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Prepared By DONALD SONNEMAN, ASA ABLEPLUS VALUATIONS 9715 Lorraine Way, #203 Santee, CA., 92071
Phone: (619)-334-3105 Fax: (619)-374-2358
AblePlus Valuations
Notes to Reader: Throughout this report, the company name is replaced with X Printing Corporation. to protect confidentiality. Address and location and competitor names are also deleted. This report was selected as a sample because it demonstrates competence with a moderate complexity. Other business valuation assignments can be substantially more complex. This sample report also demonstrates capability to research industries efficiently. Any expertise with this specific industry was developed strictly within a four week period of preparing this report. The industry trends section was written several years ago. Therefore comments about industry trends will not fit well with current reality, even though they accurately reflected this analysts viewpoints at that time. The original report had tables that prepared in grayscale. They have been replaced with color graphics more consistent with current technology and my current capability. The address and phone information for AblePlus Valuations has been updated to reflect current information.
(Date Deleted) Mr. (Name Deleted) President X Printer Corporation (Company Address Deleted) RE: VALUATION OF 100% CONTROLLING INTERESTS IN (COMPANY NAME DELETED)
Dear Mr. (Name Deleted): I have been asked by you to give my opinion of the fair market value of the above referenced interest in (Company Name Deleted): Fair Market Value is defined as the amount at which the business interest would change hands between a willing buyer and a willing seller when neither is acting under compulsion and when both have reasonable knowledge of the relevant facts. The Fair Market Value of the 100% Controlling interest in the Subject Company, as the valuation date is as follows: Fair Market Value of Business Equity Fair Market Value of Non-Operating Assets (Loans to Related Parties) Fair Market Value of Equity (Business and Non-Operating Equity Combined) $1,980,000 ($-0-) $1,980,000
The report that follows describes the facts and reasoning upon which my opinion is based. My estimate of value is subject to the attached Certification and Assumptions and Limiting Conditions. Respectfully submitted, Donald Sonneman, ASA
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Table of Contents Letter of Transmittal 1 Table of Contents ...........2 Valuation Estimate and Reconciliation ............3 Assumptions and Limiting Conditions and Certification .......................................4 Valuation Introduction and Concepts.......................................................................................................................6 Description of the Subject Business.... 8 Industry Trends...9 Subject Business Strengths and Weaknesses.......12 Financial Condition of Subject Company..15 Overview of Valuation Approaches Used.........................................18 Market Approaches: Multiples of Sellers Discretionary Earnings.....19 Multiples of Revenues..................21 Income Approaches: Capitalization of Single Period Earnings...23 Excess Earnings Analysis...26 Discussion of Normalizing Adjustments....................28 Normalized Financial Statements....... 29 Addenda: Working Capital Analysis, Ratio Analysis, Qualifications of Appraiser31
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Reconciliation Greatest emphasis is placed on the market based approaches which consider actual sales transactions. Least emphasis is placed on the Excess earnings analysis, which is considered least reliable among all available methods. Valuation Conclusion Based on consideration of the approaches above, the Fair Market Value of the Business Equity for the Subject Company as of the valuation date is as follows: $1,980,000
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The undersigned appraiser is also currently certified under the continuing education programs of the American Society of Appraisers for the Real Property/Urban designation which he holds. The undersigned appraiser has prepared the valuation report in a manner intended to be consistent with the Uniform Standards of Professional Appraisal Practice (USPAP), the Principles of Appraisal Practice and Code of Ethics of the America Society of Appraisers.
