The document provides an overview of a valuation analysis for Going Bananas Produce Company. It includes a discounted cash flow analysis projecting the company's financial performance through 2024 and calculating a terminal value. It estimates the company's weighted average cost of capital at 13% based on its cost of equity and debt. The valuation analysis estimates the fair market value of Going Bananas Produce Company's equity on a control, non-marketable basis to be $28,392,000. Key risks to the company's financial performance noted include intense competition in the highly competitive food distribution industry.
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Donfrio Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
The Family Wealth Goal Achiever™ is a plan design book (like a blueprint) that explains in easy to understand text and graphics the planning ideas being recommended by the planning team. It solves for high net worth tax planning, advanced estate planning, business transition planning, asset protection planning.
Learn more at www.inknowvision.com
InKnowVision March 2012 HNW Marketing Webinar - The Power of SixInKnowVision
"Power of Six"
-How Six degrees of separation attracts HNW opportunity to you.
-Six Content Ideas that will attract HNW clients.
-Six "must do" face to face meetings that will fill your HNW funnel.
-Why you only have Six months to attract your ideal HNW prospect before it is too late.
Learn more at www.inknowvision.com
Donfrio Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
The Family Wealth Goal Achiever™ is a plan design book (like a blueprint) that explains in easy to understand text and graphics the planning ideas being recommended by the planning team. It solves for high net worth tax planning, advanced estate planning, business transition planning, asset protection planning.
Learn more at www.inknowvision.com
InKnowVision March 2012 HNW Marketing Webinar - The Power of SixInKnowVision
"Power of Six"
-How Six degrees of separation attracts HNW opportunity to you.
-Six Content Ideas that will attract HNW clients.
-Six "must do" face to face meetings that will fill your HNW funnel.
-Why you only have Six months to attract your ideal HNW prospect before it is too late.
Learn more at www.inknowvision.com
InKnowVision May 2012 HNW Technical Webinar - Note to CharityInKnowVision
Over the last several years we’ve developed an interesting strategy that involves making a significantly impactful gift to charity as well as helping our wealthy families reduce taxes to the lowest amount possible.
This alternative to a TCLAT can be very attractive in the right situation. Join us to see how the idea might be useful for your high net worth clients
Learn more at www.inknowvision.com
John is 48 and recently divorced with two young children. He currently spends about $200,000 a year after taxes. John owns and operates a trucking company which creates significant taxable income each year in excess of $2M. This income is somewhat deceiving because it’s not really free cash to John. Instead, he uses the profits to plow back into his business so that he can purchase and transport more product. In this planning scenario, it is essential that John have the ability to push all of his company profits each month back into the business to build and grow value for future sale.
Learn more at www.inknowvision.com
InKnowVision February 2014 Case Study - Anderson FWGAInKnowVision
Jeff is 75 and Theresa is 72. Jeff recently retired from an executive position in a public company. As a result of his retirement he exercised over $45M in stock options and has 5 more years of deferred compensation payments. Jeff has also sold his 50% interest in his Corporation and the note payments are providing significant income for the next 9 years.
Jeff and Theresa have annual living expense desires of $725,000, with the available income to more than meet this need. Jeff’s deferred compensation payments average more than $2M/yr. for the next 5 years; his annual pension payments are $660k/yr. (inflating); and he also has note payments totaling $360k/yr. for the next 9 years from the buyout of his Corporation interests. These sources of income are in addition to an investment portfolio in excess of $60M that comprises a large portion of their $90M net worth.
The primary planning goals are to:
- Provide an inheritance to their children in a manner which will enable them to create opportunities for themselves but not encourage them to be unproductive.
- Provide for a charitable gift at death to their family foundation as long as it doesn’t greatly diminish the amount they pass to their heirs.
- Eliminate or reduce estate taxes.
InKnowVision March 2014 Buy-Sell Problem Solver Case StudyInKnowVision
Last month we unveiled our Buy-Sell Problem Solver™ client engagement tool which includes:
- Legal Audit
- Tax Minimizer
- Value Identifier
- Funding Review
This new tool is specifically designed to help advisors quickly engage new business clients and uncover advanced planning opportunities.
