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Chris Batha Scotland Shoot
Driven Partridge in The Scottish Borders
September 3 – September 7, 2019
Chris Batha invites you to join him in the Scottish Borders for some of the most exciting Driven Partridge Shooting in Scotland. You arrive into Edinburgh, Scotland and then it is a short drive (just over an hour) to the hotel of your choice in the fabled Scottish Borders.
Driven Partridge on Three Scottish Estates
The Scottish Borders are widely known to be some of the best locations for Driven Partridge Shooting in the UK and this year our shoot begins on the Opening Day of Partridge Season! These high, fast-flying Partridge will present a challenge to any Gun. We are shooting at three different venues, so there is plenty of opportunity to get the bag.
A Team of 8 Guns will be shooting three 300 Bird Days on three different Shoots – Bowmont Valley, The Greenhill Shoot and Thirlstane Castle/Longcroft. For those of you have shot with me before, you will be challenged and delighted by the quality and quantity of these magnificent birds!
By popular demand, we now offer three hotels for our Shooters from which to choose, so we will no longer include the cost of accommodations in the Shoot Package, The Shoot Transport will pick up the Guns from their hotel and all are within approximately the same distance to the various Shoot Venues. The hotels vary in terms of accommodation options and each Gun may choose the type of facility in which they feel most comfortable. Each hotel offers the Dinner, Bed and Breakfast Package.
The Ednam House Hotel
The Ednam House is a family-owned hotel in a beautiful Georgian Mansion, located on the banks of the River Tweed. Renowned for a warm Scottish welcome, the hotel is in the town of Kelso, and is an ideal base from which to explore the town and the surrounding area. The Riverside Restaurant, with magnificent views of the River Tweed and the surrounding countryside, features locally-sourced produce and freshly-caught salmon. www.ednamhouse.com
Telephone: 011 44 157 322 4168
Tillmouth Park Country
House Hotel
This superb 1882 mansion is now a 3 Star Hotel by the River Tweed. The emphasis at this privately-owned hotel is on quality, service and attention to detail. Features include fourteen fully-equipped ensuite bedrooms, an AA Rosette Award-winning restaurant, as well as The Park Bistro and Bar. Clay Shooting is also available on the grounds.
Telephone 011 44 189 088 2255
Day Trips for Non-Shooters**
To quote from the Guide, "famed for its turbulent historical past, big spaces, heather-clad hills, forests, rivers and lochs, The Scottish Borders provide a fascinating and seductive area to explore. Abbotsford, near Melrose, is the home and burial place of Sir Walter Scott.
Here you can view his collection of historic relics, weapons and armour and visit the private chapel and beautiful grounds.
"From Tweed to Tartans", to cashmere and woollens, the charming towns of The Scottish Borders offer an intriguing selection of specialty shops. In the four days available, it just might be possible to visit the Borders historic homes, museums, and abbeys, with plenty of time left for lunches in charming village cafes and some "specialty" shopping.
Tips for the Keeper – 100 GBP per shooter, per day to be paid on the day of the shoot.
Tips for the Loader – 90 GBP per shooter, per day to be paid on the day of the shoot.
Total Tips: 570 GBP per shooter
*Cost per Shooter: $7,476.00
The 50% non-refundable deposit of $3,738.00 per Shooter is due by May 31, 2018.
The final 50% final payment of $3,738.00 per single Shooter is due by July 30, 2018.
For any Shooters who wish to have another 300 Bird Day of Shooting on
September 7th this can be arranged for an additional $2,492.00.
Please make this reservation at the same time as booking the above Three 300 Bird Days.
The Cost Includes:
Three days of Driven Shooting, Shoot Transportation and shoot lunches for 8 Guns.
The Cost Does Not Include:
Flights into or out of Edinburgh, hotels and transport within Edinburgh, transport to and from the hotel of your choice*, accommodations, dinner, bed and breakfast at the hotel of your choice, tips for the Keeper, Loader, Cartridges, Visitors Shotgun Permits or Shoot Insurance. **
* Transport to and from Edinburgh to your hotel can be arranged upon request.
