This document is a guide to valuing restaurants published by Business Valuation Resources. It discusses several valuation methods and considerations for valuing restaurants, including rules of thumb valuation approaches, analyzing the restaurant industry and economic outlook, conducting site visits and market research, reviewing financial information with management, assessing fixed assets and capital expenditures, and special considerations for valuing franchised restaurants. The guide provides information to help valuation professionals evaluate various factors relevant to determining the fair market value of a restaurant business.
This document provides guidance on creating an effective elevator pitch. It discusses that an elevator pitch is a brief overview of an idea, product, service, or person that is designed to catch someone's attention and make them want to learn more within the limited time of an elevator ride. The document provides examples of elevator pitches, reviews key criteria like being concise and compelling, common mistakes to avoid, and tips for customizing your pitch for different audiences. The goal is to help entrepreneurs and salespeople communicate their message in a compelling yet brief way to potentially interested parties.
Here is the first chapter of my new book 'Package, Position, Profit: How to build a legal practice the 21st Century wants to buy'. If you like chapter 1, the book is available to buy from https://www.ark-group.com
This document provides a 10-year forecast of market demand for suborbital reusable vehicles (SRVs). It was jointly funded by the FAA Office of Commercial Space Transportation and Space Florida. The study defines different SRV market segments and provides forecasts for each segment, including commercial human spaceflight, research, technology demonstration, media/public relations, education, satellite deployment, remote sensing, and point-to-point transportation. Overall demand forecasts indicate several thousand SRV flights could occur within the next decade, generating hundreds of millions of dollars in revenue, if vehicle development and costs progress as expected.
Proxy_Season_Field_Guide_Seventh_Edition_2017.PDFLee Anne Sexton
This document is the seventh edition of "The Proxy Season Field Guide" authored by David M. Lynn. It provides an overview of key legislative and regulatory developments impacting the upcoming proxy season, including discussions of say-on-pay votes, executive compensation disclosure requirements, shareholder proposals, and SEC guidance. It also includes annotated examples of proxy statements and discussions of important disclosure topics such as executive compensation and corporate governance.
Leaving addie for sam field guide guidelines and temst learning experiences Jamri Dafrizal
Make your foray into successive approximations successful and as easy as possible.
In the 2012 bestseller, Leaving ADDIE for SAM, learning professionals were introduced to the Successive Approximation Model (SAM) and the Savvy Start—the key to a successful project kick-off. Together, these concepts incorporate contemporary Agile processes that simplify design and development, yielding more energetic and effective learning experiences. This companion Field Guide provides the job aids, tools, and templates you need to put the SAM methodology in motion and take your ISD practice to new heights. Complete with a foreword by Michael Allen, this book is an essential resource to create better, faster training products and “move the needle” on current training efforts
This document contains a collection of over 120 tools for change management. It is divided into three sections: Self, Team, and Larger Systems. The Self section includes tools for personal goal setting, creativity, and mental mapping. The Team section covers topics like team learning, feedback, diversity, and conflict resolution. The Larger Systems section provides tools for analyzing organizations, stakeholder engagement, visioning, project management, and facilitating large-scale change. The document aims to equip change practitioners with a variety of methods and strategies to guide personal, team, and organizational development.
This document is an introduction to the "Understanding Basic Music Theory" course. It discusses how the course covers the bare essentials of music theory, though music is a large subject and students may pursue different advanced topics depending on their interests. The course aims to thoroughly explore basic music theory so that students gain a solid foundation for further study in their chosen musical fields. It also notes that the final section includes some intermediate-level challenges that are useful for many musical genres.
View From The Cheap Seats: Advertising’s Most Provocative ColumnsDan Goldgeier
A broader look at advertising, marketing, branding, global politics, office politics, racial politics, and getting drunk during a job interview.
An abridged version is available in softcover and e-book formats at Amazon.com.
This document provides guidance on creating an effective elevator pitch. It discusses that an elevator pitch is a brief overview of an idea, product, service, or person that is designed to catch someone's attention and make them want to learn more within the limited time of an elevator ride. The document provides examples of elevator pitches, reviews key criteria like being concise and compelling, common mistakes to avoid, and tips for customizing your pitch for different audiences. The goal is to help entrepreneurs and salespeople communicate their message in a compelling yet brief way to potentially interested parties.
Here is the first chapter of my new book 'Package, Position, Profit: How to build a legal practice the 21st Century wants to buy'. If you like chapter 1, the book is available to buy from https://www.ark-group.com
This document provides a 10-year forecast of market demand for suborbital reusable vehicles (SRVs). It was jointly funded by the FAA Office of Commercial Space Transportation and Space Florida. The study defines different SRV market segments and provides forecasts for each segment, including commercial human spaceflight, research, technology demonstration, media/public relations, education, satellite deployment, remote sensing, and point-to-point transportation. Overall demand forecasts indicate several thousand SRV flights could occur within the next decade, generating hundreds of millions of dollars in revenue, if vehicle development and costs progress as expected.
Proxy_Season_Field_Guide_Seventh_Edition_2017.PDFLee Anne Sexton
This document is the seventh edition of "The Proxy Season Field Guide" authored by David M. Lynn. It provides an overview of key legislative and regulatory developments impacting the upcoming proxy season, including discussions of say-on-pay votes, executive compensation disclosure requirements, shareholder proposals, and SEC guidance. It also includes annotated examples of proxy statements and discussions of important disclosure topics such as executive compensation and corporate governance.
Leaving addie for sam field guide guidelines and temst learning experiences Jamri Dafrizal
Make your foray into successive approximations successful and as easy as possible.
In the 2012 bestseller, Leaving ADDIE for SAM, learning professionals were introduced to the Successive Approximation Model (SAM) and the Savvy Start—the key to a successful project kick-off. Together, these concepts incorporate contemporary Agile processes that simplify design and development, yielding more energetic and effective learning experiences. This companion Field Guide provides the job aids, tools, and templates you need to put the SAM methodology in motion and take your ISD practice to new heights. Complete with a foreword by Michael Allen, this book is an essential resource to create better, faster training products and “move the needle” on current training efforts
This document contains a collection of over 120 tools for change management. It is divided into three sections: Self, Team, and Larger Systems. The Self section includes tools for personal goal setting, creativity, and mental mapping. The Team section covers topics like team learning, feedback, diversity, and conflict resolution. The Larger Systems section provides tools for analyzing organizations, stakeholder engagement, visioning, project management, and facilitating large-scale change. The document aims to equip change practitioners with a variety of methods and strategies to guide personal, team, and organizational development.
This document is an introduction to the "Understanding Basic Music Theory" course. It discusses how the course covers the bare essentials of music theory, though music is a large subject and students may pursue different advanced topics depending on their interests. The course aims to thoroughly explore basic music theory so that students gain a solid foundation for further study in their chosen musical fields. It also notes that the final section includes some intermediate-level challenges that are useful for many musical genres.
View From The Cheap Seats: Advertising’s Most Provocative ColumnsDan Goldgeier
A broader look at advertising, marketing, branding, global politics, office politics, racial politics, and getting drunk during a job interview.
An abridged version is available in softcover and e-book formats at Amazon.com.
This document is an instruction manual for a Sony camera. It contains 3 sections: an overview of the camera's main features, operating instructions for basic camera functions, and reference information on additional settings and technical specifications. The overview lists the camera's main buttons and ports. The operating instructions explain how to power on the camera, take pictures, view photos and videos, connect to a computer, and use the included software. The reference section provides detailed information on advanced settings, file formats, output resolutions, battery life, and other technical specifications.
