Main stages and assessment procedures. Find out how real estate is assessed: what criteria play a role in practice? The legal order of the procedure and its stages The concept and content of the assessment process

Evaluation procedure

Main stages of the assessment procedure

Cost assessment is a set of logical procedures and calculations aimed at forming a reasonable conclusion about the value of the Object of assessment. The cost assessment procedure is a set of actions to identify and analyze physical, economic, social and other factors that influence the value of the Object. It consists of the following main stages.

1. Collection of data about the Object of assessment and their analysis: appraisers study documents provided by the Customer, reflecting the economic and financial position of the issuer. These documents include information about the company’s property, documents financial statements, internal financial accounting documents of the company, information about the plans of the issuer’s management regarding its further development, management's forecasts about expected results commercial activities etc.

2. Selection of basic approaches and methods of assessment.

3. Application of selected methods within traditional approaches to assessment.

4. Analysis of the results obtained during use different approaches, their approval and application of the necessary discounts or bonuses.

5. Preparation of an assessment report. The report is a summary narrative summary of the analysis, calculation results, cost negotiations and conclusion.

Analysis of the main approaches to assessment

When valuing a business, three valuation approaches are used:

· cost approach;

· comparative approach;

· income approach.

Theoretical basis cost approach

The cost approach is based on a study of the investor's ability to acquire property and assumes that the buyer, exercising due prudence, will not pay more for the property than what it would cost to acquire the assets of a company of similar purpose and quality in the foreseeable period without significant delays. This assessment approach can lead to objective results if it is possible to accurately estimate the costs, subject to the indispensable condition of the relative balance of supply and demand in the market.

The book value of an enterprise's assets due to inflation, changes in market conditions, and accounting methods used may not correspond to market value. As a result, the appraiser is faced with the task of adjusting the balance sheet of the enterprise. To make such an adjustment, the reasonable market value of each balance sheet asset is first determined separately, then the current value of the liabilities is determined, and finally, the current value of all its liabilities is subtracted from the reasonable market value of the total assets of the enterprise. The result shows market value equity enterprises.

The basic formula in the cost approach is:

Equity = assets - liabilities. There are two methods for determining the value of a company within the cost approach:

cost method net assets;

· liquidation value method.

The net asset value method (or, in other words, the adjusted net asset value method NAV-Net Asset Value) is used when the operating enterprise is considered and when the assets of the company are such that reliable data on market value can be easily obtained from it. This method is effective in valuing those firms that have managed to accumulate these assets as a result of capitalizing their income for previous periods, i.e. it is most appropriate for evaluating companies with a fairly solid history. In cases where the data available to appraisers is insufficient to calculate reasonable values ​​of the market value of the components of equity capital, the method of book value of net assets is used.

Another method, the Liquidation Value method, is used when a company is in bankruptcy or liquidation, or when there are serious doubts about the company's ability to remain a going concern. This is reflected in information about low or even negative returns on assets, which serves as an indicator of the economic obsolescence of the business. Liquidation value is the amount of money that a company owner can receive when the company is liquidated and its assets are sold separately after all creditors have been settled and liquidation costs have been paid.

The use of the cost approach is necessary in two cases

· firstly, the cost approach is indispensable when assessing unquoted companies, most often registered in the form of LLC, CJSC, which, as a rule, have opaque financial flows;

· secondly, the use of the cost approach together with other approaches, and, above all, the income approach, allows you to make effective investment decisions.

Theoretical basis comparative approach

The comparative approach is based on the fact that market entities carry out purchase and sale transactions by analogy, that is, based on information about similar transactions. It follows that this approach is based on the principle of substitution. In other words, market approach is based on the assumption that a prudent buyer will pay no more for the property offered for sale than that for which property of similar quality and suitability can be purchased. Therefore, it is assumed that the prices at which purchase and sale transactions took place on the market for a property similar or similar to the property being valued reflect its market value.

Traditionally, when assessing the market value of any asset and business, three methods are used within the comparative approach:

· peer company method (capital market method);

· method of transactions (sales);

· method of industry coefficients.

The capital market method involves using the real purchase and sale prices of shares (non-controlling stakes) in the stock market as a basis for comparison.

The transaction method involves using real purchase and sale prices on the over-the-counter market for consolidated blocks of shares or companies as a whole as a basis for comparison.

The industry coefficients method is based on the use of industry multipliers calculated in the course of studies of sales statistics of industry enterprises conducted by specialized agencies. It is necessary that the study be conducted for at least half of all enterprises in the industry comparable in size to the one being assessed. The method of industry coefficients has not yet received sufficient distribution in domestic practice due to the lack of necessary information, which requires a long period of observation.

The application of peer company and transaction methods consists of sequentially performing the following actions:

· collection of necessary information;

· compiling a list of analogue enterprises;

· the financial analysis and comparison;

· calculation of estimated multipliers;

· choice of multiplier value;

· determination of the preliminary value of the cost;

· making final adjustments.