** The charges for day-trip car hire, destination fees (Museums, Castles, Special Admission Events etc.) and lunches by participating Non-Shooters as well as the charges for Non-Shooters wishing to go to the field for lunch will be billed directly to the Non-Shooter.
For Further Information Contact:
Chris Batha at email@example.com or Sara Gump at firstname.lastname@example.com or
866-254-2406 Toll Free
*Note: This price is based on the current exchange rate. Should there be a dramatic increase in the
exchange rate, we will immediately notify all participants of any price increase.
The Itinerary:
September 3 – Arrive at The Scottish Borders and your Hotel
September 4 – 300 Bird Driven Shoot – Bowmont Valley
September 5 – 300 Bird Driven Shoot - The Greenhill Shoot
September 6 – 300 Bird Driven Shoot- Thirlstane Castle/Longcroft
September 7 - Depart The Scottish Borders
Visitors Shotgun Permits
Each Shooter must have a Visitors Shotgun Permit and Shoot Insurance which can be applied for and paid for online from either the British Association of Shooting and Conservation – www.basc.org.uk or The Clay Pigeon Shooting Association – www.cpsa.co.uk. If anyone needs assistance with this, please contact email@example.com.


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Everything posted by Marissa Farrell
Creating Suite Numbers
Marissa Farrell replied to Markvl's topic in ArchitectureI agree with the suggestion of Data Tag, but if you find that it's not a reasonable solution, we can absolutely tackle this with Marionette in one way or another.
What mouse do you recommend?
Marissa Farrell replied to Christiaan's topic in HardwareI haven't yet upgraded, but this is great information for me to keep an eye out for. I'm planning to get the beta installed this week and I will keep this in mind!
There are tables in the appendix of the dev wiki that cover most selector values. http://developer.vectorworks.net/index.php/VS:Function_Reference_Appendix
Although I haven't tested, I would use vs.SetObjectVariableBoolean(h, 700, False)
@Niels Timmer I'm attaching a revision, you were so close, just needed to change the dropdown in the Change Vertex Type's OIP to Radius 190712 ChangeVertexType_MFarrell.vwx
Dedicated Forum Moderator (ie Jim Wilson 2.0)
Marissa Farrell replied to Amorphous - Julian's question in Wishlist - Feature and Content RequestsThough Jim's presence is no longer around in a Vectorworks employee capacity, I want to assure you that many employees are reading the forums every day. We may not respond to every post on here as we have other priorities, but nearly everything of importance with regards to issues or potential improvements is being discussed internally among us and bugs as well as feature requests are being created. Please don't think that when we lost Jim that you lost us, we're still listening.
Here's a file with the nodes copied over and wired in, it works for me, so hopefully you find the same: Submitted_Halftone_Marionette_v1_v2019.vwx
This error is due to Vectorworks changing how it reads paths between 2018 and 2019? (maybe the switch was earlier, I cannot remember) I believe that you should be able to just copy my read image node and my GetPixRGB node from my file and replace the ones in the halftone file, I'll take a better look in a bit.
Marionette commands not available from workgroup folders
Marissa Farrell replied to Boh's topic in MarionetteThough I am unsure as to why it wasn't included initially, we do have an existing wish to have it implemented at some time, I cannot guess when that may be. But we're certainly aware of the benefits of adding that option in the future.
@Niels Timmer If you know which vertices need to be arc vertices, you can use the Change Vertex Type node on your resulting poly with the appropriate indices and radii to change those to arc vertices. Please let me know if you need some extra guidance.
There is nothing in Marionette's shipped content that will do this, though a couple of years back I wrote a node that will read an image, that data can be used to do this. These files may not be updated properly for 2019, if you come across an error when installing the Python modules, please let me know which OS and VW version you are running and I will update the scripts to work. Original file, extrudes the pixels as rectangles to a height based on their brightness: User modified file that seems to result similarly to what you are hoping to achieve:
Marionette object only editable in plan view
Marissa Farrell replied to Dob's topic in Marionette@Dob Quick question - which version are you using/did you create this Marionette Object in?