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INDUSTRY TRENDS
The data provided here is a summary of data from the National Association of Printers and Lithographers (NAPL), the Digital Printing and Imaging Association (DPI) and other sources. Type of work The printing industry is called upon to handle a spectrum of work that falls between the following extremes: (1) Work requiring high quality of color control and large production runs - i.e. catalogs, brochures, annual reports (2) Work requiring less quality of color control and shorter production runs (i.e. 2,000 copies or less). The machinery and equipment investment is substantially higher for the first category of work. Conklin Litho falls primarily in this category. Technology Trends Changes in technology over the past 5 to 10 years, require a close look at obsolescence of equipment for any printer that has been in business for a decade or more. Newer methods are saving time and effort and reducing potential for error in each stage of the printing process. C Digital Color - Digital color systems are now in over 3,000 locations - This represent very rapid expansion of a relatively new technology. This process does not provide the same quality as lithography. However, for customers that can accept lesser quality, the major advantages are in price, speed and paper handling capability. The process is well suited to short runs (2,000 copies or less). Type creation & Preparation of Copy and Art - Desktop publishing using floppy or Syquest disks. Eventually internet data transmission. Printing and Postpress operations - computer to plate systems, and plates that are less light sensitive. Mechanicals - Being replaced by digital printing. Provides less opportunity for customer to see product in preliminary stages. Waterless ink - Less chemistry problems. Faster drying inks
Revenue Trends National Trends - Printing company revenues nationally are increasing at about 4% over 1996 (not adjusted for inflation), after increases of 8.5% in 1994, 8.7% in 1995 and 4.7% in 1996. The industry had its last decrease in this figure in 1991. Regional Trends - The western region revenues increased by 5.3% in 1996 and are projected to increase by 6.7% in 1997
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BUSINESS STRENGTHS SUBJECT COMPANY History of Investment in new technology and more efficient practices In the printing industry, obsolescence is a particularly major concern for companies that have been in place for twenty years or more. In the early 1990's the company was among the first of the citys large printers to invest in the following: (1) A color separator so that the profits on this function can be kept inhouse rather than outsourcing this work and (2) Electronic Prepress Equipment which reduces the extent of manual labor in that process, (3) Training of clients in preparation of files for the electronic prepress process. Continuing investment in improved efficiency The most recent expenditures to improve efficiency include (1) Addition of a dryer and an aqueous coater to the 40" press to minimize drying time. This minimizes downtime for pressman and reduces storage requirements for jobs resulting in a 20% to 30% reduction in total time for most jobs., (2) Modifications to the bindery and rebuilding of folders, (3)Purchase of an upgraded computerized estimating system which speeds the estimating time by 300% and automatically selects the most appropriate press for each job. Future investments will include the addition of a 2 color press for to handle pages with text only which do not require for or 6 color work. Steadily growing Revenues and profitability for the company For the five fiscal years analyzed, the company experienced only one downturn in revenues during fiscal year 2 during the recession. Overall, the compound annual growth of revenues has been 4.8% during a period where a minimum of 3 years were during recessionary conditions and major shakeouts for the printing industry in (City Name Deleted). Positive Long Term Economic Trends for California and the County (Deleted paragraph describing retail sales, and the health of the retail and industrial markets within the county) Revenues Place the Firm among the Top 20 Printing Firms in (City Name Deleted) During the last four years of the period analyzed revenues have exceeded 5 million dollars and are expected to exceed 6 million dollars for next year. Good cost control in several areas of operating expenses The companys expenditures are below average for factory expense, materials and administrative expenses.
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Market Approach: Multiple of Sellers Discretionary Cash Flow (SDCF) Where it is possible to obtain the specifics of completed sale transactions, that is the best source of information for identifying how commercial printing firms are sold. That information was not directly available. It was feasible to find data several sales of printing companies with revenues from 1 million to 7 million in BIZCOMPS. The sellers discretionary cash flow method is most useful for valuations of companys with 20 employees or less, but is also used for somewhat larger companies. Market Approach: Multiple of Revenue Where it is possible to obtain the specifics of completed sale transactions, that is the best source of information for identifying how commercial printing firms are sold. It was feasible to find data several sales of printing companies with revenues from 1 million to 7 million in BIZCOMPS. The sale price for many sale transactions can be analyzed on a multiple of revenue basis. While this method does not explicitly consider earning or cash flow, the revenue multiple selected will often factor this in. This method is particularly convenient to use, because it does not require explicit information about cash flow or earnings. This is particularly convenient where: (1) businesses may be performing below normal, (2) may need substantial restructuring or (3) it is difficult to develop a reliable analysis of cash flow or earnings. Income Approach: Capitalization of Single Period Earnings The method involves the division of a single years income stream by a capitalization rate to estimate value. It is only reliable where the Subject Company has a stable revenue base, stable income and faces moderate long term growth (long term growth is over a 20 to 30 year period). The income stream capitalized was normalized pre-tax earnings. This method of calculation is described later in this report. Income Approach: Excess Earnings Method This method applies best to small businesses that are not complex. The subject business has 60 employees, is in a single location and does printing related business only. The excess earnings method, which is described in greater detail later in this report, is useful for estimating goodwill and other intangibles. Monthly Net Revenue Multipliers (Rule of Thumb) This rule of thumb method is cited in Glen Desmonds Handbook of Small Business Formulas. A rule of thumb method is only used where other methods are not available. Since other methods are available, this method is not presented in the analysis. This rule of thumb was only used as a check for reasonableness for the other methods used. Income Stream Analyzed - How many years earnings or cash flow Out of a five year history, a weighted average of the last 3 fiscal years of earnings is used. Greatest weight in put on the current year and least on the earliest year. Acquisition experts differ in identifying which years of cash flow to use. Some use the most recent years income only, others rely on recent trends. Little emphasis is placed on earlier historical data in estimating the cash flow. The reasoning is that a local competitive environment can and does change rapidly and earlier years do not properly reflect current market conditions. For the same reasons, i.e. volatility of market conditions, experts avoid valuing the business based on future potential and avoid use of discounted cash flow. This method (of relying only on recent history rather than on potential improved revenues and profit), prevents the buyer from paying for potential that the seller has failed to realize, and that the buyer must create through additional effort and additional investment. Placing greater emphasis on the more recent years, makes sense. Both revenue and profitability for the Subject Company have experienced some volatility over the past five years and overall market conditions have changed. Additionally, the efficiency of the production process and the cost of the factory payroll component have changed significantly in recent years.
