{"product_id":"value-maps-isbn-9780470437568","title":"Value Maps","description":"\u003cb\u003ePraise for VALUE MAPS\u003c\/b\u003e  \u003cp\u003e\"Equivocator, Explorer, Experimenter, Exploiter, Extender—Chapter 12 might be well served as mandatory reading for all subject matter experts! SPARC is not a valuation, per se, but rather a separate consulting engagement that might interest a client—especially if that client is preparing for a sale or planning an exit strategy. Miller has taken the good ideas from five disciplines and married them with value enhancement, creating what could become a very good 'add-on' consulting engagement. NACVA recommends, and looks forward to, further dialogue related to this new approach. This book will open your eyes to new opportunities.\"\u003cbr\u003e —\u003cb\u003eParnell Black, MBA, CPA, CVA, Chief Executive Officer, National Association of Certified Valuation Analysts (NACVA)\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"No one illuminates the murky intersection where business strategy and private company value creation meet better than Warren Miller. Now he's focused his extensive professional training and real-world experience to produce this intellectually rich, yet down-to-earth and fun-to-read road map we can all use. Business owners and leaders, financial analysts, management consultants, wealth managers, CPAs, business brokers, private equity investors, business appraisers—no one should plan to increase the value of an enterprise without Value Maps in their passenger seat.\"\u003cbr\u003e —\u003cb\u003eDavid Foster, CEO, Business Valuation Resources\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Private-equity analysts do not often come across scholarly and technical professional reading laced with laugh-out-loud moments! Yet this is exactly what one finds in \u003ci\u003eValue Maps\u003c\/i\u003e. Warren Miller's advice stems from his career as a finance executive, a CPA, a valuation analyst, and a 'recovering academic.' With pitch-perfect balance, Warren has created both a must-have professional reference guide and a best-practices road map designed to enhance the profitability of your client's business and your own—all in a very readable style with just a 'spoon-full of sugar.' Enjoy the read!\"\u003cbr\u003e —\u003cb\u003eGary M. Karlitz, ASA, CPA, Partner-in-Charge, Valuation Services, Forensic Services, and Forensic Accounting, Citrin Cooperman \u0026amp; Company, LLP\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Extremely readable, with numerous real-world examples—valuation specialists who don't read this book will soon be looking for a new profession. Miller takes the term 'valuation' to new levels, suggesting that appraisers can indeed add real value to their clients' businesses. Clients should demand that a valuation professional read this book before he or she will be hired.\"\u003cbr\u003e —\u003cb\u003eAlfred M. King, Vice Chairman, Marshall \u0026amp; Stevens, Inc.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgements xix\u003c\/p\u003e \u003cp\u003eAbout the Web Site xxiii\u003c\/p\u003e \u003cp\u003eList of Acronyms xxv\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Cornerstones 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter I Why a New Approach Is Needed 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eValuation as Craft 5\u003c\/p\u003e \u003cp\u003eThe State of Our Craft 6\u003c\/p\u003e \u003cp\u003eCause and Effect: What and Why 7\u003c\/p\u003e \u003cp\u003eMultidisciplinary Tools for Analyzing Value Creation 8\u003c\/p\u003e \u003cp\u003eParameters of Valuation 10\u003c\/p\u003e \u003cp\u003eWhat We Know about Risk 11\u003c\/p\u003e \u003cp\u003eComponents of Risk 12\u003c\/p\u003e \u003cp\u003eA Framework for Unsystematic Risk 13\u003c\/p\u003e \u003cp\u003eUnlocking Business Wealth 16\u003c\/p\u003e \u003cp\u003eSummary 17\u003c\/p\u003e \u003cp\u003eAdditional Reading 17\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Tools