Theoretical basis income approach

The income approach allows you to determine the value of the Valuation Object by bringing the value of expected future income and expenses (including long-term liabilities) of the enterprise to the assessment of their value at the present time.

In this case, the assumption is made that the potential owner will not pay for this business an amount greater than the current value real income from this business that he can get in the future. Likewise, the owner will not sell his business for less than the current value of the income he can receive in the future.

This valuation method is considered the most acceptable from the point of view of the buyer’s investment motivations, since when purchasing a business, he invests money not in a set of assets, but in a stream of future income, which allows him to recoup his investments and make a profit greater than he would receive by investing his funds otherwise .

The use of the income approach to assessing the value of a business is most justified when the enterprise is in a growth or stable stage economic development. Also, the use of the income approach is possible when analyzing the prospects for further development of the enterprise (assessment investment project). In any case, serious management decisions must be made based on the data from this assessment approach.

Valuation of a business using the income approach can be carried out using the method of direct capitalization of income, which is actually applicable when we are talking about the stage of stable business development, or, using the discounted cash flow (DCF) method, when the projected cash flows are not constant.

The methodology for calculating the value of a business using the discounted cash flow method is carried out in the following sequence:

· type selection cash flow;

· determination of the duration of the forecast period;

· analysis of retrospective income streams and their forecasting for future periods;

· cost flow analysis and forecast;

· forecasting the increase (decrease) in financing needs working capital;

investment forecasting ( capital investments);

· calculation of the discount rate;

· calculation of the extended value of the enterprise (by the method of calculating the liquidation value of net assets or according to the Gordon model);

· calculation of the current value of the enterprise by summing the reduced cash flows at the selected rate of the forecast period and the extended value of the enterprise;

· making final amendments.

INTRODUCTION

Among the elements of a market economy, a special place is occupied by real estate, which acts as a means of production and an item or object of consumption. Real estate is the basis of personal existence for citizens and serves as the basis for economic activity and the development of enterprises and organizations of all forms of ownership. In Russia, there is an active formation and development of the real estate market and an increasing number of citizens, enterprises and organizations are participating in real estate transactions.

Real estate is the main subject of discussion during the privatization of state and municipal property, when renting non-residential premises, and when buying and selling residential premises. Therefore, the process of appraising a property requires high qualifications and professional training of the appraiser and is a complex, labor-intensive and creative work, consisting of certain stages.

REAL ESTATE ASSESSMENT PROCESS

Real estate appraisal is one of the most common types of appraisal. Often, the value of real estate is obvious to its owners or prospective buyers, however, as a result of a professional assessment by the appraiser of all factors relating to the property, its value can be significantly adjusted relative to the original presentation.

Typically the following real estate properties are subject to assessment:

Land;

Residential real estate (apartments, individual houses);

Commercial real estate (office premises, hotels, retail and warehouse space);

Property valuation

industrial real estate objects;

structures;

engineering Communication;

objects, unfinished construction;

air, sea and river vessels.

Real estate valuation is the most common type appraisal activities and includes determining the value of the object or individual rights in relation to the valued object, for example, lease rights, use rights, etc. To obtain the most accurate results when assessing real estate, experts must use all three assessment approaches - cost, profit and comparative. These approaches complement each other, each of them is based on the use of certain properties of the object and evaluative principles.

The real estate valuation process requires the appraiser to analyze a large number of factors, which ultimately determine the estimated value.

A qualified and reasonable conclusion about the cost characteristics of the valuation object is possible only on the basis of systematized and confirmed in one way or another initial data, which can also be verified by any interested party, including government authorities.

The process of assessing real estate begins with its examination and negotiations with managers and owners. When visiting the property being assessed, the appraiser will inspect it. Before the inspection begins, the appraiser will familiarize himself with the available technical documentation for the facility, and will also talk with representatives of the technical services responsible for its operation. When reviewing the technical documentation, the appraiser will determine what major changes were made to the project, whether reconstruction was carried out, and the dates of current and major repairs.

2. MAIN STAGES OF THE PROCESS OF REAL ESTATE ASSESSMENT

The real estate valuation process includes the following steps:

1st stage. Setting the task for assessment.

1.1. Purpose of the assessment.

12 . Type of value determined.

1.3. Establishment of assessed property rights.

1.4. Date of assessment.

2nd stage. Drawing up a plan and contract for the assessment.

2.1. Assessment work schedule.

2.2. Information sources.

2.3. Selection of assessment methods.

2.4. Costs of conducting the assessment.

2.5. Monetary reward for conducting the assessment.

2.6. Drawing up an assessment agreement.

3rd stage. Collection and analysis of information.

3.1. Inspection of the facility and surrounding area.

3.2. Legal description of the property.

3.3. Physical characteristics and location.

3.4. Economic information.

3.5. Checking the accuracy of the collected information.

3.6. Analysis and processing of information.

4th stage. Analysis of the best and most effective use.