This sūrah provides a panoramic view of humanity's journey from the start of human life on Earth to the final return to God. It follows the procession of prophets and messengers advocating faith in God's oneness from Adam to Muhammad. It depicts scenes of believers and unbelievers, showing believers at ease while portraying the destruction of unbelievers as a reminder. The sūrah stops periodically to comment before continuing its message, presenting the constant endeavor of faith until humanity arrives at the finishing line, having started from the same point in heaven. It uses this framework to discuss faith, contrasting different responses to God's messages throughout history.
This sūrah discusses various topics related to faith, including God's oneness, revelation, resurrection, and the unity between Abraham's faith and Muhammed's message. It outlines God's will and man's will to accept or deny guidance. It explains the mission of prophets and God's law for those who deny them. It also discusses rejecting faith after accepting it. The sūrah presents these topics within the context of God's signs in the universe and blessings bestowed on mankind, as well as scenes of the Day of Judgment. It uses parables, examples, and stories to make its message clear and impact hearts and minds. Throughout, it emphasizes gratitude to God for His blessings.
Rand rr2137 hypersonic missile nonproliferation hindering the spread of a ne...BookStoreLib
This document discusses efforts to limit the proliferation of hypersonic missile technology. It presents information on ongoing hypersonic weapons development programs in countries such as the United States, Russia, and China. It then examines the strategic risks posed by the spread of these technologies to additional states. Finally, it makes recommendations for unilateral, multilateral, and export control measures that could help curb further proliferation in the coming decade when opportunities remain to shape development.
This document discusses poverty in Africa. It provides an overview of the types and quality of data available for measuring poverty on the continent. While data has improved, limitations still exist. The poor quality and limited availability of data pose challenges for accurately assessing poverty trends. The document also examines poverty from a non-monetary perspective, looking at indicators like health, education and living standards. Measuring multiple deprivations provides a more comprehensive view of poverty. Inequality in Africa is also discussed, including trends, unequal opportunities, and the rise of extreme wealth. Improving and expanding the data is key to better understanding and addressing poverty in the region.
The document is a table of contents for a help file about Business Card Designer Plus software. It includes sections on getting started, working with objects, printing and alignment, backgrounds, personal databases, templates, and the user interface. Each section lists subtopics that provide information on how to perform various tasks within the software.
This document provides an overview of the consulting industry. It discusses what consulting is, common skill sets of consultants, who hires consultants and why. It also covers the different types of consulting firms and categories of consulting work. The document aims to give readers a basic understanding of the consulting field to help them decide if pursuing a career in consulting is a good fit.
This document provides guidance on creating scientific posters. It covers overall considerations for developing content, including using the IMRAD format and including tables, graphs and references. It also discusses design elements like fonts, layout, and effective use of space. Finally, it addresses printing and presenting the poster. The goal is to help researchers communicate their work effectively through visual presentation at conferences or events.
This document is an excerpt from "The Adobe Photoshop CS4 Layers Book" which discusses layers and their uses. It introduces the book's topic of harnessing the power of layers in Photoshop. Some key points are:
- Layers allow editing of images non-destructively by isolating changes to specific layers.
- Proper layer management is important for an efficient workflow in Photoshop.
- Adjustment layers and layer masks can be used to isolate corrections and edits to specific areas of an image.
- Layer styles and effects allow modifications to layers' appearance without altering the original pixel data.
Fixed income securities_and_derivatives_handbook_analysis_and_valuationAbhijit Kumar Singh
This document provides an overview and table of contents for the book "Fixed-Income Securities and Derivatives Handbook" by Moorad Choudhry. The book covers topics related to bonds, including bond instruments, interest rate risk, bond pricing, yield curve fitting, and selected cash and derivative instruments like forwards, futures, and swaps. It is intended to serve as both a reference for practitioners and a textbook for students. The book contains two parts, with part one introducing bonds and part two covering specific cash and derivative instruments.
A RAPID ASSESSMENT OF SEPTAGE MANAGEMENT IN ASIA Policies and Practices in In...Oswar Mungkasa
This publication was produced for review by the United States Agency for International Development. It was prepared by AECOM International Development and the Swiss Institute of Aquatic Sciences and Technology.
This document provides a guidebook for innovators navigating business models that serve the base of the pyramid (BOP) market in water, energy, and food. It summarizes common business challenges faced by BOP enterprises and presents case studies of companies that succeeded and failed. The guidebook also offers tools and tactics for innovators, including how to design, test, and accelerate business models to overcome challenges in the BOP market in a sustainable way. The overall goal is to help innovators learn from the experiences of others and formalize innovator-to-innovator learning to better serve communities with limited resources.
Mike Brooks
Mike’s bestselling book of phone scripts gives you the essential skills and winning techniques to help you breeze past gatekeepers, establish rapport with decision makers and close more sales.
Entrigna is a startup that provides analytical tools for gaining insights and predictions from real-time data streams. Founded in 2012, it is led by CEO Murali Kashaboina and has raised around $1.1 million to date from client contracts. Entrigna analyzes real-time data and is poised for explosive growth as more companies seek to capitalize on big data analytics.
HSK 2 Chinese Intensive Reading H21003 汉语水平考试二级考试LEGOO MANDARIN
HSK 2 Chinese Intensive Reading H21003 汉语水平考试二级考试 - Exam-oriented Skills to Improve in Unique Smart Way! Version 2021 考题精讲及阅读技巧
The new HSK (Chinese Proficiency Test) is an international standardized exam that tests and rates Chinese language proficiency. It assesses non-native Chinese speakers’ abilities in using the Chinese language in their daily, academic and professional lives. HSK consists of six levels in version 2009.
The HSK 2 is intended for students who have mastered 300 commonly used words and related grammar patterns. We are expert in Chinese for foreigners, much earlier than the creation of HSK. We builds a huge database with 250,000 plus vocabulary with the best possible English translation to help foreigners understand Chinese better. We give the English Translation for main paragraph your better understanding. Meanwhile, we use footnotes to give vocabulary with the of HSK classification.
Combining our 27 years’ experience in Teaching and editing our own materials, here is the “LIFE SAVING” book called by many students for their exams. Grab this unique book!
El emprendimiento en América Latina, muchas empresas, poca innovación.Humberto Serrano
This document summarizes a report by the World Bank on entrepreneurship in Latin America and the Caribbean. The report finds that while the region has high levels of entrepreneurial activity with many new businesses being started each year, there is little innovation occurring and few companies successfully enter export markets. Additionally, even large multinational corporations operating in the region innovate less than counterparts in other regions. The report examines factors like culture, institutions and the business environment that may be hindering the development of more innovative entrepreneurs in Latin America and the Caribbean.
The document discusses a project that involved several steps over many months. It started with initial planning and research, followed by implementation of various components. After testing and revisions, the project concluded with positive results and lessons learned.
Start your own home business --in no time (Carol Anne Carroll) (z-lib.org).pdfMia
This document provides information about starting a home business, including how to create a business plan. It discusses assessing readiness for self-employment by considering costs, risks, and personal factors. The document also provides guidance on setting up business records and technology needs. It includes templates for key parts of a business plan such as descriptions of the business concept, marketing strategy, physical logistics, budgets, and financial projections.
This document provides guidance on effective asset management for supportive housing programs. It discusses the importance of asset management for securing the long-term financial viability of supportive housing. Some key steps outlined include developing an asset management plan, evaluating property management performance, tracking financial and operational metrics, identifying areas for cost savings or revenue growth, and maintaining properties to maximize value. The intended audience is supportive housing organizations and their boards to help strengthen their approach to asset management.
This document provides an overview of the Vault Guide to Finance Interviews. It begins by outlining how the guide can help users prepare for finance interviews by familiarizing them with common questions asked in interviews. It then provides a brief introduction on landing a job in finance and the various career paths within the industry. The document emphasizes the importance of interview performance for securing a position. It directs readers to additional resources on the Vault Finance Career Channel for further information on finance interviews and careers.
