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Inside Outdoor | Fall 2015 54
business, micro and macro-economic
factors that affect the business, the
company’s financial condition and
history, the dividend paying and earn-
ings capacity of the company, and the
existence of any company goodwill
and intangible assets. The business
valuation process incorporates those
factors and uses one or more common
and accepted approaches to business
valuation – asset approach, income
approach or market approach – as it
works to determine a calculation or
conclusion of value.
Business valuation is a combination
of art and scince, and thus it requires
a professional, qualified appraiser to
conduct and provide a valuation. An ac-
credited business valuation analyst per-
forms the calculation in accordance with
prescribed rules and accepted meth-
odologies which provides a respected
and accepted calculation for the owner
or those that then rely on the valuation
report. It is not enough or prudent for
an owner to “run their own numbers”
for valuation purposes, especially as
they try to defend their calculations to
the IRS or state taxing authorities.
A business valuation is an impor-
tant and necessary undertaking for
nearly every business. The valuation
has many uses and can serve different
purposes. A valuation can be used as
a negotiation tool in the sale of a busi-
ness, it can be used as a management
tool to promote efficiencies and to
develop sound practices that increase
business value, it is used in compensa-
tion plans, and it should be a part of
strategy and exit plans for the business
and the business owners.
Philip Josephson is a Certified Valu-
ation Analyst (CVA) as certified by the
National Association of Certified Valu-
ation Analysts. Philip is the founder of
Sterling Business Law where he and the
firm deliver corporate legal and busi-
ness advisory service to clients across
the United States. Philip holds a Finance
degree and a J.D. from the University of
Miami, an M.B.A. from Columbia Uni-
versity; he is a Registered Investment
Advisor (RIA); he is a member of the
Florida Bar, the Arizona Bar, and the
Federal Communications Bar; and may
be contacted at pjosephson@sterling-
. Nothing written above
is intended to be legal advice.
Uses for Business Valuation
Negotiation – Improve position in purchase or sale scenarios
Management – Identify and promote efficiencies/develop sound practices
Compensation – Determine baseline to establish deferred compensation plans
Strategy – Develop, implement and execute exit plans
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12 Survivors ) 27
303 Products ) 11
32north ) 39
Advanced Elements ) 51
ASF Group ) 46
Aspect Solar ) 23
Baffin ) 2
Body Glide 12
Bridgford 13
Celerant 36
Cocoon by Design Salt ) 52
Coghlan’s ) 21
ColdPruf ) 43
CORDURA ) 3
Dawan Global 7
drirelease 15
FITS ) 47
FitterFirst 35
Icebug ) 31
Kahtoola ) 44
LifeStraw ) 20
) 51
MFI International ) 37
Minus33 ) 19
One Source Apparel 55
Outdoor Retailer ) 41
Overboard ) 49
Popticals 17
Quickfeat ) 29
SMC Gear 45
Spenco ) 33
Sun Dolphin ) 49
Techtextil 28
) Back cover
9
Tigers Global Logistics ) 25
WeatherHawk ) 50
Yaktrax 5
Disclaimer: This index is provided as a free service to our advertisers. Every effort is made for accuracy,
but we cannot be held liable for any errors or omissions.