4.1. Analysis land plot as conditionally free.

4.2. Analysis of land with improvements.

5th stage. Calculation of the estimated value of a property based on three approaches.

5.1. Valuation based on the income approach.

5.2. Cost estimation based on a comparative approach.

5.3. Cost estimation based on the cost approach.

6th stage. Coordination of the results obtained and derivation of the final value of the value of the property.

6.1. Checking the received data on the value of the cost.

6.2. Assumptions and limiting conditions conditioned by the completeness and reliability of the information used.

6.3. Deriving the total cost.

7th stage. Preparation of an assessment report.

Setting the task for assessment.

Setting up an assessment task is the initial stage at which the basic parameters of the assessment task are determined and formulated. A clear statement of the problem is necessary for a full and unambiguous interpretation of the nature of the assessment task, the choice of assessment methods and the interpretation of the results reflected in the report. The most important components of an assessment task include:

Identification of the property;

Identification of property rights to be assessed;

Purpose (scope of application) of the assessment results;

Selection and determination of the type of cost;

Clarification of the date of the assessment;

Description of the scope of the assessment;

Clarification of other restrictions.

Property Identification includes a description of such characteristics as address, full legal description, exact location and boundaries of the property.

Identification of a property represents its precise legal description, which should be compiled on the basis of information provided by the customer. The necessary information can be obtained from the state register of land survey data in accordance with local and state legislation.

A proper legal description must take into account the specific regional system of surveying and describing land plots, which consists of a description of their boundaries, the state survey system, and the procedure for describing and mapping plots and blocks.

Identification of property rights to be assessed.

A feature of real estate valuation is an integrated approach that simultaneously considers real estate both as a really existing physical object and as a set of private or legal entities, which they may have or claim on the property, as well as the use of land and buildings.

The object of assessment may be real estate with full or partial property rights due to the separation or division of property rights. In determining the market value of a property, the appraiser considers property rights restrictions such as leases, easements, liens, title claims, and air or land rights.

Scope or purpose of assessment results– this is an economic procedure subsequently carried out by the customer on the basis of the value result obtained by the appraiser.

Real estate valuation is carried out in order to determine:

Purchase and sale prices;

Amounts of collateral for lending;

Tax bases;

Terms of the lease agreement;

Costs of buildings and structures in financial statements;

Bases of fair compensation for alienation of property rights;

Bases of the insurance contract.

Finding out how to subsequently use the resulting valuation result is necessary to select the optimal valuation procedure - from collecting and analyzing the necessary information to applying the most effective valuation methods and principles for harmonizing the results. If the client does not provide information about the scope of use of the results of the appraisal report, the appraiser, on his own initiative, should discuss this issue with him and ensure that the client adequately understands the problem. This procedure will save the appraiser from possible misunderstandings and the need to redo the work.

Selection and determination of the type of cost.

The purpose of the assessment is to determine the value of real estate, which, in accordance with current international and Russian valuation standards, is manifested in various forms. The type of value of the appraisal object is dictated by a number of factors, which include the property rights being assessed associated with it, the scope of application or purpose of the appraisal results, and the volume of the appraisal task.

In accordance with current Russian valuation standards, the following types of value can be used:

Market price;

The value of the subject of assessment with a limited market;

Replacement cost;

Cost of reproduction;

Cost for existing use;

Value for tax purposes;

Investment cost;

Liquidation value;

Disposal cost.

Special value, including insurance, collateral and other types of value not included in these standards, but stipulated by regulatory legal acts.

The type of value selected by the appraiser in agreement with the customer and third parties, users of the report, must be indicated in the appraisal assignment. In addition, it is necessary to in writing in the assessment report, provide a definition (wording) of the specified value, which should not contradict the standards accepted in the assessment.

The type of value used in the process of assessing a specific valuation object influences the content of individual stages within the framework of the universal assessment model. The type of cost determines the composition, collection, preparation and analysis of information for valuation purposes. The choice of approaches and methods for real estate valuation is dependent on the type of value being determined; for example, when determining the insurance value, it is inappropriate to use income approach methods. The type of cost determines the logic and validity of agreeing on the final assessment results.

In the process of assessing the value of a business, three main stages (and seven smaller ones) can be distinguished:

1. Preparatory stage.
2. Evaluation stage.
3. The final stage.

Preparatory stage

1. Selecting a cost standard and valuation methods

The first stage of business valuation is to determine the required value in accordance with existing business value standards. (See "Introduction to Business Valuation"). Then, when the necessary standard of business value is determined, the methods necessary for valuing the company are determined, which are most suitable in this particular case.