Marionette commands not available from workgroup folders
Marissa Farrell replied to Boh's topic in MarionetteAhhhh I misread your original post, so sorry! We do not support Marionette Commands located in the workgroup folder at this time only the User Folder.
Marionette commands not available from workgroup folders
Marissa Farrell replied to Boh's topic in MarionetteAdditionally, are the files saved as 2019 versions?
Marionette commands not available from workgroup folders
Marissa Farrell replied to Boh's topic in MarionetteThis should be working - have you refreshed your libraries from the Resource Manager? This command is located when clicking the gear icon from the RM.
Yes, the closed checkmark is what I used, but usually if your points all touch it will close itself. You must have been off by the teeniest unseen-to-the-eye amount. If you click-hold the circle button between the two arrows, the vertex will remain highlighted. I did notice while going through again that there was still one extra vertex, so I removed it in this revision. Please don't feel bad about asking questions! This forum thrives on questions from users, and everyone here is willing to help 🙂 We would rather get asked all sorts of questions than have anyone stuck on something they need help with. websters upstairs v1.3_MKF v2018_v2.vwx
So I found the issue and fixed it - On the inner edge of the left side of the profile, there must have been two lines overlapping when you composed because stepping through the vertices bounced back over that edge once before continuing. The poly was also not closed. I've attached a revised file, exported back from a newer version (you should have no issues opening it, please let me know if otherwise). You should be able to extrude this shape as a solid (I tested and undid the action to make sure). websters upstairs v1.3_MKF v2018.vwx
Create Layer - Layer Order
Marissa Farrell replied to KroVex's topic in MarionetteI would suggest using an Ordered List node to assign the order of the creation. There's no real way to determine the order of inputs to a single port if many wires enter it; the Ordered List node will ensure that the values are passed in the order you've specified.
This usually means that the profile is not a closed polygon, also, you will want to leave it as a 2D poly. Can you attach a file that contains the profile? I, or someone else, can take a look for you.
1) You can use either single or double quotes, it does not matter as long as you open and close with the same type. 2) Marionette networks cannot be run on selected objects unless you convert them to a Marionette Menu Command, though I am not certain, I am assuming that is why you are getting a false count of 16 while running in debug mode. 3) Currently, using the button on the Objects by Criteria node will always revert that dialog back to the defaults. As long as you don't hit OK in that dialog, your previous criteria will remain the same. There is currently a request in to have the Criteria dialog display the current criteria from the OIP when the button is pressed. 4) You can use Control Geometry to define your source geometry as an alternative to the name node and then create a Marionette Object (which is basically a Plug In Object that uses a Marionette script as its code). I'm not sure if this would fit your needs, but if you'd like more information on it, I'd be more than happy to go into further explanation. Hope this helps!
Taking a quick look at your script, this may be as easy as adding quotations around your output values (I am assuming these are the strings you use for naming your profile?) For example if input == 3: self.Params.output.value = "K5"
@Pvz11 You can move your Extrude Along Path upward using the Move node, or you can extrude legs below the EAP. Once converted to a Marionette Object, it can move around freely. The Marionette Object has its own coordinate system that you will use to move/place your individual parts.
