Apr 30

Quantitative Business Valuation: A Mathematical Approach for Today’s Professionals (Wiley Series in Finance)

Business No Comments »

Quantitative Business Valuation: A Mathematical Approach for Today’s Professionals (Wiley Series in Finance) Great Contribution – –
Abrams adds an important element of rigor that is sorely lacking among most valuation professionals.
Excellent, New Approach – Charles T. Hardy – Foster City, CA United States
This text is an excellent addition to the business valuation literature. The author explores a wide variety of approaches with new methods that are easy to follow. A tremendous amount of work went into the preparation of this book and it is very well written. There is a chapter on startup companies that is especially interesting to me.

If you are at all interested in the income method for valuing businesses, I would strongly encourage you to buy this book. In a review on the back cover of the text, Shannon Pratt strongly recommends the book because the author presents “a scholarly summary of past research, new empirical research of his own, and his conclusions”.

My only criticism and surprise is the lack of use of Monte Carlo simulation in these models, which is surprising to me considering how statistically focused the author is and how easy simulation is to learn and employ. Also, the use of real options for valuing startups is extremely important but the author does acknowledge this subject is beyond the scope of his book. Extremely well done and the author should be proud of producing work of this caliber. I’m looking forward to future editions and other books by Jay B. Abrams.
This is Eye-opener – Ted – NY
As a Finance MBA, this book is recommended. Why? First of all, this is a practical book that would show us how to assess and forecast the business and cash flow. Furthermore, step-by-step approach is helpful in understanding valuation of privately held firms.
Very helpful in understanding quantitative valuation – Ted – NY
As a Finance major MBA, this book is recommended. This is an effective tool kit to value firms.
Jay Abrams’ book is intended primarily for the professional business appraiser, although other financial professionals such as financial analysts, investment bankers, and venture capitalists may well find the book useful.

The business valuation topics covered include (not an exhaustive list): mathematical derivation of cash flow; appplication of regression analysis; theoretical and empirical superiority of arithmetic mean; adjusting for levels of control and marketability; empirical tests of Abrams’ valuation theories; valuing startups; and measuring and apportioning dilution in ESOPs.

For each topic covered, the author presents a scholarly summary of past research, new empirical research of his own, and his conclusions. He discusses opposing viewpoints and in at least one chapter allows another author to present a rebuttal of Abrams’ approach.

He emphasizes regression analysis of empirical data and quantitative analysis. Near the end he puts all the pieces of the puzzle together to present a comprehensive, unified approach to valuation that can be empirically tested and whose principles work for the valuation of billion dollar firms or small businesses.

Despite the quantitative nature of the book, mathematically challenged readers without recent or extensive mathematical training should not hesitate to buy the book, as long as they are familiar with basic business valuation concepts. The book contains relatively simple and clear explanations of quantitative methods such as regression analysis; and the author has taken pains to include step-by-step procedures for performing regression analysis using Excel and Lotus. Indeed, one of the strengths of the book is that it makes quantitative techniques available to the appraiser who could not, without the author’s help, understand the underlying mathematics or utilize the quantitative techniques with confidence and comprehension.

Overall the book is an important, well researched contribution to an in-depth understanding of important business valuation issues. :

Praise for the First Edition of Quantitative Business Valuation

A Mathematical Approach for Today’s Professionals

“Jay Abrams’ book is close to the equivalent of several graduate dissertations rolled into one book. For each topic (covered), he presents a scholarly summary of past research, new empirical research of his own, and his conclusions. It is a well-documented contribution to in-depth understanding of important business valuation issues, and should not be overlooked by the serious practitioner.”
—Shannon Pratt, DBAManaging Director, Willamette Management AssociatesCoauthor, Valuing a Business

“A must-read for the serious business appraiser.”
—Jay E. Fishman, ASA, CBAPresident, Financial Research, Inc.

“The problem of simplified valuation procedures and coherent theory still remains complex and is ever evolving. Jay Abrams deals very effectively with this complexity through the use of mathematical formulas. Input to his models is explained with clarity and effectiveness, which adds to the overall value of this advanced text on business valuation.”
—Terry A. Isom, Chairman, National Association of Certified Valuation Analysts

“Jay Abrams’ book strives to provide mathematical modeling for what practitioners often do by reasoning alone. This book is a must-read for practitioners who are searching for additional techniques for dealing with some of business valuation’s imponderables.”
—David M. Bishop, FIBA, BVAL, ASA, MCBAPresident, American Business Appraisers, Inc.

