What’s new about the second edition?
In the years between the first and the second edition, we have continued
our work as entrepreneurs and investors in small and medium sized com-
panies. Through that work, we have been involved in the typical daily
value creation of those companies as CEOs, board members and investors.
Additionally, we have also been involved in a number of corporate valu-
ation situations such as capital raisings, mergers, acquisitions and IPOs,
where the valuations have been a most critical task. Based on these experi-
ences and the feedback from readers of the first edition, we have rewritten
and updated all chapters throughout the book, and specifically all exam-
ples and tables including the in-depth valuation of