Like few other economic sectors, small and medium-sized distribution companies--wholesalers--are under extreme margin pressure because of price discovery enabled by the internet. Shrinking margins means that savvy wholesalers must fight technological fire with technology investments in purchasing, selling, and warehouse operations. Substituting capital for labor is the only way they can raise their productivity enough to remain in business. In BVR's Guide to Valuing Wholesale Companies, veteran appraiser Warren Miller takes you through the nooks and crannies of these engagements. Written in a conversational, easy-to-read style, this book is a must-have resource for appraisers valuing wholesalers and distributors.