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Proposal: Sample Company
Proposal: Sample Company
Business Valuation
Proposal
Presented to
Sample Company
Presented by
Doug Ingram
Capstone Financial Group
BB9868SBVAL-06 | ML 12-002778
BUSINESS
BUSINESS OWNER
OWNER && EXECUTIVE
EXECUTIVE SOLUTIONS
SOLUTIONS
How to Determine the Value of Your Business
Lean on the Capstone Financial Group to help you maximize the effectiveness of your business.
Tailored solutions
Capstone Financial Group provides you access to a complete package of tailored solutions to help you,
your business and your key employees. These solutions have been categorized into six primary areas of
financial need. After helping you identify and prioritize your areas of need, we can focus on offering
solutions to enhance your financial security.
Solutions
Retirement
Business protection – In the event of a death, resignation of a key employee or a future change in
management, would your business be as successful as it is today?
Exit planning – Do you occasionally obtain a valuation for your business? If you were to sell your
business today what would be the market value? Have you established a definite time period to transfer
your business to a specific party at an established price?
Income protection – If you or a key person to your organization were to experience an accident or severe
illness, how would this affect your business? Would you be able to meet present financial obligations
based on your expected income during that stressful time?
Survivor income – Will your spouse and beneficiaries be able to maintain their desired standard of living
after your death? How would the unexpected death of a partner or key person affect your business?
Wealth transfer – Is your personal will/trust current and does it accurately reflect how you want your
assets distributed? Is the buy-sell agreement or business succession plan for your business current and
properly funded?
Retirement income – Are you or your key employees able to set aside enough money for retirement
considering the limited amount of contributions that can be made to a qualified plan?
The Problem of Business Valuation
How to Determine the Value of Your Business
An exact method for determining the value of a business does not exist. The more "experts" you
ask, the more opinions you will receive. And more than likely, the opinions will vary widely.
There are many instances when the value of business assets is needed, such as for buy-sell
agreements, business loans, and for estate planning purposes. At your death, the value of your
estate is subject to estate taxes. Your business assets are part of your estate. Therefore, the higher
the value of your business in your estate, the more estate taxes you will pay. The lower the value of
your business, the less estate tax you will pay. The IRS will attempt to value your business at the
highest reasonable level, while your heirs will try to minimize the value of your business.
There are many methods by which a business may be valued. Five of the most commonly used
methods are described below.
• Book Value: The value at which the business is carried on a balance sheet, with all assets
adjusted for fair market value (fair market value may not be the same as the depreciated
value for income purposes).
• Straight Capitalization Method: The amount of capital that would have to be invested at a
specified rate to yield the current average net annual earnings of the business.
• Capitalization of Earnings Method: Assumes that part of earnings are attributed to the
assets of the business (book value). Remaining earnings are capitalized at a rate consistent
with the relative risk of the business. The result is then added to book value.
• Years' Purchase Method: A conservative rate (the pure money rate for an investment with
generally accepted lower risk) is used to determine the earnings attributed to assets. The
balance is assumed to be provided by goodwill. The earnings provided by goodwill are then
multiplied by the number of years for which goodwill is expected to be valuable to a
purchaser. The result is then added to the book value to obtain the valuation.
• Discounted Future Earnings Method: Projected future business earnings are forecasted,
and then discounted using an appropriate rate which reflects the return from the next best
investment opportunity with a comparable level of risk. The sum of the discounted future
earnings is the current valuation.
The average of these five methods is not an acceptable method of valuation. It is shown in this
presentation for comparison purposes only. Each business should have a professional appraiser
determine the method that will best represent all of its factors.
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EXIT
PLANNING Buy-sell agreement funding
Buy-sell agreements involve the selling and buying of the departing owner’s business interests in accordance
with the formal agreement. It is important for business owners to have a plan in place for securing the
money needed to complete this transaction when it occurs. Various options exist for business owners.
FUNDING METHODS
Cash – Requires sufficient funds be available to pay the full price in the designated timeframe.
Borrowing – Involves future unknown factors such as credit availability and cost of borrowing. Any
borrowed funds must be repaid with interest from earnings.
Saving – Does not assure that sufficient funds will be available when needed because the timing of
departure is not predictable.
Installment sale – Requires repayment from earnings and forces your heirs to rely upon the future success
of the business in order to receive your payments.
Insurance – Is purchased on the departing owner at the time the buy-sell agreement is implemented.
Provides liquidity when needed. Upon death or total disability, the buyer receives the insurance benefit
which can be used to fund the purchase of the business.
Timing of liquidity and cost are important considerations when determining an appropriate funding
method for your situation. Compare these hypothetical protection costs for a $1,000,000 purchase price.
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The previous pages depict certain business planning options. All of these options are based on the information you shared with us
for this purpose and the assumptions stated throughout the report. Of course, any variance in the information or assumptions could
change the results.
All assets assume specific growth rates, calculated based on information from the client. These individual rates are used to project
the possible growth of the business. These projections are made to estimate future business insurance needs.
Although the informal business valuation from The Principal can provide a valuable starting point in helping you determine the value
of your business, the valuation will not be a substitute for a formal valuation nor does it establish a value for tax purposes. A formal
valuation should be constructed with the guidance of your legal and/or tax advisors.
Solutions outlined in this report do not imply a recommendation that a specific business planning option should be implemented.
Rather it represents a summary of potential considered strategies, which each individual should discuss with his or her tax advisor,
attorney, and/or other professional advisor before taking any action.
Because your business planning goals may change in the future, periodic monitoring should be an essential component of your
program.
Disability income insurance has certain limitations and exclusions. For costs and complete details of coverage, contact your
Principal Life financial representative.
Individual disability income insurance Series 700. Not all products available in all states.
While this communication may be used to promote or market a transaction or an idea that is discussed in the publication,
it is intended to provide general information about the subject matter covered and is provided with the understanding that
none of the member companies of The Principal are rendering legal, accounting, or tax advice. It is not a marketed opinion
and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or
other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements.
Insurance issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Securities offered
through Princor Financial Services Corp., 800-247-1737, member SIPC. Principal National, Principal Life and Princor® are
members of the Principal Financial Group®, Des Moines, IA 50392.