BUSINESS ENTERPRISE / INTANGIBLE ASSETS • What is the Fair Market Value of the going concern? • What are the possible and probable cash flow projections? • Is working capital adequate? • Is debt coverage adequate? • Is there a fraudulent conveyance or solvency issue concern? • Are market share and future market projections reasonable? • Are certain operations appropriate for divestiture? • What is the economic condition and outlook for the industry? • How does the subject business compare to its industry? • What is the management structure? • Is there a key management concern? • Potential economies? • Are there deferred maintenance expenditures? • Should synergy value be considered in this acquisition? • How valuable are the intangible assets? • What intangibles are separable and may be considered as additional collateral? • What is the remaining economic life of each intangible asset? REAL PROPERTY • What is the facility’s Market Value? • What is the highest and best use of the facility? • If the business ceases, what is the alternative value of its underlying assets for general / commercial use or other uses? • Is there functional or economic obsolescence? • Are the building layouts appropriate for current operations? • What of the future needs? • Are there excess facilities? • Is there excess land? MACHINERY AND EQUIPMENT • What are the collateral asset values under a Forced Liquidation, Orderly Liquidation, or Fair Market Value concept? • What is the average age and condition of the equipment? • Is there deferred maintenance? • Is the technology current? • What improvements are recommended? • What should be the amount of annual capital expenditures to sustain competitiveness? • How will these improvements be funded? • To what extent is the plant fully integrated (i.e. a steel mill or chemical plant)? • If necessary, how should the assets be sold to optimize recovery? • What is the value of highly specialized assets such as patterns, tooling, dies, etc? • What is the strength of the current and projected used market for the assets? • What is the value of the inventory? • Is it readily marketable or obsolete? • How may its sale be optimized?