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MULTIPLE OF SELLER'S DISCRETIONARY EARNINGS
ESTIMATE OF DISCRETIONARY CASH FLOW NORMALIZED PRE-TAX EARNINGS ADD BACK TYPICAL SINGLE OWNERS' COMPENSATION (6.5% OF WEIGHTED AVG. REVENUES) SUBTRACT INTEREST INCOME ADD BACK INTEREST EXPENSE ADD BACK NORMAL DEPRECIATION ADDITIONAL ANNUAL CAPITAL EXPENDITURES NEEDED (BEYOND HISTORICAL LEVEL) DISCRETIONARY CASH FLOW TO OWNER DATA ON MULTIPLIER OF SELLER'S DISCRETIONARY CASH FLOW (SDCF) REVENUES (MILLIONS) MULTIPLE OF SDCF SDCF AS % OF REVENUES SDCF OF SUBJECT BUSINESS (AFTER CUSTOMER LOSSES) 10 SALES ANALYZED -SIC 2752 MEDIAN MULTIPLE 3.5 ROUNDED $337,176 ROUNDED $80,000
$736,743
13.3%
BIZCOMPS DATA REVENUES $1 MILLION OR MORE MEDIAN LOW HIGH $2.54 $1.00 $6.90 3.5 2.3 4.1 14.9% 22.7% 19.5% 13.3%
UPWARD ADJUSTMENT FOR FOLLOWING FACTORS: -ESTABLISHED - 25 YEAR HISTORY -EXCEPTIONALLY EXPERIENCED STAFF -OVER 95% REPEAT CUSTOMERS -CONTINUED INVESTMENT IN NEW TECHNOLOGY -GOOD LOCATION FOR COUNTY WIDE SERVICE -GOOD COST CONTROL
DOWNWARD ADJUSTMENT -EXISTING FACILITY LIMITS EXPANSION POTENTIAL -WORKING CAPITAL IS BELOW AVERAGE -PAYROLL COST IS ABOVE AVERAGE -BELOW MEDIAN % SDCF (ALREADY CONSIDERED IN MULTIPLE OF SDCF)
VALUATION ESTIMATE MEDIAN MULTIPLE OF SELLER'S DISCRETIONARY EARNINGS OVERALL NET ADJUSTMENT FOR FACTORS ABOVE DOWNWARD BY 15% OF MEDIAN (CONSTRAINTS ON GROWTH & BELOW AVG. SDCF) ESTIMATED MULTIPLE OF SELLER'S DISCRETIONARY EARNINGS VALUE OF FORMULA ASSETS (ROUNDED) PLUS CURRENT NET WORKING CAPITAL PLUS LIABILITIES ASSUMED (NEGATIVE FIGURE) 3.50 (0.53)
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REVENUES MULTIPLE OF GROSS REVENUES SDCF AS % OF REVENUES SDCF OF SUBJECT BUSINESS 10 SALES ANALYZED -SIC 2752 MEDIAN MULTIPLE
UPWARD ADJUSTMENT FOR FOLLOWING FACTORS: -ESTABLISHED - 25 YEAR HISTORY -EXCEPTIONALLY EXPERIENCED STAFF -OVER 95% REPEAT CUSTOMERS -CONTINUED INVESTMENT IN NEW TECHNOLOGY -GOOD LOCATION FOR COUNTY WIDE SERVICE -GOOD COST CONTROL
DOWNWARD ADJUSTMENT -EXISTING FACILITY LIMITS EXPANSION POTENTIAL -WORKING CAPITAL IS BELOW AVERAGE -PAYROLL COST IS ABOVE AVERAGE -BELOW MEDIAN % SDCF
