National association of realtors | 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


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 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

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

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

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

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

An Introduction to Automobile Dealerships (Appraisal Journal, Summer 2015)

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 (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

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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