from Strategic Management 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHistory 19\u003c\/p\u003e \u003cp\u003ePerspective 22\u003c\/p\u003e \u003cp\u003eValuation Tools 22\u003c\/p\u003e \u003cp\u003eStrategic Intent 23\u003c\/p\u003e \u003cp\u003eGeneric Competitive Strategies 26\u003c\/p\u003e \u003cp\u003eResources 29\u003c\/p\u003e \u003cp\u003eCompetitive Analysis 32\u003c\/p\u003e \u003cp\u003eDistinctive versus Sustained Competitive Advantage 34\u003c\/p\u003e \u003cp\u003eVRIO 37\u003c\/p\u003e \u003cp\u003eCustomer Satisfaction Surveys 38\u003c\/p\u003e \u003cp\u003eDiversification 39\u003c\/p\u003e \u003cp\u003eUnlocking Business Wealth 42\u003c\/p\u003e \u003cp\u003eSummary 43\u003c\/p\u003e \u003cp\u003eAdditional Reading 43\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Tools from Industrial Organization 45\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePerspective 46\u003c\/p\u003e \u003cp\u003eTenets 47\u003c\/p\u003e \u003cp\u003eTools 49\u003c\/p\u003e \u003cp\u003eUnlocking Business Wealth 62\u003c\/p\u003e \u003cp\u003eSummary 62\u003c\/p\u003e \u003cp\u003eAdditional Reading 63\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Tools from Organization Theory 65\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePerspective 68\u003c\/p\u003e \u003cp\u003eTenets 70\u003c\/p\u003e \u003cp\u003eTools 70\u003c\/p\u003e \u003cp\u003eUnlocking Business Wealth 82\u003c\/p\u003e \u003cp\u003eSummary 82\u003c\/p\u003e \u003cp\u003eAdditional Reading 83\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Tools from Evolutionary Economics 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePerspective 88\u003c\/p\u003e \u003cp\u003eTenets 89\u003c\/p\u003e \u003cp\u003eTools 89\u003c\/p\u003e \u003cp\u003eUnlocking Business Wealth 103\u003c\/p\u003e \u003cp\u003eSummary 103\u003c\/p\u003e \u003cp\u003eAdditional Reading 104\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Tools from Austrian Economics 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePerspective 110\u003c\/p\u003e \u003cp\u003eTenets 112\u003c\/p\u003e \u003cp\u003eTools 113\u003c\/p\u003e \u003cp\u003eUnlocking Business Wealth 123\u003c\/p\u003e \u003cp\u003eSummary 123\u003c\/p\u003e \u003cp\u003eRecommended Reading 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Pouring the Foundation 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 The Straight Scoop on Value Drivers 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefinition 129\u003c\/p\u003e \u003cp\u003eValue Drivers versus Balanced Scorecards 131\u003c\/p\u003e \u003cp\u003eWhy Value Drivers Matter 132\u003c\/p\u003e \u003cp\u003eThe Regenerative Power of Capitalism 134\u003c\/p\u003e \u003cp\u003eAssessing Durability 138\u003c\/p\u003e \u003cp\u003eSummary 139\u003c\/p\u003e \u003cp\u003eAdditional Reading 140\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 The “OT” in SWOT Analysis: The Macroenvironment 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefining the Domain 141\u003c\/p\u003e \u003cp\u003eUnit of Analysis 144\u003c\/p\u003e \u003cp\u003eTrilevel Unsystematic Risk Framework 145\u003c\/p\u003e \u003cp\u003eHistory and Background 146\u003c\/p\u003e \u003cp\u003eWhy Does the Macroenvironment Matter? 147\u003c\/p\u003e \u003cp\u003eThe Forces 148\u003c\/p\u003e \u003cp\u003eSummary 153\u003c\/p\u003e \u003cp\u003eAdditional Reading 154\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 The “OT” in SWOT Analysis: The Domain 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Roots of Domain Analysis 155\u003c\/p\u003e \u003cp\u003eOligopolies Large and Small 155\u003c\/p\u003e \u003cp\u003ePrice Competition in an Oligopoly 158\u003c\/p\u003e \u003cp\u003ePublished Industry Risk Premiums 158\u003c\/p\u003e \u003cp\u003eThe Domain 161\u003c\/p\u003e \u003cp\u003eSummary 165\u003c\/p\u003e \u003cp\u003eAdditional Reading 166\u003c\/p\u003e \u003cp\u003eAppendix 9A: Competitive Analysis and Estimating Market Share 