VALUATION ESTIMATE MEDIAN MULTIPLE OF REVENUES OVERALL ADJUSTMENT FOR FACTORS ABOVE (DOWNWARD BY 20% OF MEDIAN) ESTIMATED MULTIPLE OF REVENUES ESTIMATED NORMALIZED REVENUES VALUE OF FORMULA ASSETS (ROUNDED) PLUS CURRENT NET WORKING CAPITAL PLUS LIABILITIES ASSUMED (NEGATIVE FIGURE IF APPLICABLE)
$2,220,241 $2,220,000
ROUNDED
PRINTER - COMMERCIAL PRINTING SHOP PRINTER - COMMERCIAL PRINTING SHOP PRINTER - COMMERCIAL PRINTER - COMMERCIAL MEDIAN ALL MEDIAN REVENUES UNDER $1 MILLION MEDIAN REVENUES $1 MILLION OR MORE
$2,543,000
19.5%
0.65
3.52
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11 - 15%
16% - 20%
21 - 25%
26% - 30%
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14.3% 3.0%
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The balance sheet reflects a generally healthy company with the exception of a working capital deficit. The normalized income statement and balance sheet follow this page.
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3 YR. WEIGHTED AVG. PRE-TAX EARINGS ADJUSTMENTS: NON-RECURRING PAYMENT ON KIMORI 6 COLOR PAID OFF @ $12,700/MO. LOWER RENT TO FAIR MKT. RENT ADD BACK ACTUAL DEPRECIATION SUBTRACT NORMALIZED DEPRECIATION NORMALIZED PRE-TAX EARNINGS
$123,310
FISCAL YR. 3
FISCAL YR. 4
FISCAL YR. 5
$152,400
$152,400
$152,400
$152,400
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NORMALIZATION ADJUSTMENTS BOOK VALUE TOTAL FIXED ASSETS $1,004,173 MAJOR FIXED ASSETS OTHER FIXED ASSETS FIXED ASSET TOTALS $907,895 $96,278 $1,004,173
FMV ADJUSTED
ACQUISITION PRICE FURNITURE & FIXTURES MACHINERY & EQUIPMENT LEASEHOLD IMPROVEMENTS TOTAL MAJOR FIXED ASSETS 6 COLOR KIMORI ELECTRONIC PREPRESS SCRIPRIP SELECTSET 5 COLOR KIMORI $880,202 $341,319 $71,340 $537,017 $38,608 $2,964,638 $58,134 $3,061,380 BOOK VALUE $381,422 $22,753 $29,725 $474,365 FMV $475,000 $125,000 $31,000 $265,000 FMV OTHER FIXED ASSETS $1,231,502 $492,601
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ADDENDA WORKING CAPITAL ANALYSIS RATIO ANALYSIS BALANCE SHEET RATIO ANALYSIS INCOME STATEMENT APPRAISER QUALIFICATIONS
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Ratio Analysis Details - The tables on the next page reflect the ratio analysis of the balance sheet and income statement data considered in evaluating the Subject Companys financial condition.
