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the value processor think about more than formula-derived estimates They make the value processor examine tax implications, market conditions between buyers and sellers, and reality nancing structures As with any other formula, there is just criticism of the excess earnings methodology For one, it hinges largely on historical earnings but then, so does the method called discounted cash ow, since forecasted future earnings must be based in some historical fact And another, Who really has excess earnings to begin with Nevertheless, I believe that in the hands of experienced processors, the excess earnings method is exceptionally useful when valuing the closely held enterprise In addition, periodic users can successfully apply, with a small bit of trial and error, the formula themselves It is the primary method I depend upon in the real case histories that follow later
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Excess Earnings Method
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(This method considers cash ow and values in hard assets, estimates intangible values, and superimposes tax considerations and nancing structures to prove the most-likely equation)
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Reconstructed Cash Flow Less: Comparable Salary Less: Contingency Reserve Net Cash Stream to Be Valued Cost of Money Market Value of Tangible Assets Times: Applied Lending Rate Annual Cost of Money Excess of Cost of Earnings Return Net Cash Stream to Be Valued Less: Annual Cost of Money Excess of Cost of Earnings Intangible Business Value Excess of Cost of Earnings Times: Intangible Net Multiplier Assigned Intangible Business Value Add: Tangible Asset Value TOTAL BUSINESS VALUE (Prior to Proof) $ 75,000 35,000 5,405 $ 34,595 $ 60,000 10% $ 6,000
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$ 34,595 6,000 $ 28,595
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$ 28,595 50 $142,975 60,000 $202,975 (Say $205,000)
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(Please note Figure 91 at the end of section for guidance in muliplier selection)
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Excess Earnings Method Financing Rationale Total Investment Less: Down Payment Balance to Be Financed Bank (10% 15 years) Amount Annual Principal/Interest Payment Seller (9% 5 years) Amount Annual Principal/Interest Payment Testing Estimated Business Value Return: Net Cash Stream to Be Valued Less: Annual Bank Debt Service (P&I) Less: Annual Seller Debt Service (P&I) Pretax Cash Flow Add: Principal Reduction Pretax Equity Income Less: Estimated Depreciation (Let s Assume) Less: Estimated Income Taxes (Let s Assume) Net Operating Income (NOI)
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$205,000 50,000 $155,000 $ 35,000 4,513 $120,000 29,892 $ 34,595 4,513 29,892 $ 190 24,000* $ 24,190 8,571 550 $ 15,069
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*Debt service includes an average $24,000 annual principal payment that is traditionally recorded on the balance sheet as a reduction in debt owed This feature recognizes that the owned equity in the business increases by this average amount each year
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Return on Equity: Pretax Equity Income Down Payment $ 24,190 $ 50,000 484%
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Return on Total Investment: Net Operating Income Total Investment $ 15,069 $205,000 74%
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While return on total investment is abysmally low in relation to conventionally expected investment returns, the return on equity is attractively high Bear also in mind that an average of $24,000 is returned into equity each of ve years, at the end of which, $120,000 of debt is retired This type of leverage in the closely held purchase and sale can be especially attractive to getting any deal done Assuming that the buyer at least held the line and made no improvements to cash ow during the ve years, the following might be the buyer s annual return
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Valuation Techniques Basic Salary Gain of Principal Effective Income in Each of 5 Years $ 35,000 24,000 $ 59,000*
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*There is also the matter of $5,405 annually into the contingency and replacement reserve that would be at the discretion of the owner if not required for emergencies or asset replacements At the end of the fth year, principal and interest payments of $29,892 would cease and become available for additional salary or whatever
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