Understand the distinctions between business value, going-concern, and goodwill, and find out how these concepts apply to hotels and motels, retail establishments, and special purpose properties


NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.


"A term applied to the concept of value contribution of the total intangible assets of a continuing business enterprise such as marketing and management skill, an assembled work force, working capital, trade names, franchises, patents, trademarks, contracts, leases, and operating agreements." (The Dictionary of Real Estate Appraisal, 4th ed., Appraisal Institute)

"An operating business enterprise that is expected to continue." (The Dictionary of Real Estate Appraisal, 4th ed., Appraisal Institute)

"An intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage; including other intangible assets like trade name and going concern value...," (The Language of Real Estate, 5th ed., John W. Reilly)

Valuing the Intangible

How to Determine the Value of a Business (The Balance, Jan. 15, 2021)

How to Calculate Your Business Valuation (Business News Daily, Dec. 16, 2020)

Common Business Valuation Methods and Related Topics (Journal of Financial Service Professionals, Sep. 1, 2020) E

Alternate Valuation Methods in the ERA of COVID-19 (Business Valuation Update, Jun. 2020) E

The 3 Biggest Factors That Maximize Your Business's Valuation (Entrepreneur, Jan. 20, 2020)

How to Value a Company by Analyzing Its Customers (Harvard Business Review, Jan./Feb. 2020) E

Business Valuation Year in Review 2019 (Business Valuation Update, Jan. 2020) E

Hotels & Motels

The COVID Impact on Hotel Values (CBRE, Nov. 10, 2020)

"It Depends": Hotel Valuation in a COVID-19 World (Valbridge, Sep. 14. 2020)

Hotel Appraisers Adapt Methods to COVID-19 Uncertainty (CoStar, Sep. 2, 2020)

Machines vs Humans: Real Estate Valuation During the Coronavirus Crisis (Hospitality Net, Apr. 15, 2020)

Retail Establishments

How the Pandemic Complicates Valuing Distressed Malls (Orion Investment Real Estate, Oct. 6, 2020)

The Challenges of Retail Property Valuation During COVID-19 (Commercial Property Executive, Sep. 2, 2020)

Here’s How to Value a Retail Business (William Bruce, Apr. 4, 2020)

Agencies, Small Firms, and Franchises

Conducting A Franchise Appraisal & Determining Business Value (Your Franchise Lawyer, Jan. 20, 2021)

How to Calculate a Business Valuation (U. S. Chamber of Commerce, Nov. 10, 2020)

How to Value a Small Business If You’re Looking to Sell—or Buy (JustBusiness, Oct. 30, 2020)

Some U.S. Small Businesses Selling for 6% Premium in Pandemic (Bloomberg.com, Jul. 23, 2020) E

3 Ways to Value Any Small Business (The Blueprint, May 21, 2020)

Coronavirus Effect on Agency Value (Insurance Journal, Apr. 6, 2020)

Special Purpose Properties

Must-Read Tips to Appraise, Buy, and Sell Special Purpose Property in 2020 (The Robert Weiler Company, Jan. 31, 2020)

Golf Course Valuations (Cambridge Partners & Associates, Aug. 23, 2020)

Cannabis Business Valuations: How to Value a Dispensary, Startup, or Other Canna Brand (Cannabis Real Estate Consultants, Jun. 14, 2020)

Here’s How to Value a Restaurant or Bar Business (William Bruce, Apr. 14, 2020)

What's a Farm Worth? (Successful Farming, Mar. 12, 2020)

eBooks & Other Resources


The following eBooks and digital audiobooks are available to NAR members:

Business Valuation and Taxes: Procedure, Law and Perspective (Kindle, eBook)

Business Valuation for Dummies (Kindle, eBook)

The Market Approach to Valuing Businesses (eBook)

Real Estate Market Valuation and Analysis (Kindle, eBook)

The Small Business Valuation Book: Easy-to-use Techniques That Will Help You... Determine a Fair Price, Negotiate Terms, Minimize Taxes (Kindle, eBook)

Books, Videos, Research Reports & More

The resources below are available for loan through Member Support. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Member Support at 800-874-6500 for assistance.

The Valuation of Office Properties: A Contemporary Perspective (Appraisal Institute, 2009) HD1393.58.U6 S55

Fundamentals of Industrial Valuation (International Association of Assessing Officers, 2007) HD 1387 In8f

Business Valuation Bluebook: How Successful Entrepreneurs Price, Buy, Sell and Trade Businesses (Facts on Demand Press, 2005).HD 1387 Si4

Business Valuation Discounts and Premiums (John Wiley & Sons, Inc., 2001) HD 1387 P88bv

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