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QUICK RATIO N/AV 2.21 7.13 7.07 52 42.0 31.4 - 54.8 N/AV N/AV N/AV N/AV N/AV N/AV 7.2 5.7 - 9.0 N/AV N/AV N/AV N/AV N/AV N/AV 5.3 3.3 - 7.8 N/AV N/AV N/AV N/AV N/AV N/AV 2.1 1.6 - 2.7 N/AV N/AV 1.9 1.1 - 4.3 3.0 2.2 - 5.9 1.7 N/AV 9.8 N/AV 13.9 214.5 - 7.6 10.0 18.9 - 6 N/AV N/AV N/AV N/AV 12.8
TAX & FINANCIAL RMA -SIC 2752 DUN & BRADSTREET FINANCIAL RESEARCH. ASSOCIATES STATEMENT SALES $5 TO 10 MILLION SIC 2752 - ALL SIZE COS. 25% MOST PROFITABLE ASSETS 500K TO 1,000K BENCHMARKS RANGE RANGE RANGE RANGE COMMERCIAL & LOWER TO LOWER TO LOWER TO LOWER TO OTHER PRINTING UPPER UPPER UPPER UPPER ASSETS MEDIAN QUARTILE MEDIAN QUARTILE MEDIAN QUARTILE MEDIAN QUARTILE 1,000 TO 5,000 K 1.1 0.7 - 1.6 1.4 0.8 - 2.5 1.9 1.1 - 4.3 1.4 1.1 - 3.0 N/AV 17.05 2.59 4.91 7.45 74.3 22.49 2.22 3.63 7.57 100.6
FIVE YR. - FISCAL YEAR HISTORY YR. 5 YR. 4 YR. 3 YR. 2 YR. 1 1.47 1.34 1.35 1.40 1.82 16.63 2.46 4.73 8.32 77.2 17.71 2.56 4.87 6.98 74.9 10.16 2.48 5.02 8.05 72.7
SALES/WORKING CAPITAL
N/AV
SALES/TOTAL ASSETS
2.23
6.89
SALES/RECEIVABLES
7.18
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PRINTING INDUSTRIES OF AMERICA (PIA) SALES $3 TO $6 MILLION MEDIAN PROFIT LEADERS 9.43% 4.80% N/AV N/AV N/AV 15.46%
TAX & FINANCIAL RMA -SIC 2752 DUN & BRADSTREET FINANCIAL RESEARCH. ASSOCIATES STATEMENT SALES $5 TO 10 MILLION SIC 2752 - ALL SIZE COS. 25% MOST PROFITABLE ASSETS 500K TO 1,000K BENCHMARKS RANGE RANGE RANGE RANGE COMMERCIAL & LOWER TO LOWER TO LOWER TO LOWER TO OTHER PRINTING UPPER UPPER UPPER UPPER ASSETS MEDIAN QUARTILE MEDIAN QUARTILE MEDIAN QUARTILE MEDIAN QUARTILE 1,000 TO 5,000 K N/AV 4.24% N/AV 1.3%
FIVE YR. - FISCAL YEAR HISTORY YR. 5 YR. 4 YR. 3 YR. 2 YR. 1 3.03% 0.94% 1.96% 2.75% 0.71%
BEFORE TAX PROFIT (OPERATING INCOME) 20.86% N/AV N/AV N/AV N/AV N/AV
3.03%
RETURN ON ASSETS (BEFORE TAXES & INTEREST) N/AV 1.8% - 12.8% 6.8% 5.7% 1.2% - 16.8%
9.14%
N/AV
N/AV
N/AV
N/AV
9.37%
N/AV
53.20%
29.2% - 128.0%
8.60%
0.9% - 16.9%
7.1%
7.8%
GROSS PROFIT (USING MATERIALS & LABOR ONLY AS COST OF GOODS SOLD) 27.6% 30.1% N/AV N/AV
N/AV
N/AV
64.7%
N/AV
45.0%
N/AV
N/AV
GROSS PROFIT (USING MATERIALS & LABOR, DIRECT SUPPLIES, OUTSIDE PROCESSING & FACTORY EXPENSE AS COST OF GOODS SOLD) N/AV 3.6% 2.4% - 5.9%
24.5%
N/AV
N/AV
N/AV
N/AV
N/AV
N/AV
N/AV
N/AV
N/AV
8.4%
N/AV
7.0%
N/AV
6.3%
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PRINTING INDUSTRIES OF AMERICA (PIA) SALES $3 TO $6 MILLION MEDIAN PROFIT LEADERS 0.30% 1.98% 13.22% 22.39% 36.78% 8.86% 9.07% N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV N/AV 2.32% N/AV 3.77% N/AV N/AV N/AV N/AV N/AV 0.66% N/AV 0.69% N/AV
TAX & FINANCIAL RMA -SIC 2752 DUN & BRADSTREET FINANCIAL RESEARCH. ASSOCIATES STATEMENT SALES $5 TO 10 MILLION SIC 2752 - ALL SIZE COS. 25% MOST PROFITABLE ASSETS 500K TO 1,000K BENCHMARKS RANGE RANGE RANGE RANGE COMMERCIAL & LOWER TO LOWER TO LOWER TO LOWER TO OTHER PRINTING UPPER UPPER UPPER UPPER ASSETS MEDIAN QUARTILE MEDIAN QUARTILE MEDIAN QUARTILE MEDIAN QUARTILE 1,000 TO 5,000 K N/AV 2.30% N/AV N/AV N/AV N/AV N/AV
FIVE YR. - FISCAL YEAR HISTORY YR. 5 YR. 4 YR. 3 YR. 2 YR. 1 0.16% 0.17% 0.16% 0.15% 2.40% RECENT YRS. ONLY 13.52% 12.94% RECENT YRS. ONLY 28.72% 32.54% RECENT YRS. ONLY 34.82% 32.77% RECENT YRS. ONLY 10.42% 10.43% RECENT YRS. ONLY 8.84% 10.51% RECENT YRS. ONLY
ADVERTISING EXPENSE
0.46%
RENT
1.79%
FACTORY EXPENSE
14.34%
FACTORY PAYROLL
25.51%
MATERIALS
35.69%
SELLING EXPENSE
9.89%
ADMINISTRATIVE EXPENSE
10.28%