“Jay Abrams’ book will not only challenge the top theoreticians in the field; his step-by-step explanations will make advanced quantitative techniques available to the many appraisers who are not capable of independently creating the underlying mathematical analysis.”
—Kent Osborne, ASAChairman, Editorial Review Board of the American Society of Appraisers

“While a proliferation of business valuation treatises and guides exists in the market, most are very general in nature and do nothing more than rehash fundamental concepts. I am unaware of any author who has stepped into the unknown as Jay Abrams has and compiled and developed a treatise of extremely useful analytical tools for the serious valuator.”
—Robert J. Grossman, CPA/ABV, ASA, CVAPartner, Grossman Yanak & Ford

“Jay Abrams develops unusual approaches which merit consideration when ‘cookie cutter’ methodologies are inadequate. This manuscript contributes to the dialogue among practitioners and strengthens the theoretical foundations of business valuation.”
—Herbert T. SpiroPresident, American Valuation Group, Inc.

“There is no question about it, the use of rigorous quantitative methods is the cure for subjective valuation analysis. This book not only satisfies this need—which has grown considerably in recent years—but is chock-full of new tools that have been carefully developed.”
—Edward MurrayValuation Partner, Arthur Andersen, LLP Quantitative Business Valuation: A Mathematical Approach for Today’s Professionals (Wiley Series in Finance)

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Apr 29

Save on Phone Calls – How to Save on International Calls Using MagicJack

International Business No Comments »

If you’re reading this article, I’ve probably piqued your interest, and now you’re wondering how you can save money on international phone calls, and how you can use a MagicJack to do so. Curious? Read on to find out how to use a MagicJack to make international calls!

MagicJack for International Calls? Seriously?

If you’ve used a MagicJack before, you might be aware of its cool feature of being able to turn any computer into a mean, phone-calling machine. Make phone calls to anyone in the country, at no additional cost, what more can you want, right? What you may not be aware of is that you can also use it to call a relative or friend overseas!

Hmm Sounds Intriguing, Tell Me More!

The way MagicJack works is that it assigns you a US area code phone number when you first set it up. This means you can call any US phone number for free. However, when it comes to international calls, normally you would have to pay small fees in order to use the MagicJack overseas. But there’s a way where you can use MagicJack to make these international calls for free. So how do you do that, you ask?

Simply Call Another MagicJack!

You see, MagicJack is always free when you call another MagicJack. So, for international calls, your friend or family member will need to have another MagicJack in order to receive your calls. What many people do is activate the MagicJack here, and send it to their family or friends.

Obviously, this method won’t be practical for people that have many different people to call abroad, but for you people out there that only have one or a handful of people to call, this method can save you a boatload of money!

Jefrey Peters is a internet entrepreneur who’s always looking for a way to use technology to make our lives easier and more productive.

He currently is a main content contributor for GetFreePhoneCalls.com, a website that aims to help you save money and time using the phone, as well as getting you in touch with your loved ones and friends for as a low a cost as possible!

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Apr 27

The Plan-as-You-Go Business Plan

Business No Comments »

The Plan-as-You-Go Business Plan Business Planning–Fast, Easy & Effective – Caroline Jordan – Maine
Fast, Easy & Effective? I never thought I’d use those words to describe a business plan book. As a consultant working with small business owners on startup and cash flow issues, I invariably ask the question, “Can I take a look at your business plan?” It’s amazing the funny looks I get. “I think it’s on my bookshelf. Or, did I take it home with me last year? It’s here somewhere.”

Tim Berry takes his usual realistic approach to small business issues by providing a book that breaks the whole “planning thing” down into easily understandable, immediately applicable steps.

Berry throws out the concept of a formal business plan (unless you’re having what he refers to as a “business plan event”) and gives us a flexible planning process that is quite painless. His writing style doesn’t echo from the confines of an ivory tower. The book is an enjoyable read and highly useful.

I particularly like his emphasis on reviewing the plan regularly to check progress and adjust course accordingly. His emphasis on using metrics to track your progress is extremely helpful. In fact, I’m using his methods in my own business planning.

Making Business Planning Fun and Exciting – Ramon Ray – NY, USA
I’ve read (or at least flipped through) a number of business planning books and what I like best about Tim Berry’s book (the best I’ve read so far) is that it turns business planning from a pain in the neck “do I have to do this” event into a “wow – I know I can do this and I want to do this and in fact I love to do this” process.

The hallmark of the book is that business plans are NOT a one time event nor do you have to do one, in some particular standard way. But it is a plan, a guide a road map. Tim takes your hand and not only guides you but gives you plenty of resources and practical advice (like the shortest lesson in Excel I’ve ever seen) to make your business plan a success.

If you have NEVER started a business The Plan As You Go Business Plan is a must read. If you are already in a business the book is a must read to keep you in business. And if by chance you have started a second successful business this book will probably ensure you do even better with your newest venture.

One thing…Tim makes finances not a drudgery but something you’ll come to appreciate the importance of.

