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Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 11Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Buying an Existing Business
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 22Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Buying a BusinessBuying a Business
Average business acquisition Average business acquisition requires 19 months from starting requires 19 months from starting the search to closing the deal the search to closing the deal
Important questions:Important questions: Does the business meet your Does the business meet your
lifestyle and financial expectations?lifestyle and financial expectations? Do you have the ability to operate Do you have the ability to operate
the business successfully? the business successfully?
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 33Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Buying a BusinessBuying a Business
AdvantagesAdvantages Business may continue to be Business may continue to be
successfulsuccessful Leverage the experience of previous Leverage the experience of previous
ownerowner ““Turn key” businessTurn key” business Superior locationSuperior location Employees and suppliers in placeEmployees and suppliers in place
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 44Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Buying a BusinessBuying a Business
Advantages:Advantages: Equipment installed Equipment installed Inventory in place Inventory in place Trade credit establishedTrade credit established Easier access to financingEasier access to financing High valueHigh value
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 55Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Buying a BusinessBuying a Business
Disadvantages:Disadvantages: Cash requirementsCash requirements Business is losing moneyBusiness is losing money Paying for “ill will”Paying for “ill will” Unsuitable Employees Unsuitable Employees Unsatisfactory location Unsatisfactory location
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 66Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Buying a BusinessBuying a Business
Disadvantages:Disadvantages: Obsolete equipment and facilitiesObsolete equipment and facilities Change and innovation challengesChange and innovation challenges Obsolete inventoryObsolete inventory Value of accounts receivableValue of accounts receivable
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 77Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Valuing Accounts Valuing Accounts ReceivableReceivable
Age of Accounts
(days)
Amount
Probability of Collection
Value
0-3031-6061-90
91-120121-150
151+
Total
$40,000$25,000$14,000$10,000$7,000$5,000
$101,000
.95
.88
.70
.40
.25
.10
$38,000$22,000$9,800$4,000$1,750$500
$76,050
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 88Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Buying a BusinessBuying a Business
DisadvantagesDisadvantages Obsolete equipment and facilitiesObsolete equipment and facilities Change and innovation challengesChange and innovation challenges Obsolete inventoryObsolete inventory Value of accounts receivableValue of accounts receivable Business may be overpricedBusiness may be overpriced
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 99Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
How to Buy a BusinessHow to Buy a Business
Analyze your skills, abilities, Analyze your skills, abilities, and interestsand interests
Develop a list of criteriaDevelop a list of criteria Prepare a list of potential Prepare a list of potential
candidates candidates Remember the hidden market of Remember the hidden market of
companies that may be for sale companies that may be for sale but are not listed as “for sale”but are not listed as “for sale”
Rays Market
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 1010Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
How to Buy a BusinessHow to Buy a Business
Investigate and evaluate Investigate and evaluate candidate businesses candidate businesses and select the best oneand select the best one
Negotiate the dealNegotiate the deal Explore financing optionsExplore financing options Ensure a smooth Ensure a smooth
transitiontransition
Ray’s Market
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 1111Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Five Critical Areas for Five Critical Areas for Analyzing an Existing Analyzing an Existing BusinessBusiness
1.1. Why does the owner want to sell...the Why does the owner want to sell...the realreal reason?reason?
2.2. What is the physical condition of the What is the physical condition of the business and its assets?business and its assets?
3.3. What is the market potential for the What is the market potential for the company's products or services?company's products or services?
Customer characteristics and compositionCustomer characteristics and composition Competitor analysisCompetitor analysis
4.4. What legal aspects must I consider?What legal aspects must I consider?
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 1212Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
The Legal Aspects ofThe Legal Aspects ofBuying a BusinessBuying a Business
Lien - creditors’ claims against Lien - creditors’ claims against an assetan asset
Bulk transfer - protects Bulk transfer - protects business buyer from the business buyer from the claims unpaid creditors might claims unpaid creditors might have against a company’s have against a company’s assetsassets
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 1313Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Bulk TransferBulk Transfer
Seller must give the buyer a sworn list of Seller must give the buyer a sworn list of creditorscreditors
Buyer and seller must prepare a list of the Buyer and seller must prepare a list of the property included in the saleproperty included in the sale
Buyer must keep the list of creditors and Buyer must keep the list of creditors and property for six monthsproperty for six months
Buyer must give notice of the sale to each Buyer must give notice of the sale to each creditor at least ten days before he takes creditor at least ten days before he takes possession of the goods or pays for them possession of the goods or pays for them (whichever is first)(whichever is first)
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 1414Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
The Legal Aspects of The Legal Aspects of Buying a BusinessBuying a Business
Contract assignment - buyer’s Contract assignment - buyer’s ability to assume rights under ability to assume rights under seller’s existing contractsseller’s existing contracts
Lien - creditors’ claims against an Lien - creditors’ claims against an assetasset
Bulk transfer - protects business Bulk transfer - protects business buyer from the claims unpaid buyer from the claims unpaid creditors might have against a creditors might have against a company’s assetscompany’s assets
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 1515Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Covenant not to compete Covenant not to compete (restrictive covenant) - contract in (restrictive covenant) - contract in which a business seller agrees not which a business seller agrees not to compete with the buyer within a to compete with the buyer within a specific time and geographic areaspecific time and geographic area
Ongoing legal liabilities - physical Ongoing legal liabilities - physical premises, product liability, and premises, product liability, and labor relationslabor relations
The Legal Aspects of The Legal Aspects of Buying a BusinessBuying a Business
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 1616Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Five Critical Areas for Five Critical Areas for Analyzing an Existing Analyzing an Existing BusinessBusiness