2. Preparing information for the assessment

In accordance with certain assessment methods, the set and volume of required information is determined. Information can be drawn from several sources, such as: the company being assessed, stock market, various statistical information, marketing research etc. According to the BVS-III standard, this information should cover:

1. Characteristics of the enterprise, shares of shareholders in the capital of the enterprise or valuable papers subject to evaluation, including rights, privileges and conditions, quantities, factors affecting control and agreements limiting sale or transfer.
2. General characteristics of the enterprise, its history and development prospects.
3. Financial information about the company for previous years.
4. Assets and liabilities of the enterprise.
5. General characteristics of industries that influence this enterprise; their current state.
6. Economic factors influencing this enterprise.
7. The state of the capital market as a source of necessary information, for example, on possible rates of return on alternative capital investments, on transactions with publicly traded shares, on mergers and acquisitions of companies.
8. Data on previous transactions involving the company being valued, shareholders' shares in the capital of the company or its shares.
9. Other information that the appraiser considers relevant to the assessment.

As can be seen from this, when assessing a business, it is necessary to use retrospective accounting information (accounting statements) and the current financial and economic indicators of the company. The timing of recording the data used and the moment of evaluation are not consistent with each other. Discrepancies in data over time create conditions for various types of distortions to appear in them. Among them are: changes in accounting standards for source data, denomination of monetary units, exchange rate fluctuations, structural changes in prices, etc. These inconsistencies give rise to the problem of adjusting all financial and accounting reports used in order to bring them to a common time standard, which is the moment assessments.

Reconciliation and adjustment of financial statements is regulated by the BVS-IX standard, this process may include:

1. Bringing financial information about the company being valued and peer companies to a unified basis.
2. Conversion of reporting values ​​into current ones.
3. Adjusting income and expense items so that they sufficiently fully characterize the company's performance over a long period of time.
4. Accounting for non-performing assets and liabilities, and related income and expenses.

Bringing financial reporting to a unified basis.

Within the state system accounting The company always has the freedom to choose accounting methods. This choice is enshrined in the order "On accounting policy enterprise" for a period of one year and can be changed over a number of years. The principle of preparing financial statements does not require reflecting the real market value of certain assets of the enterprise. In such a situation, companies prefer to use those accounting methods that will minimize taxes.

Business valuation requires obtaining standardized data that reflects the real market and economic position of the company. As a result, the company’s financial statements used must be brought to a unified accounting standard.

Since Russian legislation does not provide standards for the preparation of this kind of financial documents, and Russian investors have not developed a single generally accepted standard for bringing enterprise reporting to reflect its market condition, then a possible option is to bring reporting to IAS / GAAP / FRS standards.

Adjustment of information used for inflation.

The assessment of an enterprise should be based on real (cleared of the influence of inflation) values ​​of the indicators used. In conditions of significant price changes, the accounting values ​​of cost indicators differ significantly from their real values. Thus, the use of accounting data requires their adjustment taking into account price dynamics, i.e. inflation (or deflation) and structural changes in prices. However, in modern conditions The main influence of the Russian economy is the distorting influence of inflation.

In theory financial management There are two alternative ways to adjust (clean) indicators for the impact of inflation:

1. direct adjustment of assets and sums of money on the values ​​of inflation indicators;
2. taking into account the impact of inflation on assets and monetary amounts by including inflation indicators in the discounting procedure.

The differences in the value of the outcome measures using these approaches are negligibly small in industrialized countries with established markets and normal inflation rates. In countries with high rates of inflation or hyperinflation, differences in the values ​​of the final indicators appear depending on the choice of one or another inflation adjustment approach. When conducting assessments in the Russian Federation, it is preferable to use methods based on direct adjustment of monetary amounts to the values ​​of inflation indicators.

Moreover, as shown in the work of St. Petersburg State Institute of Economics and Economics professor P. A. Vatnik, inflation has a different impact on flow type values ​​(revenue, profit, input of funds, etc.) and on stock type values ​​(assets of all types). In addition, the distortion of various indicators is associated with the differences in the conditions for their formation in the accounting system. In accordance with the results of the study, adjustments to accounting and design data various types necessary for financial and economic calculations and forecasts should be carried out separately.

The values ​​of inflation indicators, depending on the area of ​​operation of the company, can be: the price index of producer enterprises, the consumer price index, the devaluation values ​​of the main currency, or the price index can be calculated for a specific company.

3. Evaluation financial situation companies

In the process of assessing a business, there is a need to preliminary check its financial position. Such a check allows you to obtain important background information about the company being valued and calculate the values ​​of the adjustment indicators necessary to find the final value of the business.

To assess the financial position of a company, it is necessary to choose a model that allows:

1. take into account the chosen model for adjusting indicators for the impact of inflation;
2. reflect the financial position of the company at the time of assessment;
3. match financial condition requirements economic security companies;
4. determine surplus (deficit) working capital companies.

The methodology for assessing the financial position of a company for business valuation purposes can be based on one of three main approaches.

