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					                                                                                  MBAWare Enterprises, Inc.
                                                                                  4606 16th Street North
                                                                                  Arlington, VA 22207
                                                                                  www.mbaware.com
                                                                                  E-mail: info@mbaware.com




Business Valuation Software at MBAWare
An accurate, up-to-date valuation is critical for any business. Some common us es for business valuations include:
buying or selling a business; pricing shares for new investors; private company incentive and stock plans;
evaluating business performance; litigation support and much more.

Use the valuation software trusted for accurate, credible business valuations. We offer the ValuSource line of
software that has been widely used for nearly 20 years by the customers who require the most accurate
valuations available: CPAs and certified valuation analysts. ValuSource products are recommended by the most
important professional organizations for valuations such as the AICPA and NA CVA. Whether you are valuing your
own company or performing business valuation services for other companies, you need a solution where you can
trust the results.


Valuation Software Comparison
                                           Busine ss           Express Busine ss           ValuSource Pro
                                          Evaluation               Valuation
                                         System s Pro
General Information
Purchased most by                      Business Brokers           Accountants,              Accountants,
                                                                Cons ultants, M&A         Cons ultants, M&A
                                                             Specialists, Corporate     Specialists, Corporate
                                                                CFOs/Controllers          CFOs/Controllers
Ease of Use                            Simplest—limited      Medium-High—requires      Sophisticated—requires
                                          knowledge of        an understanding of      a more detailed financial
                                             financial        financial statements     statement and valuation
                                        statements and        and valuation theory           knowledge.
                                        valuation theory
                                             needed.
Main purpose                            Basic business       Business Valuation for     Business Valuation for
                                      evaluation and deal      firms of any size          firms of any size
                                        terms—best for
                                         firms under $1                                     Used regularly for
                                              million.                                      litigation support
Financial modeling                     “Expert System” -     User is more involved.    Highly customizable and
                                       Program handles       Limited customization       high user involvement
                                        nearly all details           available.           on valuation det ails.
Financial Statement Format/Chart        Limited financial    Standardized financial        Fully Customizable
of Accounts                              statement data      statements with a few     financial statements and
                                               used          income statement line         chart of accounts.
                                                               items customizable
User Interface                             Software -         Standalone software,     Standalone software, but
                                       Interview format         but can switch into      can easily switch into
                                                                   Excel mode.          Excel mode for editing
                                                                                                 there.
Valuation methods                     11 Built-in methods      19 Built-in methods        19 Built-in methods
                                                                                           including detailed
                                                                                MBAWare Enterprises, Inc.
                                                                                4606 16th Street North
                                                                                Arlington, VA 22207
                                                                                www.mbaware.com
                                                                                E-mail: info@mbaware.com

                                         Busine ss           Express Busine ss          ValuSource Pro
                                        Evaluation               Valuation
                                       System s Pro
                                                                                       discounted cash flow
                                                                                      projection method with
                                                                                        line-by-line financial
                                                                                      statement projections.

                                                                                        Custom valuation
                                                                                     methods can be created.
Valuation Statistics                       Optional:             Optional:                  Optional:
                                     Bizcomps statistics   Bizcomps, Mid-market       Bizcomps, Mid-market
                                        of 7,300 small       comps, SBBI, IRS,         Comps, SBBI, IRS,
                                           business.        Mergerstat and RMA        Mergerstat, RMA data
                                                             data can be auto-         can be auto-loaded
                                     Other data can be            loaded
                                     manually entered
Report writer                         Built-in 37 page        Built-in 25+ page      Can print all charts and
                                            report         report. For more power,    schedules. Optional
                                                              optional Business        Business Valuation
                                                           Valuation Report Writer   Report Writer for $395
                                                               for $395 ($100           ($100 discount).
                                                                   discount).        Extensive functionality
                                                                                     including hotlinks and
                                                                                           templates.
Assists in structuring deal terms            Yes                   Limited                   Limited
Geographic Use                         Nort h America           International             International
Price                                       $495                    $595                      $995


General Data Input
Appraiser Information                        X                       X                           X
General Business Profile                                             X                           X
Business Ownership and Shares                                        X                           X
Federal Tax Table                                                    X                           X
Questionnaire topics include:                X
owner’s discretionary income;
equipment; leasehold
improvements; vehicles; supplies;
rent; intellectual property; deal
structure/financing; employee
information; customer information;
competitor information.

