantal theology. Covenant theology is the true heart of the Reformed viewpoint. These few chapters ably lay out the scriptural basis for it and explore the implications of it. A third section concerns the church, including its nature, the sacraments, and church discipline. This is the weakest section of the book, but still adequate for the overall purpose. Particularly, one wishes that more time would have been spent on the nature of worship and on the place of the sacraments in the corporate life of the church. Finally, Hagopian himself handles the section on the Christian life, which is mostly a theology of sanctification. This is perhaps the most immediately practical of the sections.

Each chapter ends with a dozen or so review questions. We are considering using this book in a Sunday school class, so that is a very definite plus. Any criticism that could be leveled against the book would be on the basis that it could have treated a subject more thoroughly, but doing so would have necessitated expanding the book beyond its purpose.

This book is responsible for introducing me to the Reformed faith. For years I had been told of the "evils" of Calvin and his twisting of God's character... afterall, he's a lawyer... and who can trust those guys? But what I found shocked me! The reformed faith actually made sense (go figure...)and had no semblence to the caricature the critics like to draw of it.

I was going through a rough time in my faith and I decided to re-examine things I had been taught in church when I stumbled on this little gem of a book. This book was the stepping stone to my discovering the Reformed faith and gave me a firm foundation that had never been built in my life. I continue to return to my copy from time to time for its concise examples, thoroughness and extremely readable style... my paperback edition is extremely dog-eared.

If you are interested in testing the waters of historical, evangelical Pretestantism, I heartily recommend this book as a launching point.

I read Sproul's Grace Unknown, and while it may be a good basic introduction this book is far superior. The writing is good enough to communicate deep issues of theology to those without much exposure, as well as thorough enough to satisfy those who have put much time and thought into understanging God's character. Douglas Wilson writes the section on Conversion and if you have never read anything from this man, please do so quickly. He is always two or three steps ahead of most of the writers you would recognize and respect in terms of his originality and thoughtfulness.

In all my research for my comedy, "A Visit From Voltaire," (amazon.co.uk) this was the obvious first source, BUT I have to add that I only understood it best after knowing what role it played in the political mayhem of his life fighting "infame," and only after I knew more about his social/irreligious context, did I really "get" what he was doing in Candide in order to incorporate it into my fantasy of his 21st century return. I'd send light readers to "Voltaire in Love," and wannabe scholars to the Portable Voltaire and whatever basic biographic texts they can find--my shelf is full of out-of-print biographies and eventually I lived at the Musee Voltaire in Geneva to really befriend him--the result was a book and great happiness in knowing this brilliant, mercurial mind!
Dinah Lee Küng

In a list of my six favorite books for "The Week" magazine, I wrote: "Whenever all seems lost, I pick up this 1759 tale of eternally optimistic yet misfortune-prone Candide's efforts to reunite with his true love. His ability to persevere in the face of mind-numbing self-delusion is awesome."

Where else can one read the narration of an optimist who looses his friends to death, escapes the European mainland, discovers utopia, returns to the mainland, and reunites with friends who were believed to be dead, while infused with the philosophical and political wit of Voltaire? Fabulous example of satire and genius.

Blackwell and Stephan apply their considerable experience in buying behavior to the reality of the last several years and find most e-commerce endeavors wanting. Their message is simple: focus on providing a smooth, trouble free experience end to end and you will be far ahead of the pack. Sounds simple, and it isn't. Implementing this concept takes serious capital and serious experience.

This book is a good read for B2C companies online and offline. Its treatment of B2B is thin, and not really worth digging out. It already feels a bit dated, but it is still an absolute "must read" for retailers.

Roger Blackwell's Customers Rule! tells why the e-commerce business thrill is over, and how adaptable business structures may take advantage of these changes in customer buying habits. The Internet has proven to be not a revolutionary retail changer but an adjunct to traditional retail marketing approaches, and this explains how companies may profit from changes, using case history analyses to pinpoint blended strategies which work.

