Whitetracks Design, Inc.
本案例研究美国雪鞋制造商Whitetracks Design的所有者如何评估公司价值，以决定立即出售还是继续经营以提升价值，对学习私人企业估值和出售决策的学生有用。
Whitetracks Design, Inc. is one of the leading U.S. manufacturers of snowshoes. The business is owned by three individuals who are contemplating whether it should be sold now or continue to be operated for a later sale at a potentially enhanced business value. All the Whitetracks owners are now in their early 60s and are hoping for a comfortable retirement. Whether they retire sooner or later is dependent upon the proceeds from selling the business. Prior to selling, the owners want an accurate determination of the firm's value to ensure proper returns for years of hard work and personal investment. From an entrepreneurial standpoint, this case raises the issues of how private companies can be valued so that they can be subsequently managed for value creation. This is important as a 2005 survey found that only 60% of private company managers had at least some idea of their firms’ value, and two thirds of these managers said that such firms’ value was based upon management estimates or wishful thinking. To assist with determining the value of their business, the Whitetracks owners hired a merger and acquisition consultant, who is a coauthor of this case. The consultant will assist the owners in valuing the business and in making the decision to sell now or continue to operate the business.