View the recording for a case study showing how InKnowVision’s Buy-Sell Problem Solver™ led to a comprehensive planning engagement with a family business worth over $100M.
The owners of this successful family business thought they were doing everything right:
- They had a buy-sell agreement in place
- Their agreement was fully funded with insurance
- They continually updated their insurance to keep pace with the growing company value
Unfortunately, the agreement they had in place was going to cost the family millions of dollars in unnecessary taxes when it was triggered. Join us to learn how we helped this family solve a significant problem they didn’t know they had.
Who should attend:
- Investment Advisors
- CPAs
- Attorneys
- Insurance Professionals
InKnowVision July 2014 HNW Technical PPT - Split DollarInKnowVision
This concept, which most people thought went away ten years ago with changes in the law, is still a very vibrant technique. Pair it with several other techniques for high net worth clients and you have a powerful solution for wealth transfer.
Review the recording as we look at some of the simple strategies for bringing this particular technique to life and learn how to present it to your clients and planning partners as a significant solution in the wealth transfer arena.
InKnowVision October 2012 HNW Technical Webinar w/ Guest Presenter Bob ScarlataInKnowVision
As an investment banker for some 26 years who has sold dozens of middle market privately held companies to private equity groups throughout the U.S. and Canada, Bob Scarlata will describe for us how private equity groups make their money and how private business owners can benefit and profit from their professional management strategies.
Carter Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Jerry and Susan Carter are both 63. They own and operate a very profitable manufacturing business in a small town. Jerry and Susan spend about $650,000 a year, giving generously to family ($200,000/yr.) and their favorite charitable causes ($150,000/yr.). Although the business provides significant taxable income of over $5M a year, Jerry and Susan have been re-investing excess cash back into the business to keep it thriving through the latest recession. With assets totaling over $60M, a growing business and an income tax bill surpassing $2M/yr., their estate tax and income tax exposure is quickly increasing.
The primary planning goals are to:
Provide for the financial security of the surviving spouse.
Maintain Carter Manufacturing as a viable company in their hometown after they exit the business.Maintain their customary lifestyle and gifting. This should take approx. $650,000 annually after taxes.
Eliminate or reduce estate taxes.
Maintain adequate gifting to their children and grandchildren. Their main priority is providing funds for their grandchildren’s educations.
Maximize the inheritance they leave to their children and grandchildren.
Establish a family foundation for lifetime and future family charitable giving.
Learn more at www.inknowvision.com
Sample Financial Statements from Jazzit FundamentalsJazzit
Jazzit Fundamentals is Premier Financial Statement CaseWare Templates for the use of Canadian accountants, and includes up to date ASPE regulations. It is a deeply integrated and flexible template collection of Financial Statements for various entity structures with up to 20 attached schedules and more than 100 working paper and letter templates to automate year-end engagements with your corporate clients.
Founded in 2000, Jazzit is Canada’s leading supplier of premium CaseWare templates for accountants. Our products include Jazzit Fundamentals, Jazzit Checklists and Jazzit Score, creating a powerful suite of automated solutions for SME practioners. Jazzit Fundamentals, the flagship product, is an integrated suite of over 115 templates and letters that assist public accountants in completing year-end engagements with their corporate clients. With offices in Calgary, Alberta, and Kelowna, B.C., Jazzit’s software serves over 5,000 accounting professionals across Canada.
Financial Management Fundamentals For Executive Directors & Board Members4Good.org
Nonprofit leaders and board members need to have at least a basic understanding of financial management. However, it is not uncommon to only have one or two people on a nonprofit board that understand finances. This webinar will help nonprofit executives and board members develop the financial insight they need in order to make strategic decisions and fulfill their responsibilities.