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Manufacturing Sector: Specialized high tech metal producer - $230 million Manufacturer of Power Supplies Revenues $3 million Wastepaper processing/wholesaler Revenues $2 million Winery Revenues $10 million Chrome Plating - $2.5 million Communications/Broadcasting: Television Station group Revenues of $30 million Film Library Revenues of $25 million Small Scale Publishing companies Revenues of $500,000 Other familiarity with the communications industry: The valuation of a power supply manufacturer required research into the telecommunications industry. The telecommunications industry contributes 30% to 50% of the demand for power supplies. Engineering & Design: Engineering Firm Revenues of $2 million Exhibit Production/Design Revenues of $2.5 million Medical Related and Medical Laboratory Services: Specialty Surgical Practice Revenues of $1.7 Million Dental Practices Revenues of $300,000 to $600,000 Medical Laboratory Revenues of $800,000 Consumer oriented Retail and Service Businesses: Regional Grocery Chain - Revenues of several $Billion Grocery Stores Revenues $600,000 to $10.6 Million Auto Dealers Revenues of $20 million to $400 million . Motorcycle Dealer - Revenues - of $2 million Truck Accessory Retailer Revenues - of $6 million Commercial Printers Revenues of $2 to $10 million Emergency Animal Shelter Revenues of $3 million Fitness Centers (Group of four) - Revenues of $700,000 Day Camp Revenues of $500,000 Financial Services for Youth From business plan Wholesale/Distribution Wholesaler of Office Supplies Revenues of $15 million Smaller Businesses: Gift Shops, Publication Clipping Service, Liquor Store, Fabric Store, Spa Cover Mfg., Carwash, Restaurant/Bar
Appraisal Reviews Subcontracts to IRS Reviewed appraisals of large estates (up to several hundred million dollars). Include some reviews of appraisals by national and/or high profile firms. Both business and real estate interests. Prepared alternate valuation report as needed.
Diversified Background
Current occupation: Business valuation, commercial real estate appraisal. Previous occupations: Income tax preparation, grant/proposal writing and engineering. Education: Degrees in mechanical engineering and financial planning, supplemented with substantial finance and valuation education.
Publications
Business Valuation Review (Journal published by the ASA): The Single Customer Business Valuation of a Captive Business (March 2000 issue) Business Valuation Controversies and Choices: Understand Them & Their Impact on Value (June 2000 issue) Blockage Discounts for Large Blocks of Publicly Traded Stocks Benchmark Data to Test for Reasonableness (December 2000 issue) Appraisal Journal (The most highly regarded national publication for real estate appraisers): Variables That Influence Hotel Parking Demand (Jan. 1999 issue) The Challenges of Appraising Residential Alzheimers Assisted Living Facilities (Jan. 2000 issue) Challenges in Appraising Simple Warehouse Properties, (April 2001 issue) Appraisal Institute Appraising Industrial Properties (2005). Paid consultant, developing portions of two chapters of book by multiple authors.
Licenses/Certifications
Certified General Real Estate Appraiser - State of California (AG003493) State Certified General Appraiser - State of Oregon (C000476) Inactive Status Registered Appraiser - State of Oregon (required for County Assessors & Revenue Dept. Appraisers) Certifications/Registrations for previous occupations (no longer current): Registered Tax Preparer (Cal.) Registered Investment Advisor (Cal.) Life and Disability Agent (Cal.) Variable License (Cal.) Series 7 NASD Securities License Note: Qualifications as a commercial real estate appraiser also available upon request.