609-664-7955 gcaruso@artofbv.com

I am grateful to my friend and colleague, Ron Rudich, for writing the Foreword to “The Art of Business Valuation: Accurately Valuing a Small Business”.


This book, The Art of Business Valuation: Accurately Valuing a Small Business is an important guide and desk reference for valuing small businesses under $10 million in revenues. The vast majority of businesses are this size, yet most business valuation books, even the ones claiming to be for small businesses, do not address the unique factors impacting these small and very small businesses.

The author’s business broker and valuation background provides a practical view of technical valuation issues from someone who has had to then “find the number” in the market. Yet this is not a book about price. It is about business valuation, namely, finding a business value for a specified interest as of a specified date to a specified standard of value.

My contribution to this work has been to provide insight and modification as an experienced practitioner, instructor, and mentor from a more technical accounting business valuation view.

The book’s focus on small businesses does not mean that methods or techniques have been simplified or ignored. What has been provided is a thorough examination of how valuation methods really work with the data that is really available for these businesses. Things like,

  • how to work with less than perfect financial information
  • how to find a highly supportable multiplier using available data
  • when to use the market or the income method
  • how to meet valuation standards

and more.

Included in the book are detailed figures, tables, explanations, and on the related website working Excel files and even sample reports that provide a framework that can be adapted to most business valuation needs.

Lastly, while an exact “opinion” may only be supportable and not be accurate, our methods, work product, and reports can and should be accurate. That is the standard we all must strive for every day in every engagement. That is why accurate is in the sub-title.

Clearly, the best a valuator can do is issue an “opinion.” Therefore, there will be varying viewpoints on the topics and methods presented here. In fact, there will be situations where the facts and assumptions would dictate that we use different techniques than the ones recommended here. That illustrates the importance of professional judgment.

That is the Art of Business Valuation.

We find this variety of viewpoints and challenges to our thoughts to be exciting and invigorating. It makes business valuation better. With this view in mind, please contact us at ron@theartofbv.com with your thoughts on the book and the valuation of small businesses. We also would be pleased to receive additional reports, studies, techniques and other viewpoints that can be posted on our related website www.theartofbusinessvaluation.com.

This way, we can all continue to learn, grow, and improve together.

Ronald D. Rudich


Business Valuation Group LLC

The book, “The Art of Business Valuation, Accurately Valuing a Small Business” has over 400 pages covering many aspects of small business valuation and market sales including working with business brokers, increasing sales value, descriptions of a well-run sales process, due diligence including a checklist and guidance on SBA loans

If you value or use valuations of businesses with revenues under $10 million, you need this book on your desk.  The book, published by Wiley, is available through your favorite bookseller.

Greg Caruso, JD, CPA, CVA, is always available to assist with exit planning, brokerage, and to prepare or review business valuations with an emphasis on increasing value and likely transaction values and terms.

Greg is also available for interviews, podcasts, quotes, presentations and more. Contact Greg at  gcaruso@harvestbusiness.com  or 609-664-7955.

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