IBM 2016-2018 FinancialsPowered by ClearbitInternational Business .docxsheronlewthwaite
IBM 2016-2018 FinancialsPowered by ClearbitInternational Business Machines Corp (NYS: IBM)Exchange rate used is that of the Year End reported date As Reported Annual Income Statement Report Date12/31/201812/31/201712/31/2016CurrencyUSDUSDUSDAudit StatusNot QualifiedNot QualifiedNot QualifiedConsolidatedYesYesYesScaleThousandsThousandsThousandsServices revenue51,350,00050,709,00051,268,000Sales revenue26,641,00026,715,00026,942,000Financing revenue1,599,0001,715,0001,710,000Total revenue79,591,00079,139,00079,919,000Cost of services34,059,00034,447,00034,021,000Cost of sales7,464,0007,256,0006,559,000Cost of financing1,132,0001,210,0001,044,000Total cost42,655,00042,913,00041,625,000Gross profit36,936,00036,227,00038,294,000Selling, general & administrative expense - other16,438,00016,568,00016,971,000Advertising & promotional expense1,466,0001,445,0001,327,000Workforce rebalancing charges598,000199,0001,038,000Retirement-related costs-959,000742,000Amortization of acquired intangible assets435,000496,000503,000Stock-based compensation361,000384,000401,000Bad debt expense67,00055,00087,000Selling, general & administrative expense19,366,00020,107,00021,069,000Research, development & engineering expense5,379,0005,787,0005,751,000Intellectual property & custom development income1,026,0001,466,0001,631,000Foreign currency transaction gains (losses)427,000(405,000)116,000Gains (losses) on derivative instruments(434,000)341,000(260,000)Interest income264,000144,000108,000Net gains (losses) from securities & investment assets101,00020,000(23,000)Retirement-related income (costs)(1,572,000)--Other income63,000116,000(85,000)Other income & expense1,152(216,000)145,000Interest expense723,000615,000630,000Total expense & other income(25,594,000)24,827,00025,964,000Income from continuing operations before income taxes - U.S. operations627,000560,0003,650,000Income from continuing operations before income taxes - non-U.S. operations10,715,00010,840,0008,680,000Income from continuing operations before income taxes11,342,00011,400,00012,330,000Provision for (benefit from) U.S. federal income taxes - current(342,000)2,388,000186,000Provision for (benefit from) U.S. federal income taxes - deferred1,377,00077,000(746,000)Total provision for (benefit from) U.S. federal income taxes1,035,0002,465,000(560,000)Provision for (benefit from) U.S. state & local income taxes - current127,00055,000244,000Provision for (benefit from) U.S. state & local income taxes - deferred(292,000)28,000(44,000)Total provision for (benefit from) U.S. state & local income taxes(165,000)83,000200,000Provision for (benefit from) nopn-U.S. income taxes - current2,135,0003,891,000988,000Provision for (benefit from) nopn-U.S. income taxes - deferred(386,000)(797,000)(179,000)Total provision for (benefit from) nopn-U.S. income taxes1,749,0003,094,000809,000Provision for (benefit from) income taxes2,619,0005,642,000449,000Income (loss) from continuing operations8,723,0005,758,00011,881,000Inco ...
InKnowVision June 2014 HNW Case Study - Martin FWGAInKnowVision
Jim and Jan are 60 and 52 respectively. Several years ago they started up a national sales and education business. After a few years getting the business off the ground and building their intellectual property, the capture of new markets and increased margins are generating rapidly increasing revenues and profits. As a result, they have recently been approached by a 3rd party buyer and it has motivated them to begin thinking about their business succession plan. Their eldest son has become very involved in the business, playing an ever increasing role in day to day operations, and would like to take the business over at some point.
Their current net worth is approx. $22M with $20M tied up in the business. Until now, all of the profits were reinvested into the business to help generate their rapid growth. Jim and Jan feel they can finally afford to distribute some of the excess profits and begin to plan for their future retirement.
The primary planning goals are to:
- Build personal wealth outside of the business.
- Create a business succession/transition plan.
- Equalize the inheritances for their children.
- Provide pathways into the business should their other 3 sons decide to participate.
- Support their church and other community causes through charitable planning.
