business valuation explained

⚠️ Red Flag Case Study: The Phantom $120K

~ Certified Business Appraiser

A $750K restaurant valuation relied on “owner’s discretionary cash flow” of $185K. But: $45K = family payroll not expensed $18K = underreported delivery fees $22K = ‘miscellaneous’ addbacks with no backup $35K = no market salary for the full-time owner Real FCF: ~$65KReal value: closer to $275K 📉 The lender caught it in time and … Continue reading ⚠️ Red Flag Case Study: The Phantom $120K

🧠 Valuation Insight: Why Restaurant Margins Can Mislead

~ Certified Business Appraiser

🍽️ Restaurant financials can look deceptively strong—until you dig into: No owner wages expenses Uncaptured delivery fees or third-party platform costs CapEx ignored (kitchen/fixture replacement cycles) 📌 Rule of thumb: If free cash flow hasn’t been normalized, you’re underwriting a fantasy. ✅ Valuations must account for labor cost fluctuations, food inflation, and capital reinvestment cycles.

Discount Statistics of Closed-End Funds Update for the 1st Quarter 2018

~ Lisa Burkey

This article will update the Highland Global study, “Discount Statistics of Closed-end Funds,” (originally published in November 2005 and updated quarterly) for data relating to the first quarter of 2018. The original article with more details regarding discount statistics of closed-end funds is available at http://www.HighlandGlobal.com. Historic releases of our research can be accessed from … Continue reading Discount Statistics of Closed-End Funds Update for the 1st Quarter 2018

Discount Statistics of Closed-End Funds Update for the 4th Quarter 2017

~ Certified Business Appraiser

This article will update the Highland Global study, “Discount Statistics of Closed-end Funds,” (originally published in November 2005 and updated quarterly) for data relating to the fourth quarter of 2017. The original article with more details regarding discount statistics of closed-end funds is available at http://www.HighlandGlobal.com. Historic releases of our research can be accessed from … Continue reading Discount Statistics of Closed-End Funds Update for the 4th Quarter 2017

Discount Statistics of Closed-End Funds Update For The 3rd Quarter 2017

~ Certified Business Appraiser

This article will update the Highland Global study, “Discount Statistics of Closed-end Funds,” (originally published in November 2005 and updated quarterly) for data relating to the third quarter of 2017. The original article with more details regarding discount statistics of closed-end funds is available at http://www.HighlandGlobal.com. Historic releases of our research can be accessed from … Continue reading Discount Statistics of Closed-End Funds Update For The 3rd Quarter 2017

Discount Statistics of Cloded-End Funds Update For The 2nd Quarter 2017

~ Certified Business Appraiser

This article will update the Highland Global study, “Discount Statistics of Closed-end Funds,” (originally published in November 2005 and updated quarterly) for data relating to the second quarter of 2017. The original article with more details regarding discount statistics of closed-end funds is available at http://www.HighlandGlobal.com. Historic releases of our research can be accessed from … Continue reading Discount Statistics of Cloded-End Funds Update For The 2nd Quarter 2017

Discount Statistics Of Closed-End Funds Update For The 1st Quarter 2017

~ Certified Business Appraiser

This article will update the Highland Global study, “Discount Statistics of Closed-end Funds,” (originally published in November 2005 and updated quarterly) for data relating to the first quarter of 2017. The original article with more details regarding discount statistics of closed-end funds is available at http://www.HighlandGlobal.com. Historic releases of our research can be accessed from … Continue reading Discount Statistics Of Closed-End Funds Update For The 1st Quarter 2017