This document is an instruction manual for a Sony camera. It contains 3 sections: an overview of the camera's main features, operating instructions for basic camera functions, and reference information on additional settings and technical specifications. The overview lists the camera's main buttons and ports. The operating instructions explain how to power on the camera, take pictures, view photos and videos, connect to a computer, and use the included software. The reference section provides detailed information on advanced settings, file formats, output resolutions, battery life, and other technical specifications.
This sūrah provides a panoramic view of humanity's journey from the start of human life on Earth to the final return to God. It follows the procession of prophets and messengers advocating faith in God's oneness from Adam to Muhammad. It depicts scenes of believers and unbelievers, showing believers at ease while portraying the destruction of unbelievers as a reminder. The sūrah stops periodically to comment before continuing its message, presenting the constant endeavor of faith until humanity arrives at the finishing line, having started from the same point in heaven. It uses this framework to discuss faith, contrasting different responses to God's messages throughout history.
This sūrah discusses various topics related to faith, including God's oneness, revelation, resurrection, and the unity between Abraham's faith and Muhammed's message. It outlines God's will and man's will to accept or deny guidance. It explains the mission of prophets and God's law for those who deny them. It also discusses rejecting faith after accepting it. The sūrah presents these topics within the context of God's signs in the universe and blessings bestowed on mankind, as well as scenes of the Day of Judgment. It uses parables, examples, and stories to make its message clear and impact hearts and minds. Throughout, it emphasizes gratitude to God for His blessings.
Rand rr2137 hypersonic missile nonproliferation hindering the spread of a ne...BookStoreLib
This document discusses efforts to limit the proliferation of hypersonic missile technology. It presents information on ongoing hypersonic weapons development programs in countries such as the United States, Russia, and China. It then examines the strategic risks posed by the spread of these technologies to additional states. Finally, it makes recommendations for unilateral, multilateral, and export control measures that could help curb further proliferation in the coming decade when opportunities remain to shape development.
This document discusses poverty in Africa. It provides an overview of the types and quality of data available for measuring poverty on the continent. While data has improved, limitations still exist. The poor quality and limited availability of data pose challenges for accurately assessing poverty trends. The document also examines poverty from a non-monetary perspective, looking at indicators like health, education and living standards. Measuring multiple deprivations provides a more comprehensive view of poverty. Inequality in Africa is also discussed, including trends, unequal opportunities, and the rise of extreme wealth. Improving and expanding the data is key to better understanding and addressing poverty in the region.
The document is a table of contents for a help file about Business Card Designer Plus software. It includes sections on getting started, working with objects, printing and alignment, backgrounds, personal databases, templates, and the user interface. Each section lists subtopics that provide information on how to perform various tasks within the software.
This document provides an overview of the consulting industry. It discusses what consulting is, common skill sets of consultants, who hires consultants and why. It also covers the different types of consulting firms and categories of consulting work. The document aims to give readers a basic understanding of the consulting field to help them decide if pursuing a career in consulting is a good fit.
This document provides guidance on creating scientific posters. It covers overall considerations for developing content, including using the IMRAD format and including tables, graphs and references. It also discusses design elements like fonts, layout, and effective use of space. Finally, it addresses printing and presenting the poster. The goal is to help researchers communicate their work effectively through visual presentation at conferences or events.
This document is an excerpt from "The Adobe Photoshop CS4 Layers Book" which discusses layers and their uses. It introduces the book's topic of harnessing the power of layers in Photoshop. Some key points are:
- Layers allow editing of images non-destructively by isolating changes to specific layers.
- Proper layer management is important for an efficient workflow in Photoshop.
- Adjustment layers and layer masks can be used to isolate corrections and edits to specific areas of an image.
- Layer styles and effects allow modifications to layers' appearance without altering the original pixel data.
Fixed income securities_and_derivatives_handbook_analysis_and_valuationAbhijit Kumar Singh
This document provides an overview and table of contents for the book "Fixed-Income Securities and Derivatives Handbook" by Moorad Choudhry. The book covers topics related to bonds, including bond instruments, interest rate risk, bond pricing, yield curve fitting, and selected cash and derivative instruments like forwards, futures, and swaps. It is intended to serve as both a reference for practitioners and a textbook for students. The book contains two parts, with part one introducing bonds and part two covering specific cash and derivative instruments.
A RAPID ASSESSMENT OF SEPTAGE MANAGEMENT IN ASIA Policies and Practices in In...Oswar Mungkasa
This publication was produced for review by the United States Agency for International Development. It was prepared by AECOM International Development and the Swiss Institute of Aquatic Sciences and Technology.
This document provides a guidebook for innovators navigating business models that serve the base of the pyramid (BOP) market in water, energy, and food. It summarizes common business challenges faced by BOP enterprises and presents case studies of companies that succeeded and failed. The guidebook also offers tools and tactics for innovators, including how to design, test, and accelerate business models to overcome challenges in the BOP market in a sustainable way. The overall goal is to help innovators learn from the experiences of others and formalize innovator-to-innovator learning to better serve communities with limited resources.
Mike Brooks
Mike’s bestselling book of phone scripts gives you the essential skills and winning techniques to help you breeze past gatekeepers, establish rapport with decision makers and close more sales.
Entrigna is a startup that provides analytical tools for gaining insights and predictions from real-time data streams. Founded in 2012, it is led by CEO Murali Kashaboina and has raised around $1.1 million to date from client contracts. Entrigna analyzes real-time data and is poised for explosive growth as more companies seek to capitalize on big data analytics.
HSK 2 Chinese Intensive Reading H21003 汉语水平考试二级考试LEGOO MANDARIN
HSK 2 Chinese Intensive Reading H21003 汉语水平考试二级考试 - Exam-oriented Skills to Improve in Unique Smart Way! Version 2021 考题精讲及阅读技巧
The new HSK (Chinese Proficiency Test) is an international standardized exam that tests and rates Chinese language proficiency. It assesses non-native Chinese speakers’ abilities in using the Chinese language in their daily, academic and professional lives. HSK consists of six levels in version 2009.
The HSK 2 is intended for students who have mastered 300 commonly used words and related grammar patterns. We are expert in Chinese for foreigners, much earlier than the creation of HSK. We builds a huge database with 250,000 plus vocabulary with the best possible English translation to help foreigners understand Chinese better. We give the English Translation for main paragraph your better understanding. Meanwhile, we use footnotes to give vocabulary with the of HSK classification.
Combining our 27 years’ experience in Teaching and editing our own materials, here is the “LIFE SAVING” book called by many students for their exams. Grab this unique book!
El emprendimiento en América Latina, muchas empresas, poca innovación.Humberto Serrano
This document summarizes a report by the World Bank on entrepreneurship in Latin America and the Caribbean. The report finds that while the region has high levels of entrepreneurial activity with many new businesses being started each year, there is little innovation occurring and few companies successfully enter export markets. Additionally, even large multinational corporations operating in the region innovate less than counterparts in other regions. The report examines factors like culture, institutions and the business environment that may be hindering the development of more innovative entrepreneurs in Latin America and the Caribbean.
The document discusses a project that involved several steps over many months. It started with initial planning and research, followed by implementation of various components. After testing and revisions, the project concluded with positive results and lessons learned.
Start your own home business --in no time (Carol Anne Carroll) (z-lib.org).pdfMia
This document provides information about starting a home business, including how to create a business plan. It discusses assessing readiness for self-employment by considering costs, risks, and personal factors. The document also provides guidance on setting up business records and technology needs. It includes templates for key parts of a business plan such as descriptions of the business concept, marketing strategy, physical logistics, budgets, and financial projections.