Financial Statement Input
Balance Sheet                                              Standardized line items    Detailed, customizable
                                                                                             line items
Income Statement                      Revenue, owner         Standardized with        Detailed, customizable
                                       discretionary       some customizable line            line items
                                          income                  items
Cash Flow Statement                   Manually entered           Derived                     Derived
                                         cash flow
Summary Statements and Charts                                       Yes                        Yes
Created from financial statement
input
                                                                                 MBAWare Enterprises, Inc.
                                                                                 4606 16th Street North
                                                                                 Arlington, VA 22207
                                                                                 www.mbaware.com
                                                                                 E-mail: info@mbaware.com

                                          Busine ss          Express Busine ss           ValuSource Pro
                                         Evaluation              Valuation
                                        System s Pro
Financial Statement Adjustments                                GAAP and other             GAAP and other
                                                            adjustments for Going      adjustments for Going
                                                             Conc ern, Liquidation      Conc ern, Liquidation
                                                                    value                      value
Historic Financial Statement                Annual            Annual plus partial       Annual, partial year
Periods                                                      current year can be       annualized, quarterly,
                                                                 annualized                   monthly

Analysis Functions
Common Size Financial Statement                                      Yes                        Yes
trends wit h comparison to optional
industry data
Financial ratio trends with                                          Yes                        Yes
comparis on to optional industry
data
Financial ratio trend charts with                                 27 charts                  24 charts
comparis on to optional industry
data
Financial statement growth trends                                                               Yes
Income Statement Analysis                                                              Multi-year averages,
                                                                                       growth rates, margin
                                                                                        analysis, return on
                                                                                      average equity, benefit
                                                                                         stream analysis
Equity Analysis                                                                       Reconciliation of equity,
                                                                                       Shares Outstanding



Appraisal/Valuation
Adjustm ents Used for Various
Methods
Cont rol Premiums/Minority                                            X                          X
Discounts
Marketability Discounts                                               X                          X
Company Specific Premium                                              X                          X
Asset Valuation Methods
Book Value                                                            X                          X
Adjusted Book Value: Going                                            X                          X
Conc ern
Adjusted Book Value: Liquidation                                      X                          X
Value
Incom e Valuation Methods
Capit alization of Earnings                                   6 earnings bases           9 earnings bases,
                                                                                        sensitivity analysis
Summary Discounted Cash Flow            1 earnings base,     6 earnings bases, 4        9 earnings bases, 6
                                       manual entry (e.g.   methods of projecting       projection methods,
                                      from business plan)    earnings or manual         sensitivity analysis
                                                               entry (e.g. from
                                                                business plan)
Detailed Discounted Cash Flow                                                         Line by line projections
                                                                               MBAWare Enterprises, Inc.
                                                                               4606 16th Street North
                                                                               Arlington, VA 22207
                                                                               www.mbaware.com
                                                                               E-mail: info@mbaware.com

                                          Busine ss         Express Busine ss          ValuSource Pro
                                         Evaluation             Valuation
                                        System s Pro
                                                                                        of balanc e sheet,
                                                                                       income statement,
                                                                                     capital expenditures,
                                                                                     intangible assets and
                                                                                     long term debt with a
                                                                                        variety of relevant
                                                                                    projection methods for
                                                                                   each line item. Valuation
                                                                                     on 9 earnings bases,
                                                                                      sensitivity analysis.
Capit alization of Excess Earnings                          6 earnings bases            9 earnings bases,
                                                                                       sensitivity analysis
Market Methods
Market: Price to Earnings                                          X                          X
Market: Price to Revenue              X (with Optional             X                          X
                                        BizComps)
Market: Price to Assets                                            X                          X
Market: Price to Book Value                                        X                          X
Market: Price to Cash Flow           Seller discretionary          X                          X
                                       cash flow (with
                                           Optional
                                         BizComps)
Market: Price to EBT                                               X
Market: Price to EBIT                                              X                          X
Market: Price to EBITDA                                            X                          X
Industry: Price to Earnings                                        X                          X
Industry: Price to Revenue                                         X                          X
Industry: Price to Book Value                                      X                          X
Industry: Price to Cash Flow                                       X                          X
Subject Company Trans actions                                      X                          X

Custom Methods
Generat e your own valuation                                                         Default of 2 custom
methods by customizing                                                              methods, more can be
worksheets that can link to any                                                           added.
data source in the program.

