The Valuation of Movie Theater Operations: an Invaluable Guide for the Appraisal of Movie Theater Businesses, Real Estate and Equipment

 
9780972133012: The Valuation of Movie Theater Operations: an Invaluable Guide for the Appraisal of Movie Theater Businesses, Real Estate and Equipment

This book is the only one of its kind which describes the valuation of a Movie Theater's Business, Real Estate and Equipment. Chapter 1 is an Overview of the industry and provides a comprehensive overview of the theater industry and the rapid changes which are taking place in this industry. This chapter focuses on the History, Trends, Movie Theater Demand, Supply of Quality First Run Films, Current Renovation Trends of Facilities, Movie Distribution Channels, Film Negotiations and Licensing Competition, Revenue Streams in Relation to DVDs, Risks in the Industry and the Regulatory Environment of the Industry. Chapter 2 walks you through Analyzing a Theater's Financial Statements & Operations. In this chapter the reader is provided a primer on basic financial statement ratio analysis, and an overview of adjustments for extraordinary and nonrecurring items. Although not as critical for larger businesses, these adjustments are crucial to understand when valuing closely held businesses. These are discussed in Adjustments for Extraordinary and Nonrecurring Items on page 82. Finally, the addendum presents an invaluable Checklist of Important Items for Theater Valuations on page 87. Chapter 3 provides a Summary of Business Valuation Approaches. This chapter presents a summary of the various approaches to valuing a business. More importantly it presents an overview of which valuation technique is most useful when comparing the values during a reconciliation. Chapter 4 discusses Business Valuation (Adjusted Book Value or Cost Approach). One of the most basic approaches to valuing a business is by looking at the balance sheet. It is difficult to accurately adjust the balance sheet assets and liabilities to market values. This section focuses on the adjustments and nuances of making each adjustment. Chapter 5 discusses Business Valuation (Market Approach). Chapter 5 presents one of the most typically used methods for establishing the value of a theater business. The market approach is used frequently, because it is the easiest technique to understand. Most people understand multiples from the stock market as well as rules of thumb. This chapter presents the advantages and drawbacks, and dangers of using rules of thumb. Chapter 6 discusses Business Valuation (Income Approach). This chapter is one of the most important chapters in the book. All decisions are based upon cash flow, the most critical element to a theater s business value. This chapter presents an overview of the different models used (cash flow to equity and to the firm), how to calculate discount rates, as well as the various assumptions which are needed to calculate a value. Finally, an excellent example of two different models is presented in Table 6-11 on page 150 and in Table 6-16 on page 156. Chapter 7 provides a good overview of Asset Valuation (Real Estate). Real estate may sometimes constitute the largest component within the fixed asset category on a balance sheet. This chapter gives a critical primer in what to look for when analyzing the real estate asset or lease. This chapter addresses the different types of movie theaters, the leases, and typical methods of valuing the asset. Chapter 8 provides a good overview of Theater Asset Valuation (Equipment). Every business is sold with equipment. However, knowing how much the machinery and equipment are worth will assist the purchaser in determining the amount of goodwill that a buyer would pay for as part of the overall purchase price. These assets are different from real estate and intangibles, because their values can differ depending upon the specific circumstances under which they are being sold, e.g., liquidation value, going concern value. The Appendix presents all of the major references used with their addresses and telephone numbers.

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About the Author:

Mr. Bethel is the director of Frazier Capital, fraziercapital.com, specializing in the valuation of private/public equity businesses and financial instruments, commercial real estate investments. Active in the business and valuation profession for over 20 years, he has valued domestic and international businesses, commercial real estate investments, and industrial machinery and equipment, and was the CFO of a multi-national medical manufacturing company. He obtained his BA from Occidental College in Los Angeles, California, a Masters Degree in Management, Economics and Politics from St. Andrews University, Scotland, and a second Masters Degree in International Finance from Glasgow University, Scotland.

Review:

For anyone wanting to delve into the valuation of movie theaters, businesses and real estate, we highly recommend The Valuation of Movie Theater Operations, by Stephen K. Bethel. --NATO-National Association of Theater Owners

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