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 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

How to Value a Business: The Ultimate Guide for 2020 (FitSmallBusiness.com, Dec. 18, 2019)

The Application of Business Valuation Services in Financial Reporting, Tax Compliance, and Litigation (CPA Journal, Nov. 2019) E

Cybersecurity and Business Valuations: Increasing Value and Reducing Risk for Valuators (Value Examiner, Jul./Aug. 2019) E

Why Your Business Valuation Could Be the Most Important Thing You Do (Entrepreneur, Jul. 1, 2019)

Hotels & Motels

The Art and Science of Hotel Valuation (Hotelier Magazine, May 8, 2019)

Income-Based Models for Estimating Hotel Values (Hotel Asset Management Magazine, Jan. 3, 2019)

Hotel Valuation: Breaking the Rules—But Getting it Right! (Business Valuation Update, Oct. 2016) E

Capital Layer Evaluations: Hotels and More (Appraisal Journal, Summer 2016) E

The Cost Approach and Hotel Valuation: A Classic Solution to a Modern Problem (Journal of Property Tax Assessment & Administration, 2016) E

Retail Establishments

Appraising Retail Properties in the “Amazon Jungle” (Appraisal Journal, Oct. 1, 2018)

Commercial Big-Box Retail: A Guide to Market-Based Valuation (Journal of Property Tax Assessment & Administration, 2018) E

Depressed Valuations Pose Added Challenge to Retail Reorganizations (ABI Journal, Aug. 2017) E

Agencies, Small Firms, and Franchises

Valuation Expert Gains Key Insights—By Buying a Small Business (Business Valuation Update, Sep. 2018) E

Valuing a Franchise? Consider These Seven Specific Characteristics (Business Valuation Update, May 2016) E

Is It Worth Getting A Valuation For Your Small Business? (Bloomberg, Dec. 18, 2015) E

Valuing the 'Mom & Pop' Shop (American Journal of Family Law, Winter 2015) E

Selling Your Agency: Top 10 Considerations (Property & Casualty 360, Mar. 2014) E

Special Purpose Properties

A Candid Observation of the Cannabis Industry (Value Examiner, Sep./Oct. 2019) E

Industry Snapshot: Automobile Dealers (Business Valuation Update, May 2019) E

Tips for Valuing—and Designing—Buy-in and Buyout Agreements for Medical/Dental Practices (Business Valuation Update, Feb. 2019) E

Valuation of Casinos: Risky Business (Appraisal Journal, Summer 2017)

eBooks & Other Resources


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

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

Business Valuation for Dummies (eBook)

The Market Approach to Valuing Businesses (eBook)

Real Estate Market Valuation and Analysis (eBook)

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

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

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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