1.1. Why does the owner want to sell...the Why does the owner want to sell...the realreal reason?reason?
2.2. What is the physical condition of the What is the physical condition of the business and its assets?business and its assets?
3.3. What is the market potential for the What is the market potential for the company's products or services?company's products or services?
Customer characteristics and compositionCustomer characteristics and composition Competitor analysisCompetitor analysis
4.4. What legal aspects must I consider?What legal aspects must I consider?
5.5. Is the business financially sound? Is the business financially sound?
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 1717Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Determining the Value of a Determining the Value of a BusinessBusiness
Balance Sheet Technique Balance Sheet Technique Variation: Adjusted Balance Sheet Variation: Adjusted Balance Sheet
TechniqueTechnique Earnings ApproachEarnings Approach
Variation 1: Excess Earnings ApproachVariation 1: Excess Earnings Approach Variation 2: Capitalized Earnings ApproachVariation 2: Capitalized Earnings Approach Variation 3: Discounted Future Earnings Variation 3: Discounted Future Earnings
ApproachApproach Market ApproachMarket Approach
Balance Sheet Balance Sheet TechniquesTechniques
"Book Value"of Net Worth = Total Assets - Total "Book Value"of Net Worth = Total Assets - Total LiabilitiesLiabilities
= $278,990 - = $278,990 -
$114,325$114,325= = $164,665$164,665
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
"Book Value"of Net Worth = Total Assets - Total "Book Value"of Net Worth = Total Assets - Total LiabilitiesLiabilities
= $278,990 - = $278,990 -
$114,325$114,325= = $164,665$164,665
Variation: Adjusted Balance Sheet Variation: Adjusted Balance Sheet Technique:Technique:
Adjusted Net Worth = $264,638 - Adjusted Net Worth = $264,638 -
$114,325$114,325 = = $150,313$150,313
Balance Sheet Balance Sheet TechniquesTechniques
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Earnings Earnings ApproachesApproaches
Variation 1: Excess Earnings Variation 1: Excess Earnings MethodMethod
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Variation 1: Excess Earnings Variation 1: Excess Earnings MethodMethod
Adjusted Net Worth = $264,638 - Adjusted Net Worth = $264,638 - $114,325 = $114,325 =
$150,$150,
313313
Step 1Step 1: Compute adjusted tangible net : Compute adjusted tangible net worth:worth:
Earnings Earnings ApproachesApproaches
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Variation 1: Excess Earnings Variation 1: Excess Earnings MethodMethod
Adjusted Net Worth = $264,638 - Adjusted Net Worth = $264,638 - $114,325 = $114,325 =
$150,$150,
313313
Step 1Step 1: Compute adjusted tangible net : Compute adjusted tangible net worth:worth:
Step 2Step 2: Calculate opportunity costs of : Calculate opportunity costs of investing:investing:Investment $150,313 x 25% = $37,578Investment $150,313 x 25% = $37,578
Salary Salary $25,000$25,000 Total Total
$62,578$62,578
Earnings Earnings ApproachesApproaches
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Variation 1: Excess Earnings Variation 1: Excess Earnings MethodMethod
Step 3Step 3: Project earnings for next year:: Project earnings for next year:
Adjusted Net Worth = $264,638 - Adjusted Net Worth = $264,638 - $114,325 = $114,325 =
$150,$150,
313313
Step 1Step 1: Compute adjusted tangible net : Compute adjusted tangible net worth:worth:
Step 2Step 2: Calculate opportunity costs of : Calculate opportunity costs of investing:investing:Investment $150,313 x 25% = $37,578Investment $150,313 x 25% = $37,578
Salary Salary $25,000$25,000 Total Total
$62,578$62,578
$74,000$74,000
Earnings Earnings ApproachesApproaches
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(Continued)
EEP = Projected Net Earnings - Total EEP = Projected Net Earnings - Total Opportunity CostsOpportunity Costs
