In this paper, a company owner (valuation subject) is interested in selling a company
(valuation object). The potential seller must conduct a business valuation to determine what
minimum price he must demand without the transaction proving disadvantageous. The
purpose of our paper is to show how alternative valuation formulas solve this valuation
problem under realistic imperfect market conditions. As a main conclusion, the business
value can usually not be calculated using the future earnings method.
JEL Codes: D46, G31 and G34
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