1. The first approach involves organizing differentiated accounting of all debt obligations according to their maturity dates. At the same time, the intensity of future cash receipts is established and their sufficiency is checked at certain points in time. This approach is based on the use of primary information on financial flows. Systematization of this information is very labor-intensive and is only really feasible in companies that manage financial flows.
2. The second approach is based on the use of a special liquidity balance, which allows one to establish the financial position of the company. When compiling a liquidity balance, all balance sheet items are regrouped depending on the speed of their turnover. By comparing parts of assets sold to certain period, with parts of liabilities that must be paid (repaid) by the same date, the amount of the payment surplus or payment deficit at a certain moment is established.
3. The third approach is based on the use of indicators calculated based on a comparison of the volume of individual funds and sources existing at a specific point in time. These may be liquidity indicators, indicators of financial dependence or autonomy, indicators financial stability etc.. The practical use of any version of indicators is associated with the establishment of a critical level that makes it possible to classify the financial position of an enterprise from the point of view of solvency. Since indicators serve only as indicators and do not allow one to directly determine the degree of solvency, this method is not guaranteed against errors. However, in most cases, it allows one to obtain a correct diagnosis of the true financial position of the enterprise, which has sufficient accuracy for its inclusion in the subsequent procedure for assessing the enterprise. Also, the advantages of this method include a high degree of formalization.

4. Company risk assessment

For the purposes of business assessment, risk should be defined as the degree of uncertainty associated with obtaining expected future income, in other words, it is the danger of failure to achieve (deviation) the planned volume of expected future income or the risk of non-realization of the forecast.

Given a given level of expected future earnings, the market will pay more for a business if those earnings are more likely to occur. In other words, for a certain level of expected future profit (or cash flow, dividends, etc.), the lower the risk, the higher the current value of the business.

There are two approaches to interpreting risk elements when conducting an assessment:

1. making downward adjustments to expected future flows (profits, cash flow, dividends, etc.) to reflect this uncertainty;
2. accounting for risk by using a higher discount rate in estimating the expected flow so as to reflect the required return as a reward for the risk.

American scientists Birman and Schmidt have convincingly shown that a theoretically more correct option for taking into account the element of risk is to reduce expected future income to what they called a “certainty-adjusted equivalent.” They recommend adjusting the expected flow using a coefficient that reflects the probability of receiving of this stream. It is then possible to apply the same discount (a measure of the cost of capital) to evaluate all alternative investment decisions.

However, in practice, the approach to accounting for risk by using a higher discount rate is the most commonly used. Economic sense used increase in the discount rate is to find some additional income, exceeding the risk-free rate, as compensation for the risk of owning these assets. This approach is represented by the two most common models, the CAPM/ART and the cumulative method.

Evaluation stage.

5. The necessary calculation procedures provided for by the selected business valuation methods are carried out

The final stage.

6. Cost adjustment

In any case, whether an attempt is made to forecast the future or based on historical data, business valuation is based on a number of key variables. Their relative importance may vary depending on specific situation, but in many cases the conclusion about value is influenced by such internal variables as:

1. size of the assessed share (majority or minority);
2. having voting rights;
3. liquidity of the company (package);
4. provisions restricting property rights;
5. special privileges;
6. financial position of the assessed object;
7. and etc.

Moreover, it should be taken into account that the sum of the values ​​of all individual blocks of shares may differ from the value of the enterprise taken as a whole. In most cases, the sum of the costs of individual packages less cost the entire business as if it had been acquired by a single buyer. A company valued as a whole has a different value because the latter involves different rights and interests than the sum of all interests taken on a minority basis.

• Adjustment of company value to financial position

The key internal variable is the financial position of the subject being valued. This is the most important qualitative indicator the state of the enterprise (business), since it is obvious that an unprofitable business that is on the verge of bankruptcy cannot have a similar valuation to a profitable and solvent one.

For the purpose of accounting for the financial condition when assessing an enterprise, a quantitative indicator such as surplus (deficit) of working capital is used. The amount of working capital surplus (deficit) is calculated by comparing the required working capital and the available working capital.

If the analysis of the financial position of the enterprise reveals the presence of excess working capital, then it must be added to the resulting price of the enterprise, since this value expresses the available unclaimed highly liquid assets.

If a working capital deficit is identified, it must be subtracted from the received price of the enterprise, since this value represents cash, which the owner (investor) of the enterprise must invest in the enterprise in order to ensure its uninterrupted functioning in the future.

• Adjustment of the company's value by the assessed share. Degree of control.

One of the most important variables affecting the value of a business is the degree of control.

