M&A Activity -- Expect a Surge in Mergers

Sellers who enter the market with "stars in their eyes" because their brother-in-law accountant told them their company was worth some pie-in-the-sky value will not sell their companies and will live forever in a state of angry disillusionment.

Unprofitable/ ("Underwater") Company Valuations

Sellers whose companies have minimal EBITDA and/or excessive debt may find that their valuation must be based on Adjusted Book Value. This requires a professional valuation to determine the fair market value of the current and fixed assets; then subtracting the current and fixed liabilities to arrive at Adjusted Book Value.