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There is a tremendous need for the valuation of small businesses. Oftentimes, small businessowners do not have the wherewithal to gather the data and keep it up to date for use in situations that require valuation. Formal valuations are necessary because they provide objective evidence of value, in contrast to value set by markets on which public companies are traded. This article focuses on some factors that impact the valuation of the business and will help small businessowners feel more comfortable talking with financial professionals about how the business might be valued.

This article argues that existing research poorly specifies the link between planning and performance because of omitted variable bias. Researchers agree planning is a critical part of creating any new venture. Many researchers assess planning by whether a small firm has a written business plan. Unfortunately, efforts empirically to validate this relationship have been inconclusive. This article proposes that researchers should assess business plans both on the quality of the plan (and the planning process that produced it), and on the quality of the underlying business opportunity. Failure to account for both aspects of a business plan amounts to omitted variable bias, frustrating attempts to accurately estimate the true relationship.

This article attempts to behin to assess the issues facing small businesses, and how human resource management can be integrated as a small business grows.

Using the family business succession, resourcebased view of firms, familiness, and organizational clan literatures, this article develops a model based on the ability of the family business to use familiness, a specific bundle of attributes deriving from a family’s culture, as a competitive advantage for the family firm. In particular, this resource-based framework of family business shows how familiness can distinguish between family firms that succeed beyond the second generation and those that do not. Implications for future research are discussed.

This article focuses on what makes small businesses successful and whether consistent patterns of success can be identified.

This article presents examples for improving the effectiveness of business plans by focusing on the logical structure of their composition.

This article presents an overview of the standard asset, market, and income valuation methods generally used to estimate the value of small businesses.

In describing his success, Sinegal attributes it to “just good business practices.” And while he was born into a Catholic family and supports Catholic causes, he does not necessarily tie his faith to the way he approaches business. That approach, he says, is based in learning how to do business with integrity and high values from an early mentor. The following interview outlines how Sinegal approaches business and how he works to establish integrity and high values throughout Costco Wholesale Corporation.

Shawn Blau reviews Peak Performance: Business Lessons from the World's Top Sports Organizations, written by Clive Gilson, Mike Pratt, Kevin Roberts, and Ed Weymes.