The value of control depends on the ability to exercise any or all of the rights typically associated with control of an enterprise. When assessing the impact of control, the presence or absence of various elements of control in a given case should be determined and the impact of each element on the cost of control should be taken into account. The following is a list of some of the most common control prerogatives:

1. elect directors and appoint management;
2. determine management remuneration and benefits;
3. adopt policies and make changes in the direction of the enterprise;
4. acquire or liquidate assets;
5. select the people with whom business should be conducted and contracts will be concluded;
6. make decisions on the acquisition of other enterprises;
7. liquidate, dissolve, sell off or recapitalize the company;
8. sell or purchase your own shares in the company;
9. register company shares for public issue;
10. declare and pay dividends;
11. make changes to the statutory documents or internal regulations.

Based on the above list, it is clear that the person who owns a controlling stake in the enterprise has some very valuable rights, absent from a shareholder who is not in a similar position. Each specific case must be considered separately, taking into account the degree of control or its complete absence. In the event that any of the elements of control are missing, the estimated value of the controlling interest must be reduced. If in minority stake If there is any significant element of control, then this must also be taken into account when assessing it.

There are three approaches to cost accounting non-controlling interest business:

1. A proportionate share of the cost of the entire enterprise minus any applicable discounts.
2. Direct comparison with sales of other non-controlling interests.
3. Bottom-up approach. Starting from zero, all available elements of the value of the non-controlling interest are sequentially summed up.

• Adjustment of the company's value by the assessed share. Liquidity adjustment.

Suitability for quick sale (liquidity) definitely increases the value of a business and, on the contrary, the lack of liquidity reduces its value compared to a comparable, however, highly liquid business. In other words, the market pays a premium for liquidity and reduces the price when there is no liquidity.

Since shares of closed companies are not traded on a highly liquid market public companies, then a share in a closed company is usually worth less than packages of open companies that are comparable in other respects. The relative liquidity of different holdings is influenced by many factors. The size of the share can also be important. In some cases it is easier to sell a smaller share, in others it is the opposite. Over time, the importance of the liquidity factor in business valuation has become increasingly recognized. Numerous recommendations and facts indicate that unmerchandisability reduces the value of shares (or shares) of closely held companies compared to shares public companies on average by 35-50%.

The lack of liquidity of a package can be taken into account in one of three ways:

1. increasing the discount rate so that it takes into account the disadvantages associated with illiquidity;
2. a discount for illiquidity can be made separately;
3. The liquidity discount can be factored into the risk adjustment process.

• Key management personnel.

Perhaps the strongest quality characteristic of many closely held companies is their dependence on one or more key individuals. management personnel. In some cases, this factor may be so important that a separate special adjustment must be made for it when estimating the cost.

• Low diversification of production.

Many closely held companies have a very narrow range of products, which may increase their risks and/or limit their capabilities relative to other companies. Narrowness production range can become a limiter of both categories of potential consumers and the number of potential consumers in each category. It can also increase the risks associated with a shortage of some basic types of raw materials or with the launch of new competitive products.

• Other factors.

Other factors that should be taken into account in various cases include the intensity and nature of a company's R&D efforts, its position in the industry, the size and quality of its assets relative to other companies, and its education and training programs.

7. Drawing up a business valuation report

The preparation of a business valuation report is governed by the BVS-VIII standard.

The identified objectives of the assessment report are to:

1. present the analysis and conclusion in a clear and convincing manner;
2. document assessment details for reference.

In most cases, the assessment report contains the following sections:

1. Introduction. (General information)
2. Macroeconomic information.
3. Industry information.
4. Description of the company.
5. Description of information sources.
6. Analysis of the financial and economic situation of the company.
7. Approaches to assessment and conclusion.

Cost Establishment Process real estate carried out according to certain principles, using established methods. Real estate valuation includes several stages.

Stage 1. Statement of the problem - why it is necessary to determine the cost of the object. At this stage, it is necessary to clarify the purpose of the procedure. For example, to sell an apartment or to obtain a mortgage loan.

It is necessary to find out exactly what price is to be set. This will depend on the purpose of the assessment work. So, to sell property, you need to determine the market value, and to issue an insurance policy, you need to determine the insurance value. The collateral value is usually calculated when taking out a mortgage on a property to provide a loan.

The date for the work must be determined. All possible conditions and circumstances that may affect the final cost are recorded.

Stage 2. Formation of a plan and agreement. The appraiser, after preliminary familiarization with the property, draws up a procedure for conducting appraisal work, which begins with a visual inspection of the property and familiarization with the information provided. If the object is large enough, then the need to attract additional appraisers is determined.

At the end of this stage, it is required to draw up and sign an agreement, which indicates the parties entering into it.

Also It describes the subject of the contract, the timing of the work, and the cost of the services provided.

Stage 3. Collection of information and substantiation of conclusions. This stage is the most responsible. The final result depends on what information is collected.

The property is studied in more detail and described in detail. Possible defects are indicated and the surrounding area of ​​the object is described. Available legal papers are analyzed and their accuracy is checked. The object is considered from the point of view of its economic and social location.

Finally, all collected and provided information is analyzed by a specialist.

