1. Worldwide, U.S. macroeconomics information. As it will affect operations of business, resources, markets, as well as financial market expectations, risks and returns, knowledge and understanding of subject’s industry economics. 2. A history and nature of the business. This provides a background/ basis for making judgments regarding various aspects of the business and analyzing historical operations. 3. Products produced (or services provided) by the company.  This determines to a great extent the companies selected as comparables. Type and quality must be analyzed in terms of probable future demand. The type and quality of potential consumers (i.e. market) is also indicated. 4. Markets served by the company’s products. This determines to a great extent the potential of the company (i.e. is it a stable, cyclical or seasonal market?). 5. The company’s position in the industry vis-à-vis its competitors and its ability to compete. This indicates the quality and financial strength of the business, quality of its product, management, work force, marketing strategy, etc. 6. The company’s accounting policies. This gives insight into the analysis of the company’s financial statements, which must be compared with those of similar companies. 7. Historical operating results for at least the last five fiscal years. This provides an indication as to the status of products, markets and market share. It must be compared with similar companies to provide a basis for selecting earnings multiples. 8. The financial condition of the company for the previous five fiscal years and as of the closest possible date to the valuation date must be compared with similar companies to provide a basis for selecting multiples. This provides an indication of the risk associated with the business (as do 3, 4, and 5). 9. The prospects for, or plans of, the company: sales and earnings forecasts, capital expenditure plans, new products and/or market potential. Value is based largely on the future operations of a business – both earnings and cash flow generated by operations. Discounted cash flow provides an indication of value. 10. The company’s management group must be analyzed in terms of their past performance, ability / experience and ability to meet goals / projections of the company for future operations. 11. Executive compensation. It must be determined if it is excessive and, therefore, if earnings are understated. 12. The underlying assets of the company must be analyzed in terms of age, condition, utility / obsolescence, capacity and ability to compete. 13. Patents, trademarks, goodwill, other intangibles may provide a competitive advantage, they add value to the