167\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Getting to “Why”: Analyses, Composites, and On-Site Interviews 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial Ratios 171\u003c\/p\u003e \u003cp\u003eA Key Metric 172\u003c\/p\u003e \u003cp\u003eFinding Sector-Specific Metrics 173\u003c\/p\u003e \u003cp\u003eThe Analysis 173\u003c\/p\u003e \u003cp\u003eHow to Construct a Composite 175\u003c\/p\u003e \u003cp\u003ePrepping for the On-Site Interviews 175\u003c\/p\u003e \u003cp\u003eConducting the On-Site Interviews 177\u003c\/p\u003e \u003cp\u003eSummary 180\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 The “SW” in SWOT Analysis: The Company and SPARC 183\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCause-and-Effect Relationships 186\u003c\/p\u003e \u003cp\u003eValue Drivers and Value Destroyers 190\u003c\/p\u003e \u003cp\u003eAssessing Durability of Advantage 202\u003c\/p\u003e \u003cp\u003eBack to VRIO 202\u003c\/p\u003e \u003cp\u003eSummary 204\u003c\/p\u003e \u003cp\u003eAppendix 11A: Bringing It All Together: Quantifying Unsystematic Risk 205\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 SPARC Archetypes among Small and Medium-Sized Enterprises 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExploiter and Extender 208\u003c\/p\u003e \u003cp\u003eExplorer and Experimenter 210\u003c\/p\u003e \u003cp\u003eEquivocator 213\u003c\/p\u003e \u003cp\u003eSummary 214\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Tales from the Firing Line 217\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Construction and Manufacturing 219\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eConstruction 220\u003c\/p\u003e \u003cp\u003eSpecialty Publishing I 223\u003c\/p\u003e \u003cp\u003eSpecialty Publishing II 226\u003c\/p\u003e \u003cp\u003eSpecialty Manufacturing 228\u003c\/p\u003e \u003cp\u003ePackaging 232\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 Business to Business 237\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSafety Equipment\/Supplies 237\u003c\/p\u003e \u003cp\u003eIndustrial Supply 240\u003c\/p\u003e \u003cp\u003eConstruction Materials 244\u003c\/p\u003e \u003cp\u003eAntique Building Materials Reclamation 249\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 Transportation 255\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTransportation Collection Services 255\u003c\/p\u003e \u003cp\u003eLTL Trucking 258\u003c\/p\u003e \u003cp\u003eFreight Forwarding 264\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Specialty Retailing 269\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eJewelry I 269\u003c\/p\u003e \u003cp\u003eJewelry II 273\u003c\/p\u003e \u003cp\u003eBuilding Materials 276\u003c\/p\u003e \u003cp\u003ePharmacy 277\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Services 281\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOutplacement Services 281\u003c\/p\u003e \u003cp\u003eExecutive Search 283\u003c\/p\u003e \u003cp\u003ePrivate Equity 285\u003c\/p\u003e \u003cp\u003eInvestment Banking 287\u003c\/p\u003e \u003cp\u003eDental Lab 289\u003c\/p\u003e \u003cp\u003eQuick-Lube Services 291\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV Practice Management 297\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18 The Engagement Process 299\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhen Can an Engagement Include a Value Map? 299\u003c\/p\u003e \u003cp\u003eFinding Good Clients 300\u003c\/p\u003e \u003cp\u003eAvoiding Problem Clients 301\u003c\/p\u003e \u003cp\u003eMarketing and Selling the Work 302\u003c\/p\u003e \u003cp\u003eThe “Shake-’n’-Howdy” Visit 303\u003c\/p\u003e \u003cp\u003ePricing the Engagement 304\u003c\/p\u003e \u003cp\u003eEngagement Letter 1 305\u003c\/p\u003e \u003cp\u003eHighlights of Engagement Letter 1 306\u003c\/p\u003e \u003cp\u003eManaging Expectations 307\u003c\/p\u003e \u003cp\u003eEngagement Letter 2 309\u003c\/p\u003e \u003cp\u003eSummary 311\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19 