This document provides guidance on effective asset management for supportive housing programs. It discusses the importance of asset management for securing the long-term financial viability of supportive housing. Some key steps outlined include developing an asset management plan, evaluating property management performance, tracking financial and operational metrics, identifying areas for cost savings or revenue growth, and maintaining properties to maximize value. The intended audience is supportive housing organizations and their boards to help strengthen their approach to asset management.
This document provides an overview of the Vault Guide to Finance Interviews. It begins by outlining how the guide can help users prepare for finance interviews by familiarizing them with common questions asked in interviews. It then provides a brief introduction on landing a job in finance and the various career paths within the industry. The document emphasizes the importance of interview performance for securing a position. It directs readers to additional resources on the Vault Finance Career Channel for further information on finance interviews and careers.
This document provides guidance on effective asset management for supportive housing programs. It discusses the importance of asset management for securing the long-term financial viability of supportive housing. Some key steps outlined include defining asset management goals, thinking like a business operator, creating an asset management plan and binder, evaluating property managers, monitoring financial and operational performance metrics, identifying areas for cost savings or revenue growth, and maintaining properties to high standards. The overall aim is to help supportive housing programs take a more business-like approach to asset management.
This document provides an overview and introduction to the third edition of the book "eBay the Smart Way" by Joseph T. Sinclair. It discusses eBay as the #1 auction site on the web, with opportunities for both buyers and sellers. The book is intended to teach readers how to use eBay effectively to sell, buy, and profit on the site. It covers topics such as how eBay works, the bidding and selling processes, building reputation through feedback, and potential reporting or recourse options.
This document is the introduction chapter of "The Hitchhiker's Guide to DFIR: Experiences From Beginners and Experts", a crowdsourced book by members of the Digital Forensics Discord Server. The book is available for purchase online and covers topics in digital forensics and incident response through shared experiences of practitioners at various levels of experience. This introduction chapter outlines the purpose of the book in providing guidance for both beginners and experts in DFIR, and encourages participation from the community to expand the book.
Preparing your business for global e commerceEletrak Leaders
This document provides guidance for online retailers to prepare their business for global e-commerce. It covers collecting product information such as HS codes and country of origin. It also discusses export controls, ordering and payment processes, and shipping and returns when selling internationally. The guide includes case studies from companies that have experience with global e-commerce to illustrate best practices. It aims to explain the key information and compliance requirements to complete international sales and integrate that data into business operations from the start of the sales process.
The document presents results from the 2021 Rotary All-Member Survey for Rotaractors. It finds that while Rotaractors are generally satisfied with their membership, they are less satisfied with service opportunities and developing leadership skills through Rotary. They also report that COVID-19 negatively impacted their club experience, service participation, and ability to connect with others. Younger Rotaractors are less confident in Rotary's leadership and more likely to leave due to time commitments or lack of community impact.
The document presents results from the 2021 Rotary All-Member Survey. It finds that overall satisfaction with Rotary is high, though some areas could be improved like service opportunities and leadership development. Members are most satisfied with club service and connections to other members. Cost and time commitments are the primary reasons some may leave Rotary. COVID-19 negatively impacted members' club and service experiences but also increased connections in some cases. Most members feel informed about dues and donation spending and confident in leadership.
This document provides an overview of forensic auditing and accounting. It discusses the definition of fraud and key issues that drove fraud in the 21st century. It also covers red flags of fraud, common fraud schemes, and the role of internal controls and audits in detecting and preventing fraud. The document outlines investigative techniques for fraud cases and case management best practices. It provides information on different types of forensic audits and compares auditing to forensic auditing.
The document contains endorsements from marketing professors and professionals recommending the book "Cutting-Edge Marketing Analytics" by Rajkumar Venkatesan, Paul Farris, and Ronald T. Wilcox. The endorsements praise the book for providing a balanced overview of rigorous analytical techniques and real-world applications through case studies. One endorsement notes the book will fill an important gap by teaching practical approaches to gain customer insights from big data. Another says the case studies provide a good opportunity to apply analytics techniques to real problems.
quickBooks help number1-800-976-2560 QuickBooks Support Phone Number quickBoo...vikram singh
This document is the user guide for Intuit QuickBooks Enterprise Solutions. It includes information on copyright, trademarks, and other attributions. It provides an overview of how to navigate the software and access help resources. It also covers topics like customizing the chart of accounts, setting up lists for customers, vendors and items, and configuring sales tax preferences and codes. The guide aims to help users understand the basics of the accounting software and set up their business needs.
quickBooks help number1-800-976-2560 QUickBooks payroll technical support ph...vikram singh
quickBooks help number1-800-976-2560 QUickBooks payroll technical support phone number 1-800-
976-2560QuickBooks help number.,
1800 976 2560
If you lately ran into a strange QuickBooks error, especially Error Code 3371 Quickbooks
could not load license data. We provide extensive support for all of QuickBooks editions that
include Premier, Enterprise and Professional. With 24x7 solutions provided to prevent
disruptions > at our QuickBooks technical help telephone number: 18009762560. Apart from the
solutions listed above, our group of talented and technical experts also offers help in order
to troubleshoot the errors that occur in QuickBooks. To fix error 3371, rename the offending
file and you should be in a position to start living again.
payroll updates in QuickBooks
When downloading payroll updates, you receive an error (PS032, PS077, or PS034) with the
following message or similar:
QuickBooks is having trouble installing payroll tax table update.
These errors indicate one of the following conditions:
A tax table file in the Components/Payroll folder is damaged or invalid.
You have not registered your QuickBooks software.
Your billing information is outdated or incorrect.
The QuickBooks company file is damaged.
""quickbooks technical support USA QuickBooks Toll Free,
Intuit@(18009762560)@ QuickBooks Tech Support Phone Number provides online
solution for all USA/CANADA clients. For any help of query call 18009762560
to get all QuickBooks account solution. @@Call, 18009762560 for all type
help by QuickBooks tech support phone number, Intuit QuickBooks Tech Support
Phone Number, QuickBooks Help Desk Phone Number, QuickBooks tech support
number, QuickBooks technical support phone number,@@@ QuickBooks phone number,
QuickBooks technical support number, QuickBooks support phone number,
QuickBooks technical support, QuickBooks Customer Service Phone Number,
QuickBooks Customer Service Number, QuickBooks Customer Support Phone Number,
QuickBooks Customer Support Number,@@@@ QuickBooks Customer Service Helpline
If this suggested solution does not repair the dilemma, please pay a visit to Intuit
QuickBooks Neighborhood site where you can post messages, read the discussions and put your
inquiries connected to the error you have been experiencing. Nonetheless, comparable to other
application, QuickBooks also comes with some issues that its customers may come across whilst
working with it. These problems if not addressed with the support of professional support can
lead to grave scenarios, which can prove fatal to an organization's finances.18009762560
1++==800++==976++==2560 quickbooks technical support phone number <>QuickB...vikram singh
1800 976 2560
If you lately ran into a strange QuickBooks error, especially Error Code 3371 Quickbooks could not load license data. We provide extensive support for all of QuickBooks editions that include Premier, Enterprise and Professional. With 24x7 solutions provided to prevent disruptions > at our QuickBooks technical help telephone number: 18009762560. Apart from the solutions listed above, our group of talented and technical experts also offers help in order to troubleshoot the errors that occur in QuickBooks. To fix error 3371, rename the offending file and you should be in a position to start living again.