You can create your profile the same way I got around the compose issue - determine the location/drawing order of your vertices and feed them into a Poly node. Using the Ordered List node allows you to order the points that are going into the Poly node, if you were to just wire them all into the same port, the Poly node could take them in unpredictably. Ordering them ahead of time will ensure that they are drawn exactly how you expect. For example, a square profile - you would provide it 4 points (0,0), (0,1), (1,1), and (1,0) into the first four ports of an Ordered List node, placing a Polygon 2D node after it. You then have two options; you can use the Set Closed 2D node after the Poly node, or you can wire the first point, (0,0), into the fifth port of the Ordered List node (item4). I hope this helps, but if it doesn't, feel free to keep asking for clarification 🙂
@Pvz11 I took a look and made a few changes to your network - I didn't edit the one you have on your drawing area, but I did redo the one inside of the Marionette Object. I hope this helps - basically the "compose" node was failing to compose the lines while in a Marionette Object, I'm going to submit a bug for that since I'm not sure why it works in a regular network, but not in an Object. Please let me know if you need any help improving this further! Marionette-ExtrudeAlongpath-OfficeDeskCounterTop_MFarrell.vwx
Alert Dialog and Attribute Popup
Marissa Farrell replied to KroVex's topic in MarionetteAttached is a file with a revision that should work for this use case, I'm sure there's a reason I didn't go this route initially, but I can't recall why. There's also a chance I had fixed the issue you're experiencing in a more recent node, though I'll have to dig through some files to see what my latest revision was (though I'm sure it's more recent than Nov 2018, as dated in the node you've been using) Tags_to_Designlayer_List_MFarrell.vwx

subset: commoncrawl


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Overview of the Valuation Process
Business valuation is a specialized discipline that incorporates a range of economic, financial, and general business concepts. To arrive at a reasonable estimate of value for a closely held company, the business appraiser must possess a deep understanding of public market dynamics, and engage in a rigorous analytical process consistent with generally accepted valuation theory and practice.
While it is up to the valuation expert to perform the necessary analysis, a general understanding of how value is determined can be of great benefit to the private company owner-manager, whose primary objective, after all, is to create value for shareholders. The owner-manager will almost inevitably be involved, at some point and in some capacity, in estimating firm value, whether to complete an M&A transaction, evaluate a new growth opportunity, or for some other purpose. A familiarity with the mechanics of business valuation can help ensure a meaningful contribution to the endeavor.
The following is a concise elucidation of the process of valuing a closely held business. It is by no means intended to be a comprehensive tutorial on valuation theory and practice. Rather, our objective is to acquaint owner-managers, as well as outside advisors such as attorneys and accountants, with certain fundamental concepts, methodologies, and procedures likely to be encountered in the valuation process.
Standards of Value
Prior to beginning the process of valuing a privately held business, the analyst determines which standards of value are most appropriate for the particular purpose of the valuation. Standards of value include:
- Fair Market Value (FMV): Fair market value is defined as the price that a hypothetical investor would be willing to pay to purchase a business in an arm's length transaction and in an open and unrestricted market. FMV assumes that both buyer and seller have reasonable knowledge of the relevant facts, and that neither is acting under compulsion.
- Investment Value: Investment value is the maximum price that a particular strategic investor – an investor who contributes synergies and other value enhancing factors – is willing to pay for a business. Investment value is the sum of the fair market value of the standalone entity in its present form and the value created by the strategic buyer through synergies and other means.
- Fair Value: Fair value is a term that is generally used in a particular statutory context. While it is often used interchangeably with fair market value, its meaning varies by jurisdiction or circumstance.
- Intrinsic Value: Intrinsic value is a term used in the context of valuing publicly traded securities. It is defined as the true value of a security, as opposed to current market value, which may or may not reflect the true underlying fundamentals of the business. Securities analysts routinely search for situations in which intrinsic value differs from current market price, with the objective of profiting from such market inefficiencies.
Fair market value is the standard most commonly used when appraising privately held businesses for strategic planning, legal disputes, tax and estate planning, and other purposes. In M&A transactions, fair market value of the standalone entity is used as the starting point of the analysis, while investment value, which varies by potential acquirer, is considered as the maximum price that can be paid in a proposed transaction.
Approaches to Valuing a Business
There are three primary approaches to estimating the value of a privately held business, and various methods within each approach:
- Income Approach: Under the income approach, future economic benefit streams, namely net cash flows, are projected and converted into value by applying a rate of return reflecting the uncertainty, or risk, associated with the projections. In other words, the income approach calculates the present value of all estimated future net cash flows, taking into account the risk that those cash flows may not materialize as anticipated.
- Market Approach: Under the market approach, multiples of various financial performance metrics observed for comparable publicly traded companies – price/earnings, enterprise value/revenue, enterprise value/EBITDA – are applied to a private company to arrive at an estimate of value.