- Protect the business and family wealth from estate taxes
InKnowVision December 2013 Case Study - Watson FWGAInKnowVision
Ben and Sara Watson are 55 and 54 respectively. They own and operate a very profitable well drilling and maintenance business that has allowed them to acquire and accumulate oil and gas rights totaling $30M over the last 5 years. These oil and gas rights are generating in excess of $1.5M a year on top of the $925k of income from their separate drilling and maintenance business. Ben and Sara have 3 daughters. Their youngest daughter, Katie, and her husband have played key roles in growing Watson Drilling. Ben would like to begin transitioning the business to them and ultimately leave them with the benefit of the business. With the business going to just one of the daughters, Ben and Sara want to equalize the inheritance to their other two daughters. For this, they have already purchased four whole life insurance policies. Two of these policies have significant loans against them and very little cash surrender value. With premiums totaling $400k for the four policies, all owned inside their estate, and insufficient death benefit to cover potential estate taxes and equalize the daughters’ inheritances, these policies may not meet the family’s needs.
The primary planning goals are to:
-Maintain their customary base lifestyle need of $250,000, with approximately another $750,000 for discretionary and other expenses.
-Provide for the financial security of the surviving spouse.
Provide a succession plan that will allow for a smooth transition of Watson Drilling to their daughter, Katie.
-Assure they have sufficient liquid assets available at their deaths to eliminate the forced liquidation of business or real estate assets.
-Maximize the inheritance that they leave for their children and grandchildren.
InKnowVision November 2013 HNW Technical PPT - Liquidity PlanningInKnowVision
In this presentation we looked at the problem seen in many large estates - the lack of liquidity to deal with estate equalization, estate taxes and charitable funding.
Many of our clients have significant private businesses or extensive real estate holdings that represent a large percentage of the family wealth. There is often a large shortage of liquidity to deal with the division of these illiquid assets among family members as well as pay any estate taxes that may be levied on the estate. Of course if estate taxes do need to be paid there is a limited window when money can be raised and often times this means selling property at a less than opportune time.
View this recording to see various designs for creating liquidity.
InKnowVision October 2013 Case Study - Lewis FWGAInKnowVision
Duncan and Tina are both 65. They live a comfortable lifestyle, spending about $1,600,000 a year after taxes and gifting about $2,000,000 a year to their family foundation. With assets worth approximately $62M and annual income of over $7M, they currently pay just over $2M a year in income taxes and have an increasing estate tax and ongoing income tax exposure.
The primary planning goals are to:
-Make sure that they have sufficient funds to live on for the rest of their lives (approx. $1,600,000/yr. after taxes and gifts).
-Assure that Duncan's, Inc. does not have to be liquidated as a result of their death.
-Provide a successful transition of the business to their son, Jason, while ensuring an equal inheritance for their son, Jeremy. They would like to leave 50% of their estate to Jason & Jeremy and another 25% to their grandchildren and other family members.
-They wish to continue annual giving to their family foundation and ultimately leave 25% of their estate to the foundation at death.
-Make sure the company buy/sell agreement accurately reflects the wishes of the family owners in the most tax efficient manner possible.
-Eliminate or reduce estate taxes.
InKnowVision September 2013 Captive Insurance PowerpointInKnowVision
After completing this course, you will be able to:
- Identify the benefits of Captive Insurance companies
- Differentiate which clients would be ideal for a Captive
- List the necessary steps to form a Captive
- Define and address Captive tax issues
- Apply all of the processes to form a successful Captive Insurance company
InKnowVision August 2013 HNW Technical PPT - Family BanksInKnowVision
One of the common themes that we continue to see among our clients is the idea that leaving too much money to children will spoil them. InKnowVision often employs the family bank concept to help people understand how they can re-gain control in this complex area.
Join us as we look at this interesting concept and understand how to present it to clients, how to determine the client profile for this strategy and how to implement this type of planning.
InKnowVision July 2013 HNW Marketing PPTInKnowVision
Using HNW Content on LinkedIn to Market Your Firm
In this high net worth marketing webinar, we will focus on using HNW content on LinkedIn.
You will learn:
- How using HNW content on LinkedIn attracts your ideal client, referral sources and more
- Why regular updates to your LinkedIn profile using HNW content matters
- Which types of content posted on LinkedIn actually make a difference
Join us for the fourth part of our HNW Content Marketing Series. We will also be featuring a short Q&A with a current Educate2Motivate customer who will describe how content marketing has helped him reach his target market.