Working with Clients 313\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Few Words about Family Systems 313\u003c\/p\u003e \u003cp\u003eProcesses 315\u003c\/p\u003e \u003cp\u003eHow Not to Do It 315\u003c\/p\u003e \u003cp\u003eHow (Else) Not to Do It 317\u003c\/p\u003e \u003cp\u003eStart at the Beginning 317\u003c\/p\u003e \u003cp\u003eThink like a Buyer 318\u003c\/p\u003e \u003cp\u003ePlanning the Engagement 319\u003c\/p\u003e \u003cp\u003eAs the Process Unfolds 321\u003c\/p\u003e \u003cp\u003eWinding Up the Value-Mapping Process 322\u003c\/p\u003e \u003cp\u003eSummary 323\u003c\/p\u003e \u003cp\u003eAdditional Reading 323\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20 IFRS, IVSC, and Value Maps 325\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Valuation Process Outside the United States 326\u003c\/p\u003e \u003cp\u003eThe Cost of Capital Outside the United States 326\u003c\/p\u003e \u003cp\u003eGathering Data Outside the United States 327\u003c\/p\u003e \u003cp\u003eSummary 332\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21 Epilogue: The Future for Value-Mapping Services 333\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Future for Valuation Services 333\u003c\/p\u003e \u003cp\u003eMarketing Matters 335\u003c\/p\u003e \u003cp\u003eThat Special Cadre Dedicated to Delivering Value to Clients 340\u003c\/p\u003e \u003cp\u003eClosing Words 342\u003c\/p\u003e \u003cp\u003eBibliography 345\u003c\/p\u003e \u003cp\u003eIndex 351\u003c\/p\u003e \u003cb\u003eWARREN D. MILLER\u003c\/b\u003e, CFA, ASA, CPA, is a cofounder of Beckmill Research LLC, a firm that specializes in valuations, mergers and acquisitions, strategy, litigation support, exit planning, and statistics-driven research. He has taught CPAs and other professionals in thirty states, Puerto Rico, and Canada. His work has been published in \u003ci\u003eHarvard Business Review\u003c\/i\u003e, \u003ci\u003eBusiness Valuation Review\u003c\/i\u003e, \u003ci\u003eCFA Magazine\u003c\/i\u003e, \u003ci\u003eStrategic Finance\u003c\/i\u003e, \u003ci\u003eCPA Expert\u003c\/i\u003e, \u003ci\u003eValue Examiner\u003c\/i\u003e, and \u003ci\u003eAmerican Fly Fisher\u003c\/i\u003e. He and his wife, Beckmill cofounder Dorothy Beckert, live in Virginia's breathtaking Shenandoah Valley.  Valuing non-public companies is about more than numbers. That is because most closely held companies face no shareholder mandate to maximize profit. Without such pressure, a private company can pursue other objectives, including tax minimization. Not pursuing profit maximization can produce unusual performance metrics that stand out in comparison with industry composites of public companies. These metrics are sometimes superior to those in a composite; more often, they are inferior. In either case, the question is \"Why?\" To answer it, analysts must uncover underlying cause-and-effect relationships. Those relationships frame the analysis of how a firm creates value or why it doesn't. Private-equity analysts need tools to spot such relationships, gauge why value is or isn't created, and assess the durability of value-creating mechanisms. Traditional tools from finance are no help.  \u003cp\u003eAuthor, speaker, and valuation expert Warren Miller explains how to guide client companies through self-assessment using the five-dimension SPARC framework: Strategy, People, Architecture, Routines, Culture. This framework helps analysts uncover the cause-and-effect relationships that explain business performance. In conjunction with Excel-based software accessible at wiley.com, the resulting value map lights the way for valuation professionals and consultants to help client companies increase business value.