The title, though provocative and tantalizing, is accurate.Authors Blackwell and Stephan are unabashed celebrities of the art and science of consumer behavior. It is no surprise whatsoever that the arguments and conclusions in the book are academically sound, intuitively resonant and empirically valid. It is no coincidence, either, that the style is personal, engaging and authoritative without being authoritarian. The resarch shows; practical current examples are used to cut through media hype and Wall Street analysts' obsession with trendy, flashy technology. Jump on the train, they say: the next e-business train leaving the station- all of them will take you to profits and increased market caps. WRONG! The book asks the difficult questions: Does the e-business integrate with the bricks and mortar reality of creating value for the customer? Does it make for a delightful experience? Does it make the customer want to keep coming back again and again? All this is necessary, but not sufficient. Does your e-business strategy create profit? Can this profit stream be sustained? Does it complement your current channels of supply chain management and does it lead you towards trhe new world of demand chain management? Does your strategy differentiate you from your competition? Can you sustain your advantage? The authors are technology savvy, but not mesmerized by it. The book offers insights into what strategies will work and which ones will fail and why. I recommend this book to MBA students everywhere. It is a survival handbook. Business persons will find the book practical and relevant.It will save them a lot of grief. The authors have their feet planted firmly in reality. They remind us: " e-business is no substitute for knowing what works in business and why." I learnt from this book and am giving copies to my colleague business profesors.

While cleaning out a closet full of books at the community center where I serve as its Educational Director, this book falls off of the shelf. It has been the most enlightening book I have ever read! The previous reviewers have spoken ever so eloquently, I will simply say, given the psuedo-intellectual, "we have overcome" times we live in, J.A. Rogers' work should be manditory reading for all. At home and abroad. This book keeps it "real.

This is historically the best book I've read since, "Sister outsider". In only 129 pages you will find the history of the world. Historians will truly enjoy this witty and humorous text. It reminds one of the teachings of Fanon. What I would like to know, if anyone can answer this question for me. Who is the M. Finot that J.A. Rogers often quotes in the book? Thanks Sincerely.Jm

A WORD OF PRAISE IS DEFINITELY IN ORDER FOR THE FINE AND IN DEPTH INFORMATION TRANSCENDED BY M. RODGERS. I WOULD PERSONALLY ENDORSE "FROM SUPERMAN TO MAN" A MUST READ FOR ALL RACES AND GENDER. THANKS J. A. RODGERS FOR THE NARRATION...

This is the epitomy of Classic Batman. The story arcs are beyond reproach, even if the dialogue and expositionary blurbs are melodramatic and farcical by today's standards. If you grew up a fan of Batman: The Animated Series, you'll recognize this as the archetype for what that series became. The artwork, at most times, is the epitomy of the era. These days comics are more artistic and design-oriented, while these remain rather straight-forward. As such, they are the standard by which all other comics of the era, from the 70's through the mid-90's, should be measured.

This collection of Batman tales remains one of the most engaging, fun, and brilliantly wrought sagas of the Detective's long and storied history. Steve Engleheart pens a classic with the Joker fish, and Silver St.Clair stands as one of the more memorable and alluring love interests that the Batman has had over the years. However, as has been said before (yet cannot be emphasized enough) the real attraction here is the artwork, which (sadly enough) marked the pinnacle of Marshall Rogers' career, and remains one of "the" definitive renditions of the character (alongside such luminaries as Neal Adams, Jose Luis Garcia Lopez, Alan Davis, and Dave Mazzuchelli- look for their work). Ably abetted by Terry Austin in the height of his prowess (see Essential X-Men vol.2 for more of his very best work with joltin' Johnny Byrne), the Batman as presented in this collection is truly awe-inspiring and larger than life. Or, in other words- THIS BOOK IS BEAUTIFUL! An "art-fan's" delight. Not only that, if you are looking for "classic" Batman- the gentleman detective-cum-player, the swingin' bachelor with a keen intellect and a penchant for fisticuffs, well, you can't go wrong with this one. Top drawer, people, top drawer.

