SOME THINGS TO LOOK FOR IN VALUATIONS OF THE FAMILY BUSINESS, IN SEPERATION AND DIVORCE

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3 You may need to make additional adjustments to the value of the business to a purchaser where business provides additional benefits, like accommodation etc. Discounted Cash Flow - DCF' A valuation method used to estimate the attractiveness of an investment opportunity. Discounted cash flow (DCF) analysis uses future free cash flow projections and discounts them (most often using the weighted average cost of capital) to arrive at a present value, which is used to evaluate the potential for investment. If the value arrived at through DCF analysis is higher than the current cost of the investment, the opportunity may be a good one. Calculated as: Also known as the Discounted Cash Flows Model. Read more: Sales/turnover Multipliers In some industries, the norm is to determine value by using a multiplier times the firm s annual sales. Consulting firms, radio stations, temp agencies, PR or ad agencies, professional practices, retailers and insurance brokers are often valued using a multiplier of annual sales.

6 Net profit for one year V - Net profit Averaged over several years V weighted averages of Net profit Usually the valuer will want to average the net profit over 3 to 5 years, depending on the circumstances. If the profit has been fluctuating or there has been an unusual spike or drop the profit in one year then they may take the average over the longer period. If there has been a strong upward trend in the profit of the business over several years and this is likely to continue, then they may use a weighted average such as this. - 10% from year 1-20% from year 2-70% from year 3 If the growth has been more gradual then may take over a longer period and less variation in the % between years e.g. - 10% from year 1-20% from year 2-30 % from year 3-40 % from year 4 Multipliers Once the valuer has worked out the profit figure to be used they will usually apply a multiplier to the adjusted/weighted net profit. Like the Sales/turnover Multipliers referred to above, this is highly influenced by many factors, such as the industry the business is in and the reliability of the client base to continue to generate income. Other things that may influence the choice of the multiplier might be - Industry averages - The reliance of the business on one owner - The reliance of the business on too few customers

11 Not providing the valuer with the all private expenses paid on their behalf. Conclusion This is not intended to be an exhaustive or learned treatise on business valuations and Family Law, but rather some simple notes of some things to be aware of when considering the claimed value of a business.

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