InKnowVision July 2013 HNW Technical PPT - Split DollarInKnowVision
This concept, which most people thought went away ten years ago with changes in the law, is still a very vibrant technique. Pair it with several other techniques for high net worth clients and you have a powerful solution for wealth transfer.
Join us as we look at some of the simple strategies for bringing this particular technique to life and learn how to present it to your clients and planning partners as a significant solution in the wealth transfer arena.
InKnowVision June 2013 HNW Marketing PPTInKnowVision
5 HNW Content Strategies You Won't Want To Miss
Recently we’ve shared with you why you need to use high net worth content and how to find it. Now it’s time to learn how to deploy high net worth content and start measuring your results.
In this high net worth marketing webinar, we will show you:
-What top 5 strategies are most important in reaching the high net worth
-How these top 5 strategies are used to deploy high net worth content
-Why they have the most impact on your high net worth audience
-Who will benefit most using these 5 top strategies
InKnowVision June 2013 HNW Technical PPT - Buy Sell PlanningInKnowVision
"Buy Sell Planning"
Redemption, cross purchase, hybrid or entity. Which is the best way to approach a buy sell for your clients? How best to fund the buy sells? And should you be using these agreements at all? Each of these will be on the table for discussion during this engaging session.
InKnowVision May 2013 HNW Marketing PPT - Content Marketing Part IIInKnowVision
In this session, we’ll discuss how HNW content marketing is measured and what return on investment you can expect when implementing even the simplest content marketing strategies.
Content marketing is a multiplier strategy, meaning that you can leverage one piece of content up to 10 different ways. Talk about a return on your investment!
The key however is to deliver exceptional content on a consistent basis. When it comes to the high net worth, content marketing will make the largest impact in creating “online” trust and lead nurturing hands down.
This will be 25 minutes of jam packed content marketing information you won’t want to miss.
InKnowVision March 2013 HNW Technical PPT - Liquidity Needs in Estate PlanningInKnowVision
In this presentation we’ll be looking at the problem seen in many large estates - The lack of liquidity to deal with estate equalization and liquidity for areas such as estate taxes and charitable funding.
Many of our clients have significant private businesses or extensive real estate holdings that represent a large percentage of the family wealth. There is often a large shortage of liquidity to deal with the division of these illiquid assets among family members as well as pay any estate taxes that may be levied on the estate. Of course if estate taxes do need to be paid there is a limited window when money can be raised and often times this means selling property at a less than opportune time.
In this session we will look at various designs for creating liquidity.
InKnowVision February 2013 HNW Marketing PPTInKnowVision
In this 25 minute HNW marketing webinar you will learn:
What current trends are driving HNW planning
How successful HNW Marketing retooling can bring new opportunities
Why Content Marketing is the #1 strategy in the search for top HNW advisors
When your existing book of business is your best HNW lead source
InKnowVision strives to bring you the most current marketing strategies to stay on top of your HNW prospect and client opportunities. We hope you will join us for this informative live HNW marketing webinar.
InKnowVision February 2013 HNW Technical PPT - Captive InsuranceInKnowVision
Scott Hamilton, CEO of InKnowVision, will discuss the use of captive insurance companies for estate planning, business tax planning, risk management and income tax benefits. All of these benefits can be substantial for the right company. As a CPA, attorney or financial advisor you will want to learn about captive insurance planning to help your clients reduce their tax liability, transfer more wealth out of their estate, manage risk, and much more.
This program is ideal for those who wish to reach the HNW market and those who have business clients with gross revenues of $10M and higher.
InKnowVision January 2013 HNW Marketing PPTInKnowVision
In this 30 minute webinar, you will learn:
Why $30M-$49M in net worth is the fastest growing segment
How you can attract these HNW clients
What three new marketing messages you must use in 2013
Why you need to prepare your marketing plan now
Learn more at www.inknowvision.com
Jackson Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
Chris is 68 and Beth is 59. Chris has recently just retired from an executive position in a public company. They have always led a relatively simple and conservative lifestyle and as a result have built up a very significant, and liquid, net worth.
As part of Chris’ retirement package, he has an annual pension payment of approximately $360,000 (inflating). The pension alone is enough to cover their annual living expenses of $230,000.