It was a dark and stormy night. (or should that be Knight?) "It's Joker weather," says Commissioner Gordon. "True Commissioner," says Chief O'Hara, "But it's also tailor made for him!" The Batman is a character who needs lots of atmosphere. Darkness, rain, lightning, tall dark buildings, smoking gangsters, skinny trees bereft of leaves, all this and more fill the very affordable paperback collection of some of the best Batman stories ever produced. BATMAN: STRANGE APPARITIONS collects the beautifully drawn and superbly written DETECTIVE COMICS 469-476 and 478, 479 from 1977-1978. Some have called these issues "the definitive Batman." It was these stories that got the ball rolling on making a big budget and serious Batman movie and you can definitely see that many of the ideas from that movie came from these stories.

These pages are alive with atmosphere! Artist Marshall Rogers' panels literally drip down the page and capes slither behind the storyboards. Rogers sometimes lets the design of his panels tell the story as much as the art within them. When characters talk on the phone the panel's edges are drawn like phone cords. Sometimes panels rest on top of full-page illustrations that most artists would weep before covering up. Rogers is teamed for the most part with the incredibly talented inker Terry Austin. Together they provide pictures that are at once moody and sharp and exquisitely defined. When Batman menaces a thug you believe it. When Bruce Wayne has a nightmare you feel it. This artwork is a joy to look at and if the story were rotten it would still be worth buying this collection just to see the Batman look like the Batman should!

As the tale begins, Bruce Wayne has given up living at Wayne manor and he and his loyal butler, Alfred, have moved to a luxurious penthouse in the heart of Gotham. This makes it easier for the Batman to prowl the night. The first two issues, drawn by Walt Simonson (later of THOR fame) before Rogers came on board, sets the stage for what is to come. Bruce Wayne meets the beautiful and intriguing Silver St. Cloud and falls head over heels for her. But their romance is interrupted when a scheming white collar criminal, who has been turned to phosphorus (which burns on contact with air he loves to scream), decides to take revenge on the city that he believes is responsible for his fate. Dr Phosphorus contacts the corrupt city official "Boss" Rupert Thorne and agrees to spare his life if he will get the Batman off his back. Though Batman defeats Phos (of course) Boss Thorne continues to use his political power to undermine the Batman through the rest of the novel.

Hugo Strange, a great character who appeared long ago in BATMAN #1, is brought back from the 1940's. Strange has a hospital for the rich needing privacy that is actually a place where he drugs and mutates and blackmails them into doing his bidding. It isn't long before he captures millionaire playboy Bruce Wayne and (gasp!) learns that he is really Batman. Hugo Strange is an interesting character who seems to admire the Batman as his only equal. "Truly a life of genius is a lonely one," he says. Strange is killed by Boss Thorne, but don't count him out! He is the "strange apparition" the book is named after. He haunts Boss Thorne all through the book and even helps the Batman out a time or two.

Next, the Batman faces off against the Penguin and another character from the golden age of comics, albeit retooled for the 70's Deadshot. All the while he dodges the machinations of Boss Thorne and as Bruce Wayne falls deeper and deeper in love with Silver St. Cloud, who by this time has discovered that he is Batman. After all, she "has spent many nights studying his chin." The bittersweet romance between St. Cloud and Wayne is so thick you can taste it, and for the reader extremely satisfying. It is rare to see the Batman obsessing over a woman as he flits through the darkened Gotham streets, but that is what he does. But he has little time for mooning because his next opponent is the maniacal Joker.

"My world goes CRAZY sometimes," thinks Batman as he considers all the things that are piling up on top of him at the beginning of "The Laughing Fish." The Joker has another insane plan and is on a killing spree. There are some beautiful scenes between the two archenemies and the Joker is portrayed as delightfully chilling and insane. His laugh is described as "raining down like ice cubes." The two Joker issues are my personal favorite Joker stories. He is deadly, evil, menacing and doggonnit FUNNY! The Joker never takes himself too seriously - except when he does. And if you don't know which way he is taking himself at the moment - he'll kill you. You gotta love a guy like that (from a DISTANCE!)
The plot lines of Silver St Cloud, Boss Thorne, Hugo Strange and The Joker all come to conclusions, but I won't spoil them for you.