- Asset Approach: Under the asset approach, value is estimated by subtracting the current market value of liabilities from the current market value of assets. The asset approach assumes that the entity's value is equal to the hypothetical net cost, as of the valuation date, of assembling from scratch the company's specific collection of assets and liabilities.
When valuing a privately held business for M&A, strategic planning, legal disputes, tax and estate planning, and most other purposes, the income approach is generally most useful, from a practical as well as a conceptual perspective. A business with ongoing operations is worth, by definition, the present value of all future net cash flows available to capital providers (investors). Only under the income approach are net cash flows and the required rate of return to investors explicitly estimated. And in M&A-related analyses, only the income approach explicitly identifies and quantifies the value that can be created through synergies resulting from the combination.
The market approach is generally most useful when employed in combination with the income approach. Comparable company multiples observed in the public markets implicitly reflect the magnitude of anticipated future benefits, as well as the risk associated with those benefits. However, since any multiple is based on a benefit stream from a single period, the analyst must apply careful judgment to identify and quantify various factors – expected growth rates, risk profiles, variability of income streams, accounting policies – that cause multiples to differ across companies. In addition, when examining a multiple paid in a comparable M&A transaction, the analyst must take into account the value of the unique set of synergies embedded in that multiple. As a general rule, the market approach is most useful as a sanity check after the analyst has arrived at an estimate of value using the income approach. While market multiples are commonly cited as industry standards, particularly in M&A negotiations, a rigorous analysis of cash flow generating potential and required rate of return within the income approach framework typically produces the most meaningful estimate of value.
The asset approach, meanwhile, is most often used in cases of liquidation, and is generally not appropriate for valuing a going concern. In a going concern, the particular combination of operating assets in use – factories, equipment, technologies, brand equity, customer lists, managerial talent – is valuable precisely because of the cash flows it is expected to produce. That value is captured through those cash flows, and as a result, the standalone value of each individual asset is not particularly relevant to the valuation calculation.
Within the income approach, there are two primary methods of converting expected cash flows into value:
- The single-period capitalization method assumes that the net cash flow of one particular period, usually the coming year, is representative of the company's future cash flow generating capacity, and that the growth rate will be steady for the foreseeable future. The representative cash flow figure is divided by a capitalization rate (or cap rate), a percentage figure incorporating required rate of return and growth assumptions, to arrive at an estimate of firm value. The single-period capitalization method is identical to the method used to estimate the value of commercial real estate properties.
- The multi-period discounting method explicitly forecasts individual cash flows for a specific projection period – typically 3-10 years – and converts them into present value through the required rate of return. The process is commonly referred to as the discounted cash flow (DCF) methodology. Cash flows beyond the projection period are incorporated into terminal value, which is typically estimated using the single-period capitalization method or by applying a multiple to a return for the year following the projection period.
The single-period capitalization method is appropriate in real estate valuation, because real estate returns tend to be stable. Returns produced by operating companies, by contrast, tend to exhibit significant variability. As a result, the multi-period discounting method is generally the most effective means of estimating the value of a business under the income approach.
Projecting Economic Benefits to Investors
When valuing a company under the income approach, the relevant benefit stream is net cash flow. Often referred to as free cash flow, net cash flow is the cash generated from operations during a particular period, less any investment required to maintain ongoing operations or pursue growth initiatives; it is the actual cash generated that is available to investors, after all necessary investments have been made.
There are two measures of net cash flow:
- Net cash flow to equity is the amount available to pay out to stockholders in the form of dividends. It is calculated as net income plus non-cash charges (depreciation & amortization), minus additions to working capital, minus capital expenditures, plus/minus changes in debt principal. Net cash flow to equity is the most relevant benefit stream for calculating the value of a specific equity stake.
- Net cash flow to invested capital is the amount available to pay out to all investors (stockholders and lenders) in the form of dividends, principal repayment, and interest. It is calculated as earnings before interest and taxes (EBIT), minus taxes on EBIT, plus non-cash charges, minus additions to working capital, minus capital expenditures. Invested capital net cash flow is the relevant benefit stream when calculating the value of an entire business, independent of how it is financed (capital structure). Since each acquirer will apply its own capital structure, valuing net cash flow to invested capital is most meaningful for M&A and many other purposes, as it removes the distortions caused by differing capital structures.