Step 4Step 4: Compute extra earning power : Compute extra earning power (EEP):(EEP):
= $74,000 - 62,578 = $11,422= $74,000 - 62,578 = $11,422
Excess Earnings Excess Earnings MethodMethod
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(Continued)
EEP = Projected Net Earnings - Total EEP = Projected Net Earnings - Total Opportunity CostsOpportunity Costs
Step 4Step 4: Compute extra earning power : Compute extra earning power (EEP):(EEP):
Step 5Step 5: Estimate the value of the intangibles : Estimate the value of the intangibles ("goodwill"):("goodwill"):
Intangibles = Extra Earning Power x "Years of Profit" Intangibles = Extra Earning Power x "Years of Profit" Figure*Figure*
= $74,000 - 62,578 = $11,422= $74,000 - 62,578 = $11,422
* Years of Profit Figure ranges from 1 to 7; for * Years of Profit Figure ranges from 1 to 7; for a normal risk business, it is 3 or 4a normal risk business, it is 3 or 4
= 11,422 x 3 = = 11,422 x 3 = $34,299$34,299
Excess Earnings Excess Earnings MethodMethod
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Value = Tangible Net Worth + Value of IntangiblesValue = Tangible Net Worth + Value of Intangibles
Step 6Step 6: Determine the value of the : Determine the value of the business:business:
Estimated Value of the business = Estimated Value of the business = $184,612$184,612
= $150,313 + 34,299 = = $150,313 + 34,299 = $184,612$184,612
Excess Earnings Excess Earnings MethodMethod (Continued
)
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Variation 2: Capitalized Earnings Variation 2: Capitalized Earnings Method:Method:
Value Value = =
* Rate of return reflects what could be * Rate of return reflects what could be earned on a similar-risk investmentearned on a similar-risk investment
Net Earnings (Net Earnings (AfterAfter Deducting Owner's Deducting Owner's Salary)Salary)Rate of Return*Rate of Return*
Capitalized Earnings Capitalized Earnings MethodMethod
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Variation 2: Capitalized Earnings Variation 2: Capitalized Earnings Method:Method:
Value Value = =
* Rate of return reflects what could be * Rate of return reflects what could be earned on a similar-risk investmentearned on a similar-risk investment
Net Earnings (Net Earnings (AfterAfter Deducting Owner's Deducting Owner's Salary)Salary)Rate of Return*Rate of Return*
Value Value = =
$74,000 - $74,000 - $25,000$25,00025%25%
= = $196,0$196,00000
Capitalized Earnings Capitalized Earnings MethodMethod
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Variation 3: Discounted Future Earnings Variation 3: Discounted Future Earnings Method:Method:
Compute a Compute a weighted averageweighted average of the of the earnings:earnings:
Step 1Step 1: Project earnings five years into the : Project earnings five years into the future:future:
Pessimistic + (4 x Most Likely) + Pessimistic + (4 x Most Likely) + OptimisticOptimistic 66
3 Forecasts: Pessimistic Most Likely Optimistic
Discounted Future Earnings Discounted Future Earnings MethodMethod
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Step 1Step 1: Project earnings five years into the : Project earnings five years into the future:future:
(Continue(Continued)d)
Year Pess ML Opt Year Pess ML Opt Weighted AverageWeighted Average$65,00$65,00
00
$74,00$74,0000
$82,00$82,0000
$88,00$88,0000
$88,00$88,0000
$74,00$74,0000
$90,00$90,0000
$100,0$100,00000
$109,0$109,00000
$115,0$115,00000
$92,00$92,0000
$101,0$101,00000
$112,0$112,00000
$120,0$120,00000
$122,0$122,00000
$75,50$75,5000
$89,16$89,1677
$99,00$99,0000
$107,3$107,33333
$111,6$111,66767
11
22
33
44
55
Discounted Future Earnings Discounted Future Earnings MethodMethod
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(Continue(Continued)d)
Step 2: Discount weighted average of future Step 2: Discount weighted average of future earnings at the appropriate present value earnings at the appropriate present value rate:rate:
Present Value Present Value Factor = Factor =
11
(1 +k) (1 +k) ttwhere...where...