""quickbooks technical support USA QuickBooks Toll Free,
Intuit@(18009762560)@ QuickBooks Tech Support Phone Number provides online
solution for all USA/CANADA clients. For any help of query call 18009762560
to get all QuickBooks account solution. @@Call, 18009762560 for all type
help by QuickBooks tech support phone number, Intuit QuickBooks Tech Support
Phone Number, QuickBooks Help Desk Phone Number, QuickBooks tech support
number, QuickBooks technical support phone number,@@@ QuickBooks phone number,
QuickBooks technical support number, QuickBooks support phone number,
QuickBooks technical support, QuickBooks Customer Service Phone Number,
QuickBooks Customer Service Number, QuickBooks Customer Support Phone Number,
QuickBooks Customer Support Number,@@@@ QuickBooks Customer Service Helpline
If this suggested solution does not repair the dilemma, please pay a visit to Intuit QuickBooks Neighborhood site where you can post messages, read the discussions and put your inquiries connected to the error you have been experiencing. Nonetheless, comparable to other application, QuickBooks also comes with some issues that its customers may come across whilst working with it. These problems if not addressed with the support of professional support can lead to grave scenarios, which can prove fatal to an organization's finances.18009762560
Viiii quickbooks Support phone Number 1 800 976 2560vikram singh
Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>Viiii quickbooks Support phone Number 1 800 976 2560<><>
1++==800++==976++==2560 QUickBooks payroll customer support phone number <...vikram singh
1++==800++==976++==2560 QUickBooks payroll customer support phone number <>QuickBooks help number
1++==800++==976++==2560 QUickBooks payroll customer support phone number <>QuickBooks help number
1++==800++==976++==2560 QUickBooks payroll customer support phone number <>QuickBooks help number
1++==800++==976++==2560 QUickBooks payroll customer support phone number <>QuickBooks help number
1800 976 2560
If you lately ran into a strange QuickBooks error, especially Error Code 3371 Quickbooks could not load license data. We provide extensive support for all of QuickBooks editions that include Premier, Enterprise and Professional. With 24x7 solutions provided to prevent disruptions > at our QuickBooks technical help telephone number: 18009762560. Apart from the solutions listed above, our group of talented and technical experts also offers help in order to troubleshoot the errors that occur in QuickBooks. To fix error 3371, rename the offending file and you should be in a position to start living again.
""quickbooks technical support USA QuickBooks Toll Free,
Intuit@(18009762560)@ QuickBooks Tech Support Phone Number provides online
solution for all USA/CANADA clients. For any help of query call 18009762560
to get all QuickBooks account solution. @@Call, 18009762560 for all type
help by QuickBooks tech support phone number, Intuit QuickBooks Tech Support
Phone Number, QuickBooks Help Desk Phone Number, QuickBooks tech support
number, QuickBooks technical support phone number,@@@ QuickBooks phone number,
QuickBooks technical support number, QuickBooks support phone number,
QuickBooks technical support, QuickBooks Customer Service Phone Number,
QuickBooks Customer Service Number, QuickBooks Customer Support Phone Number,
QuickBooks Customer Support Number,@@@@ QuickBooks Customer Service Helpline
If this suggested solution does not repair the dilemma, please pay a visit to Intuit QuickBooks Neighborhood site where you can post messages, read the discussions and put your inquiries connected to the error you have been experiencing. Nonetheless, comparable to other application, QuickBooks also comes with some issues that its customers may come across whilst working with it. These problems if not addressed with the support of professional support can lead to grave scenarios, which can prove fatal to an organization's finances.18009762560
1++==800++==976++==2560 QUickBooks online payroll support phone number <>Q...vikram singh
1++==800++==976++==2560 QUickBooks online payroll support phone number <>QuickBooks help
number<>1++==800++==976++==2560 QUickBooks online payroll support phone number <>QuickBooks help
number<>
1800 976 2560
If you lately ran into a strange QuickBooks error, especially Error Code 3371 Quickbooks could not load license data. We provide extensive support for all of QuickBooks editions that include Premier, Enterprise and Professional. With 24x7 solutions provided to prevent disruptions > at our QuickBooks technical help telephone number: 18009762560. Apart from the solutions listed above, our group of talented and technical experts also offers help in order to troubleshoot the errors that occur in QuickBooks. To fix error 3371, rename the offending file and you should be in a position to start living again.
""quickbooks technical support USA QuickBooks Toll Free,
Intuit@(18009762560)@ QuickBooks Tech Support Phone Number provides online
solution for all USA/CANADA clients. For any help of query call 18009762560
to get all QuickBooks account solution. @@Call, 18009762560 for all type
help by QuickBooks tech support phone number, Intuit QuickBooks Tech Support
Phone Number, QuickBooks Help Desk Phone Number, QuickBooks tech support
number, QuickBooks technical support phone number,@@@ QuickBooks phone number,
QuickBooks technical support number, QuickBooks support phone number,
QuickBooks technical support, QuickBooks Customer Service Phone Number,
QuickBooks Customer Service Number, QuickBooks Customer Support Phone Number,
QuickBooks Customer Support Number,@@@@ QuickBooks Customer Service Helpline
If this suggested solution does not repair the dilemma, please pay a visit to Intuit QuickBooks Neighborhood site where you can post messages, read the discussions and put your inquiries connected to the error you have been experiencing. Nonetheless, comparable to other application, QuickBooks also comes with some issues that its customers may come across whilst working with it. These problems if not addressed with the support of professional support can lead to grave scenarios, which can prove fatal to an organization's finances.18009762560
Viiii QuickBooks help phone number 1-800-976-2560vikram singh
QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>
QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>
QuickBooks help phone number 1-800-976-2560<><><>
QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>QuickBooks help phone number 1-800-976-2560<><><>
quickBooks help number1-800-976-2560 QuickBooks Support Phone Number quickBoo...vikram singh
This document is the user guide for Intuit QuickBooks Enterprise Solutions. It includes information on copyright, trademarks, and other attributions. It provides an overview of the contents and chapters, which cover getting started with Enterprise Solutions, setting up your business, and working with lists, accounts, customers, vendors, items, and sales tax. The guide explains how to navigate the software, find answers to questions, and customize Enterprise Solutions for your business needs.
Similar to Bvr's guide to restaurant valuation 23 pgs (20)
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
Social Amenities:
Yeni Eyup 2 offers a life filled with joy with its green landscaping areas, gym, sauna, children’s play areas, café, outdoor pool, and basketball court. Reserve your place for unforgettable moments!
Reliable Structure:
With 1+1, 2+1, and 3+1 apartment options, Yeni Eyup Evleri 2 is designed with first-class materials and craftsmanship. The doors to a safe and comfortable life are here! Choose the option that suits you best and step into your dream home.
Project:
Yeni Eyup 2 is conveniently located, with Istanbul Airport just 26 minutes away, the Mecidiyeköy Metro Line 4 minutes away, and the Tram Stop 5 minutes away, making your life easier with its central location.
Location:
Your home is positioned in a privileged location, providing easy access to the city center, shopping malls, restaurants, schools, and other important places.
Yeni Eyup 2 offers 1+1, 2+1, and 3+1 apartment options designed to meet different needs. Find an option suitable for every lifestyle and open the doors to a comfortable life in your dream home.
https://listingturkey.com/property/yeni-eyup-evleri-2/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
1. BVR’s Guide
to Restaurant
Valuation
2010 Edition
Ed Moran
Business Valuation Resources, LLC
1000 SW Broadway, Suite 1200
Portland, OR 97205
(503) 291-7963 Fax • (503) 291-7955 • www.BVResources.com
Published by
11. BVR’s Guide to Restaurant Valuation 3
Introduction
Please indulge me while I spend a few short paragraphs describing my background so that you
can see the evolution of my interest in restaurant valuation.
My undergraduate degree in economics from Georgetown University and my Masters degree in
businessadministrationfromtheUniversityofPittsburghwerekeptinthebriefcaseuntilIfinished
my four year obligation as an Officer in the United States Air Force. My service fulfilled, I went to
work for General Electric and their Medical Systems Division in the San Francisco Bay area. After
several years I decided to go into business for myself, and Nancy and I returned to Tucson, Arizona.
