Christopher H. Volk - The Value Equation

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Discover one of the surest means to create personal wealth by building a profitable business Every now and then, a business book comes along that offers original insights and a fresh perspective. In
, veteran executive, entrepreneur, and investor Chris Volk delivers an engaging, straightforward explanation about how businesses work and provide wealth for entrepreneurs and investors. The author’s signature approach is centered on his award-winning wealth creation formula in a book designed to simplify complex subjects with math no more complicated than what you learned in middle school.
Readers will become acquainted with the characteristics of successful business models, together with insights into how leaders can improve their own models in ways that generate personal and collective wealth. The author’s framework presented in The Value Equation is the foundation upon which most of the largest personal fortunes were built.
Chris Volk also provides supplemental materials including interactive Excel spreadsheets, illustrations, and sample corporate financial models on a companion website. There is even a link to an award-winning video series created by Volk that served as his inspiration for the book. Full of illustrative case studies that highlight crucial business and finance concepts The Value Equation includes:
Explorations of the true value of using OPM (Other People’s Money) and capital stack variations to build and grow your company. Advice on business assembly, growth, mergers, acquisitions, and corporate reengineering, including discussions of valuation multiples, common risks, and capital options. Guidance on how to valuate business models, delivered with help from a variety of stories and case studies. Uniquely, the author also draws on his own background, including the introduction of three successful companies to the public markets, two of which he was instrumental in founding.
is an indispensable addition to the libraries of anyone interested in growing wealth and capital through business, whether as a business leader, entrepreneur or investor.

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“As a serial entrepreneur, I found The Value Equation offers unique insight into the process of how businesses are both created and valued. Chris leverages his years of experience and success in building three of his own businesses to provide a clear and common-sense approach to how wealth is generated. This is a must-read for every business leader.”

Kevin Shields , Chairman and CEO, Griffin Capital Company, LLC

“Chris Volk's book, The Value Equation , demystifies how wealth creation occurs in the marketplace for investors. Chapter-by-chapter he explains the intricacies of identifying and capitalizing on opportunities to build wealth. I must say my favorite chapter is the V-Formula; it is rare to see such a detailed modeling breakdown of the elements you need to consider as you create equity, borrow money, and disperse equity to would-be investors. This book is a must read.”

Alex M. Susskind , Ph.D., Associate Dean of Academic Affairs and Professor, Cornell Nolan School of Hotel Administration, SC Johnson College of Business, CORNELL UNIVERSITY

“I recommend The Value Equation for all investors, as the author, Chris Volk, provides readers with all of the ingredients for a successful and profitable business. His expertise in credit and financial underwriting is a key differentiator that makes this author outstanding in his field. As a shareholder in STORE Capital, I have followed Volk's journey for over a decade, and I can't wait to see what's in ‘store’ for him now. I have a feeling it will have something to do with creating wealth via ‘the value equation’. Well done Mr. Volk!

Brad Thomas, CEO of Wide Moat Research

The Value Equation

The Value Equation A Business Guide to Wealth Creation for Entrepreneurs, Leaders & Investors

byChristopher H. Volk

The Value Equation - изображение 1

Copyright © 2022 by John Wiley & Sons, Inc. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 750-4470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permission.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic formats. For more information about Wiley products, visit our website at www.wiley.com.

Library of Congress Cataloging-in-Publication Data:

Names: Volk, Christopher H., author.

Title: The value equation : a business guide to wealth creation for entrepreneurs, leaders & investors / Christopher H. Volk.

Description: Hoboken, NJ : Wiley, [2022] | Includes index.

Identifiers: LCCN 2022002736 (print) | LCCN 2022002737 (ebook) | ISBN 9781119875642 (cloth) | ISBN 9781119875666 (adobe pdf) | ISBN 9781119875659 (epub)

Subjects: LCSH: Corporations—Valuation. | Business planning. | Wealth.

Classification: LCC HG4028.V3 V64 2022 (print) | LCC HG4028.V3 (ebook) | DDC 658.15—dc23/eng/20220301

LC record available at https://lccn.loc.gov/2022002736

LC ebook record available at https://lccn.loc.gov/2022002737

Cover Design and Image: © Classic Sky LLC

For my wife,

the love of my life,

who makes so much possible.

Preface

I did not initially set out to be an entrepreneur. I graduated from college in the middle of a major economic recession with a mediocre grade point average, having avoided taking a single business class. It was then that something fortunate happened to me that would guide my future choices: My applications for employment were declined by more than 300 companies.

Getting rejected by so many businesses was an accomplishment in 1979. Each letter I sent went by regular mail and was hand typed. So were the replies. For years, I kept the rejection letters as a reminder of the privilege of employment. Those letters also provided me with added motivation to succeed. With my mounting rejections, I would likely have taken any reasonable offer of employment at just about any location. Fortunately, the rejections deprived me of that opportunity and gave me time to think.

I committed to a course of action, narrowing my focus. I decided to convince a commercial bank to hire me. The idea was to maintain my career options while finding a job that would give me valuable knowledge about business and finance. I also attended night school, eventually earning an MBA. My brief banking career led me to finance and eventually to the opportunity to take three companies public on the New York Stock Exchange, two of which I co-founded. All the while, I have been a student and observer of business.

This book has been years in the making. It began with many published articles written throughout my career that eventually provided the material for an award-winning video series on business. In turn, the video series was inspired by an educational program called Schoolhouse Rock! When I was in high school, it was brilliantly conceived to make many complex subjects simple. I wanted to do something like that for business, using math you learned in middle school.

This book ultimately emerged from that effort.

Corporate business models cannot be conceived or evaluated without math. Over my career, I have found that most businesspeople are taught to look at absolute numbers. The approach within this book is intended to be broadly accessible and is centered instead on universal relative numeric relationships, beginning with investor rates of return. In taking this approach, which I have used throughout my career, complex business models can be hugely simplified. For you, the result is that a wide range of business financial fundamentals can be addressed using a single integrated approach and then condensed into a few pages.

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