Business Value

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


We've already done the research for you.

Before you search elsewhere, take advantage of the research we've already done for you. Formerly known as Field Guides, References tabs contain links to external articles, titles from the NAR Library eBooks collection, websites, statistics, and other material to provide a comprehensive overview of perspectives on each topic. EBSCO articles (E) are available only to NAR members and require a password.


"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

What’s The Value of My Company? Start With Discounted Cash Flow, (YFS Magazine, Mar. 20, 2015).

5 Ways Social Media Increases Company Values, (Inc., Jan. 27, 2015).

A Transparent Two-Step Categorization of Valuation Methods, (The Appraisal Journal, Summer 2014). E

Business Valuation 101 for Bankers (The RMA Journal, Apr. 2014). E

Acquisition Is All About Getting the Price Right (San Diego Business Journal, Mar. 10, 2014). E

Cash Confirms the Valuation Economics (SDM, Mar. 2014). E

Hotels & Motels

The impact of renovations on a hotel's purchase price, (Hotel Management, Apr. 7, 2015). E

Hotel valuations pointing upward, (Hotel Management, Aug. 2013). E

Inside the valuation of the Yellowstone Club, (Real Estate Finance, Oct. 2009). E

Valuing limited-service hotels: a pragmatic framework from a broker's perspective, (The Appraisal Journal, Winter 2008). E

Retail Establishments

Valuation of Big-Box Retail for Assessment Purposes: Right Answer to the Wrong Question, (Real Estate Issues, Nov. 3, 2014).

Innovation in Retail Business Models, (Journal of Retailing, July 2011). E

A Prescription for Assessing Drugstores, (Journal of Property Tax Assessment & Administration, 2010). E

Building retail tenant trust: neighbourhood versus regional shopping centres, (International Journal of Retail & Distribution Management, 2010). E

Local economic analysis for shopping center appraisals, (The Appraisal Journal, Spring 2009). E

Agencies, Small Firms, and Franchises

Selling the Franchise System: Laying the Legal Groundwork to Optimize Value, (Franchising World, Apr. 2013). E

What's Your Agency Worth? (Best’s Review, Apr. 2012). E

Factors to Consider in Agency Valuations, (Best’s Review, Apr. 2012). E

Valuing an Entrepreneurial Enterprise, (Small Business Economics, Feb. 2012). E

Special Purpose Properties

The Appraisal of Power Plants, (The Appraisal Journal, Summer 2014). E

Restaurant Valuation, (The Appraisal Journal, Spring 2014). E

eBooks & Other Resources

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

Business valuation and taxes: procedure, law and perspective (Adobe eReader)

Business valuation for dummies (Adobe eReader)

The market approach to valuing businesses (Adobe eReader)

Real estate market valuation and analysis (Adobe eReader)

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

Books, Videos, Research Reports & More

The resources below are available for loan through Information Services. 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 Information Services at 800-874-6500 for assistance.

The valuation of office properties: A contemporary perspective, (Appraisal Institute, 2009). HD1393.58.U6 S55

Subdivision valuation, (Appraisal Institute, 2008). HD1389.5.U6 E44

Valuation by comparison: residential analysis and logic, (Appraisal Institute, 2007). HD 1387 Ap6vc

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

Real estate market valuation and analysis, (John Wiley & Sons, Inc., 2005). HG 4523 K12

Business valuation discounts and premiums, (John Wiley & Sons, Inc., 2001). HD 1387 P88bv

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The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.


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