Evaluation Methods
Tangible Asset Value                          X
Basic Method                                  X
Capit alization Method (ROI)                  X
Critical Factors Method                       X
Debt Capacity                                 X
Industry Method                               X
National Method                               X
Weighted Factors                              X

Valuation Conclusions
Weighting of each method                      X                    X                          X
Rejection of some methods                                          X                          X
Chart of valuation conclusion                 X                    X                          X
                                                                      MBAWare Enterprises, Inc.
                                                                      4606 16th Street North
                                                                      Arlington, VA 22207
                                                                      www.mbaware.com
                                                                      E-mail: info@mbaware.com

                                        Busine ss    Express Busine ss        ValuSource Pro
                                       Evaluation        Valuation
                                      System s Pro
Valuation of a partial share of the                         X                         X
business

Deal Structure/Sanity Checks
Allocate purc hase price among                              X
assets and liabilities
Hypothetical Terms of Sale                 X                X                         X
Buyer’s and Seller’s Settlement                             X
statement
Post sale cash flow                        X                X                         X
Payback period                                              X                         X
Internal Rate of Return (IRR)              X                X                         X
What-if performance and valuation                           X                         X

Customization
Customized worksheets/schedules                        3 worksheets        E very schedule is fully
                                                                                customizable
Add worksheets/schedules                                                             X
Delet e worksheets/schedules                                                         X

Optional Data Sources
Bizcomps (business sales under        Auto-loaded       Auto-loaded             Auto-loaded
$1 million)
Mid-market comps (business sales                        Auto-loaded             Auto-loaded
from $1million to $100 million)
RMA Annual Statement Studies                            Auto-loaded             Auto-loaded
(industry ratio data)
SIC/ NAICS Dat abas e                                   Auto-loaded             Auto-loaded
Mergerstat Control Premiums                             Auto-loaded             Auto-loaded
Mergerstat PE ratios                                    Auto-loaded             Auto-loaded
Ibbotson SBBI Data for cost of                          Auto-loaded             Auto-loaded
Capit al
IRS Corporate Ratios                                    Auto-loaded             Auto-loaded
Pratt’s Stats                                             Manual                  Manual
IBA Ratios                                                Manual                  Manual
Mercer Capital                                            Manual                  Manual
Public and Privat e Transactions                          Manual                  Manual
Analyst Data                                                                      Manual



Report Writer                           Included         Included          $395 optional Business
                                                                           Valuation Report Writer
Auto-generat ed report that can be        Yes              Yes                Yes with optional
edited lat er in Word                                                        Business Valuation
                                                                                Report Writer
Hot-linked cells, ranges, charts                           Yes                Yes with optional
                                                                             Business Valuation
                                                                                Report Writer
Customizable report contents                               Yes                Yes with optional
                                                                             Business Valuation
                                                                           MBAWare Enterprises, Inc.
                                                                           4606 16th Street North
                                                                           Arlington, VA 22207
                                                                           www.mbaware.com
                                                                           E-mail: info@mbaware.com

                                           Busine ss    Express Busine ss          ValuSource Pro
                                          Evaluation        Valuation
                                         System s Pro
                                                                                    Report Writer
Customizable, reusable report                            Only with optional        Yes with optional
templates                                                Business Valuation       Business Valuation
                                                        Report Writer ($395)        Report Writer
Support from wit hin Microsoft Word                      Only with optional        Yes with optional
for adding cells, ranges and charts                      Business Valuation       Business Valuation
from valuation schedules, including                     Report Writer ($395)        Report Writer
adding data only if a certain criteria
is met.

				
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