In contrast to net cash flow (which is commonly referred to as an economic benefit stream), an accounting benefit stream – net income, EBIT, EBITDA, revenue – is not generally considered to be a precise measure of actual return to investors. Under accounting convention, revenues and expenses are most often recorded on an accrual, rather than cash, basis. As a result, accounting measures do not reflect the exact point in time at which a customer settles an invoice or a payment is made to a vendor. Moreover, comparing accounting profits between companies is made difficult by differences in accounting methodologies. Examples of such differences include LIFO vs. FIFO and straight-line vs. accelerated deprecation.
When valuing a business for purposes of an M&A transaction, the business appraiser projects net cash flows from two distinct sources: those expected from the standalone entity in its present form, and those generated through expected synergies resulting from the proposed combination. The analyst values each set of net cash flows separately, thereby explicitly differentiating between the fair market value (FMV) of the independent entity and any additional value that be created as a result of the combination.
Converting Projected Cash Flows into Value
The value of a going concern is, by definition, equal to the present value of all future net cash flows available to capital providers. Once future net cash flows have been projected, therefore, the business appraiser must determine what those future net cash flows, collectively, are worth today. Future net cash flows are converted into present value through the application of a discount rate, which is equal to the rate of return that investors require as compensation for: (a.) foregoing immediate consumption; (b.) the effect of inflation; and (c.) the uncertainty, or risk, surrounding whether projected cash flows will materialize as expected.
A commonly used framework for estimating the required rate of return is the Capital Asset Pricing Model (CAPM). The CAPM posits that:
Re = Rf + β x (ERP)
CAPM has long served as a useful framework for estimating the value of publicly traded stocks, and is commonly used in the private company valuation process as well. Certain critical limitations come into play when estimating the required rate of return for closely held businesses, however. In particular, CAPM assumes that company-specific (or unsystematic) risk can be eliminated by assembling a diversified portfolio of equity stakes, and as a result does not account for such risk. While it is reasonable to assume that a prudent investor can and will own a diverse collection of publicly traded stocks, it is generally not feasible for the owner of a significant stake in a private company to achieve a significant degree of diversification. Company-specific risk, therefore, must be considered when valuing a closely held business.
To account for the non-diversifiable risk associated with ownership of a closely held business, a modified version of the CAPM framework is applied, represented by the following formula:
Re = Rf + β x (ERP) + α
The business appraiser begins the process of estimating a closely held company's required rate of return by identifying publicly traded companies that are similar in terms of products and services offered, markets addressed, risk profile, and other factors. The analyst then examines market-derived beta figures for those comparable companies, making various adjustments to account for dissimilarities with the subject private company. The risk factors unique to the private company being considered – market position, cost structure, distribution capability, managerial talent, to name a few – are then carefully assessed in order to estimate company-specific risk, or alpha. Only after performing a rigorous analysis of market-derived required rates of return of comparable companies, and assessing the risks unique to the subject private company (alpha), can the business appraiser arrive at an estimated required rate of return, using the modified CAPM framework.
A Word about Capital Structure and Valuation
Each business has a unique capital structure – the amount of equity financing relative to debt financing. The cost of capital for debt is lower than for equity, of course, since the lender assumes less risk than the equity investor. If the effect of taxes is ignored, the overall cost of capital – the weighted average cost of capital (WACC) – remains constant, regardless of the proportion of debt versus equity. As lower cost debt is added, the cost of equity capital rises to compensate for the additional volatility of equity cash flows (risk) produced by the increased leverage. In a tax-free environment, the rise in the cost of equity capital is just enough to offset the effect of adding lower cost debt financing, and therefore the WACC remains constant, regardless of capital structure.
In the real world, however, returns to debt holders (in the form of interest payments) are tax deductible for the company, while equity returns (whether distributed as dividends or reinvested in the operations of the company) may not be. As a result, as the proportion of debt in the capital structure rises, the amount of tax savings (the tax shield) also increases. That tax shield represents value for the enterprise, and that value accrues to equity holders.