k = Rate of return on a similar risk k = Rate of return on a similar risk investmentinvestment
t = Time period (Year - 1, 2, 3...n)t = Time period (Year - 1, 2, 3...n)
Discounted Future Earnings Discounted Future Earnings MethodMethod
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
(Continued(Continued))
Year Weighted Average x PV Factor = Present Value Year Weighted Average x PV Factor = Present Value
11
22
33
44
55
.8000.8000
.6400.6400
.5120.5120
.4096.4096
.3277.3277
$75,500$75,500
$89,167$89,167
$99,000$99,000
$107,333$107,333
$111,667$111,667
Step 2Step 2: Discount weighted average of future : Discount weighted average of future earnings at the appropriate present value earnings at the appropriate present value rate:rate:
$60,400$60,400
$57,067$57,067
$50,688$50,688
$43,964$43,964
$36,593$36,593
Total Total $248,712$248,712
Discounted Future Earnings Discounted Future Earnings MethodMethod
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
(Continue(Continued)d)
Step 3Step 3: Estimate the earnings stream beyond : Estimate the earnings stream beyond five years:five years:
11
Rate of Rate of ReturnReturn
Weighted Weighted Average Earnings Average Earnings in Year 5in Year 5
xx ==
= $111,667 = $111,667 x x
112525
%%
= = $446,668$446,668
Discounted Future Earnings Discounted Future Earnings MethodMethod
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
(Continue(Continued)d)
Step 3Step 3: Estimate the earnings stream beyond : Estimate the earnings stream beyond five years:five years:
11
Rate of Rate of ReturnReturn
Weighted Weighted Average Earnings Average Earnings in Year 5in Year 5
xx ==
= $111,667 = $111,667 x x
112525
%%
= = $446,668$446,668
Step 4Step 4: Discount this estimate using the : Discount this estimate using the present value factor for year 6:present value factor for year 6:
$446,668 x .2622 = $446,668 x .2622 = $117,116$117,116
Discounted Future Earnings Discounted Future Earnings MethodMethod
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
(Continue(Continued)d)
Step 5: Compute the value of the business:Step 5: Compute the value of the business:
= $248,712 + $117,116 = = $248,712 + $117,116 = $365,828$365,828
Estimated Value of Business = Estimated Value of Business = $365,828$365,828
Value Value ==
Discounted Discounted earnings in earnings in years 1 years 1 through 5through 5
++ Discounted Discounted
earnings in earnings in yearsyears6 through ?6 through ?
Discounted Future Earnings Discounted Future Earnings MethodMethod
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Market Market ApproachApproach
Company P-E Ratio Company P-E Ratio 1
2
3
4
3.3
3.8
4.7
4.1
Step 1Step 1: Compute the average Price-Earnings : Compute the average Price-Earnings (P-E) Ratio for as many similar businesses as (P-E) Ratio for as many similar businesses as possible:possible:
Average P-E Ratio = Average P-E Ratio = 3.9753.975
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Company P-E Ratio Company P-E Ratio 11
22
33
44
3.33.3
3.83.8
4.74.7
4.14.1
Step 1Step 1: Compute the average Price-Earnings : Compute the average Price-Earnings (P-E) Ratio for as many similar businesses as (P-E) Ratio for as many similar businesses as possible:possible:
Average P-E Ratio = Average P-E Ratio = 3.9753.975
Step 2: Multiply the average P-E Ratio by Step 2: Multiply the average P-E Ratio by next year's forecasted earnings:next year's forecasted earnings:
Estimated Value = 3.975 x $74,000 = Estimated Value = 3.975 x $74,000 = $294,150$294,150
Market Market ApproachApproach
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Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 3838Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
The Art of the DealThe Art of the Deal
Establish the proper mindsetEstablish the proper mindset Understand the rules of successful Understand the rules of successful
negotiationsnegotiations Develop a negotiating strategyDevelop a negotiating strategy Be creativeBe creative Keep emotions in checkKeep emotions in check Be patientBe patient Don’t become a victim Don’t become a victim
The Five Ps of NegotiatingThe Five Ps of Negotiating
Preparation - Examine the needsof both parties and all of the
relevant external factors affectingthe negotiation before you sit
down to talk
Poise - Remain calm during thenegotiation. Never raise your voice
or lose your temper, even if the situation gets difficult or emotional.It’s better to walk away and calm down than to blow up and blow
the deal
Persuasiveness - Know whatyour most important positions are,articulate them, and offer support
for your position
Persistence - Don’t give in at thefirst sign of resistance to your
position, especially if it is an issue that ranks high in your list of priorities
Patience - Don’t be in sucha hurry to close the deal that
you end up giving up much of what you hoped to get. Impatience is
a major weakness in a negotiation
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 4040Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
Exit StrategiesExit Strategies
Straight business saleStraight business sale Sell controlling interestSell controlling interest Restructure the companyRestructure the company Use a two-step saleUse a two-step sale Family limited partnership (FLP)Family limited partnership (FLP) Establish and employee stock Establish and employee stock
ownership plan (ESOP) ownership plan (ESOP) International buyerInternational buyer
Chapter 5 Buying an Existing BusinessChapter 5 Buying an Existing Business 4141Copyright Copyright ©©2009 Pearson Education, Inc. Publishing as Prentice 2009 Pearson Education, Inc. Publishing as Prentice HallHall
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