The paperback ends with a pair of stories featuring a new Clayface, written by Len Wein and continuing with the beautiful art of Marshall Rogers. Clayface is a somewhat tragic figure who is in love with a wax dummy. Wein does a good job conveying this and keeping it sad rather than comic.

STRANGE APPARITIONS features an all-new cover illustration by Marshall Rogers and Terry Austin and a foreword by Steve Englehart? It is attractive and easy to read without cracking the spine. It gives you 10 classic comics for thirteen bucks - such a deal! And Like any good compilation, this one ends too soon and leaves you begging for more. Unfortunately that more will have to come from back issue bins - at least until someone decides to collect Englehart's Justice League America!

Highest Possible Recommendation!

A can't be put down adventure through the history of property in the deep south. This novel offers the reader a true to life view of how property was transferred or taken from the poor. The story is very well written for a first time author and is as entertaining as informative. A must read book

I particularly enjoyed the author's extensive knowledge of his multiple subjects--the oil and gas business, title law and the historical period. Sounds dull? It's not! The characters are well-crafted and the locales interesting and well-drawn. Rogers does a great job of making an exciting story that doesn't collapse or bog down under the weight of technicalities. I lent my copy to two friends, a retired title lawyer and an oil and gas geologist from Texas. Both raved and purchased several copies each to give as gifts.
Hope Mr. Rogers is already at work on another book.

From beginning to end, this book had me on the edge of my seat. It is extremely well-written and obviously reflects an amazing amount of extensive research. It's a wonderful novel and well worth the read! I can't wait for the movie!

Anyone thinking of owning a boa constrictor must read this book. I foster abandoned boas and this book would save the snake and future owners lots of trauma. Buy it now!

If you could only buy one book on Boa Constrictors, this would be it. I had the first printing of this title, and just got the updated version- definitely an improvement. The book details all aspects of their care and breeding, and gives you the hard facts of owning these large beautiful creatures. You will not find redundant or conflicting information unlike some other boa books. Even if you are only considering getting a red tail, do yourself a favor and read this book to find out what you're getting yourself into. I also recommend the books "What's wrong with my Snake?" and "Understanding Reptile Parasites" if you own or are thinking of owning a boa.

I had owned a copy of the original version of this book, and I have to say that this updated edition is even better. It's got some great information about breeding, disease and care that goes far beyond what the original contained, making it even more valuable than before. Like probably almost everyone else says, if you're only going to buy one book regarding the proper husbandry of boa constrictors, this is the book you should buy. It's so reasonably priced, there's no excuse not to.

I liked this book. I think it was entertaing and cute. P.J. Funnnybunny's mother, father, and his many brothers and sister all call him a bad bunny. So P.J. thinks he knows what a bad bunny is. But P.J. and his family have to spend a day with little cousin Binky before they understand how a bad bunny can be! Kids will root for P.J. as they follow the bright and funny story to it's ending. I think this is a perfect book for all readers. Kids will want to read it again and again.

I liked this book. P.J. Funnybunny's mother, father and his many sisters and brothers all call him a bad bunny. So P.J. thinks he knows what a bad bunny is. But P.J. and his family- have to spend a day with little cousin Binky before they understand how a bad bunny can be! Beginning readers will root for P.J. as they follow the bright, lively illustrations and funny story to its delightful ending. The simplicity of the text, the illistrations, and the concepts makes this a perfect book for all readers. Children will want to read it a again and again!

This was a favorite bedtime story for my son and me. It really helped us to keep a good attitude about what might have gone wrong that day. It helped me to keep my sanity and laugh about the little mistakes my own "very bad bunny" might have made. I have been searching high and low for additional copies to share with other mothers of young boys. Thanks, Marilyn and Roger, for sharing!