While increasing the proportion of debt financing can have a positive effect on equity value, thanks to the tax shield, there are also costs associated with adding debt to the capital structure. The higher the proportion of debt, the greater the likelihood of bankruptcy and related costs. Also, high debt levels may cause customers, suppliers, employees, and other parties critical to the company's operations to offer less favorable terms. An optimal capital structure is achieved by increasing leverage to the point where any additional tax benefits to be realized from further debt financing are outweighed by increased associated costs.
The optimal capital structure, which reflects risk profile, access to financing, effective tax rate, and other factors, varies by owner. In order to eliminate distortions caused by differing capital structures, the business appraiser considers the economic returns, or net cash flows, available to all capital providers: lenders and equity investors. As explained previously, interest payments are not deducted when calculating net cash flows to invested capital. The effect of a specific capital structure can instead be incorporated into the discount rate (the WACC) applied to those economic returns.
Discounts for Lack of Marketability and Lack of Control
After arriving at an initial estimate of value through processes such as those outlined above, the business appraiser must determine whether to apply valuation discounts to account for two factors that commonly affect ownership stakes in closely held companies: lack of marketability and lack of control.
Marketability is defined as the ease with which an asset, such as an equity stake in a privately held business, can be transferred or sold. Unlike shares that are actively traded in public markets, ownership stakes in closely held businesses typically cannot be easily or quickly monetized through transfer or sale to another party. As a result, all other factors being equal, a stake in a privately held entity is worth less than shares in a comparable publicly traded corporation. The valuation expert accounts for that reduction in value through the application of a discount for lack of marketability (DLOM).
A control premium accounts for the value of benefits associated with decision making power in an organization, usually as determined by voting rights. A controlling shareholder has the ability to determine corporate strategy, pursue acquisitions, pay dividends, and market the entity to acquirers, for example. The valuation expert accounts for the absence of benefits associated with control through the application of a discount for lack of control (DLOC).
For explanations of commonly used business valuation terms, as well as certain economic, finance, and accounting terms as they pertain to business valuation, please consult our Business Valuation Glossary.


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Fractal Academy
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Montclair, NJ
Fractal Science and Math Academy is a premier science and math tutoring service, located in Montclair, NJ and currently serving northern and central New Jersey.
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Kevin A.
Eastern Michigan University B.S. Chemistry, Physics, Math
Michigan State University M.S. Organic Chemistry
Massachusetts Institute of Technology (MIT) Ph.D Organic Chemistry
Subjects: Biochemistry, Chemistry, Physics, Organic Chemistry, ACT Science, SAT Math, PreCalculus, ACT Math, PreAlgebra, Trigonometry, Algebra, Calculus
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Everybody loves ice cream!
When the kids shout, "I scream, you scream, we all scream for ice cream" they're probably right! If you've heard those words before, you probably should look into buying one of the many soft serve ice cream machines that are on the market right now.
You can either do that or you can pack up the kids in the car, drive downtown and wait in line in the store or at the drive-in. Then you can pay a premium for the ice cream and see half of it on the passenger seat of the car when you get home. Then you can waste another hour cleaning up the kids.
Sure, a home machine is going to cost you up to $100, but it can cost less than fifty dollars, too. In either case, it will more than make up its cost in fuel savings alone over time.
Saving money isn't the only good reason to buy a home ice cream machine, though. You'll love it for many reasons and so will all the neighborhood kids who will flock to your place. Your dinner guests, too, will love it when they get a slice of apple pie topped with home made ice cream.
You'll probably find that your soft serve maker will be one of your most used kitchen appliances. You will find endless uses for it, once you have one.
Let's say you have unexpected visitors. You're glad to see them, but what do you have to offer them on the spur of a moment? Nobody's going to turn down a refreshing ice cream.
Your soft serve machine will kick into overdrive when holidays and special occasions roll around. Imagine having one at your disposal at Christmas, birthday parties and on the Fourth!