\u003c\/p\u003e \u003cp\u003eValue Maps provides thorough coverage of:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eWhy traditional approaches to valuing a privately owned business are incomplete\u003c\/li\u003e \u003cli\u003eThe one level of the SPARC framework that matters far more than the others\u003c\/li\u003e \u003cli\u003eWhy benchmarking a company against a public-company composite is the first step in value enhancement\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eUsing the framework and tools offered by \u003ci\u003eValue Maps\u003c\/i\u003e, analysts, business appraisers, and consultants are provided with a nuts-and-bolts guide to enhancing the value of businesses in a way that can be replicated across the existing client bases of analysts and consultants.\u003c\/p\u003e \u003cp\u003eWith twenty-two vignettes illustrating real-world applications of the SPARC framework, \u003ci\u003eValue Maps\u003c\/i\u003e walks you step by step through a rigorous process to help companies unlock wealth.\u003c\/p\u003e  \u003cb\u003ePraise for VALUE MAPS\u003c\/b\u003e  \u003cp\u003e\"Equivocator, Explorer, Experimenter, Exploiter, Extender—Chapter 12 might be well served as mandatory reading for all subject matter experts! SPARC is not a valuation, per se, but rather a separate consulting engagement that might interest a client—especially if that client is preparing for a sale or planning an exit strategy. Miller has taken the good ideas from five disciplines and married them with value enhancement, creating what could become a very good 'add-on' consulting engagement. NACVA recommends, and looks forward to, further dialogue related to this new approach. This book will open your eyes to new opportunities.\"\u003cbr\u003e —\u003cb\u003eParnell Black, MBA, CPA, CVA, Chief Executive Officer, National Association of Certified Valuation Analysts (NACVA)\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"No one illuminates the murky intersection where business strategy and private company value creation meet better than Warren Miller. Now he's focused his extensive professional training and real-world experience to produce this intellectually rich, yet down-to-earth and fun-to-read road map we can all use. Business owners and leaders, financial analysts, management consultants, wealth managers, CPAs, business brokers, private equity investors, business appraisers—no one should plan to increase the value of an enterprise without Value Maps in their passenger seat.\"\u003cbr\u003e —\u003cb\u003eDavid Foster, CEO, Business Valuation Resources\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Private-equity analysts do not often come across scholarly and technical professional reading laced with laugh-out-loud moments! Yet this is exactly what one finds in \u003ci\u003eValue Maps\u003c\/i\u003e. Warren Miller's advice stems from his career as a finance executive, a CPA, a valuation analyst, and a 'recovering academic.' With pitch-perfect balance, Warren has created both a must-have professional reference guide and a best-practices road map designed to enhance the profitability of your client's business and your own—all in a very readable style with just a 'spoon-full of sugar.' Enjoy the read!\"\u003cbr\u003e —\u003cb\u003eGary M. Karlitz, ASA, CPA, Partner-in-Charge, Valuation Services, Forensic Services, and Forensic Accounting, Citrin Cooperman \u0026amp; Company, LLP\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\"Extremely readable, with numerous real-world examples—valuation specialists who don't read this book will soon be looking for a new profession. Miller takes the term 'valuation' to new levels, suggesting that appraisers can indeed add real value to their clients' businesses. Clients should demand that a valuation professional read this book before he or she will be hired.\"\u003cbr\u003e —\u003cb\u003eAlfred M. King, Vice Chairman, Marshall \u0026amp; Stevens, Inc.\u003c\/b\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990445932773,"sku":"NP9780470437568","price":131.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470437568.jpg?v=1761787861","url":"https:\/\/k12savings.com\/products\/value-maps-isbn-9780470437568","provider":"K12savings","version":"1.0","type":"link"}