As a result, they have a large annual cash flow surplus created by the $400k in annual dividends from their equity portfolios and their tax-exempt income from municipal bond portfolios totaling $1.1M.
The primary planning goals were to:
Make sure that they have sufficient funds to live on for the rest of their lives (approximately $230,000 after taxes and gifts).
Provide for the financial security of the surviving spouse.
Create an inheritance for their children which protects them from any potential future creditors and/or predators.
Provide a charitable gift at death as long as it doesn’t greatly diminish the amount they pass to their heirs.
Eliminate or reduce estate taxes.
Myer Family Wealth Goal Achiever - InKnowVision Advanced Estate PlanningInKnowVision
James is 64, and a few years ago started up a Consulting Company (Consulting Corp) with his business partner Dave. They have acquired some lucrative contracts over the last couple of years, and after spending frugally his entire life, James is starting to enjoy his newly created wealth. James is divorced and makes alimony payments in the amount of $100,000/yr. on top of his $500,000/yr. in living expenses. Because the wealth and income generated by the company is recent, James has not accumulated much in the way of liquid assets yet, but the company value is significant and future profits look very promising.
The primary planning goals are to:
Make sure that he has sufficient funds to live on for the rest of his life (approx. $600,000/yr., including alimony, after taxes and gifts).
Reduce income taxes.
Maximize the inheritance that he leaves to his children and grandchildren. Consider passing his business interests to his children involved in the industry while providing an equal inheritance of non-business interests to those that are uninterested.
Assure that he has sufficient liquid assets available at his death to eliminate the forced liquidation of his business assets.
Eliminate or reduce estate taxes.
InKnowVision November 2012 HNW Marketing PPTInKnowVision
2013 is Poised to be a Banner Year for HNW Planners:
Will you be one of them?
In this 25 minute HNW marketing webinar you will learn:
Why $30M-$49M in net worth is the fastest growing segment
How you can attract these HNW clients
What three new marketing messages you must use in 2013
Why you need to prepare your marketing plan now
InKnowVision November 2012 Case Study - Basic Family Wealth Goal AchieverInKnowVision
Tom is 83 and Jane is 76. They have two children who are both well employed and live productive and happy lives. Tom was an attorney who headed a large patent firm in Washington DC. Jane served as an expert in international trade for much of her professional life. During the latter part of his career, Tom agreed to do work for a start up company that became very successful. Today, Tom’s share of the company is valued at $3.2M but generates $1.4M-$1.5M per year in taxable distributions. Several years ago, the company spun out one of its divisions and took the new company public. It has seen massive growth; almost no dividends have been distributed, and the company has a value to Tom today of approximately $6.4M. Tom and Jane also have approximately $5.2M in cash, $3.2M in retirement funds, and real estate of $4M for a total net worth of about $22M.
The primary planning goals are to:
Make sure that they have sufficient funds to live on for the rest of their lives
Maximize what they leave to their children and grandchildren
Increase the amount of charitable giving that they are currently doing
Equalize the financial positions of their son and daughter
Make a substantial provision for charity in place of estate tax if possible
InKnowVision November 2012 Special HNW Marketing Webinar - Tom KaszaInKnowVision
Our guest speaker Tom Kasza of Hillard Heintze will educate us on why HNW clients need a security strategy today. By designing and implementing security strategies your HNW client can be prepared for managing unforeseen personal security risks.
You will learn:
How to introduce this service to your HNW clients
How it will elevate you in your HNW market place
How to identify potential risks to your HNW clients
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
3. The Life Cycle of the Business
Dictates what Valuation Methodologies to use.
Impacts model assumptions in the DCF and the
selection of multiples in the Market Approach.
Exposes the risk posture of the client.
Emphasizes the need for long-range strategic
planning.
Impacts the clients need for a valuation and other
services.
Dictates a client’s timeline for Exit.
Highlights the need for a team of trusted
business advisors.
Next slide provided by attorney, Felix Gonzalez of the Archer Law Group
KENSINGTON FINANCIAL CONSULTANTS,
INC Copyright 2012
4.