Don't make the mistake of choosing your machine based on price alone. Be sure you get one that is able to handle all your needs. You don't have to get an expensive commercial unit, though. In fact, for less than a hundred bucks, you can get a home unit that makes up to a quart and a half in less than 20 minutes.
Don't make your decision on the spur of the moment. Check out all the options online before you decide. Once you've got your soft serve ice cream machine, you'll love it!
Are you wondering how ice cream taste so good at ice cream stores? Well, they use ice cream makers that work that provide soft ice cream. The soft serve ice cream machine will get you the taste you enjoy so much at ice cream stores.


text: Skip navigation Quick Search ?Sign onHomeCollectionsSearchPeoplegPowered byeMuseumFirstPreviousNextLast12..203204205206207..552553view lightboxview single itemview listSee also...Browse AllEdmund Pendleton (?)George McClellan Presidential Campaign MedalEdmund PendletonDate: 1721 - 1803Remarks: He was an ardent patriot of the Revolution and a member of the Continential Congress. he was also Governor of Virginia and presiding Judge of the Supreme Court of Appeals in VA


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Karnataka High Court Chief Justice Dinesh Maheshwari and Justice Sanjiv Khanna of the Delhi High Court were sworn in as judges of the Supreme Court on Friday.
Chief Justice of India (CJI) Ranjan Gogoi administered the oath of office to the two judges in the Chief Justice's court. The top court now has 28 judges as against sanction strength of 31.
President Ram Nath Kovind had notified the appointments of Maheshwari and Khanna on Wednesday. The elevation took place amid a controversy which erupted after the five-member collegium headed by Gogoi recommended their names while revoking its 12 December, 2018 decision.
In its 12 December talks, the collegium had recommended the elevation of Chief Justice of Rajasthan High Court Justice Pradeep Nandrajog and Chief Justice of Delhi High Court Justice Rajendra Menon to Supreme Court. However, the deliberation remained inconclusive and one member of the collegium, Justice MB Lokur, retired on 30 December, 2018.
Lokur's place in the collegium was taken by Justice Arun Mishra and the new collegium on 10 January ignored their prospect of elevation as apex court judges.
The Bar Council of India (BCI) on Wednesday protested the collegium's recommendation to elevate Khanna by superseding several other judges and termed the decision as "whimsical and arbitrary".
Before the BCI made a statement protesting the decision of the collegium, Justice Sanjay Kishan Kaul of the Supreme Court also wrote a note to the CJI and other members of the Collegium for ignoring the seniority of chief justices of the high courts of Rajasthan and Delhi, Pradeep Nandrajog and Rajendra Menon, respectively.
Sources told PTI that Kaul was of the view that a wrong signal would go out if the two chief justices, who are up in the seniority list than Khanna, would be left out for elevation as apex court judges.
Former CJI RM Lodha was also critical of the decision of the collegium, saying that the controversial presser by senior judges of the Supreme Court on 12 January, 2018 has not served its purpose.
"The concerns remain the same. Rather, they seem to have aggravated by this exercise (recent recommendations). I don't think there is any change. At least it is not visible to the public at large. It has not served its purpose because we don't find the changes which the press conference wanted to have really taken place," Lodha said.
With inputs from agencies
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About Author
49 yrs old Student Counsellor Zerbe from Longueuil, has hobbies and interests for example telescopes, . and spelunkering. Preceding year very recently completed a journey Muskauer Park / Park Muzakowski.


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Pirates of the Curry Bean Proves to Be a Huge Hit
5th April 2019
Pirates of the Curry Bean, Key Stage 2's 2019 Performing Arts production, proved to be a huge hit as family, friends, staff and other pupils were treated to two very special performances.
The plot follows the story of Jack and Liza Periwinkle as they brave the high seas to rescue their mother and find buried treasure, while combating pirates, the navy and island natives.
Pupils were praised for their acting, singing and comedic timing as the Prep Department organised another one of their famed productions.
A big thank you goes to all volunteers and helpers, and special mentions must to Mrs Robbins, Mrs Loveridge and Mr Fisher for their superb direction, Mrs Barlow for dance choreography, and Mrs Cassidy and Mr Webber for props and lighting support.