A Question of Values

摘要

Sooner or later, it crosses the mind of every entrepreneur: "What's my business really worth?" The real value is a mix of assets, revenue and potential, plus a measure of goodwill that puts a number on carefully cultivated relationships. So how do you get there? Whether a company is sold as a going concern or as a tuck-in, valuation will usually be based on a multiple of EBITDA (earnings before interest, tax, depreciation, and amortization) or on net value of assets. Generally speaking, a multiple of EBITDA will be the method for profitable businesses with net value of assets being the alternative for businesses that are not as profitable or that are rich in assets. Buyers like both methods to be comparable because if one is greater than the other the difference could raise questions about the viability of the deal. If net value of assets exceeds the value established by the multiple of EBITDA, the buyer may wonder whether the business will generate enough future profit to justify the purchase price. If multiple is ahead of net value of assets, accounting rules about goodwill (the difference between the purchase price and the fair market value of the net assets) may force a future write-down known as "impairment."