5. Going Bananas nd Produce Company
Balance Sheet
As of December 31, 2010
ASSETS LIABILITIES AND CAPITAL
CURRENT ASSETS CURRENT LIABILITIES
Cash $ 1,000,000 Accounts Payable $ 2,950,000
Accounts Receivable 13,500,000 Other Accrued Liabilities 75,300
Inventory 2,200,000 Current Portion of Long Term Debt 85,000
Prepaid Expenses 125,600 Line of Credit 1,250,000
Shareholder Loans 25,000 TOTAL CURRENT LIABILITIES 4,200,000
Other Receivables 10,000
Misc Other Assets 5,000
TOTAL CURRENT ASSETS 16,865,600 LONG TERM LIABILITIES
Mortgages Payable 2,500,000
PROPERTY AND EQUIPMENT TOTAL LONG TERM LIABILITIES 2,500,000
Property & Equipment 7,500,000
Accum Depr (5,625,000)
Total Property & Equip (net) 1,875,000 TOTAL LIABILITIES 6,700,000
OTHER ASSETS - Land 350,000 TOTAL CAPITAL 12,390,600
TOTAL ASSETS 19,090,600 TOTAL LIABILITIES AND CAPITAL 19,090,600
7. DCF Value Conclusion –
Base Case
Fair Market Value - Business Enterprise(C Corp) Control
Basis 56,143,400
Plus: Non-operating Assets - Excess Working Capital 5,165,600
Less: Debt (3,835,000)
Fair Market Value - Equity (Control, Marketable Basis) 57,474,000
Plus: S Coproration Premium - 15% 8,621,100
FMV - S Corporation Basis (Control, Marketable) 66,095,100
Less: Minority Discount - 24% (13,793,760)
FMV - Minority Non-Marketable Basis of Going Bananas 43,680,240
Less: Marketability Discount - 35% (15,288,084)
FMV - Minority Non-Marketable Basis of Going Bananas 28,392,156
Rounded to… 28,392,000
Notes:
a) Forecast based on Client Analysis - Assumes new growth areas in prepared fruits/salad kits & enhanced market share
b) Operating expenses and depreciation charges based on historical performance.
c) Discount Factor assumes Mid-Year Convention
d) Excess working capital defined as (Current Assets-Current Liabiliites) determined with reference to historical average.
e) This analysis was prepared for purposes of this valuation calculation and should not be used for any other purpose.
f) Long run inflation rate assumed to be 2.5%.
8. Going Bananas
Weighted Average Cost of
Capital
Cost of Equity Capital (Buildup
Method):
20-year US Treasury bond yield as of
Risk-free rate of return 4.13% 12/31/10
Long-term equity risk SBBI Valuation Edition 2011
premium 6.70% Yearbook
SBBI Valuation Edition 2011 Yearbook -
Size premium 6.28% 10th decile
Unsystematic risk premium
SBBI Valuation Edition 2011
Industry risk premium -1.55% Yearbook
Company risk premium 2.00% Estimate
Total equity rate 17.56%
Cost of Debt Capital
Prime rate at 12/31/10 was 3.25% per Federal Reserve
Average cost of debt 3.25% Bank of St. Louis
Tax rate 39.00% Estimated Federal and State
After-tax debt rate 1.98%
Capital Structure
Equity/invested capital 70.00%
Debt/invested capital 30.00%
Total invested capital
WACC (Rounded) 13.00%
Source
http://www.federalreserve.gov/releases/H15/da
ta.htm
KENSINGTON FINANCIAL CONSULTANTS,
INC Copyright 2012
9. Some Factors Considered for Risk Assessment
Intense competition can adversely affect market participant’s financial
performance.
Food distribution businesses are highly competitive and are characterized by
high inventory turnover, narrow profit margins and increasing consolidation.
The Company Produce competes not only with local, regional and national food
distributors, but also with vertically integrated national and regional chains that
employ a variety of formats, including supercenters, supermarkets and warehouse
clubs.
Many of The Company’s food distribution competitors are substantially larger
and may have greater financial resources and geographic scope, lower
merchandise acquisition costs and lower operating expenses, intensifying
price competition at the wholesale and retail levels. Industry consolidation
and the expansion of alternative store formats, which have gained and
continue to gain market share at the expense of traditional grocery stores,
tend to produce even stronger competition for both retail and food
distribution segments. Failure to implement strategies to respond to these
competitive pressures, can negatively impact operating results through adverse
affects on pricing (reductions), decreased sales or margins, or loss of market share.
