David took another sip of his coffee as he looked into the eyes of each of the women, "But let's get back to here, back to now."

They expanded the idea of Maria's return to nursing school before the discussion split. While Rachel and Maria were deciding what to pack from the house in Gottenheim, David and Bethia examined the business structure of the slaughterhouse. She described the assets, including the building and the land it sits on, the rendering plant, the new bank of ammonia absorption coolers, the vehicles, and the entire infrastructure. They discussed the quality of the long-term employees, as well as the stability of the new ones.

Bethia explained the contract with the Army to supply and deliver three tonnes a day of pork and beef sides. "The contract runs through to the end of August, and their reports show they are well pleased with us. They'll likely sign another six-month renewal before the end of June; we now have a two-month notice clause in the contract."

"The value of your current business and that of your contracted future business are saleable assets," David said. "And the stable relations with your sources of livestock also have value."

"Lorenz Großkopf, the man who was here yesterday afternoon, said these are of no value, nor are the employees. He said they want to buy the facilities, and he stated quite forcefully that the present and future business are irrelevant to the value."

"Tante Bethia, he is wrong. Completely wrong. The asset value of the ongoing business is the margin between its revenue and its expense, extended forward. A high-quality and stable workforce is also a marketable asset. He is likely hoping to take advantage of a widow. After we finish breakfast, I want to review your books. Also, I want you to dig into Aaron's files to find out who your lawyer is. He needs to be here tomorrow afternoon for the meeting."

Half an hour later, as David pored over the books and jotted figures on sheets of paper, Bethia said, "Here it is, Adam Goldstein; I should have remembered. They're just along the street; we saw them often out walking, though not lately. I haven't been out much since Aaron ... I'll walk over and ask if he can join us tomorrow afternoon. How do the books look?"

"Meticulously kept. Very precise; you've obviously had training."

"I worked as a bookkeeper before I met Aaron."

"Lay these on the table tomorrow. Their neatness alone will add value to your business. The financial story they tell will add a lot more." He pointed to his papers. "I'm almost finished extracting details for a summary."

"I'm so pleased you like them. Up in the attic, I have an archive of them going back more than twenty years. Will they also help tomorrow?"

"Most certainly. When you see Herr Goldstein, ask him if he can give us an idea of property values in this area and possibly some data on recent sales. I'll continue here, and then we can calculate an appropriate value and come up with a reasonable price."

Bethia tilted her head. "Aren't they the same, value and price?"

"Simplistically, yes, but actually, seldom. External factors come into play; things such as supply and demand. With the uncertainty caused by the war, we can expect large skews in both price and value. The strong demand for meat for the soldiers adds to the value of your company. We need to determine how much."

Forty minutes later, Bethia was back with confirmation that Adam Goldstein would be at the meeting the next day. She handed David a folder enclosing a single sheet of paper. On it, in a bold hand, were particulars of five transactions in the past six months. Included were three sales of businesses and two sales of vacant commercial properties in the area around Erzingen.

"What do you know of these businesses?" he asked her as he ran his finger down the page.

"This first one was failing ..." She paused to gather her thoughts before continuing, "The building is solid; they should have sold years ago."

"So the business was worth nothing but the property value?"

"Nothing more that I can think of. It was empty – nothing but walls, a roof and a loading dock. It was just beyond the edge of town."

"So an eighty square metre building outside of town sells for thirty-six thousand Marks." A few quick squiggles later, he said, "That's four hundred and fifty marks per metre for the building and its land. That's a good place to start."

They continued through the list, David questioning and Bethia responding. When they had completed analysing, they paused briefly for lunch. Then, Bethia led him up the street and beyond the edge of town to the slaughterhouse for a tour, pointing out three of the sold buildings on their way past.

David continued studying the ledgers and analysing his notes after dinner, occasionally asking Bethia a question as she sat chatting with Rachel and Maria.

He was still at it when the clock cuckooed eleven, waking Bethia from her most recent nod.

"We'll continue in the morning." David closed the ledger and put down his pen. "It's well past everyone's bedtime."

<><><>

After breakfast on Wednesday, David continued with his calculations. Mid-morning, he put his pen down and dropped his shoulders. "Done!" He stood and stretched. "Solidly done."

Maria walked over to him as he stood twisting and bending. "I've missed you," she said quietly. "You've been away. You look exhausted."

Bethia joined them by the desk a minute later and asked, "So, what value have you determined? What price should we ask?"

