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Sheeler Carl L.. Equity Value Enhancement
Foreword
Preface
Some Sobering Realities
Improving the Odds
The Opportunity is There
Acknowledgments
About the Author
Author's Vision and Challenge
Chapter 1. Value ABCs
Capital and Risk
Understanding Assets
Plugging the Gap
Chapter 2. Focus on Trusted Advisors
The Path to Being the Best
Question Yourself
Taking It to the Next Level
Chapter 3. Focus on Business Owners
The Role of Advisors
The Cost of Bad Advice
The Value of Leveraged Knowledge
Engaging the Best
Practical Vetting Suggestions
Size and Scope Considerations
Setting Expectations
Chapter 4. Risk in the Eye of the Beholder
Inexperienced Business Appraiser Lenses
CPA Lenses
Attorney Lenses
Investment Banker/Business Broker/Business Intermediary Lenses
Commercial Banker Lenses
Insurance Professional Lenses
Wealth Manager/Financial Advisor/ Fiduciary/Trust Officer Lenses
Research on Risk and Returns
Economist Lenses
MBA/PhD/CFA Lenses
Owner/Family Lenses
Family Business Advisor Lenses
Staff/Vendor Lenses
Client Lenses
Chapter 5. The Role of Governance
Governance
Focus on Culture
About Boards, Governance, and Strategy
Healthy Board Governance and Strategy Creates Value
Strategy and Equity Value
Family Harmony and Legacy as a Governance Driver
Board Strategic Direction and Accountability
Board Structure and Member Traits
Governance and Risk Management
Qualitative Value Measures
Taking Control
The Secret Sauce
Governance Measurements
Governance Takeaways
Chapter 6. The Role of Relationships
Client Relationships
Advisor Relationships
Commercial Bankers
Investment Bankers
Insurance Agents
Wealth Advisors
Board of Directors
The Bottom Line on “Free” Advisors
Accountants
Attorneys
Fractional CFO
Family Relationships
Shareholder Relationships
Vendor Relationships
Community/Legislative/Philanthropic Relationships
Chapter 7. The Role of Risk. Financial- and Legal-Oriented Risk
Commonly Missed Risks
Final Thoughts
Chapter 8. The Role of Risk. Operational-Related Risks
Chapter 9. The Role of Knowledge
A Matter of Culture
Healthy Knowledge
Be Transparent
Encourage Two-Way Communication
Knowledge and Human Capital
Knowledge Measures
Chapter 10. Valuation versus Value Creation (GRRK)
Software and Rules of Thumb
A Personal Aside
Collaboration, Cohesion, and Transformation
Chapter 11. Putting It All Together – Four Vignettes
Vignette One: What the 2009 Financial Crisis Can Teach Us (It's about Relationships)
Vignette Two: The Trees-and-Forest Syndrome
Vignette Three: The Path Not Taken
Vignette Four: Putting It All Together (Strategy, Human Capital, and Finance)
Recommended Reading
Suggested Technical Reading
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What does this have to do with value creation? It should be obvious: Those who have achieved significant value are exceptional in the manner in which their investment is measured and managed. Those who overlook these critically important metrics and actions are more apt to fail.
It truly does take a village (ecosystem) to build and maintain a successful enterprise, whether an operational business or a portfolio of income-producing real estate. The endgame for most is leqacy and liquidity: that is, to sell or transfer part or all of their equity. Most investors in public companies buy and hold stock looking for capital appreciation (growth) and secondarily yield (income).
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