Ramon Ray, Editor & Technology Evangelist, Smallbiztechnology.com
A must read for any entrepreneur – M. Noice –
The biggest obstacle most of us face in become successful is in closing the gap between “knowing” and “doing.” When it comes to starting and/or running a successful business most entrepreneurs know they should have a business plan, but statistics show very few take the time to actually write one. And truth be told, unless you are making a formal presentation of your business plan you probably don’t need a complete business plan. However, you do need to plan, keep planning, evaluate, and adjust as your business grows.

That is what makes Tim Berry’s The Plan As You Go Business Plan a solid read for an entrepreneur. By breaking the creation of a business plan down into 1) Heart – a business’s core strategy, 2) Flesh & Bones – action plans and basic financial numbers, and 3) Dressing and Growing – bring the plan up to a full document suitable to present to potential investors, the reader is able to use the sections of the book that are most relevant to the business’s current situation. As your business continues to grow, The Plan As You Go Business Plan will serve as a fantastic reference manual to make sure you are thinking about those aspects of the business necessary for growth.

Tim Berry’s encouraging and uplifting writing style will give you the motivation to start, but more importantly, he will provide the insight and direction to make sure something gets done. By breaking down business speak and MBA gobbledygook and explaining important business concepts into easy to understand terminology, Mr. Berry simplifies what can be for some an overwhelming process and demystifies the business planning process for all.

In my current role as a Duct Tape Marketing coach and in my former role as a CPA, I see business owners who struggle because they don’t have a plan. I also see folks who create a plan because they “have to”, but then they never use it – it goes on a shelf and collects dust. I’ve always maintained that the value from having a written plan comes from 1) going through the process and 2) using it on a regular basis to evaluate how your business is going and making adjustments as needed.

In The Plan-as-You-Go Business Plan, Tim Berry makes these points much more eloquently than I ever could. Tim argues that the planning process (along with regular reviews) is so important that business owners just need to get started somewhere, anywhere, and continue to build your plan as your needs change. This is 180 degrees different from the classical “big bang” approach to business planning where we work for months at a time developing a huge document before we ever get started working on the business.

The author has organized the book to support his “plan as you go” approach. It is designed so you can jump around and use the section of the book that you need at any given time. The first section of the book “Attitude Adjustment” contains the background information you need to know and learn to adjust to this idea of business planning as a process in your business rather than an event or milestone to be forgotten once completed.

In “The Heart of the Plan”, you work on your business identity, target market, your offering(s) and your strategic focus. When I post on my blog about having a marketing plan, this is the stuff I’m talking about.

“Flesh and Bones” is the section that talks about creating action plans, budgets, milestones, and metrics.

I really like that “Dressing and Growing” is the second to the last chapter of the book because it re-emphasizes the idea that you should do the planning for yourself first, and then when others want to see the plan (your bank), you add the dressing that they need to what you have already done. Again, this is 180 degrees different from how most businesses use their business plans.

The last section talks about the process of planning. This includes reviewing, revising, and managing the plan. I think my favorite piece of Tim’s advice from this book is his recommendation that the first thing you do when creating your plan is to schedule the review dates – before you even begin writing. I just think this sets exactly the right tone for part your plan should play in your business.

This book is a must have for anyone who owns a business or plans to start a business someday. :

Build Your Plan-Build Your Business

The plan-as-you-go premise is simple-plan for your business’ sake, not for planning’s sake. Leading business plan expert Tim Berry invites you to block all thoughts of overwhelming, traditional, formal, cookie-cutter business plans and embrace an easier, more practical, modern business plan-the plan that evolves with your business and allows you to start building your business now!

“In The Plan-As-You-Go Business Plan you have no formal processes to learn, no special methodologies to master. Just practical advice that will inspire you to get going and make your business a success. Tim Berry shows us how our businesses can be all we dream of them becoming.” -

Anita Campbell, Editor, Small Business Trends, www.smallbiztrends.com

“Only the father of business planning could forge classic planning fundamentals and 21st century realities into a new planning alloy. Tim Berry is that person and this book delivers that alloy upon which you can build your business.”

-Jim Blasingame, host of The Small Business Advocate Show, author and small business expert

“Planning- the small business equivalent of dental work? Maybe, but not if your plan is a tool-a flexible, modular, guiding light of a tool. Tim Berry’s The Plan-As-You-Go Business Plan is that kind of business power tool. Let it guide your vision and then just remember to floss!”

-John Jantsch, author of Duct Tape Marketing

“The Plan-As-You-Go Business Plan is exactly what my clients need. It is adaptable, comprehensive, understandable and educational. And I can think of no better guide than Tim Berry to help us create successful 21st century businesses.”

-Pamela Slim, Escape from Cubicle Nation The Plan-as-You-Go Business Plan

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