I took a job at a local CPA firm while I completed accounting coursework at the University of
Arizona, which was preparatory to taking the CPA exam. Transferring credits and completing
these accounting requirements awarded me another degree, which was in accounting. So, you see,
I really cheated on this third degree.
Several years later in 1978, I opened my own firm, and shortly afterward I acquired the account-
ing and tax work for my first four restaurants, which were local franchise McDonald’s restaurants.
In high school I worked at Gino’s in Baltimore, Maryland. Gino’s (named for Gino Marchetti, a
player who helped win the Championship for the Baltimore Colts in 1958 and 1959) was an exact
copy of the early McDonald’s restaurants, which were not yet established in Maryland at that time.
In these early years, my CPA clients were a combination of various local businesses. The Jimmy
Carter years with the 20% interest rates eliminated my construction clients, so I decided my future
emphasis would be the acquisition of additional restaurant clients. In 1985, Jeff Quick (who had
been an auditor and a regional controller for McDonald’s) and I formed Moran & Quick, which
grewrapidlyyearbyyearuntilwefinallymergedwithHorneLLP,alargeregionalCPAfirm,in2006.
At the time of this merger, our combined offices were producing approximately 3,000 financial
statements per month in the restaurant and franchise industry. From sports bars and fast food
restaurants to fine dining establishments, we advised the owners on all aspects of their business.
On any given month, restaurant purchases or restaurant sales occurred. Owners often turned to
us to help them determine pricing. As you will learn in this workbook, rules of thumb prevail in
this industry. Originally, I had relied on spreadsheet programs to help me simulate profit and loss
statements under various pricing options.
It seemed odd to me that a restaurateur would work his or her entire life and then determine
the value of this life’s work with a simple multiple. There had to be a better solution.
In the mid-1990s, I signed up for an intensive week in Las Vegas with Kevin Yeanoplos, CPA/
ABV, ASA, and NACVA (National Association of Certified Valuation Analysts) to obtain the
designation, Certified Valuation Analyst. A big thank you goes to all my friends at NACVA. From
this point on, I began a quest to read, attend, and acquire every article, lecture, conference, or
reference book that dealt with the restaurant industry and its science (art??) of valuation.
12. BVR’s Guide to Restaurant Valuation4
Introduction
My first formal valuation (a sports bar), which I had valued at $100,000, undershot the eventual
sales price by $250,000. The owner later confessed to me that there were some things he had not
told me about. Welcome to my world!
Along the way I acquired other valuation certifications (Certified Business Appraiser and, very
recently, Accredited in Business Appraisal Review from the Institute of Business Appraisers. I was
Accredited in Business Valuation, from the American Institute of Certified Public Accountants
untilmyrecentAICPAretirement).AnotherhugethankyougoesouttomyfriendsattheInstitute
of Business Appraisers and the Financial Consulting Group.
Perhapsyouhaveheardoneofmylecturesonrestaurantvaluation?Ifyouhave,youprobablyremember
the Billy Joel song quote I always reference—“Listen, this is good information from a man who has
made mistakes.” And I’d like to begin this restaurant valuation workbook with the same quote. As I
makeupdatestothisworkbook,pleaseemailmewithfriendlysuggestionsatGuides@bvresources.com.
While this workbook is intended for valuation professionals, I realize that bankers, controllers,
restaurant owners, financial consultants, and other industry experts may read it as well. I will
attempt to be sensitive to this. In the offenses I make, I try to offend everyone evenly, although I
very sincerely intend no disrespect.
I dragged my guest authors one by one through my focused interview approach. I tried to be sensi-
tive to their time constraints and busy schedules. As this book goes to press, each co-author has
seen only their piece of the puzzle. It might be fair to state that not everyone will agree with the
information in my chapters, or my logic, historic experience, or statements. However, my overall
feeling is that these guest authors have really “kicked it up a notch” and, in some cases, they have
even corrected my direction. I am so thankful to them.
When I first discussed this book with the editors at Business Valuation Resources, they encouraged
me to go outside of my Horne partners in order to fire test my experience. I think this was good
advice. However, I want to pay sincere respect to the Horne Restaurant and Franchise Partners:
Jeff Quick, Dee Boykin, Mike Roberts, Vera Reed, and SuzAnne Eubanks. This gang eats, breathes,
and sleeps restaurants twenty-four hours a day. You can reach any of them through the Horne
website: www.horne-llp.com. Here is Jeff ’s cell phone number…Just Kidding, Jeff!
Actually, I want to thank everybody at Horne, but especially those poor souls who, over the years,
had to work directly with me, by typing, proofing, correcting, re-correcting, assembling, polishing,
and suggesting changes. For this, I thank Carla Diaz, Jayna Woods, Nick Trent, Doug Letkeman,
Cindy Chaney, Tanya Eskue, Karen Osborne, and Bita Abrams.
You will also be pleased to know that Don Wisehart, ASA, CPA/ABV/CFF, CVA, MST (Master in
Tax),afriendandmostrespectedValuatorfromtheFinancialConsultingGroup,proofedthemanuscript
withme,and,alongwithAndiNashfromBVR,walkedmethrougheveryscrambledsentenceandlogic
point.Donhasextensivefoodindustryexperience,aswehavesharedsomebestpracticesovertheyears.
13. BVR’s Guide to Restaurant Valuation 5
Introduction
Thanks, Don! We had some exciting ideology battles, with Don winning most. Needless to say, any
divergencefromthevaluationbodyofknowledgeconceptsliessquarelyonmyshoulders,notonDon’s.
It is my intent, in this workbook, to share my experiences with you so that you benefit from them. It is
notmyintentiontoaskyoutochangethestyles,approaches,ormethodsthatyoucurrentlyuseinyour
valuationreports.Andofcourse,thisworkbookisnotintendedtoreplacethe“standalone”textbooks
of valuation that you rely upon for formulas and reference. It would be helpful to have Jim Hitchner’s
Financial Valuation, Second Edition (Third Edition early 2010) handy to supplement my references.
Finally,Icanbealittleirreverentfromtimetotime,andnocriticismofanyactualrestaurantowneris
intended—you know I love you! You deserve the best valuation possible and that is my challenge.
About the Author
Edward F. Moran, Jr., MBA, CVA, CBA, ABAR
Mr.Moran’sareasofspecialtyarevaluations,mergersandpurchases
for franchise and restaurant clients throughout the United States.
Ed has been advising small businesses and franchises on account-
ing and valuation issues for more than 35 years. He has been
quotedinTheWallStreetJournalandispublishedintheValuation
Examiner, CPA Expert, Valuation Strategies and Franchise News,
among others. He is author of Special Industry Valuations:
Restaurants, Bars and Nightclubs, Financial Valuation, Second Edition and Third Edition, edited
by James Hitchner, CPA/ABV, ASA. Ed has valued, or participated in hundreds of industry sales,
mergers, purchases, exchanges, estate planning and gift engagements.
He is currently a Certified Valuation Analyst (CVA) from the National Association of Certified
Valuation Analysts as well as a Certified Business Appraiser (CBA) and Accredited in Business
Appraisal Review (ABAR) from The Institute of Business Appraisers. Ed recently retired as a
Certified Public Accountant (CPA), Accredited in Business Valuation (ABV), from the AICPA.
InadditiontoaMasterofBusinessAdministration(MBA)fromtheUniversityofPittsburgh,heholdsa
BachelorofArtsinEconomics(withaminorinStatistics)fromGeorgetownUniversityandaBachelor
of Science in Business Administration (with a major in Accounting) from the University of Arizona.
Mr. Moran is a member of the American Institute of CPA’s and the Arizona Society of CPA’s as well as
other professional, Air Force, and civic groups. He is a member of several organizations including the
FinancialConsultingGroup,anorganizationoftheleadingappraisalfirmsacrossthecountrythatshares
knowledgeandthelatestdevelopmentsonbusinessvaluationandlitigationengagements.Mr.Moranwas
also a member of National Franchise Consultants Alliance, a nationwide alliance of accounting firms.