Wholesale bypass is threatening food wholesaler’s existence. The main factor
that has undermined industry revenue growth is the increasing trend of wholesale
bypass. Retailers aim to source produce as cheaply as possible, which in some cases
leads them to undertake their own sourcing activities.
10. DCF Assumptions – Case Changes
BASE Case 2 Case 3
WACC 13% 14% 13%
Risk Average More Average
Revenue Growth 8% to 2.5% 8% to 2.5% 5% to 2.5%
Gross Margin 82% 82% to 80% 82%
Fair Market Value (1) $ 28,392,000 $ 33,104,000 $ 25,021,000
(1) S Corp Basis, Minority, Non-Marketable Basis
KENSINGTON FINANCIAL CONSULTANTS,
INC Copyright 2012
11. Publicly Traded Guideline Companies
•Nash-Finch Foods
Nash-Finch Company operates as a wholesale food distributor in the
United States. The company's Military segment distributes grocery
products to the United States military commissaries and exchanges in
the United States and the District of Columbia, Europe, Puerto Rico,
Cuba, the Azores, and Egypt.
•United Natural Foods
United Natural Foods, Inc. is a national distributor of natural, organic
and specialty foods and non-food products in the United States and
Canada. The company operates through three operating divisions:
Wholesale, Retail and Manufacturing.
•Spartan Stores
Spartan Stores, Inc. operates as a grocery distributor and retailer
principally in Michigan and Indiana. The company operates in two
segments, Distribution and Retail.
•Core-Mark Holding Company
Smokes and snacks are at the center of Core-Mark Holding's cosmos.
The company distributes packaged consumables (including cigarettes
and other tobacco products, candy, snacks, grocery items, perishables,
nonalcoholic beverages, and health and beauty aids) to about 26,000
convenience stores; mass merchandisers; supermarkets; and drug,
liquor, and specialty retailers.
12. Mergerstat: Size Premiums
Small vs. Large Companies: Median P/E's Offered
Size Total # Median
Year P/E > $100MM P/E < 25MM Discount Transactions P/E All
2006 22.8 17.6 22.8% 464 26.1
2007 23.9 21.2 11.3% 498 28.8
2008 23 8.9 61.3% 289 21.7
2009 18.4 8.5 53.8% 210 20.7
2010 21.8 9.2 57.8% 301 24.4
Average - 5 Years 41.4% 24.3
Source: Mergerstat 2011 for transactions 2010 and prior. Pages 20-21
KENSINGTON FINANCIAL CONSULTANTS,
INC Copyright 2012
13. Guideline Publicly Traded Company Method
Multiples of Revenues and EBITDA
LTM Most
Revenues Ending Recent MVIC MVIC/REV MVIC/EBITDA
Company $000 (FYE 0) $000 LTM LTM
NASH-FINCH $4,991,979 2010/12 2010/12 $ 810,136 0.2 6.1
UNITED NATURAL FOODS 3,925,338 2010/10 2010/07 1,965,413 0.5 13.4
SPARTAN STORES 2,520,370 2010/12 2010/03 558,659 0.2 5.5
CORE-MARK HOLDING COMPANY 7,266,800 2010/12 2010/12 402,995 0.1 7.5
LOW LOW 0.1 5.5
HIGH HIGH 0.5 13.4
MEAN MEAN 0.2 8.1
MEDIAN MEDIAN 0.2 6.8
Selected Multiple (1) 0.4 8.1
Size Adj - 41.4% (2) (0.2) (3.4)
Adjusted Multiple
(Min/Mkt) 0.2 4.7
Control Premium -
42.5% (3) 0.1 2.0
Adjusted Multiple
(Control/Mkt) 0.3 6.8
NOTES:
(1) Multiple as if freely traded - minoirty, marketable value indication
(2) Mergerstat discount for size - 5 year Average
(3) Mergerstat control premium - 5 year Average
KENSINGTON FINANCIAL CONSULTANTS,
INC Copyright 2012