After walking nearly every day for 900 days, it is time to share a thought or two about the journey. Neither rain, nor snow, nor sleet, nor hail shall keep me from my walking goals. Paraphrasing the Post Office motto. Take a look and see. I share a few thoughts about a walking program for you, as well.
After a break of more than two months, I’m back to ChrisMercer.net. This blog and its predecessors has been the beginning point of exposure for most of my thinking for many years. With this post, we turn to a new primary topic of focus — appraisal review. As you will see, there is a great deal more to the concept of appraisal review than a few methods or techniques to be employed. I’m looking forward to the coming exploration of appraisal review.
From December 15, 2019 until now, it has been just over two years. I’ve been walking with intentionality these past two years. Miles, 4,552. Steps, 9.6 million. Health, as far as I know, is better. Attitude, much better. This post recaps the experience of the last two years and offers a few thoughts that I hope you find either interesting, helpful or both.
The thought came to my mind on my walk this morning. It was undoubtedly prompted by meetings over the years with younger analysts who, because they wanted to find “perfect” answers to valuation problems, were (temporarily) unable to find any answer at all.
Excellence is attainable for many, if not most, at least in some areas of life. Perfection is unattainable. The pursuit of excellence is the roadway to success. The pursuit of perfection is a downward slide to failure.
Business valuation is all about expectations for the future. However, those expectations, as reflected in forecasts prepared for business appraisals, must be realistic. This short post mentions the hockey-stick projections often seen in business appraisals and ask for realistic projections, whether they be explicit forecasts of future years’ performance, or implied forecasts in single-period income capitalization methods.
Business Valuation: An Integrated Theory, 3rd Edition has been published by John Wiley & Sons, Inc. in the Wiley Finance Series. My co-author, Travis W. Harms, CFA, CPA/ABV and I are excited and relieved to have received this work in hand late last week. In this post, I will begin to tell the story about the book and why you should own it and read it.