Finance & Accounting
什么是 Business Valuation？
定义
A business valuation is a formal process of determining the economic value of a company or business unit, used for transactions, tax filings, litigation, estate planning, and strategic decision-making.
Business valuation uses three primary approaches: (1) Income approach — values the business based on expected future cash flows, discounted to present value (DCF analysis) or capitalized at a rate reflecting risk; (2) Market approach — compares the business to similar companies that have been sold, using multiples like EV/EBITDA, EV/Revenue, or price/earnings; and (3) Asset approach — values the business based on its net assets (total assets minus total liabilities), typically used for asset-heavy or holding companies. Most valuations use a combination. The appropriate method depends on the purpose: the IRS requires specific approaches for estate and gift tax valuations under Revenue Ruling 59-60, while M&A transactions rely more on market comparables and DCF. Key factors affecting valuation include revenue size and growth rate, profit margins, customer concentration, management dependency, industry multiples, competitive position, and intellectual property. Private companies typically trade at a discount to public comparables due to lack of liquidity and marketability — these discounts (DLOM, DLOC) can reduce fair market value by 15–35%. Valuation is both art and science — reasonable professionals can arrive at meaningfully different conclusions using the same data, which is why qualified, credentialed valuators (ASA, ABV, CVA) are important.
为什么重要
Business valuation comes up more often than owners expect: selling the business, bringing in partners, buy-sell agreements, divorce proceedings, estate planning, shareholder disputes, SBA loans, and 409A compliance for startups. Using the wrong valuation method or an unqualified valuator can result in overpaying taxes, losing money in a transaction, or having the IRS reject a filing. A qualified business appraiser working with your accountant and attorney ensures the valuation method matches the purpose and withstands scrutiny.