14. BVR’s Guide to Restaurant Valuation6
Introduction
Contributors
The following individuals provide their expertise in portions of this book:
Thomas Bates
Thomas Bates is an Associate Professor of Finance at Arizona State University. He has a Ph.D.
from the University of Pittsburgh, and a B.A. from Guilford College. His research areas include:
corporate finance, valuation, corporate governance and executive compensation, financial state-
ment analysis, mergers and acquisitions, law and finance. He is a Dean’s Council of 100 Scholar,
a McCoy-Rogers Fellow, Eller College of Management, 2008, and a Scrivner Teaching and Service
Award recipient, 2008.
Michael L. Bradnan, FCSI, CSI
Michael L. Bradnan began his career managing a full service foodservice equipment dealership.
In 1977, Mike founded his own consulting firm which provides planning, design and manage-
ment services to the foodservice industry. Michael L. Bradnan & Associates, Ltd.’s clients include
architects, hospitals, schools and universities, private foodservice clients, correctional institu-
tions, country clubs and national restaurant chains. Mike is a Lifetime Professional Member of
the Foodservice Consultants Society International (FCSI) and a Professional Member of the
Construction Specifications Institute (CSI).
John T. Hall
John has been in the restaurant business for 36 years on both the operational and the finance
sides of the business. John spent 30 years with McDonald’s Corporation in positions ranging
from crew person to Vice President. He was Regional Manager for a 300 restaurant territory,
Division Controller for a $4 billion division, and held numerous other operational and financial
positions. He also worked on new concept and new restaurant development. During his time with
McDonald’s, John was involved in the pricing, sale, or purchase of over 1,000 restaurants. John
was also a partner in a CPA firm servicing the restaurant industry for 5 years, and is currently the
CFO of a $90 million restaurant company and an oil and gas exploration company.
John Hamburger
John Hamburger is the founder and president of Franchise Times Corp., a national publisher
of business trade journals in franchising and finance. He publishes Franchise Times Magazine, a
national franchise industry trade journal; the Restaurant Finance Monitor, a monthly financial
newsletter which covers the capital markets in the restaurant industry; and Foodservice News, a
monthly newspaper for independent foodservice and restaurant operators in the Upper Midwest.
John also produces a number of industry executive conferences including The Restaurant Finance
& Development Conference and the Franchise Finance & Development Conference.
15. BVR’s Guide to Restaurant Valuation 7
Introduction
John has almost 30 years of experience in franchising and finance and during that time served as
chief financial officer of a public restaurant chain. He is frequently quoted about financial matters
concerning restaurant, franchise and hospitality businesses in national business publications
including The Wall Street Journal and USA Today.
John serves as a board member of Park Midway Bank in St. Paul, Minnesota and is director of
the Western Golf Association, which administers the Evan’s Scholarship Program. He attended
St. John’s University in Collegeville, Minnesota and the University of St. Thomas in St. Paul,
Minnesota where he graduated with a B.A. in accounting in 1977.
Cindi Roney
Cindi Roney has 22 years experience in banking for commercial lending, specializing in franchise
lendingforthelast8years.SheiscurrentlytheVPCommercialLenderofAllianceBankofArizona.
Prior to this, she was the SVP Manager Franchise & Specialty Lending/Regional Credit Manager
for the National Bank of Arizona.
Bruce S. Schaeffer
Bruce S. Schaeffer, co-author of CCH Franchise Regulations and Damages and author of the BNA
Tax Management Portfolio on Franchising, is an attorney in private practice with over 30 years’
experience and offices in New York City. Mr. Schaeffer holds a Master of Laws (in Taxation) from
New York University School of Law and a Juris Doctor degree from Brooklyn Law School. He is
the founder and president of Franchise Valuations, Ltd. (www.FranchiseValuations.com), which
provides expert testimony on damages and valuations in franchise disputes, performs lender due
diligence, and resolves succession and estate planning problems for the franchise community.
Mr. Schaeffer has been named a “Legal Eagle” by Franchise Times magazine. He can be reached
at 212.689.0400 or Bruce@FranchiseValuations.com.
Claudia Straw
Claudia’s accounting career began with the McDonald’s Corporation in 1979. After gaining
valuable experience with this Fortune 500 company. In 1985, she began her career at the firm
of Foelgner &Ronz, P.A. As the Managing Partner since 1992, she has helped the firm achieve
astronomical growth and still maintains a strong niche with McDonald’s franchisees as well as
other restaurants. Foelgner, Ronz & Straw, P.A. also gives back to the community by supporting
the Ronald McDonald House Charities and other non-profit organizations.
Kevin Yeanoplos
Kevin R. Yeanoplos, CPA/ABV, ASA is the Director of Valuation Services for Brueggeman and
Johnson Yeanoplos, P.C., a firm with offices in Seattle, Washington, Tucson, Arizona and Salt
Lake City, Utah that specializes in the areas of business valuation, financial analysis and litigation
16. BVR’s Guide to Restaurant Valuation8
Introduction
support. Mr. Yeanoplos has extensive experience, having valued over 900 businesses for a variety
of purposes, including divorce and other litigation, gift and estate taxes, mergers and acquisitions,
and ESOP’s. He has valued businesses for a broad spectrum of companies in various industries,
includingaircraftpartsmanufacturers,constructioncompanies,automobiledealerships,restaurants,
and various retailers. He has also valued various professional practices, including accounting firms,
law firms, and medical and dental practices. Mr. Yeanoplos has evaluated economic loss suffered
by parties in cases involving contract disputes, medical malpractice and wrongful termination. He
has been recognized as a leading expert in accounting/valuation by attorneys listed in The Best
Lawyers in America as part of Best Lawyers Preferred.
Mr. Yeanoplos is currently serving as Chair of the AICPA’s ABV Credential Committee and a
memberoftheirVirtualGrassrootsPanel.HewasnamedtheAICPA’sBusinessValuationVolunteer
of the Year in 2006. He served as a member of the AICPA’s Consulting Services Business Valuation
Committee, Chaired the AICPA’s 2000 Annual Business Valuation Conference, is Chair of the
ASCPA’s Business Valuation Committee and was the founding Chair of the UACPA’s Business
Valuation Committee. Mr. Yeanoplos is a Certified Public Accountant Accredited in Business
Valuation and was in the charter class of those earning the ABV credential. In addition, he is an
Accredited Senior Appraiser in the Business Valuation discipline for the American Society of
Appraisers. He is a member of the American Arbitration Association’s Commercial Panel. He is
currently a member of the ASA’s International Board of Examiners.
19. BVR’s Guide to Restaurant Valuation 11
Chapter 1: Rules of Thumb
Why do you think my first chapter is about restaurant rules of thumb (ROT)?
I cannot think of another industry where the use of primitive rules of thumb is more prevalent.
Rules of thumb vary even among different types of restaurants. Talk to a Wendy’s owner operator
and he will have a different metric than a McDonald’s owner operator. I suspect you probably
already sense that a simplistic rule of thumb in a restaurant valuation setting would ignore many
of the detailed observations that we will be discussing in this book.
In performing a restaurant valuation, the valuator should ask the owner what simple multiples
he or she might use to determine a restaurant’s value. Remember, after you submit your valu-
ation, the owner will use these ROTs to question, criticize, or evaluate your results. Knowing
what these ROTs are from the start will allow you to convincingly explain why you think your
valuation resulted in a higher or lower estimate of value.
