Читать книгу Finance & Grow Your New Business - Angie Mohr - Страница 29

There are a few important items to note here:

• The purchase of capital equipment is more regular than in the build scenario and of similar amounts from year to year. The company already owns its equipment (that’s part of what you’re buying) but some will need to be replaced every year as it wears out or becomes obsolete.

• The revenues are growing by a lesser percentage than with the start-up company. This company already has a mature market and grows at a slower pace than a business in its infancy.

• The net cash flow of the business operations is much higher than that of the start-up, but we have to figure in the payments of principal and interest on the bank loan before we can calculate the return on the owner’s investment.

• In both scenarios (start-up and purchase), the management salary is the same and therefore does not become a factor in the decision-making process. However, if the salaries in each were different, you would have to “normalize” them. This means that you would have to recast the numbers of one or the other (or both!) projections to reflect the amount of management salary that you intend to take from the business, otherwise you are not comparing apples to apples.

Take a look at the discounted cash flows for the purchased business in Sample 4.