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5X EBITDA wrote astly - don’t forget the asset approach. Although the company may be “doing well”, often times the indication of value from the earnings is below the value of the assets. This happens a lot with asset or working capital intensive businesses (e.g., a ton of machines or inventory).
Good luck!
You have to be very careful with the cost approach for car dealerships. Their most valuable asset is likely to be inventory, unless it’s a very small dealership in which case it could be real estate. In either case, valuation of those assets becomes an exercise in and of itself. Also have to keep in mind that your friend cannot force liquidation of assets, so even if cost approach is higher she’ll have a hard time negotiating for 5% of net assets. |
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发表于 2013-4-22 15:20
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