"The empty building is worth sixty-five thousand Marks, and the land is worth another fifteen thousand. You should ask two hundred and thirty-two thousand. He'll likely offer between a hundred and a hundred and twenty thousand. Your business is prosperous, and it's worth double that. We know he wants your business, not only the facilities; otherwise, he wouldn't have approached you."

Three and a half hours later, Bethia and Maria sat flanking Adam Goldstein on one side of a table in the delicatessen as Laurenz and his wife Ursula sat with their lawyer, Herr Weißmann, on the other side. They offered a hundred and seven thousand Marks for the business.

Bethia looked quietly at Maria, smiled and confidently countered with two hundred and thirty-two thousand.

"Ridiculous!" Laurenz said. "For much less than that, I can set up a new slaughterhouse."

"Yes, and how long will that take?"

"Depends on how easily I can find a suitable building."

"And fitting it with tiling, cold rooms, cooling systems, carving tables, rendering plant, the boiler and lines for steam cleaning and all the other necessities. With the new regulations and inspections, how long will all that take? At what cost?"

"I can get work done quickly. I have well-placed connections, and money is not a problem."

"And when it's finished and approved, where will you get the livestock to slaughter? Have you guaranteed sources?"

"We will build that. There are plenty of animals in the area."

"Yes, mostly contracted. Mostly to us. But let's say you can find some animals to slaughter. Who will do your slaughtering and rendering? These are apprenticed professionals; there aren't many around."

"Surely there are some available."

"With the war? But let's suppose you find some skilled workers. What's your market?"

"We will build it."

"And how long will this take? How long to find a building, install all the necessities, get approval, find a source of animals, find workers, establish a market? How long? At what cost?"

He leaned over and whispered in Weißmann's ear. The lawyer nodded and looked at Bethia, "Herr Großkopf wishes to speak privately with me for a few minutes. We will step outside."

"We'll be here," Bethia said with a big smile. She stood as they did, and as soon as they had left, she said to Herr Goldstein and Maria, "I need to go into the back for a short while." She slipped through the curtains into the kitchen and continued with David and Rachel into the parlour.

"You got him," David said as he hugged Bethia.

"Did you understand everything?"

"I missed a few of the technical terms in the slaughterhouse, but I knew what you were talking about."

"What next?"

"He'll likely come back trying to diminish the value of the Army contract with the change in ownership. Tell him that with the same facilities, the same staff and the same livestock sources, the Army should have no problem continuing. They are well pleased now."

"Our agreements with the livestock producers? The same thing?"

"Yes, it's a change in ownership, not a change in business. They should all be happy to continue selling to a guaranteed buyer."

"Anything else?"

"Hold him to the price. If he asks for a better price, quote a higher one. Ask for two hundred and forty thousand."

Bethia tilted her head and squinted her face. "A higher price?"

"Yes, a better price for you." He nodded and grinned. "Tell him that in rethinking everything, you find that you're not asking enough. That always stops them dead. They quickly settle. It's one of Dad's favourite negotiating tricks."

"He's made it very clear he doesn't want the metzgerei. He doesn't want to get into sausages and ham."

"Tell him you'll continue to buy your raw hams, sausage scraps and casings from him – as long as he meets your high standard. You could remind him of your awards if he hesitates, but he likely won't hesitate." David's face creased with his smile. "I think you have him."

"It appears he has been ill-advised by his lawyer. I could see his resolve diminish with each of my counterpoints. In the end, he seemed to be prattling emptily from memorised script."

"I also sensed that. You should go talk with Herr Goldstein; he may have something to add. He seems sharp. We'll keep listening from behind the curtains."

A few minutes later, the Großkopfs and their lawyer came in and sat again. They talked about the delicatessen business, and Bethia confirmed a continuing need for meats and by-products. Then, partway through discussing the Army contract, the lawyer asked Bethia for her best price. She paused, glanced at the curtains and smiled. Then, staring at Ursula Großkopf, she  said, "I'd prefer a quarter million."

Ursula elbowed Laurenz. He looked at the reddening face of their lawyer, then quickly back to Bethia and meekly asked, "Will you still accept two hundred and thirty-two thousand?"

Bethia paused, looked back and forth from Ursula to Laurenz and said, "Yes, today, but tomorrow –"

Laurenz immediately stood, interrupting her as he thrust out his hand. "We'll give you that."

Bethia looked at his hand for a moment before she nodded and shook it. Then she turned to Herr Goldstein and said, "Please, sit with Herr Weißmann and draw up a document for our signatures."