At one point in my career I decided to correlate the sales price of restaurants with the dollars in
the expense account labeled “operating supplies.” Of course, this was my “camp” answer to the
use of ROTs. The premise was that a store with more sales would use more operating supplies. A
restaurant with more sales very likely would be worth more money. A good old regression analysis
could possibly supply me with a formula that I could use to fool disbelievers. I had a lot of fun
with this silly premise. You should have seen some of the looks that I was given when I announced
a restaurant’s value using this bizarre method! The point of my madness was to show the owner
how crazy the use of simplistic formulas was.
Why would an owner work an entire lifetime to build up a restaurant empire, only to value it
at the conclusion with a simple rule of thumb? If you don’t think this happens, you are wrong. I
have seen it time and again—hundreds of thousands of dollars either taken from the table or left
on the table because of this stupid practice.
Examples of Rules of Thumbs
Here are some examples that are often bandied about1
:
• 1.5 to 2.0 times the seller’s discretionary earnings (the cash flow of the owner), plus
fixtures, equipment, and inventory.
• 25 to 35% of the independent’s annual sales.
1 Council of International Restaurant Brokers; North Palm Beach, FL 33408; Valuing Restaurants: Handbook of
Business Valuation, West and Jones, First and Second Edition, John Wiley & Sons; National Restaurant Association,
Washington, DC 20036-3097; Inc. Magazine, various annual issues Ultimate Valuation Guide.
20. BVR’s Guide to Restaurant Valuation12
Chapter 1: Rules of Thumb
• 40 to 50% of franchise annual sales.
• 2.5 To 5.0 times the monthly net revenue (should this be annual?), which has been
stabilized. Fixed assets, lease, and intangibles are included in the indicated value.
• 1.0 to 3.0 times the owner’s cash flow, which has been stabilized. Fixed assets, lease, and
intangibles are included in the indicated value.
• Net equity value is determined by adding the net of current assets less liabilities to the
value of formula assets determined above.
• Inc. Magazine had a variety of reports, including the following:
• 1.94 times net income; and
• .38 times net sales.
• Full-service—33% of annual sales.
• Fast food—40 to 50% of annual sales.
• Franchised fast food—50 to 60% of annual sales.
• Casual style restaurant—33% of annual sales.
• Fine dining—20 to 30% of annual sales.
• Full-service tablecloth restaurant—2.5 to 3.0 times annual net (SDC), depending on the
condition of the premises.
• Family restaurant—30% of annual sales.
• Restaurant (no alcohol)—44% of annual gross sales.
• Restaurants overall—20 to 30% (doesn’t say of what? Assume sales).
• Bagels—30% of annual sales.
• Barbecue—150 % of annual sales.
• Barbecue—just kidding on that last statistic, 30% of annual sales.
• Bistro—30% of annual sales.
21. BVR’s Guide to Restaurant Valuation 13
Chapter 1: Rules of Thumb
• Brewpubs—25 to 30% of annual sales.
• Billiard parlors—45% of annual sales.
• Cajun—30% annual sales.
• Caribbean—30% of annual sales.
• Chicken—30% of annual sales.
• Chinese—33% of annual sales.
• Coffee house—40% of annual sales.
• Continental—30% of annual sales.
• Deli—30 to 40% of annual sales.
• Diners—30% of annual sales.
• Fine dining—30% of annual sales.
• French—30% of annual sales.
• Gourmet shops—40% of annual sales.
• Hamburgers—35% of annual sales.
• Ice cream—35 to 40% of annual sales.
• Irish—40% of annual sales (should be more!!).
• Italian—30% of annual sales.
• Mexican—30% of annual sales.
• Nightclubs—25% of annual sales.
• Pancake House—30% of annual sales.
• Pizza—30% of annual sales.
• Sandwiches—40% of annual sales.
22. BVR’s Guide to Restaurant Valuation14
Chapter 1: Rules of Thumb
• Seafood—40% of annual sales.
• Sports bars—40 to 45% of annual sales.
• Steakhouse—40% of annual sales.
I am sorry to report that some of the worst ROT offenders come from the valuation industry.
I will later be discussing the contribution margin and its dramatic effect on profitability in the
restaurant industry. If an industry ROT is developed from restaurants with lower levels of sales
volumes, the ROT is worthless. If an industry ROT is developed from a wide average, the ROT
may not be appropriate for the restaurant that you are valuing. Irish restaurants are worth 7%
more than Chinese restaurants, and 10% more than Mexican restaurants. Does Guinness have
a lower Cost of Goods Sold?
This is crazy stuff.
Don’t use any of these rules of thumb.
The Internet to the Rescue
Googling “restaurant valuation” returned 2,130,000 hits. This scary stuff has to be the equivalent
of the TV series “Hell’s Kitchen” for restaurant valuations. I immediately saw a “Value a Restaurant
$25,” “Restaurant Valuation $399,” and even better, “Value Your Restaurant—Find out in 10
Seconds for Free!”, “Fast Food Restaurant, Franchise Valuation Formula provides a general busi-
ness valuation formula for fast food restaurants and franchises based on a percentage of annual
gross revenues,”…and on.
I spotted a PDF from the Cornell Hotel and Restaurant Administration Quarterly titled, “A
Financial Approach.” This ancient article from 1991 touted the use of a weighted average cost of
capital. I did not purchase it. I did order a $7.95 PDF from Harvard Business Publications, think-
ing that “Valuation Ratios and the Restaurant Industry” might be an academic breakthrough I
could use for my book. The PDF turned out to be a case study problem based on four restaurant
groups. Sadly, no answers were offered in the PDF! What was I to do?
According to my favorite blog, “I was told that restaurants sold for three times cash flow or two
times cash flow, sales times the multiplier ( say 30% of gross) to arrive at a valuation…” I pictured
some poor restaurant owner struggling to price his restaurant for sale using this madness.
Don’t use any of these Internet restaurant valuation templates.
23. BVR’s Guide to Restaurant Valuation 15
Chapter 1: Rules of Thumb
Maybe there are one (or two) models buried somewhere in the 2,130,000 hits that might be
useful. Good luck hunting!
Don’t give up on me, however. I’ll demonstrate a much better solution in my chapter titled,
Justification of Purchase Price with Mike Adhikari’s Business ValueXpress from the Merger &
Acquisition Industry Segment.
Where Do We Go from Here?
Researchers often see a sales price to revenue factor of $.30 or $.40. Deliver a valuation report to a
McDonald’sowneroperatorwith10storespricedat$.40onthedollarofsales,andseeswhathappens. 1
As Claudia Straw, Bruce Schaeffer, and I will later discuss, a multiple of cash flow or EBITDA
seems to have the most value potential in the restaurant setting. Perhaps this multiple will get us
somewhere on the correct playing field. However, it is shadowed with various grease traps that
will catch the unaware analyst.
Multiples of cash flow are related to their inverse—capitalization rates. A multiple of five times cash
flow is equal to a capitalization rate of 20%. A multiple of four times cash flow is equal to a capital-
ization rate of 25%. A multiple of six times cash flow is equal to a capitalization rate of about 17%.
If the discount rate less the long-term growth rate equals the capitalization rate and the capi-
talization rate is always 20%, doesn’t this imply that the growth rates will always be the same?
Or does it make sense that discount rates might proportionally increase as growth rates increase
such that the overall result for the capitalization rate is always 20%? Higher growth rates seem to
be a factor in lower capitalization rates rather than higher capitalization rates. If there is one thing
we can take from the Nielsen Claritas market studies you will examine later, it is that growth rates
vary dramatically among restaurants.
Restaurant Example
We will value two restaurants, each with $200,000 in cash flow. A quick keystroke or two tells us
that each of the restaurants is worth $1,000,000.
It is that simple and you were stupid to purchase this book.
Or were you?
1 (Now this is not to say that an unusual group of these stores might not be worth this calculation or
even worth less.)