In determining the QuikValuation℠ of the subject business, QuikVal℠ has:
(1) Made no physical inspection of the business, nor confirmed its existence or planned operation.
(2) Not investigated the nature and operation of the business and the history of the enterprise from its inception nor any agreements, oral or written, to which the business is or will be bound.
(3) Not reviewed the economic outlook in general, or the condition of and outlook for the restaurant/foodservice industry or franchise system, in particular. We assume that lending terms available in the market reflect economic and industry conditions.
(4) Not reviewed or confirmed the financial condition of the business or verified any of the financial or non-financial information about the business that was given to us by or on behalf of the owner(s); the information re-presented by QuikVal℠ is from sources deemed reliable and was analyzed and prepared to provide the reader with a convenient synopsis of selected information about the business that is the subject of that information.
(5) Not projected the capacity of the business to sustain its earnings beyond the Valuation Date other than by comparison of high-level financial results of the business to financial norms determined by QuikVal℠.
(6) Not projected any financial information beyond the Valuation Date.
(7) No knowledge nor has made any projections of the historic dividend-paying capacity of the company other than that which may have been provided to QuikVal℠ in the information furnished by our Client.
(8) Made a determination of the “goodwill” or “intangible” value of the company, if any, but only to the extent that such value may be evidenced by the excess of the QuikValue℠ of the assets over their stated Book Value (as provided by our Client) as of the Valuation Date.
(9) Made no investigation of any tax implications of any transaction (including sale or recapitalization) and stated no conclusion about any tax matter.
(10) Not used in QuikValuation℠ the market prices of public or non-public (private) equities of corporations engaged in the same or a similar line of business as the subject closely held (private) enterprise.
(11) Assumed that:
(a) Title to and/or the use, possession and control of the assets, properties or business interests is good and marketable, and/or that use, possession and control of all assets reasonably required to operate the subject business are vested in the subject business.
(b) The liabilities are fairly stated as of the Valuation Date.
(c) All information furnished by our Client or its agent(s) is reliable; however, we give no warranty or other form of assurance regarding its accuracy or completeness.
(d) The subject business is in full compliance with all applicable federal, state and local laws and regulations including those pertaining to the timely and complete filing of all taxes.
Possession of this report does not carry with it the right of publication. Without the prior express written consent of QuikVal℠, this report may not be used for any purpose by any person other than the Client to whom it is addressed and, in any event, only in its entirety. Neither all nor any part of the contents of this report shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior express written consent of QuikVal℠ for each such publication.
By reason of producing this QuikValuation℠, we are not required to:
(1) Furnish a valuation report that conforms to U.S. Internal Revenue Service Rev. Rul 59-60 or any other valuation standard, guideline or methodology, or
(2) Give testimony or be in attendance at any court proceeding, arbitration, mediation or other medium of dispute resolution with reference to the assets, properties, or business interests that are the subject of this QuikValuation℠.
The analyses, opinions, and conclusions presented in this report apply to this engagement only and may not be used out of the context presented herein. This report is valid only for the Valuation Date and the purpose specified in this QuikValuation℠.
By engaging QuikVal℠, you agree that any liability of QuikVal, LLC resulting from this QuikValuation℠ will not exceed the amount of money actually paid by you in any 12-month period of time to QuikVal, LLC for this QuikValuation℠.