Stage 4. The most suitable one is selected and effective method the use of this territory, both as a developed place and as a supposedly vacant one. The highest price for the use of the land plot where the facility is located is determined.

Stage 5. The procedure for calculating the cost of an object. It is carried out on the basis of three main calculation methods:

1. the income approach is based on determining the possible receipt economic benefits from the use of this object.
2. The comparative method is based on comparison of similar properties. This method cannot be applied to unique properties, since the real estate must be comparable.
3. The cost approach is based on the inclusion of those expenses that were previously incurred and which should be additionally made to restore the object, taking into account its wear and tear.

Stage 6. Coordination of the results obtained taking into account all conditions. At this stage, possible inaccuracies and errors are identified. The final total cost is formed.

Stage 7. Drawing up an evaluation report, which is transferred to the customer of the work.

It must contain the following information:

• date of the report;
• information about the appraiser;
• basis for carrying out appraisal work;
• description of the property;
• a list of methods and methods of assessment used;
• tolerances and restrictions when determining cost;
• list of documentation;
• the total cost of the object.

Object cost criteria

The final price of real estate is influenced by a huge number of criteria and factors:

For real estate, the value is significantly influenced by the year the building was built, as well as the material from which it was built.

How assessment is carried out in practice: procedure

Usually, when a real estate appraisal takes place, the two parties to the transaction have different views on the final result. The bank is interested in understating the value of real estate. If it is lower, then the sale of the object as collateral may be faster.

For the borrower, a higher cost guarantees a larger loan amount. This situation should be taken into account when banking organization provides its own appraiser.

Moreover, when appraisal work is carried out by an independent specialist, the bank may refuse to accept such a report.

Real estate valuation is a procedure that is required to establish the value of an object at a specific moment. Specialist appraisers perform work to determine the value. The assessment procedure consists of several stages, each of which is important for establishing the exact final cost.

Expert assessment is the name of a whole system of diagnostic methods that are extremely widely used in management, economic analysis, psychology, marketing and other areas. These methods allow you to characterize, classify, assign a certain rank or rating to events and concepts that cannot be measured quantitatively.

In what cases is expert assessment necessary?

During any research, at any of its stages, method B can be applied management activities it may come in handy:

• At the stage of determining the goals and objectives of the research process.
• During the construction or testing of a hypothesis.
• To clarify the problem situation. To interpret ongoing processes and events.
• To justify the adequacy of the tools used.
• To generate recommendations, as well as to implement many other purposes.

Carrying out expert assessment justified in cases where it is impossible to make a decision based on accurate calculations (for drawing up a psychological portrait, performance characteristics, assessment of economic uncertainty and risks).

Most often, the use of such assessments becomes important in the situation of choosing one or more options from the proposed set:

• Launch of serial production of one of the developed product variants.
• Selection of astronauts from numerous applicants.
• scientific work which will be financed.
• Selecting an enterprise that will receive an environmental credit.
• Determination of an investment project for investing funds.

Who are the experts and how do they work?

As the name of the method suggests, expert assessment involves the involvement of one or more specialist experts who are competent to make assessments of persons, as well as the processing of their opinions. The selection of experts is carried out taking into account the adequacy of their judgment and experience in this field.

Expert assessment can be expressed both quantitatively and qualitatively. Expert research data is needed by executives, managers and management employees as a basis for decision-making.

The development of an expert assessment is most often carried out by creating a working group that organizes the activities of an expert (or several experts). If more than one person has to be involved, they are combined into an expert commission.

How many experts will be needed?

Depending on the specifics of the task and the capabilities of the enterprise, one or more experts may be invited to conduct an expert assessment. In this case, the expert assessment is called individual or collective.

The assessment used by the teacher to characterize the depth of the student’s knowledge becomes individual. This type also includes a diagnosis made by one doctor. However, in controversial or difficult situations (serious illness, raising the issue of expelling a student), they resort to collective decision question. Here, symposiums of doctors and the organization of a commission of teachers are necessary.

The same algorithm operates in the army: most often the decision is made by the commander alone, but if necessary, a military council is assembled.

Sequence of the assessment procedure

The sequence of formation of a relevant and objective expert assessment consists of the following stages:

1. The activity that needs to be investigated.
2. Selection of experts to carry out the procedure.
3. Studying existing methods, with the help of which expert assessments will be measured.
4. Carrying out the assessment procedure itself.
5. Compilation and analysis of information obtained during the assessment.

In this case, it may be necessary to check the input data on which the expert assessment will be based. In some cases working group we have to change the composition expert group or resort to repeated measurements of the same questions (in order to subsequently compare the resulting assessment with objective data from other sources).

Progress of assessment: characteristics of stages

Great value for successful implementation procedures has a competent solution to organizational issues:

• Planning the costs of the event (payment for the services of experts and specialists in analyzing the data obtained, expenses for renting premises, purchasing office supplies).
• Preparation necessary materials(drawing up and printing forms, providing equipment).
• Selecting and instructing an event moderator.

In the process of work, experts must be guided by the dedicated regulations, since Extra time decision making does not affect its accuracy.

When responses from all specialists have been received, an assessment is performed expert opinion. In this case, the degree of consistency of all opinions is taken into account. If there is no clear agreement, the working group must find out the reason for the disagreement, record the formation of several groups of opinions and the lack of consistency as a result of the expert assessment. Then the research error is estimated and a model is built based on the data that was obtained. This is necessary so that later analytical examination can be carried out.

Methods used to conduct individual expert assessment: what is an interview

Among the most effective and frequently used techniques are:

• Analytical method.
• Script writing method.
• Interview.

In accordance with the interview methodology, the forecaster talks with the expert, asking him questions. The subject of conversation is the prospects for the development of the object or phenomenon in question. The questionnaire program is developed in advance.

The effectiveness and quality of expert assessment directly depend on whether the expert can provide an opinion under limited time conditions.

Carrying out examination by analytical method

When choosing an analytical method to carry out an assessment, the expert specialist must prepare to carefully carry out independent work. He will have to analyze trends, assess the state and possible development paths of the object in relation to which forecasting is applied.

The system of expert assessments involves the study of all information about the object that is available to the expert. The result is formatted as

The main advantage of the analytical method is that a specialist can demonstrate all his individual abilities.

True, this method is not suitable for analyzing large and complex systems, since the expert may lack knowledge from related fields.

Carrying out expertise by writing scripts

Strictly speaking, this method should not be classified only as an individual assessment method, since it is successfully used for group work.

To use this method, the expert should determine the logic of the processes and phenomena being studied relative to time and different combinations of conditions. Then he will be able to establish the hypothetical sequence of events (their development, the transition from the current situation to the predicted state). The scenario reflects all stages of solving the problem, and also provides for the emergence of possible obstacles.

Collective expertise: brainstorming method

To evaluate complex, large-scale, multi-level systems, it is impossible to do without the involvement of several expert specialists.

They can complete the assigned task using one of the following methods:

• Collective generation of ideas (“brainstorming”).
• Method "635".
• Delphi method.
• Commission estimates.

Thanks to collective efforts and a special organization, experts can effectively carry out the most complex procedures, such as expert risk assessment for an investment project or forecasting the activities of various systems.

“Brainstorming” allows you to fully reveal the creative potential of experts. At the first stage, specialists actively generate ideas, then apply destructuring (criticize them, destroy them), put forward counter-ideas and develop a consistent point of view.

The main condition is the absence of criticism at the beginning and the expression of all spontaneously arising ideas.

Specifics of the “635” method

The method received this name because of the technique that experts use when using it: each of the six experts writes down three spontaneously arising ideas on a piece of paper over a period of five minutes.

What is special about the Delphi method?

The purpose of developing this method of expert assessment was the need for a more rigorous and justified procedure that could give an objective and most useful result.

It is used by experts invited to scientific and technical institutes, investment and Insurance companies, as well as in a number of other cases.

The essence of the method is that multi-round individual surveys are conducted (often using questionnaires). Then it executes computer analysis expert assessments to form a collective opinion. At the same time, arguments to defend each judgment are identified and summarized.

At the next stage, the results obtained are transferred to experts for adjustments. Their disagreement with the collective judgment must be justified in writing. As a result of repeatedly returning the assessment for adjustment, the working group achieves a narrowing of the range and the development of a consistent judgment regarding the development prospects of the object under study.

What is good about this method:

1. The experts taking part in the assessment do not know each other and do not communicate. Thus, their interaction is excluded.
2. The results of previous rounds are also of interest and value to the working group.
3. It is possible to obtain statistical characteristics of group opinion.

Despite the relatively high cost and duration, this method is becoming the best way predetermination of the development of long-term situations of a problematic nature.

Often the assessment is carried out by a specially organized commission (commission method), which, at a round table, considers all aspects of the problem and makes an agreed decision. The disadvantage is the influence of participants on each other and distortion of the results. An example would be the expertise of teachers and doctors.

Other methods

The most common methods of performing examination were listed above, but others are also used in the practice of industrial, scientific and research organizations.

Depending on the specifics of the situation that needs to be predicted, as well as on the resources and capabilities of the enterprise, the following can be applied:

• Business game. It allows you to simulate the required number of situations to study the features of a control system or other processes.
• “The Trial” is a re-enactment of a trial in which some experts defend the solutions, while others try to refute them.
• Report method - after the analysis, the expert expresses his opinion in the form of an analytical note or report. This is relevant when it is necessary to carry out relatively simple work (for example, an expert assessment of a car for insurance, taxation or damage compensation).

As a result, it can be noted that the existence large quantity methods and methods of conducting expert assessment allows the head of the enterprise and the working group to choose the most effective option for solving a specific problem.